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

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000810271
<NAME> CONCERT INVESTMENT SERIES
<SERIES>
   <NUMBER> 5
   <NAME> GOVERNMENT FUND. CLASS 1
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-END>                               OCT-31-1998
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<INVESTMENTS-AT-VALUE>                     264,291,800
<RECEIVABLES>                               34,866,483
<ASSETS-OTHER>                                  83,359
<OTHER-ITEMS-ASSETS>                                 0
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<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
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<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
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<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
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<OVERDIST-NET-GAINS-PRIOR>                (37,847,576)
<GROSS-ADVISORY-FEES>                        1,523,613
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,373,405
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<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
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</TABLE>