<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, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000930454
<NAME> UST PRIVATE EQUITY INVESTORS FUND, INC.
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               JAN-31-1996
<INVESTMENTS-AT-COST>                           40,905
<INVESTMENTS-AT-VALUE>                          40,920
<RECEIVABLES>                                      450
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                45
<TOTAL-ASSETS>                                  41,415
<PAYABLE-FOR-SECURITIES>                         1,011
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          126
<TOTAL-LIABILITIES>                              1,137
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        40,117
<SHARES-COMMON-STOCK>                               40
<SHARES-COMMON-PRIOR>                               40
<ACCUMULATED-NII-CURRENT>                          147
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            (1)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            15
<NET-ASSETS>                                    40,278
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  572
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      78
<NET-INVESTMENT-INCOME>                            494
<REALIZED-GAINS-CURRENT>                           (1)
<APPREC-INCREASE-CURRENT>                           22
<NET-CHANGE-FROM-OPS>                              515
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (390)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                             125
<ACCUMULATED-NII-PRIOR>                             43
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               70
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    136
<AVERAGE-NET-ASSETS>                            40,278
<PER-SHARE-NAV-BEGIN>                           992.32
<PER-SHARE-NII>                                  12.20
<PER-SHARE-GAIN-APPREC>                           0.52
<PER-SHARE-DIVIDEND>                            (9.62)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                             995.42
<EXPENSE-RATIO>                                   0.78
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>