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