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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
074 R030900 0
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008 A001001 THE UNITED STATES TRUST COMPANY OF NEW YORK
008 B001001 A
008 C001001 801-000000
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008 D031001 10036
008 D041001 1532
015 A001001 UNITED STATES TRUST COMPANY OF NEW YORK
015 B001001 C
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015 C041001 1532
015 E011001 X
015 A001002 MORGAN STANLEY TRUST COMPANY
015 B001002 S
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<PAGE> PAGE 42
028 E021000 14
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<PAGE> PAGE 43
053 B001000 Y
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066 A001000 N
067 001000 N
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<PAGE> PAGE 44
070 L011000 Y
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<PAGE> PAGE 45
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008 A001101 UNITED STATES TRUST COMPANY OF NEW YORK
008 B001101 A
008 C001101 801-000000
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10036
008 D041101 1532
015 A001101 UNITED STATES TRUST COMPANY OF NEW YORK
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10036
015 C041101 1532
015 E011101 X
<PAGE> PAGE 46
015 A001102 MORGAN STANLEY TRUST COMPANY
015 B001102 S
015 C011102 BROOKLYN
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<PAGE> PAGE 47
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<PAGE> PAGE 48
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
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070 J021100 N
070 K011100 Y
070 K021100 N
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070 L021100 N
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070 M021100 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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008 A001201 UNITED STATES TRUST COMPANY OF NEW YORK
008 B001201 A
008 C001201 801-000000
008 D011201 NEW YORK
008 D021201 NY
008 D031201 10036
008 D041201 1532
015 A001201 UNITED STATES TRUST COMPANY OF NEW YORK
015 B001201 C
015 C011201 NEW YORK
015 C021201 NY
015 C031201 10036
015 C041201 1532
015 E011201 X
015 A001202 MORGAN STANLEY TRUST COMPANY
015 B001202 S
015 C011202 BROOKLYN
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015 C031202 11201
015 E011202 X
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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068 A001200 N
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<PAGE> PAGE 53
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<PAGE> PAGE 54
073 A021200 0.0000
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008 A001301 UNITED STATES TRUST COMPANY OF NEW YORK
008 B001301 A
008 C001301 801-000000
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008 D021301 NY
008 D031301 10036
008 D041301 1532
015 A001301 UNITED STATES TRUST COMPANY OF NEW YORK
015 B001301 C
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015 C021301 NY
015 C031301 10036
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015 E011301 X
015 A001302 MORGAN STANLEY TRUST COMPANY
<PAGE> PAGE 55
015 B001302 S
015 C011302 BROOKLYN
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<PAGE> PAGE 56
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<PAGE> PAGE 57
068 B001300 N
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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008 A001401 UNITED STATES TRUST COMPANY OF NEW YORK
008 B001401 A
008 C001401 801-000000
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008 D031401 10036
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015 A001401 UNITED STATES TRUST COMPANY OF NEW YORK
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015 E011401 X
015 A001402 MORGAN STANLEY TRUST COMPANY
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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SIGNATURE FRANK M. DEUTCHKI
TITLE ASSISTANT SECRETARY
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<OTHER-INCOME> 0
<EXPENSES-NET> 649
<NET-INVESTMENT-INCOME> 165
<REALIZED-GAINS-CURRENT> 1,226
<APPREC-INCREASE-CURRENT> 8,125
<NET-CHANGE-FROM-OPS> 9,516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (77)
<DISTRIBUTIONS-OF-GAINS> (1,655)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,830
<NUMBER-OF-SHARES-REDEEMED> (20,320)
<SHARES-REINVESTED> 575
<NET-CHANGE-IN-ASSETS> 868
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,655
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 457
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 658
<AVERAGE-NET-ASSETS> 120,075
