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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
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<INVESTMENTS-AT-VALUE> 5,714,351
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (274,604)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,110,093
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<SHARES-REINVESTED> 265,123
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<ACCUMULATED-NII-PRIOR> 129
<ACCUMULATED-GAINS-PRIOR> (1,414)
<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
PaineWebber Cashfund, Inc.
In planning and performing our audit of the financial statements of
PaineWebber Cashfund, Inc. for the year ended March 31, 1998, we considered
its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of PaineWebber Cashfund, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
March 31, 1998.
This report is intended solely for the information and use of the
shareholders, board of directors and management of PaineWebber Cashfund, Inc.
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
May 13, 1998
