<TABLE> <S> <C>

<ARTICLE>                     6
<LEGEND>      THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM UST
              PRIVATE EQUITY INVESTORS FUND, INC.'S FORM 10-Q FOR THE PERIOD
              ENDED SEPTEMBER 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
              REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                                    0000812301
<NAME>                                   FRANKLIN CAPITAL CORPORATION
<MULTIPLIER>                              1000
       
<S>                                         <C>
<PERIOD-TYPE>                                3-MOS
<FISCAL-YEAR-END>                            DEC-31-1998
<PERIOD-START>                               JAN-1-1998
<PERIOD-END>                                 SEP-30-1998
<INVESTMENTS-AT-COST>                               4,063
<INVESTMENTS-AT-VALUE>                              5,207
<RECEIVABLES>                                         139
<ASSETS-OTHER>                                      1,280
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                      6,625
<PAYABLE-FOR-SECURITIES>                                0
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                             205
<TOTAL-LIABILITIES>                                   205
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                            7,942
<SHARES-COMMON-STOCK>                                 772
<SHARES-COMMON-PRIOR>                                 801
<ACCUMULATED-NII-CURRENT>                         (2,664)
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 0
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                            1,142
<NET-ASSETS>                                        6,420
<DIVIDEND-INCOME>                                      77
<INTEREST-INCOME>                                      25
<OTHER-INCOME>                                        217
<EXPENSES-NET>                                      1,183
<NET-INVESTMENT-INCOME>                              (864)
<REALIZED-GAINS-CURRENT>                            1,640
<APPREC-INCREASE-CURRENT>                          (1,523)  
<NET-CHANGE-FROM-OPS>                                (747)
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               0
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 0
<NUMBER-OF-SHARES-REDEEMED>                             0
<SHARES-REINVESTED>                                     0
<NET-CHANGE-IN-ASSETS>                               (747)
<ACCUMULATED-NII-PRIOR>                            (3,440)
<ACCUMULATED-GAINS-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                              0
<OVERDISTRIB-NII-PRIOR>                                 0
<GROSS-ADVISORY-FEES>                                   0
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                     1,183
<AVERAGE-NET-ASSETS>                                7,113
<PER-SHARE-NAV-BEGIN>                                9.17
<PER-SHARE-NII>                                    (1.08)
<PER-SHARE-GAIN-APPREC>                              0.14
<PER-SHARE-DIVIDEND>                                 0.00
<PER-SHARE-DISTRIBUTIONS>                            0.00
<RETURNS-OF-CAPITAL>                                 0.00
<PER-SHARE-NAV-END>                                  8.32
<EXPENSE-RATIO>                                     16.63
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0
        

</TABLE>