<PER-SHARE-NAV-BEGIN> 19.17
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.45
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
such financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> MANAGED INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 108,833
<INVESTMENTS-AT-VALUE> 103,036
<RECEIVABLES> 1,673
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,724
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 518
<TOTAL-LIABILITIES> 518
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,706
<SHARES-COMMON-STOCK> 12,734
<SHARES-COMMON-PRIOR> 12,938
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (29)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,687)
<ACCUM-APPREC-OR-DEPREC> (5,797)
<NET-ASSETS> 104,206
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,650
<OTHER-INCOME> 0
<EXPENSES-NET> 555
<NET-INVESTMENT-INCOME> 3,095
<REALIZED-GAINS-CURRENT> (2,114)
<APPREC-INCREASE-CURRENT> (2,902)
<NET-CHANGE-FROM-OPS> (1,921)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,091)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,469
<NUMBER-OF-SHARES-REDEEMED> (13,963)
<SHARES-REINVESTED> 809
<NET-CHANGE-IN-ASSETS> (6,697)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (33)
<OVERDIST-NET-GAINS-PRIOR> (2,573)
<GROSS-ADVISORY-FEES> 411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 622
<AVERAGE-NET-ASSETS> 108,109
<PER-SHARE-NAV-BEGIN> 8.57
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.39)
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.18
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> INCOME AND GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 100,518
<INVESTMENTS-AT-VALUE> 106,333
<RECEIVABLES> 616
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 106,950
<PAYABLE-FOR-SECURITIES> 621
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150
<TOTAL-LIABILITIES> 771
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,102
<SHARES-COMMON-STOCK> 9,047
<SHARES-COMMON-PRIOR> 8,095
<ACCUMULATED-NII-CURRENT> 852
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,401
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,815
<NET-ASSETS> 106,179
<DIVIDEND-INCOME> 1,295
<INTEREST-INCOME> 925
<OTHER-INCOME> 0
<EXPENSES-NET> 550
<NET-INVESTMENT-INCOME> 1,670
<REALIZED-GAINS-CURRENT> 1,473
<APPREC-INCREASE-CURRENT> (1,399)
<NET-CHANGE-FROM-OPS> 1,744
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,277)
<DISTRIBUTIONS-OF-GAINS> (2,167)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,107
<NUMBER-OF-SHARES-REDEEMED> (6,714)
<SHARES-REINVESTED> 803
<NET-CHANGE-IN-ASSETS> 9,497
<ACCUMULATED-NII-PRIOR> 459
<ACCUMULATED-GAINS-PRIOR> 2,094
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 386
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 558
<AVERAGE-NET-ASSETS> 101,511
<PER-SHARE-NAV-BEGIN> 11.94
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.74
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 60,842
<INVESTMENTS-AT-VALUE> 65,667
<RECEIVABLES> 2,216
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,924
<PAYABLE-FOR-SECURITIES> 2,747
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75
<TOTAL-LIABILITIES> 2,822
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,117
<SHARES-COMMON-STOCK> 6,135
<SHARES-COMMON-PRIOR> 5,337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (585)
<ACCUMULATED-NET-GAINS> 732
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,832
<NET-ASSETS> 65,102
<DIVIDEND-INCOME> 731
<INTEREST-INCOME> 47
<OTHER-INCOME> 0
<EXPENSES-NET> 444
<NET-INVESTMENT-INCOME> 334
<REALIZED-GAINS-CURRENT> 741
<APPREC-INCREASE-CURRENT> 1,040
<NET-CHANGE-FROM-OPS> 2,115
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (170)
<DISTRIBUTIONS-OF-GAINS> (1,114)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,714
<NUMBER-OF-SHARES-REDEEMED> (4,326)
<SHARES-REINVESTED> 146
<NET-CHANGE-IN-ASSETS> 9,365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,106
<OVERDISTRIB-NII-PRIOR> (749)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 296
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 458
<AVERAGE-NET-ASSETS> 59,148
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> .8
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.21)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> TREASURY MONEY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 227,929
<INVESTMENTS-AT-VALUE> 227,929
<RECEIVABLES> 22
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 227,966
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 840
<TOTAL-LIABILITIES> 840
<SENIOR-EQUITY> 3
<PAID-IN-CAPITAL-COMMON> 226,923
<SHARES-COMMON-STOCK> 227,150
<SHARES-COMMON-PRIOR> 254,706
