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

  

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


                             
<PERIOD-TYPE>                              6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                      2,398,545,063
<INVESTMENTS-AT-VALUE>                     2,450,193,481
<RECEIVABLES>                              3,994,379
<ASSETS-OTHER>                             520,275
<OTHER-ITEMS-ASSETS>                       0
<TOTAL-ASSETS>                             2,454,708,135
<PAYABLE-FOR-SECURITIES>                   0
<SENIOR-LONG-TERM-DEBT>                    0
<OTHER-ITEMS-LIABILITIES>                  577,524,132
<TOTAL-LIABILITIES>                        577,524,132
<SENIOR-EQUITY>                            0
<PAID-IN-CAPITAL-COMMON>                   1,827,113,636
<SHARES-COMMON-STOCK>                      17,055,235
<SHARES-COMMON-PRIOR>                      101
<ACCUMULATED-NII-CURRENT>                  (1,660,100)
<OVERDISTRIBUTION-NII>                     0
<ACCUMULATED-NET-GAINS>                    3,965,386
<OVERDISTRIBUTION-GAINS>                   0
<ACCUM-APPREC-OR-DEPREC>                   47,765,081
<NET-ASSETS>                               1,877,184,003
<DIVIDEND-INCOME>                          10,339,532
<INTEREST-INCOME>                          776,836
<OTHER-INCOME>                             0
<EXPENSES-NET>                             12,776,468
<NET-INVESTMENT-INCOME>                    (1,660,100)
<REALIZED-GAINS-CURRENT>                   3,965,386
<APPREC-INCREASE-CURRENT>                  47,765,081
<NET-CHANGE-FROM-OPS>                      50,070,307
<EQUALIZATION>                             0
<DISTRIBUTIONS-OF-INCOME>                  0
<DISTRIBUTIONS-OF-GAINS>                   0
<DISTRIBUTIONS-OTHER>                      0
<NUMBER-OF-SHARES-SOLD>                    17,179,183
<NUMBER-OF-SHARES-REDEEMED>                124,049
<SHARES-REINVESTED>                        0
<NET-CHANGE-IN-ASSETS>                     1,877,173,903
<ACCUMULATED-NII-PRIOR>                    0
<ACCUMULATED-GAINS-PRIOR>                  0
<OVERDISTRIB-NII-PRIOR>                    0
<OVERDIST-NET-GAINS-PRIOR>                 0
<GROSS-ADVISORY-FEES>                      1,167,237
<INTEREST-EXPENSE>                         7,995,294
<GROSS-EXPENSE>                            12,776,468
<AVERAGE-NET-ASSETS>                       971,218,431
<PER-SHARE-NAV-BEGIN>                      100.00
<PER-SHARE-NII>                            (0.097)
<PER-SHARE-GAIN-APPREC>                    10.157
<PER-SHARE-DIVIDEND>                       0
<PER-SHARE-DISTRIBUTIONS>                  0
<RETURNS-OF-CAPITAL>                       0
<PER-SHARE-NAV-END>                        110.06
<EXPENSE-RATIO>                            3.31
[AVG-DEBT-OUTSTANDING]                     0
[AVG-DEBT-PER-SHARE]                       0