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<PAGE> PAGE 2
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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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 25
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SIGNATURE FRANK M. DEUTCHKI
TITLE ASSISTANT SECRETARY
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<LEGEND>
This schedule contains summary financial information extracted from UST Master
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<CIK> 0000752322
<NAME> UST MASTER TAX-EXEMPT FUNDS, INC.
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<CIK> 0000752322
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<NAME> UST MASTER TAX-EXEMPT FUNDS, INC.
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<LEGEND>
This schedule contains summary financial information extracted from UST Master
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</LEGEND>
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<SERIES>
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<TABLE> <S> <C>
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This schedule contains summary financial information extracted from UST Master
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</LEGEND>
<CIK> 0000752322
<NAME> UST MASTER TAX-EXEMPT FUNDS, INC.
<SERIES>
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