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<PAGE> PAGE 2
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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 9
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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
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008 A001001 THE UNITED STATES TRUST COMPANY OF NEW YORK
008 B001001 A
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<PAGE> PAGE 42
008 D011001 NEW YORK
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<PAGE> PAGE 43
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064 B001000 N
066 A001000 N
067 001000 N
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<PAGE> PAGE 44
070 A021000 N
070 B011000 N
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070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
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070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
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<PAGE> PAGE 45
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<PAGE> PAGE 46
074 V021000 0.00
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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 CHASE MANHATTAN BANK, N.A.
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10003
015 C041101 9598
015 E011101 X
015 A001102 MORGAN STANLEY TRUST COMPANY
015 B001102 S
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<PAGE> PAGE 47
028 G011100 10020
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<PAGE> PAGE 48
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066 D001100 N
066 E001100 N
066 F001100 N
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067 001100 N
068 A001100 N
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069 001100 N
070 A011100 Y
070 A021100 N
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070 C021100 N
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070 D021100 N
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070 E021100 N
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070 G021100 N
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070 K021100 N
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<PAGE> PAGE 49
070 N021100 N
070 O011100 Y
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070 P021100 N
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<PAGE> PAGE 50
074 B001100 0
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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 CHASE MANHATTAN BANK, N.A.
015 B001201 C
015 C011201 NEW YORK
015 C021201 NY
015 C031201 10003
015 C041201 9598
015 E011201 X
015 A001202 MORGAN STANLEY TRUST COMPANY
015 B001202 S
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015 C031202 11201
<PAGE> PAGE 51
015 E041202 X
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<PAGE> PAGE 52
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<PAGE> PAGE 53
070 B011200 Y
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<PAGE> PAGE 54
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<PAGE> PAGE 55
074 W001200 0.0000
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008 A001301 UNITED STATES TRUST COMPANY OF NEW YORK
008 B001301 A
008 C001301 801-000000
008 D011301 NEW YORK
008 D021301 NY
008 D031301 10036
008 D041301 1532
015 A001301 CHASE MANHATTAN BANK, N.A.
015 B001301 C
015 C011301 NEW YORK
015 C021301 NY
015 C031301 10003
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015 E011301 X
015 A001302 MORGAN STANLEY TRUST COMPANY
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015 C031302 11201
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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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
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015 A001401 CHASE MANHATTAN BANK, N.A.
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015 C031401 10003
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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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SIGNATURE FRANK M. DEUTCHKI
TITLE ASSISTANT SECRETARY
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<TABLE> <S> <C>
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<TABLE> <S> <C>
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</TABLE>
<TABLE> <S> <C>
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</TABLE>
<TABLE> <S> <C>
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</TABLE>
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> UST MASTER FUNDS, INC.
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(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
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(null)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000751200
<NAME> UST MASTER FUNDS, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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> 263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 401
<AVERAGE-NET-ASSETS> 52,235
<PER-SHARE-NAV-BEGIN> 8.45
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.12
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
