<PAGE> PAGE 1
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<PAGE> PAGE 2
011 C01AA01 OAKBROOK TERRACE
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011 C03AA01 60181
012 A00AA01 SUNSTONE FINANCIAL GROUP, INC.
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<PAGE> PAGE 3
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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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<PAGE> PAGE 10
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SIGNATURE ANGELA PALMER
TITLE FINANCIAL ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 11,669,091
<INVESTMENTS-AT-VALUE> 18,521,312
<RECEIVABLES> 9,173
<ASSETS-OTHER> 4,713
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</TABLE>
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, 1999,
we considered its internal control,
including controls over 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 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 may 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 condition 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 any
specific internal control component 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 September 30, 1999.
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 and is not
intended to be and should not be used by
anyone other than these specified
parties.
/s/ ERNST & YOUNG LLP
October 22, 1999
Chicago, Illinois
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 $216,298 for the year ended September 30, 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.