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (24)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 227,126
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,342
<OTHER-INCOME> 0
<EXPENSES-NET> 723
<NET-INVESTMENT-INCOME> 4,619
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,619)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,004,663
<NUMBER-OF-SHARES-REDEEMED> (1,032,595)
<SHARES-REINVESTED> 375
<NET-CHANGE-IN-ASSETS> (27,558)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (22)
<GROSS-ADVISORY-FEES> 395
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 750
<AVERAGE-NET-ASSETS> 259,973
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.018)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 9
<NAME> SHORT-TERM GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 26,016
<INVESTMENTS-AT-VALUE> 25,887
<RECEIVABLES> 398
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,299
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 131
<TOTAL-LIABILITIES> 131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,737
<SHARES-COMMON-STOCK> 3,806
<SHARES-COMMON-PRIOR> 3,639
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (444)
<ACCUM-APPREC-OR-DEPREC> (129)
<NET-ASSETS> 26,168
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 614
<OTHER-INCOME> 0
<EXPENSES-NET> 79
<NET-INVESTMENT-INCOME> 535
<REALIZED-GAINS-CURRENT> (388)
<APPREC-INCREASE-CURRENT> 168
<NET-CHANGE-FROM-OPS> 315
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (535)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,509
<NUMBER-OF-SHARES-REDEEMED> (4,403)
<SHARES-REINVESTED> 49
<NET-CHANGE-IN-ASSETS> 935
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (56)
<GROSS-ADVISORY-FEES> 38
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89
<AVERAGE-NET-ASSETS> 25,220
<PER-SHARE-NAV-BEGIN> 6.93
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> (.05)
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.88
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 10
<NAME> INTERMEDIATE-TERM MANAGED INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 47,085
<INVESTMENTS-AT-VALUE> 44,282
<RECEIVABLES> 350
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,646
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 266
<TOTAL-LIABILITIES> 266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,126
<SHARES-COMMON-STOCK> 6,709
<SHARES-COMMON-PRIOR> 6,228
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (952)
<ACCUM-APPREC-OR-DEPREC> (2,803)
<NET-ASSETS> 44,380
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,332
<OTHER-INCOME> 0
<EXPENSES-NET> 138
<NET-INVESTMENT-INCOME> 1,194
<REALIZED-GAINS-CURRENT> (229)
<APPREC-INCREASE-CURRENT> (1,122)
<NET-CHANGE-FROM-OPS> (157)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,192)
<DISTRIBUTIONS-OF-GAINS> (71)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,484
<NUMBER-OF-SHARES-REDEEMED> (6,326)
<SHARES-REINVESTED> 78
<NET-CHANGE-IN-ASSETS> 1,816
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (652)
<GROSS-ADVISORY-FEES> 77
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 141
<AVERAGE-NET-ASSETS> 43,128
<PER-SHARE-NAV-BEGIN> 6.83
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (.20)
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.62
<EXPENSE-RATIO> .63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 11
<NAME> AGING OF AMERICA FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 15,888
<INVESTMENTS-AT-VALUE> 16,492
<RECEIVABLES> 35
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,541
<PAYABLE-FOR-SECURITIES> 481
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 519
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,715
<SHARES-COMMON-STOCK> 2,198
<SHARES-COMMON-PRIOR> 1,514
<ACCUMULATED-NII-CURRENT> 20
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (319)
<ACCUM-APPREC-OR-DEPREC> 604
<NET-ASSETS> 16,022
<DIVIDEND-INCOME> 84
<INTEREST-INCOME> 17
<OTHER-INCOME> 0
<EXPENSES-NET> 65
<NET-INVESTMENT-INCOME> 36
<REALIZED-GAINS-CURRENT> (185)
<APPREC-INCREASE-CURRENT> 745
<NET-CHANGE-FROM-OPS> 596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,301
<NUMBER-OF-SHARES-REDEEMED> (1,427)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 5,439
<ACCUMULATED-NII-PRIOR> 16
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (134)
<GROSS-ADVISORY-FEES> 40
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 88
<AVERAGE-NET-ASSETS> 12,967
<PER-SHARE-NAV-BEGIN> 6.99
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.29
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by referece to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> USTMASTER FUNDS, INC.
