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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
Board of Trustees
PaineWebber Capital Appreciation Fund
In planning and performing our audit of the financial statements of
PaineWebber Capital Appreciation Fund for the year ended March 31, 1997,
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 Capital Appreciation 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 March 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
May 13, 1997
For period ending March 31, 1997
File number 811-6376
77.A.Is the Registrant filing any of the following attachments with the
current filing of Form N-SAR?
(ANSWER FOR ALL SERIES AS A GROUP)
__________________________________
Y/N
NOTE: If answer is Y (Yes), mark those items below being filed as an
attachment to this form or incorporated by reference.
_____
Y/N
B. Accountant s report on internal control ___ __
C. Matters submitted to a vote of security holders ___N__
D. Policies with respect to security investments ___N__
E. Legal proceedings ___N__
F. Changes in security for debt ___N__
G. Defaults and arrears on senior securities ___N__
H. Changes in control of Registrant ___N__
I. Terms of new or amended securities ___N__
J. Revaluation of assets or restatement of capital share account
___N__
K. Changes in Registrant s certifying accountant ___N__
L. Changes in accounting principles and practices ___ __
M. Mergers ___N__
N. Actions required to be reported pursuant to Rule 2a-7 ___N__
O. Transactions effected pursuant to Rule 10f-3 ___N__
P. Information required to be filed pursuant to existing exemptive
orders ___N__
Attachment Information (Cont. On Screen 39)
<PAGE>
For period ending March 31, 1997
File number 811-6376
Attachment Information (Cont. from Screen 38)
77. Q. 1. Exhibits _____
Y/N
2. Any information called for by instructions to s
77Q2 ___N__
Y/N
3. Any information called for by instructions to sub-item
77Q3 ___N__
Y/N
SCREEN NUMBER: 39
__ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __
__ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __
79. List the 811 numbers and names of Registrant s wholly-owned
investment company subsidiaries consolidated in this report.
811 Number Subsidiary
Name
For period ending March 31, 1997
File number 811-6376
ANNUAL SUPPLEMENT
Page 53 is to be filed only once each year at the end of Registrants fiscal
year.
105. Fidelity bond(s) in effect at the end of the period:
A. Insurer Name: ICI Mutual Insurance Co.
B. Second Insurer:
C. Aggregate face amount of coverage for Registrant on all bonds on
which it is named as an insured ($000 s omitted) $45,000
106. A. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Y
Y/N
B. If the answer to 106A is Y (Yes), how many other investment
companies or other entities are covered by the bond? 62
NOTE: Count each series as a separate investment company.
107. A. Does the mandatory coverage of the fidelity bond have a
deductible?
N
Y/N
B. If the answer to 107A is Y (Yes), what is the amount of the
deductible? $______
108. A. Were any claims with respect to this Registrant filed under the
bond during the period? N
Y/N
B. If the answer to 108A is Y (Yes), what was the total amount of
such claim(s)? $______
109. A. Were any losses incurred with respect to this Registrant that
could have been filed as a claim under the fidelity bond but
were not? N
Y/N
B. If the answer to sub-item 109A is Y (Yes), what was the total
amount of such losses? ($000 s omitted) $______
110. A. Are Registrant s officers and directors covered as officers and
directors of Registrant under any errors and omissions insurance
policy owned by the Registrant or anyone else? Y
Y/N
B. Were any claims filed under such policy during the period with
respect to Registrant? N
Y/N
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 282
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 669
<AVERAGE-NET-ASSETS> 28597
<PER-SHARE-NAV-BEGIN> 15.14
<PER-SHARE-NII> (0.29)
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.87
<EXPENSE-RATIO> 2.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
