SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE
Quarterly Period Ended July 31, 1995
Or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE
Transition period from ___________ to ___________
Commission file number: 0-24856
UST PRIVATE EQUITY INVESTORS FUND, INC.
___________________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
Maryland 13-3786385
___________________________________________________________________________
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
114 West 47th Street
New York, New York 10036-1332
___________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 852-1000
Not applicable
___________________________________________________________________________
Former name, former address and former fiscal year, if changed since last
report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes _X_ No ___
INDEX
UST PRIVATE EQUITY INVESTORS FUND, INC.
PART I FINANCIAL INFORMATION
________________________________
Item 1. Financial Statements (Unaudited).
Statement of Assets and Liabilities as of July 31, 1995
(Unaudited).
Notes to Financial Statements (Unaudited).
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
PART II OTHER INFORMATION
____________________________
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited).
_________________________________
UST PRIVATE EQUITY INVESTORS FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
(unaudited)
Assets:
Cash............................................. 28,129,000
Deferred organizational and initial offering
expenses and other assets........................ $462,809
__________
Total Assets............................... $28,591,809
Liabilities:
Accrued organizational expenses and initial
offering costs and other accrued liabilities.. $462,809
_________
Net Assets consist of:
Common Stock, $0.01 par value; authorized
100,000 shares; issued and
outstanding 28,129 shares.................. $28,129,000
==========
Net Asset Value Per Share........................ $1,000
=====
______________
Notes to Financial Statements (Unaudited):
(1) The Company was incorporated in the State of Maryland on September
16, 1994 and is registered under the Securities Act of 1933, as
amended, as a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company held its first closing of its shares on July 31, 1995 at
which a total of 28,128 shares representing $28,128,000 were
accepted.
(2) Costs incurred by the Company in connection with its organization,
estimated at $25,000, will be amortized on a straight-line basis over
a five year period beginning at the commencement of operations of the
Company. Costs incurred by the Company in connection with the
initial registration of the Shares, estimated at $362,609 will be
charged against the proceeds of the offering. Approximately $341,159
of these costs have been paid by United States Trust Company of New
York and will be reimbursed to it.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
_______________________________________________________________
On September 16, 1994, David I. Fann, the Company's President, purchased 1
share of the Company's common stock (the "Shares") for $1,000. The Company
began the initial public offering of its Shares on December 16, 1994.
The Company held the first closing of the its shares (the "Shares") on July
31, 1995. A total of 28,128 Shares representing $28,128,000 (3,128 Shares
or $3,128,000 in excess of the minimum required for the Company to have a
first closing) were accepted.
The Company's Prospectus contemplates that the final closing with respect
to the Shares must be held not later than August 31, 1995. At a meeting
held on July 6, 1995, the Company's Board of Directors (the "Board")
approved the extension of the offering period within which a final closing
may be held from August 31, 1995 to October 31, 1995 (the "Termination
Date"). To reflect this extension of the offering period the Company filed
with the Securities and Exchange Commission a Supplement dated August 28,
1995 to its Prospectus dated December 16, 1994.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not party to any material pending legal
proceedings.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of security-holders during the
quarter covered by this report.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
None.
(b) Reports on Form 8-K.
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
UST PRIVATE EQUITY INVESTORS FUND, INC.
/s/ David I. Fann
By: David I. Fann, President
(Principal Executive Officer)
/s/ Lisa A. Cummings
By: Lisa A. Cummings, Chief Financial Officer
and Treasurer
(Principal Financial and Accounting Officer)
Date: September 14, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This Schedule contains summary financial information extracted from the
Registrant's Statement of Assets and Liabilities for the period ended
July 31, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,591,809
<TOTAL-ASSETS> 28,591,809
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 462,809
<TOTAL-LIABILITIES> 462,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,129,000
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<AVERAGE-NET-ASSETS> 28,129,000
<PER-SHARE-NAV-BEGIN> 1,000
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
