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 April 30, 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 (Zip Code)
Executive Offices)
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 April 30, 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
APRIL 30, 1995
(unaudited)
Assets:
Cash..................................................... $1,000
Deferred organizational and initial offering expenses.... $313,547
Total Assets........................................ $314,547
Liabilities:
Accrued organizational expenses and
initial offering costs................................ $313,547
Net Assets consist of:
Common Stock, $0.01 par value; authorized
100,000 shares; issued and
outstanding 1 share................................. $1,000
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 has had no operations to date other than matters relating to
its organization and registration 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, and the sale and issuance
of 1 share of its common stock to David I. Fann and the offering of its
shares to the public.
(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 $288,547 will be charged against
the proceeds of the offering. Approximately $247,964 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. As of April 30,
1995, the Company has not accepted subscriptions. Subscriptions have been
deposited in an interest-bearing bank escrow account with United States Trust
Company of New York ("U.S. Trust") pending the first closing which will be held
on or about the fifth business day after the receipt by U.S. Trust of
subscription funds representing 25,000 Shares or $25,000,000. If subscription
funds representing 25,000 Shares or $25,000,000 are not received by August 31,
1995, the offering will terminate and all proceeds from the offering will be
refunded to investors together with any interest earned thereon and without any
deductions. The Company will begin investment operations after the first
closing.
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.
_____________________________________________
By: David I. Fann, President
(Principal Executive Officer)
______________________________________________
By: Lisa A. Cummings, Chief Financial Officer
and Treasurer
(Principal Financial and Accounting Officer)
Date: June 14, 1995