<SERIES>
<NUMBER> 12
<NAME> BUSINESS AND INDUSTRIAL RESTRUCTURING FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 23,648
<INVESTMENTS-AT-VALUE> 25,674
<RECEIVABLES> 273
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,961
<PAYABLE-FOR-SECURITIES> 880
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 918
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,734
<SHARES-COMMON-STOCK> 2,438
<SHARES-COMMON-PRIOR> 1,498
<ACCUMULATED-NII-CURRENT> 42
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,026
<NET-ASSETS> 25,043
<DIVIDEND-INCOME> 156
<INTEREST-INCOME> 21
<OTHER-INCOME> 0
<EXPENSES-NET> 98
<NET-INVESTMENT-INCOME> 79
<REALIZED-GAINS-CURRENT> 238
<APPREC-INCREASE-CURRENT> 1,300
<NET-CHANGE-FROM-OPS> 1,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51)
<DISTRIBUTIONS-OF-GAINS> (107)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,754
<NUMBER-OF-SHARES-REDEEMED> (1,620)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 10,603
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> 107
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 111
<AVERAGE-NET-ASSETS> 19,599
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.69
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.27
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 13
<NAME> COMMUNICATION AND ENTERTAINMENT FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 24,895
<INVESTMENTS-AT-VALUE> 27,754
<RECEIVABLES> 47
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,814
<PAYABLE-FOR-SECURITIES> 260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41
<TOTAL-LIABILITIES> 301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,571
<SHARES-COMMON-STOCK> 2,922
<SHARES-COMMON-PRIOR> 2,403
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,859
<NET-ASSETS> 27,513
<DIVIDEND-INCOME> 106
<INTEREST-INCOME> 68
<OTHER-INCOME> 0
<EXPENSES-NET> 114
<NET-INVESTMENT-INCOME> 61
<REALIZED-GAINS-CURRENT> 61
<APPREC-INCREASE-CURRENT> 2,164
<NET-CHANGE-FROM-OPS> 2,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (49)
<DISTRIBUTIONS-OF-GAINS> (330)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,384
<NUMBER-OF-SHARES-REDEEMED> (3,851)
<SHARES-REINVESTED> 49
<NET-CHANGE-IN-ASSETS> 6,489
<ACCUMULATED-NII-PRIOR> 8
<ACCUMULATED-GAINS-PRIOR> 330
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125
<AVERAGE-NET-ASSETS> 22,916
<PER-SHARE-NAV-BEGIN> 8.75
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.80
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 14
<NAME> EARLY LIFE CYCLE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 36,502
<INVESTMENTS-AT-VALUE> 39,835
<RECEIVABLES> 21
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,870
<PAYABLE-FOR-SECURITIES> 19
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80
<TOTAL-LIABILITIES> 99
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,764
<SHARES-COMMON-STOCK> 4,365
<SHARES-COMMON-PRIOR> 2,881
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (40)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (290)
<ACCUM-APPREC-OR-DEPREC> 3,333
<NET-ASSETS> 39,771
<DIVIDEND-INCOME> 70
<INTEREST-INCOME> 38
<OTHER-INCOME> 0
<EXPENSES-NET> 149
<NET-INVESTMENT-INCOME> (41)
<REALIZED-GAINS-CURRENT> (224)
<APPREC-INCREASE-CURRENT> 2,613
<NET-CHANGE-FROM-OPS> 2,348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (370)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,755
<NUMBER-OF-SHARES-REDEEMED> (3,956)
<SHARES-REINVESTED> 42
<NET-CHANGE-IN-ASSETS> 14,819
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 304
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 94
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 154
<AVERAGE-NET-ASSETS> 30,855
<PER-SHARE-NAV-BEGIN> 8.66
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.57
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.11
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 15
<NAME> ENVIRONMENTALLY-RELATED PRODUCTS AND SERVICES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 4,558
<INVESTMENTS-AT-VALUE> 4,464
<RECEIVABLES> 12
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,490
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25
<TOTAL-LIABILITIES> 25
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,784
<SHARES-COMMON-STOCK> 701
<SHARES-COMMON-PRIOR> 727
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (223)
<ACCUM-APPREC-OR-DEPREC> (93)
<NET-ASSETS> 4,466
<DIVIDEND-INCOME> 16
