[ARTICLE] 6
[CIK] 0000810271
[NAME] CONCERT INVESTMENT SERIES
[SERIES]
   [NUMBER] 5
   [NAME] GOVERNMENT FUND. CLASS 1
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          OCT-31-1998
[PERIOD-END]                               OCT-31-1998
[INVESTMENTS-AT-COST]                      262,938,884
[INVESTMENTS-AT-VALUE]                     264,291,800
[RECEIVABLES]                               34,866,483
[ASSETS-OTHER]                                  83,359
[OTHER-ITEMS-ASSETS]                                 0
[TOTAL-ASSETS]                             299,241,642
[PAYABLE-FOR-SECURITIES]                    56,775,555
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                      968,844
[TOTAL-LIABILITIES]                         57,744,399
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   267,000,504
[SHARES-COMMON-STOCK]                       19,702,603
[SHARES-COMMON-PRIOR]                       22,741,103
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                       (294,788)
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                    26,787,943
[ACCUM-APPREC-OR-DEPREC]                     1,352,916
[NET-ASSETS]                               241,497,243
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                           17,490,715
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               2,373,405
[NET-INVESTMENT-INCOME]                     15,117,310
[REALIZED-GAINS-CURRENT]                    11,059,633
[APPREC-INCREASE-CURRENT]                  (8,550,556)
[NET-CHANGE-FROM-OPS]                       17,626,387
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                   14,061,027
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      1,105,624
[NUMBER-OF-SHARES-REDEEMED]                 15,430,883
[SHARES-REINVESTED]                          1,286,759
[NET-CHANGE-IN-ASSETS]                    (25,064,962)
[ACCUMULATED-NII-PRIOR]                        277,980
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                (37,847,576)
[GROSS-ADVISORY-FEES]                        1,523,613
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                              2,373,405
[AVERAGE-NET-ASSETS]                       221,723,848
[PER-SHARE-NAV-BEGIN]                            10.58
[PER-SHARE-NII]                                  00.65
[PER-SHARE-GAIN-APPREC]                          00.10
[PER-SHARE-DIVIDEND]                             00.67
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              10.66
[EXPENSE-RATIO]                                  00.88
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>