<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, 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

       
<S>                                         <C>
<PERIOD-TYPE>                                   3-MOS
<FISCAL-YEAR-END>                               OCT-31-1997
<PERIOD-START>                                   NOV-1-1996
<PERIOD-END>                                    APR-30-1997
<INVESTMENTS-AT-COST>                                39,789
<INVESTMENTS-AT-VALUE>                               42,712
<RECEIVABLES>                                           181
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                    422
<TOTAL-ASSETS>                                       43,315
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                               158
<TOTAL-LIABILITIES>                                     158
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                             40,115
<SHARES-COMMON-STOCK>                                    40
<SHARES-COMMON-PRIOR>                                    40
<ACCUMULATED-NII-CURRENT>                               131
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                                (12)
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                              2,923
<NET-ASSETS>                                         43,157
<DIVIDEND-INCOME>                                         0
<INTEREST-INCOME>                                       606
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                          329
<NET-INVESTMENT-INCOME>                                 277
<REALIZED-GAINS-CURRENT>                               (12)
<APPREC-INCREASE-CURRENT>                             1,646
<NET-CHANGE-FROM-OPS>                                 1,911
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                            (1,430)
<DISTRIBUTIONS-OF-GAINS>                                (44)
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                                  437
<ACCUMULATED-NII-PRIOR>                               1,285
<ACCUMULATED-GAINS-PRIOR>                                 0
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                   263
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                         431
<AVERAGE-NET-ASSETS>                                 42,395
<PER-SHARE-NAV-BEGIN>                              1,055.77
<PER-SHARE-NII>                                        6.85
<PER-SHARE-GAIN-APPREC>                               40.38
<PER-SHARE-DIVIDEND>                                 (36.42)
<PER-SHARE-DISTRIBUTIONS>                              0.00
<RETURNS-OF-CAPITAL>                                   0.00
<PER-SHARE-NAV-END>                                1,066.58
<EXPENSE-RATIO>                                        1.56
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0
        

</TABLE>