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 22
<NET-INVESTMENT-INCOME> (3)
<REALIZED-GAINS-CURRENT> (6)
<APPREC-INCREASE-CURRENT> 100
<NET-CHANGE-FROM-OPS> 91
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,203
<NUMBER-OF-SHARES-REDEEMED> (1,361)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (67)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (217)
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54
<AVERAGE-NET-ASSETS> 4,405
<PER-SHARE-NAV-BEGIN> 6.24
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.37
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 16
<NAME> GLOBAL COMPETITORS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 15,930
<INVESTMENTS-AT-VALUE> 16,294
<RECEIVABLES> 42
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,349
<PAYABLE-FOR-SECURITIES> 180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 212
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,888
<SHARES-COMMON-STOCK> 2,059
<SHARES-COMMON-PRIOR> 1,309
<ACCUMULATED-NII-CURRENT> 48
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (164)
<ACCUM-APPREC-OR-DEPREC> 363
<NET-ASSETS> 16,137
<DIVIDEND-INCOME> 118
<INTEREST-INCOME> 24
<OTHER-INCOME> 0
<EXPENSES-NET> 65
<NET-INVESTMENT-INCOME> 77
<REALIZED-GAINS-CURRENT> (133)
<APPREC-INCREASE-CURRENT> 378
<NET-CHANGE-FROM-OPS> 322
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (47)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,451
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> (649)
<NET-CHANGE-IN-ASSETS> 6,078
<ACCUMULATED-NII-PRIOR> 18
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (31)
<GROSS-ADVISORY-FEES> 39
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82
<AVERAGE-NET-ASSETS> 12,896
<PER-SHARE-NAV-BEGIN> 7.69
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.84
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 17
<NAME> LONG-TERM SUPPLY OF ENERGY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 12,423
<INVESTMENTS-AT-VALUE> 12,410
<RECEIVABLES> 27
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,451
<PAYABLE-FOR-SECURITIES> 95
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29
<TOTAL-LIABILITIES> 124
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,424
<SHARES-COMMON-STOCK> 1,548
<SHARES-COMMON-PRIOR> 887
<ACCUMULATED-NII-CURRENT> 29
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (115)
<ACCUM-APPREC-OR-DEPREC> (13)
<NET-ASSETS> 12,327
<DIVIDEND-INCOME> 110
<INTEREST-INCOME> 11
<OTHER-INCOME> 0
<EXPENSES-NET> 45
<NET-INVESTMENT-INCOME> 75
<REALIZED-GAINS-CURRENT> (115)
<APPREC-INCREASE-CURRENT> 330
<NET-CHANGE-FROM-OPS> 290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (65)
<DISTRIBUTIONS-OF-GAINS> (5)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,176
<NUMBER-OF-SHARES-REDEEMED> (902)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 5,497
<ACCUMULATED-NII-PRIOR> 19
<ACCUMULATED-GAINS-PRIOR> 5
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70
<AVERAGE-NET-ASSETS> 9,188
<PER-SHARE-NAV-BEGIN> 7.70
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.27
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.96
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 18
<NAME> PRODUCTIVITY ENHANCERS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 17,312
<INVESTMENTS-AT-VALUE> 18,548
<RECEIVABLES> 654
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,216
<PAYABLE-FOR-SECURITIES> 1,575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36
<TOTAL-LIABILITIES> 1,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,056
<SHARES-COMMON-STOCK> 2,275
<SHARES-COMMON-PRIOR> 1,992
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (25)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (664)
<ACCUM-APPREC-OR-DEPREC> 1,236
<NET-ASSETS> 17,605
<DIVIDEND-INCOME> 42
<INTEREST-INCOME> 19
<OTHER-INCOME> 0
<EXPENSES-NET> 86
<NET-INVESTMENT-INCOME> (25)
<REALIZED-GAINS-CURRENT> (615)
<APPREC-INCREASE-CURRENT> 717
<NET-CHANGE-FROM-OPS> 77
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (207)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,038
<NUMBER-OF-SHARES-REDEEMED> (7,011)
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 1,903
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 158
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103
<AVERAGE-NET-ASSETS> 17,191
<PER-SHARE-NAV-BEGIN> 7.88
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.74
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 19
