WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. <ARTICLE> 6 <SERIES> <NUMBER> 5 <NAME> BELAIR CAPITAL FUND <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> SEP-30-1998 <INVESTMENTS-AT-COST> 2,363,909,281 <INVESTMENTS-AT-VALUE> 2,205,213,053 <RECEIVABLES> 5,787,657 <ASSETS-OTHER> 540,179 <OTHER-ITEMS-ASSETS> 0 <TOTAL-ASSETS> 2,211,540,889 <PAYABLE-FOR-SECURITIES> 0 <SENIOR-LONG-TERM-DEBT> 568,000,000 <OTHER-ITEMS-LIABILITIES> 50,318,908 <TOTAL-LIABILITIES> 618,318,908 <SENIOR-EQUITY> 0 <PAID-IN-CAPITAL-COMMON> 1,784,138,314 <SHARES-COMMON-STOCK> 16,619,724 <SHARES-COMMON-PRIOR> 101 <ACCUMULATED-NII-CURRENT> 823,747 <OVERDISTRIBUTION-NII> 0 <ACCUMULATED-NET-GAINS> (7,079,549) <OVERDISTRIBUTION-GAINS> 0 <ACCUM-APPREC-OR-DEPREC> (184,660,531) <NET-ASSETS> 1,593,221,981 <DIVIDEND-INCOME> 26,622,695 <INTEREST-INCOME> 982,728 <OTHER-INCOME> 0 <EXPENSES-NET> 26,781,676 <NET-INVESTMENT-INCOME> 823,747 <REALIZED-GAINS-CURRENT> (7,079,549) <APPREC-INCREASE-CURRENT> (184,660,531) <NET-CHANGE-FROM-OPS> (190,916,333) <EQUALIZATION> 0 <DISTRIBUTIONS-OF-INCOME> 0 <DISTRIBUTIONS-OF-GAINS> 0 <DISTRIBUTIONS-OTHER> 0 <NUMBER-OF-SHARES-SOLD> 17,199,183 <NUMBER-OF-SHARES-REDEEMED> (559,560) <SHARES-REINVESTED> 0 <NET-CHANGE-IN-ASSETS> 1,593,211,881 <ACCUMULATED-NII-PRIOR> 0 <ACCUMULATED-GAINS-PRIOR> 0 <OVERDISTRIB-NII-PRIOR> 0 <OVERDIST-NET-GAINS-PRIOR> 0 <GROSS-ADVISORY-FEES> 2,547,357 <INTEREST-EXPENSE> 17,503,097 <GROSS-EXPENSE> 26,781,676 <AVERAGE-NET-ASSETS> 1,267,464,810 <PER-SHARE-NAV-BEGIN> 100.00 <PER-SHARE-NII> 0.068 <PER-SHARE-GAIN-APPREC> (4.208) <PER-SHARE-DIVIDEND> 0 <PER-SHARE-DISTRIBUTIONS> 0 <RETURNS-OF-CAPITAL> 0 <PER-SHARE-NAV-END> 95.86 <EXPENSE-RATIO> 3.25 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0