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