<ARTICLE>       6

   <NUMBER> 5
   <NAME> BELAIR CAPITAL FUND


                             
<PERIOD-TYPE>                              6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                      2,318,848,596
<INVESTMENTS-AT-VALUE>                     2,697,580,106
<RECEIVABLES>                              17,010,084
<ASSETS-OTHER>                             526,935
<OTHER-ITEMS-ASSETS>                       0
<TOTAL-ASSETS>                             2,715,117,125
<PAYABLE-FOR-SECURITIES>                   0
<SENIOR-LONG-TERM-DEBT>                    0
<OTHER-ITEMS-LIABILITIES>                  631,074,438
<TOTAL-LIABILITIES>                        631,074,438
<SENIOR-EQUITY>                            0
<PAID-IN-CAPITAL-COMMON>                   1,752,925,594
<SHARES-COMMON-STOCK>                      16,346,353
<SHARES-COMMON-PRIOR>                      16,568,833
<ACCUMULATED-NII-CURRENT>                  (618,924)
<OVERDISTRIBUTION-NII>                     0
<ACCUMULATED-NET-GAINS>                    (56,935,785)
<OVERDISTRIBUTION-GAINS>                   0
<ACCUM-APPREC-OR-DEPREC>                   388,671,802
<NET-ASSETS>                               2,084,042,687
<DIVIDEND-INCOME>                          33,014,633
<INTEREST-INCOME>                          2,585,098
<OTHER-INCOME>                             0
<EXPENSES-NET>                             30,915,467
<NET-INVESTMENT-INCOME>                    4,684,264
<REALIZED-GAINS-CURRENT>                   (1,847,633)
<APPREC-INCREASE-CURRENT>                  175,311,607
<NET-CHANGE-FROM-OPS>                      178,148,238
<EQUALIZATION>                             0
<DISTRIBUTIONS-OF-INCOME>                  0
<DISTRIBUTIONS-OF-GAINS>                   0
<DISTRIBUTIONS-OTHER>                      0
<NUMBER-OF-SHARES-SOLD>                    0
<NUMBER-OF-SHARES-REDEEMED>                222,480
<SHARES-REINVESTED>                        0
<NET-CHANGE-IN-ASSETS>                     151,194,315
<ACCUMULATED-NII-PRIOR>                    0
<ACCUMULATED-GAINS-PRIOR>                  (55,088,152)
<OVERDISTRIB-NII-PRIOR>                    (5,303,188)
<OVERDIST-NET-GAINS-PRIOR>                 0
<GROSS-ADVISORY-FEES>                      3,174,777
<INTEREST-EXPENSE>                         20,403,471
<GROSS-EXPENSE>                            30,915,467
<AVERAGE-NET-ASSETS>                       2,007,493,950
<PER-SHARE-NAV-BEGIN>                      116.66
<PER-SHARE-NII>                            0.285
<PER-SHARE-GAIN-APPREC>                    10.545
<PER-SHARE-DIVIDEND>                       0
<PER-SHARE-DISTRIBUTIONS>                  0
<RETURNS-OF-CAPITAL>                       0
<PER-SHARE-NAV-END>                        127.49
<EXPENSE-RATIO>                            3.11