<PAGE> PAGE 1
000 B000000 08/31/95
000 C000000 0000703887
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 PAINEWEBBER AMERICA FUND
001 B000000 811-3502
001 C000000 2127132421
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
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006 000000 N
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007 C010300 3
007 C010400 4
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 BRICK SECURITES
020 C000001 90
020 A000002 DONALDSON, LUFKIN & JENRETTE
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020 C000002 83
020 A000003 DILLON, READ & CO.
020 B000003 13-2701093
020 C000003 68
020 A000004 PAINEWEBBER INC.
020 B000004 13-2638166
020 C000004 66
020 A000005 CS FIRST BOSTON
020 C000005 65
020 A000006 MERRILL LYNCH
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020 C000006 60
020 A000007 GOLDMAN, SACHS & CO.
<PAGE> PAGE 2
020 B000007 13-5108880
020 C000007 58
020 A000008 COWEN & CO.
020 B000008 13-5616116
020 C000008 52
020 A000009 BERSTEIN SANFORD
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020 A000010 ABEL NOSER CORP.
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<PAGE> PAGE 3
026 A000000 N
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<PAGE> PAGE 4
011 C030101 10019
012 A000101 PFPC, INC.
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014 B000102 8-21901
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015 E010101 X
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019 B000100 77
019 C000100 PAINEWEBBE
024 000100 N
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<PAGE> PAGE 5
028 E030100 0
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041 000100 Y
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<PAGE> PAGE 6
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054 F000100 N
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057 000100 N
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<PAGE> PAGE 7
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066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
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070 E020100 N
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<PAGE> PAGE 8
070 O020100 N
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070 P020100 N
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<PAGE> PAGE 9
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080 A000100 ICI MUTUAL INSURANCE CO.
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
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</TABLE>
The Board of Trustees and Shareholders
PaineWebber Growth and Income Fund
In planning and performing our audit of the financial statements of
PaineWebber Growth and Income Fund for the year ended August 31, 1995,
we considered its internal control structure, including procedures 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 structure.
The management of PaineWebber Growth and Income Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
October 23, 1995
