WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<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 APRIL
                              30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
                              REFERENCE TO SUCH FINANCIAL STATEMENTS.

</LEGEND>

       

<S>                                     <C>
<CIK>                                   0000930454
<NAME>                                  UST PRIVATE EQUITY INVESTORS FUND, INC.
<MULTIPLIER>                            1000


<PERIOD-TYPE>                           3-MOS
<FISCAL YEAR-END>                       OCT-31-1998
<PERIOD-START>                          NOV-1-1997
<PERIOD-END>                            APR-30-1998
<INVESTMENTS-AT-COST>                        42,308
<INVESTMENTS-AT-VALUE>                       45,465
<RECEIVABLES>                                 1,042
<ASSETS-OTHER>                                    0
<OTHER-ITEMS-ASSETS>                            522
<TOTAL-ASSETS>                               47,029
<PAYABLE-FOR-SECURITIES>                          0
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                     2,845
<TOTAL LIABILITIES>                           2,845
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                     40,118
<SHARES-COMMON-STOCK>                            40
<SHARES-COMMON-PRIOR>                            40
<ACCUMULATED-NII-CURRENT>                       178
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                         731
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                      3,157
<NET ASSETS>                                 44,184
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                               365
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                  417
<NET-INVESTMENT-INCOME>                        (52)
<REALIZED-GAINS-CURRENT>                        970
<APPREC-DECREASE-CURRENT>                   (2,029)
<NET-CHANGE-FROM-OPS>                       (1,111)
<EQUALIZATION>                                    0
<DISTRIBUTION-OF-INCOME>                          0
<DISTRIBUTION-OF-GAINS>                     (1,884)
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                           0
<NUMBER-OF-SHARES-REDEEMED>                       0
<SHARES-REINVESTED>                               0
<NET-CHANGE-IN-ASSETS>                      (2,995)
<ACCUMULATED-NII-PRIOR>                         230
<ACCUMULATED-GAINS-PRIOR>                     1,645
<OVERDISTRIB-NII-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           306
<INTEREST-EXPENSE>                               28
<GROSS-EXPENSE>                                 446
<AVERAGE-NET-ASSETS>                         43,275
<PER-SHARE-NAV-BEGIN>                      1,165.99
<PER-SHARE-NII>                              (1.29)
<PER-SHARE-REALIZED/UNREAL. GAIN/LOSS>      (26.20)
<PER-SHARE-DIVIDEND>                           0.00
<PER-SHARE-GAIN DIVIDEND>                   (46.55)
<PER-SHARE-DISTRIBUTION>                       0.00
<RETURNS-OF-CAPITAL>                           0.00
<PER-SHARE-NAV-END>                        1,091.95
<EXPENSE-RATIO>                                1.94
<AVG-DEBT-OUTSTANDING>                         0.00
<AVG-DEBT-PER-SHARE>                           0.00

        


</TABLE>