<NAME> PACIFIC/ASIA FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 53,264
<INVESTMENTS-AT-VALUE> 53,667
<RECEIVABLES> 1,092
<ASSETS-OTHER> 98
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,857
<PAYABLE-FOR-SECURITIES> 508
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128
<TOTAL-LIABILITIES> 636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,196
<SHARES-COMMON-STOCK> 5,709
<SHARES-COMMON-PRIOR> 5,284
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (347)
<ACCUMULATED-NET-GAINS> 2,961
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 405
<NET-ASSETS> 54,221
<DIVIDEND-INCOME> 607
<INTEREST-INCOME> 63
<OTHER-INCOME> 0
<EXPENSES-NET> 379
<NET-INVESTMENT-INCOME> 291
<REALIZED-GAINS-CURRENT> 2,961
<APPREC-INCREASE-CURRENT> (1,367)
<NET-CHANGE-FROM-OPS> 1,883
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (395)
<DISTRIBUTIONS-OF-GAINS> (4,337)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,950
<NUMBER-OF-SHARES-REDEEMED> (8,301)
<SHARES-REINVESTED> 394
<NET-CHANGE-IN-ASSETS> 1,194
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,337
<OVERDISTRIB-NII-PRIOR> (241)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 262
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 391
<AVERAGE-NET-ASSETS> 52,219
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.31
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.50
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 20
<NAME> PAN EUROPEAN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 39,922
<INVESTMENTS-AT-VALUE> 41,458
<RECEIVABLES> 194
<ASSETS-OTHER> 50
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,702
<PAYABLE-FOR-SECURITIES> 284
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72
<TOTAL-LIABILITIES> 356
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,452
<SHARES-COMMON-STOCK> 5,093
<SHARES-COMMON-PRIOR> 4,568
<ACCUMULATED-NII-CURRENT> 163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 184
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,542
<NET-ASSETS> 41,346
<DIVIDEND-INCOME> 673
<INTEREST-INCOME> 28
<OTHER-INCOME> 0
<EXPENSES-NET> 296
<NET-INVESTMENT-INCOME> 405
<REALIZED-GAINS-CURRENT> 194
<APPREC-INCREASE-CURRENT> 241
<NET-CHANGE-FROM-OPS> 840
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (246)
<DISTRIBUTIONS-OF-GAINS> (241)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,193
<NUMBER-OF-SHARES-REDEEMED> (4,896)
<SHARES-REINVESTED> 22
<NET-CHANGE-IN-ASSETS> 4,672
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> 232
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 197
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 304
<AVERAGE-NET-ASSETS> 39,374
<PER-SHARE-NAV-BEGIN> 8.03
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.12
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from UST Master
Funds, Inc. NSAR A 9/30/94 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
<SERIES>
<NUMBER> 21
<NAME> EMERGING AMERICAS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-START> APR-1-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 45,304
<INVESTMENTS-AT-VALUE> 50,593
<RECEIVABLES> 1,173
<ASSETS-OTHER> 345
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,111
<PAYABLE-FOR-SECURITIES> 250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71
<TOTAL-LIABILITIES> 321
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,398
<SHARES-COMMON-STOCK> 4,970
<SHARES-COMMON-PRIOR> 4,224
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (590)
<ACCUMULATED-NET-GAINS> 2,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,290
<NET-ASSETS> 51,789
<DIVIDEND-INCOME> 293
<INTEREST-INCOME> 20
<OTHER-INCOME> 0
<EXPENSES-NET> 288
<NET-INVESTMENT-INCOME> 26
<REALIZED-GAINS-CURRENT> 2,702
<APPREC-INCREASE-CURRENT> 4,087
<NET-CHANGE-FROM-OPS> 6,815
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (600)
<DISTRIBUTIONS-OF-GAINS> (962)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,980
<NUMBER-OF-SHARES-REDEEMED> 90
<SHARES-REINVESTED> (7,816)
<NET-CHANGE-IN-ASSETS> 12,507
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 951
<OVERDISTRIB-NII-PRIOR> (16)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 199
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 298
<AVERAGE-NET-ASSETS> 39,695
<PER-SHARE-NAV-BEGIN> 9.30
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.42
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
(null)
</TABLE>
