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

  

<ARTICLE>       6
<SERIES>
   <NUMBER> 5
   <NAME> BELAIR CAPITAL FUND


                             
<PERIOD-TYPE>                              3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                      784,583,265
<INVESTMENTS-AT-VALUE>                     845,722,617
<RECEIVABLES>                              0
<ASSETS-OTHER>                             485,206
<OTHER-ITEMS-ASSETS>                       0
<TOTAL-ASSETS>                             847,924,491
<PAYABLE-FOR-SECURITIES>                   0
<SENIOR-LONG-TERM-DEBT>                    0
<OTHER-ITEMS-LIABILITIES>                  194,280,891
<TOTAL-LIABILITIES>                        194,280,891
<SENIOR-EQUITY>                            0
<PAID-IN-CAPITAL-COMMON>                   597,299,861
<SHARES-COMMON-STOCK>                      653,643,600
<SHARES-COMMON-PRIOR>                      101
<ACCUMULATED-NII-CURRENT>                  (1,391,297)
<OVERDISTRIBUTION-NII>                     0
<ACCUMULATED-NET-GAINS>                    (1,697,648)
<OVERDISTRIBUTION-GAINS>                   0
<ACCUM-APPREC-OR-DEPREC>                   59,432,684
<NET-ASSETS>                               653,643,600
<DIVIDEND-INCOME>                          1,777,687
<INTEREST-INCOME>                          0
<OTHER-INCOME>                             0
<EXPENSES-NET>                             3,168,984
<NET-INVESTMENT-INCOME>                    (1,391,297)
<REALIZED-GAINS-CURRENT>                   (1,697,648)
<APPREC-INCREASE-CURRENT>                  59,432,684
<NET-CHANGE-FROM-OPS>                      56,343,739
<EQUALIZATION>                             0
<DISTRIBUTIONS-OF-INCOME>                  0
<DISTRIBUTIONS-OF-GAINS>                   0
<DISTRIBUTIONS-OTHER>                      0
<NUMBER-OF-SHARES-SOLD>                    0
<NUMBER-OF-SHARES-REDEEMED>                9,345
<SHARES-REINVESTED>                        0
<NET-CHANGE-IN-ASSETS>                     653,633,500
<ACCUMULATED-NII-PRIOR>                    0
<ACCUMULATED-GAINS-PRIOR>                  0
<OVERDISTRIB-NII-PRIOR>                    0
<OVERDIST-NET-GAINS-PRIOR>                 0
<GROSS-ADVISORY-FEES>                      266,941
<INTEREST-EXPENSE>                         1,858,935
<GROSS-EXPENSE>                            3,168,984
<AVERAGE-NET-ASSETS>                       652,116,435
<PER-SHARE-NAV-BEGIN>                      100.00
<PER-SHARE-NII>                            (0.233)
<PER-SHARE-GAIN-APPREC>                    9.653
<PER-SHARE-DIVIDEND>                       0
<PER-SHARE-DISTRIBUTIONS>                  0
<RETURNS-OF-CAPITAL>                       0
<PER-SHARE-NAV-END>                        109.42
<EXPENSE-RATIO>                            3.28
[AVG-DEBT-OUTSTANDING]                     0
[AVG-DEBT-PER-SHARE]                       0