<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  JANUARY 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                         0000930454
<NAME>                        UST PRIVATE EQUITY INVESTORS FUND, INC.
<MULTIPLIER>                                   1000
<CURRENCY>                                     U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                                  3-MOS
<FISCAL-YEAR-END>                              OCT-31-1997
<PERIOD-START>                                 NOV-1-1996
<PERIOD-END>                                   JAN-31-1997
<EXCHANGE-RATE>                                1
<INVESTMENTS-AT-COST>                          39,896
<INVESTMENTS-AT-VALUE>                         41,401
<RECEIVABLES>                                  238
<ASSETS-OTHER>                                 0
<OTHER-ITEMS-ASSETS>                           170
<TOTAL-ASSETS>                                 41,809
<PAYABLE-FOR-SECURITIES>                       0
<SENIOR-LONG-TERM-DEBT>                        0
<OTHER-ITEMS-LIABILITIES>                      151
<TOTAL-LIABILITIES>                            151
<SENIOR-EQUITY>                                0
<PAID-IN-CAPITAL-COMMON>                       40,113
<SHARES-COMMON-STOCK>                          40
<SHARES-COMMON-PRIOR>                          40
<ACCUMULATED-NII-CURRENT>                      52
<OVERDISTRIBUTION-NII>                         0
<ACCUMULATED-NET-GAINS>                        (12)
<OVERDISTRIBUTION-GAINS>                       0
<ACCUM-APPREC-OR-DEPREC>                       1,505
<NET-ASSETS>                                   41,658
<DIVIDEND-INCOME>                              0
<INTEREST-INCOME>                              354
<OTHER-INCOME>                                 0
<EXPENSES-NET>                                 157
<NET-INVESTMENT-INCOME>                        197
<REALIZED-GAINS-CURRENT>                       (12)
<APPREC-INCREASE-CURRENT>                      227
<NET-CHANGE-FROM-OPS>                          412
<EQUALIZATION>                                 0
<DISTRIBUTIONS-OF-INCOME>                      (1,430)
<DISTRIBUTIONS-OF-GAINS>                       (43)
<DISTRIBUTIONS-OTHER>                          0
<NUMBER-OF-SHARES-SOLD>                        0
<NUMBER-OF-SHARES-REDEEMED>                    0
<SHARES-REINVESTED>                            0
<NET-CHANGE-IN-ASSETS>                         (1,061)
<ACCUMULATED-NII-PRIOR>                        1,285
<ACCUMULATED-GAINS-PRIOR>                      44
<OVERDISTRIB-NII-PRIOR>                        0
<OVERDIST-NET-GAINS-PRIOR>                     0
<GROSS-ADVISORY-FEES>                          126
<INTEREST-EXPENSE>                             0
<GROSS-EXPENSE>                                205
<AVERAGE-NET-ASSETS>                           41,658
<PER-SHARE-NAV-BEGIN>                          1,055.77
<PER-SHARE-NII>                                4.87
<PER-SHARE-GAIN-APPREC>                        5.32
<PER-SHARE-DIVIDEND>                           (35.34)
<PER-SHARE-DISTRIBUTIONS>                      (1.08)
<RETURNS-OF-CAPITAL>                           0.00
<PER-SHARE-NAV-END>                            1,029.54
<EXPENSE-RATIO>                                1.50
<AVG-DEBT-OUTSTANDING>                         0
<AVG-DEBT-PER-SHARE>                           0
        

</TABLE>