UST MASTER TAX EXEMPT FUNDS INC
NSAR-B, 1995-06-13
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<PAGE>      PAGE  1
000 B000000 03/31/95
000 C000000 0000752322
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 UST MASTER TAX-EXEMPT FUNDS, INC.
001 B000000 811-4101
001 C000000 6175578732
002 A000000 73 TREMONT STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02108
002 D020000 3913
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 SHORT-TERM TAX-EXEMPT FUND
007 C030100 N
007 C010200  2
007 C020200 INTERMEDIATE-TERM TAX-EXEMPT FUND
007 C030200 N
007 C010300  3
007 C020300 LONG-TERM TAX-EXEMPT FUND
007 C030300 N
007 C010400  4
007 C020400 NEW YORK INTERMEDIATE-TERM TAX-EXEMPT FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C020600 SHORT-TERM TAX-EXEMPT SECURITIES FUND
007 C030600 N
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 UNITED STATES TRUST COMPANY OF NEW YORK
008 B00AA01 A
008 C00AA01 801-000000
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10036
008 D04AA01 1532
010 A00AA01 MUTUAL FUNDS SERVICE COMPANY
<PAGE>      PAGE  2
010 B00AA01 84-1719
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02108
010 C04AA01 3913
010 A00AA02 CONCORD HOLDING CORPORATION
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10172
011 A00AA01 UST DISTRIBUTORS, INC.
011 B00AA01 8-37601
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 UNITED STATES TRUST COMPANY OF NEW YORK
012 B00AA01 85-1740000
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10036
012 C04AA01 1532
012 A00AA02 MUTUAL FUNDS SERVICE COMPANY
012 B00AA02 84-1719
012 C01AA02 BOSTON
012 C02AA02 MA
012 C03AA02 02108
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02108
015 A00AA01 UNITED STATES TRUST COMPANY OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10036
015 C04AA01 1532
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   25
019 C00AA00 USTFUNDINC
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<PAGE>      PAGE  3
022 A000001 SHEARSON LEHMAN
022 B000001 13-1912900
022 C000001   1256550
022 D000001   1116614
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002   1351420
022 D000002    140688
022 A000003 NUVEEN, JOHN & CO.
022 B000003 36-2639476
022 C000003    694203
022 D000003    767018
022 A000004 DREYFUS SECURITIES
022 B000004 13-5673135
022 C000004    550697
022 D000004    553504
022 A000005 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000005 13-5674085
022 C000005    470806
022 D000005    319061
022 A000006 JP MORGAN
022 B000006 13-3224016
022 C000006    394550
022 D000006    325041
022 A000007 PAINE WEBBER
022 B000007 13-2638166
022 C000007    510490
022 D000007    204771
022 A000008 FIRST BOSTON
022 B000008 13-5659485
022 C000008    368639
022 D000008    224014
022 A000009 MORGAN STANLEY & CO.
022 B000009 13-2655998
022 C000009    208568
022 D000009    180229
022 A000010 SMITH BARNEY
022 B000010 13-1912900
022 C000010    248612
022 D000010    120240
023 C000000    7135250
023 D000000    4936959
024  00AA00 N
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<PAGE>      PAGE  4
026 H000000 N
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<PAGE>      PAGE  5
077 L000000 N
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080 A00AA00 RELIANCE INSURANCE COMPANY
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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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<PAGE>      PAGE  11
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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  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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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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SIGNATURE   FRANK M. DEUTCHKI                            
TITLE       ASSISTANT SECRETARY 
 


<TABLE> <S> <C>

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<CIK> 0000752322
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<TABLE> <S> <C>

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</TABLE>

<TABLE> <S> <C>

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   <NAME> LONG-TERM TAX-EXEMPT FUND
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<PER-SHARE-GAIN-APPREC>                           0.50
<PER-SHARE-DIVIDEND>                            (0.43)
<PER-SHARE-DISTRIBUTIONS>                       (0.10)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.27
<EXPENSE-RATIO>                                   0.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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