<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0000869598
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004 000000 N
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008 B00AA01 A
008 C00AA01 801-35773
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60606
010 A00AA01 UMB BANK, N.A.
010 C01AA01 KANSAS CITY
010 C02AA01 MO
010 C03AA01 64106
010 A00AA02 SUNSTONE FINANCIAL GROUP, INC.
010 C01AA02 MILWAUKEE
010 C02AA02 WI
010 C03AA02 53202
011 A00AA01 DREHER & ASSOCIATES, INC.
011 B00AA01 8-25923
011 C01AA01 OAKBROOK TERRACE
<PAGE> PAGE 2
011 C02AA01 IL
011 C03AA01 60181
012 A00AA01 SUNSTONE INVESTOR SERVICES LLC
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<PAGE> PAGE 3
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022 C000005 175
022 D000005 176
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE ANGELA PALMER
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869598
<NAME> UNIVERSAL CAPITAL INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> UNIVERSAL CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 10,300,952
<INVESTMENTS-AT-VALUE> 13,938,493
<RECEIVABLES> 13,799
<ASSETS-OTHER> 4,599
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,956,891
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,912
<TOTAL-LIABILITIES> 45,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,873,499
<SHARES-COMMON-STOCK> 737,787
<SHARES-COMMON-PRIOR> 718,215
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 100,444
<INTEREST-INCOME> 40,644
<OTHER-INCOME> 0
<EXPENSES-NET> (289,557)
<NET-INVESTMENT-INCOME> (148,469)
<REALIZED-GAINS-CURRENT> 1,402,832
<APPREC-INCREASE-CURRENT> (332,626)
<NET-CHANGE-FROM-OPS> 921,737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (355,252)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58,241
<NUMBER-OF-SHARES-REDEEMED> 58,235
<SHARES-REINVESTED> 19,566
<NET-CHANGE-IN-ASSETS> 916,504
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 352,359
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 343,402
<AVERAGE-NET-ASSETS> 14,477,147
<PER-SHARE-NAV-BEGIN> 18.09
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.86
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit to Accompany
Item 77J
Form N-SAR
Universal Capital Growth Fund
(the "Fund")
According to the provisions of Statement of
Position 93 - 2 (SOP 93 - 2) "Determination,
Disclosure and Financial Statement
Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment
Companies," the Fund is required to report
the accumulated net investment income (loss)
and accumulated net capital gain (loss)
accounts to approximate amounts available for
future distributions on a tax basis (or to
offset future realized capital gains). As a
result, the Fund has reclassified accumulated
net investment losses to reduce paid in capital
by $148,469 for the year ended September 30, 1998.
This reclassification has no impact on the
net asset value of the Fund and is designed
to present the Fund's capital accounts on a
tax basis.
Report of Independent Auditors
To the Board of Trustees of
The Universal Capital Growth Fund
In planning and performing our audit of the financial statements of The
Universal Capital Growth Fund (the "Fund"), for the year ended
September 30, 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, and
not to provide assurance on internal control.
The management of the Fund 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 internal control would not necessarily disclose all
matters in 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 specific 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 internal control and its
operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at September 30,
1998.
This report is intended solely for the information and use of the Board of
Trustees and management of The Universal Capital Growth Fund and
the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Chicago, Illinois
November 2, 1998
