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-31-1999
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                      2,319,697,929
<INVESTMENTS-AT-VALUE>                     2,608,076,250
<RECEIVABLES>                              2,593,584
<ASSETS-OTHER>                             478,270
<OTHER-ITEMS-ASSETS>                       7,890,941
<TOTAL-ASSETS>                             2,619,039,045
<PAYABLE-FOR-SECURITIES>                   0
<SENIOR-LONG-TERM-DEBT>                    0
<OTHER-ITEMS-LIABILITIES>                  632,023,102
<TOTAL-LIABILITIES>                        632,023,102
<SENIOR-EQUITY>                            0
<PAID-IN-CAPITAL-COMMON>                   1,763,258,613
<SHARES-COMMON-STOCK>                      16,429,460
<SHARES-COMMON-PRIOR>                      16,568,833
<ACCUMULATED-NII-CURRENT>                  (2,663,287)
<OVERDISTRIBUTION-NII>                     0
<ACCUMULATED-NET-GAINS>                    (55,182,551)
<OVERDISTRIBUTION-GAINS>                   0
<ACCUM-APPREC-OR-DEPREC>                   281,603,168
<NET-ASSETS>                               1,987,015,943
<DIVIDEND-INCOME>                          16,340,574
<INTEREST-INCOME>                          1,294,267
<OTHER-INCOME>                             0
<EXPENSES-NET>                             14,994,940
<NET-INVESTMENT-INCOME>                    2,639,901
<REALIZED-GAINS-CURRENT>                   (94,399)
<APPREC-INCREASE-CURRENT>                  68,242,973
<NET-CHANGE-FROM-OPS>                      70,788,475
<EQUALIZATION>                             0
<DISTRIBUTIONS-OF-INCOME>                  0
<DISTRIBUTIONS-OF-GAINS>                   0
<DISTRIBUTIONS-OTHER>                      0
<NUMBER-OF-SHARES-SOLD>                    0
<NUMBER-OF-SHARES-REDEEMED>                139,373
<SHARES-REINVESTED>                        0
<NET-CHANGE-IN-ASSETS>                     54,167,571
<ACCUMULATED-NII-PRIOR>                    0
<ACCUMULATED-GAINS-PRIOR>                  (55,088,152)
<OVERDISTRIB-NII-PRIOR>                    (5,303,188)
<OVERDIST-NET-GAINS-PRIOR>                 0
<GROSS-ADVISORY-FEES>                      1,521,637
<INTEREST-EXPENSE>                         8,344,620
<GROSS-EXPENSE>                            14,994,940
<AVERAGE-NET-ASSETS>                       1,976,803,500
<PER-SHARE-NAV-BEGIN>                      116.66
<PER-SHARE-NII>                            0.160
<PER-SHARE-GAIN-APPREC>                    4.12
<PER-SHARE-DIVIDEND>                       0
<PER-SHARE-DISTRIBUTIONS>                  0
<RETURNS-OF-CAPITAL>                       0
<PER-SHARE-NAV-END>                        120.94
<EXPENSE-RATIO>                            3.08
[AVG-DEBT-OUTSTANDING]                     0
[AVG-DEBT-PER-SHARE]                       0