<PAGE> PAGE 1
000 A000000 03/31/99
000 C000000 0000869598
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 UNIVERSAL CAPITAL INVESTMENT TRUST
001 B000000 811-6212
001 C000000 3127821515
002 A000000 100 SOUTH WACKER DRIVE, SUITE 2100
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 UNIVERSAL CAPITAL GROWTH FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 GRAVER, BOKHOF, GOODWIN & SULLIVAN
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 B00AA02 84-5792
010 C01AA02 MILWAUKEE
010 C02AA02 WI
010 C03AA02 53202
011 A00AA01 DREHER & ASSOCIATES, INC.
011 B00AA01 8-25923
<PAGE> PAGE 2
011 C01AA01 OAKBROOK TERRACE
011 C02AA01 IL
011 C03AA01 60181
012 A00AA01 SUNSTONE FINACIAL GROUP, INC.
012 B00AA01 84-5792
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 DREHER & ASSOCIATES, INC.
014 B00AA01 8-25923
015 A00AA01 UMB BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 C04AA01 6226
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 DREHER & ASSOCIATES, INC.
020 B000001 36-3053807
020 C000001 13
020 A000002 WILLIAM BLAIR & CO. L.L.C.
020 B000002 36-3155231
020 C000002 2
020 A000003 BEAR STEARNS & CO.
020 B000003 13-3299429
020 C000003 2
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 17
022 A000001 UMB BANK, N.A.
022 B000001 43-1357092
022 C000001 4905
022 D000001 5021
022 A000002 DONALDSON, LUFKIN & JENRETTE SECERITIES CORP
022 B000002 13-2741729
022 C000002 2275
022 D000002 783
022 A000003 ROBERT W. BAIRD & CO.
022 B000003 39-6037917
<PAGE> PAGE 3
022 C000003 475
022 D000003 262
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 306
022 D000004 0
022 A000005 MORGAN KEEGAN & CO., INC.
022 B000005 64-0474907
022 C000005 0
022 D000005 278
022 A000006 BT ALEX.BROWN INC.
022 C000006 196
022 D000006 0
022 A000007 SALOMON SMITH BARNEY INC
022 B000007 11-2418191
022 C000007 177
022 D000007 0
022 A000008 EVEREN SECURITIES, INC.
022 B000008 34-1542819
022 C000008 0
022 D000008 117
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 8334
023 D000000 6461
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
<PAGE> PAGE 4
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 17
028 A020100 0
028 A030100 0
028 A040100 103
028 B010100 10
028 B020100 0
028 B030100 0
028 B040100 60
028 C010100 11
028 C020100 1375
028 C030100 0
028 C040100 47
<PAGE> PAGE 5
028 D010100 146
028 D020100 0
028 D030100 0
028 D040100 173
028 E010100 32
028 E020100 0
028 E030100 0
028 E040100 46
028 F010100 48
028 F020100 0
028 F030100 0
028 F040100 142
028 G010100 264
028 G020100 1375
028 G030100 0
028 G040100 571
028 H000100 126
029 000100 Y
030 A000100 2
030 B000100 5.50
030 C000100 0.00
031 A000100 2
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 40
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 250000
048 A020100 1.000
048 B010100 0
048 B020100 0.000
<PAGE> PAGE 6
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 250000
048 K020100 0.750
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
058 B000100 N
058 C000100 N
058 D000100 N
058 E000100 N
059 000100 Y
060 A000100 Y
<PAGE> PAGE 7
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
<PAGE> PAGE 8
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 7742
071 B000100 7305
071 C000100 14755
071 D000100 50
072 A000100 6
072 B000100 31
072 C000100 40
072 D000100 0
072 E000100 0
072 F000100 79
072 G000100 6
072 H000100 0
072 I000100 11
072 J000100 4
072 K000100 0
072 L000100 7
072 M000100 3
072 N000100 5
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 8
072 T000100 40
072 U000100 0
072 V000100 0
072 W000100 2
072 X000100 173
072 Y000100 15
072 Z000100 -87
072AA000100 1382
072BB000100 718
072CC010100 3575
<PAGE> PAGE 9
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 1400
073 A010100 0.0000
073 A020100 0.0000
073 B000100 1.9200
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 281
074 D000100 0
074 E000100 0
074 F000100 17217
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 278
074 K000100 0
074 L000100 5
074 M000100 12
074 N000100 17793
074 O000100 0
074 P000100 13
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 48
074 S000100 0
074 T000100 17732
074 U010100 794
074 U020100 0
074 V010100 22.32
074 V020100 0.00
074 W000100 0.0000
074 X000100 661
074 Y000100 0
075 A000100 0
075 B000100 16019
076 000100 0.00
080 A000100 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000100 225
081 A000100 N
081 B000100 0
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
<PAGE> PAGE 10
085 A000100 N
085 B000100 N
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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 10,285,225
<INVESTMENTS-AT-VALUE> 17,498,055
<RECEIVABLES> 282,799
<ASSETS-OTHER> 11,575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,792,429
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60,686
<TOTAL-LIABILITIES> 60,686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,854,590
<SHARES-COMMON-STOCK> 794,337
<SHARES-COMMON-PRIOR> 737,787
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 664,323
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,212,830
<NET-ASSETS> 17,731,743
<DIVIDEND-INCOME> 40,308
<INTEREST-INCOME> 30,970
<OTHER-INCOME> 0
<EXPENSES-NET> (158,117)
<NET-INVESTMENT-INCOME> (86,839)
<REALIZED-GAINS-CURRENT> 664,323
<APPREC-INCREASE-CURRENT> 3,575,289
<NET-CHANGE-FROM-OPS> 4,152,773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,399,939)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,523
<NUMBER-OF-SHARES-REDEEMED> 27,967
<SHARES-REINVESTED> 71,994
<NET-CHANGE-IN-ASSETS> 3,820,764
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,399,939
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 79,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 172,568
<AVERAGE-NET-ASSETS> 15,860,647
<PER-SHARE-NAV-BEGIN> 18.86
<PER-SHARE-NII> (0.11)
<PER-SHARE-GAIN-APPREC> 5.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.92)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.32
<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 $86,839 for the six months ended March 31, 1999.
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.
