UST MASTER VARIABLE SERIES INC
497, 1995-07-12
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                       UST MASTER VARIABLE SERIES, INC.

                SUPPLEMENT TO PROSPECTUS DATED OCTOBER 14, 1994
                        (AS REVISED NOVEMBER 18, 1994)


     The second sentence under "DIVIDENDS AND DISTRIBUTIONS" is restated to read
as follows: 


          All such dividends are paid daily or within seven days after the 
          redemption of shares of the Money Portfolio.






The date of this Supplement is June 6, 1995.






Form 3-00747


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