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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE DUBRA SHENKER
TITLE EXEC. SEC'Y
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PARAGON SHORT-TERM GOVERNMENT FUND-CLASS A
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,249,054)
<GROSS-ADVISORY-FEES> 202,150
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308,204
<AVERAGE-NET-ASSETS> 127,527,620
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (10.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.76
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> PARAGON SHORT-TERM GOVERNMENT FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 30,361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,480,112
<OTHER-INCOME> 0
<EXPENSES-NET> (308,204)
<NET-INVESTMENT-INCOME> 2,171,908
<REALIZED-GAINS-CURRENT> 139,158
<APPREC-INCREASE-CURRENT> (1,147,832)
<NET-CHANGE-FROM-OPS> 1,163,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,834)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (386,048)
<NUMBER-OF-SHARES-SOLD> 7,815
<NUMBER-OF-SHARES-REDEEMED> (38,546)
<SHARES-REINVESTED> 370
<NET-CHANGE-IN-ASSETS> (129,576,726)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,249,054)
<GROSS-ADVISORY-FEES> 202,150
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308,204
<AVERAGE-NET-ASSETS> 127,527,620
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (10.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> PARAGON INTERMEDIATE-TERM BOND FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 30,083,104
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,938,044
<OTHER-INCOME> 0
<EXPENSES-NET> (736,809)
<NET-INVESTMENT-INCOME> 6,201,235
<REALIZED-GAINS-CURRENT> 877,809
<APPREC-INCREASE-CURRENT> (7,265,910)
<NET-CHANGE-FROM-OPS> (186,866)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,433,373)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (299,903,017)
<NUMBER-OF-SHARES-SOLD> 750,505
<NUMBER-OF-SHARES-REDEEMED> (30,877,475)
<SHARES-REINVESTED> 43,866
<NET-CHANGE-IN-ASSETS> (315,342,160)
<ACCUMULATED-NII-PRIOR> 260,558
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,712,867)
<GROSS-ADVISORY-FEES> 494,344
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 736,809
<AVERAGE-NET-ASSETS> 311,854,229
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> (10.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> PARAGON INTERMEDIATE-TERM BOND FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 127,036
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,938,044
<OTHER-INCOME> 0
<EXPENSES-NET> (736,809)
<NET-INVESTMENT-INCOME> 6,201,235
<REALIZED-GAINS-CURRENT> 877,809
<APPREC-INCREASE-CURRENT> (7,265,910)
<NET-CHANGE-FROM-OPS> (186,866)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29,782)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,973,231)
<NUMBER-OF-SHARES-SOLD> 66,672
<NUMBER-OF-SHARES-REDEEMED> (196,520)
<SHARES-REINVESTED> 2,813
<NET-CHANGE-IN-ASSETS> (315,342,160)
<ACCUMULATED-NII-PRIOR> 260,558
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,712,867)
<GROSS-ADVISORY-FEES> 494,344
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 736,809
<AVERAGE-NET-ASSETS> 311,854,229
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (10.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> PARAGON LOUISIANA TAX-FREE FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 19,158,510
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,554,255
<OTHER-INCOME> 0
<EXPENSES-NET> (421,042)
<NET-INVESTMENT-INCOME> 3,133,213
<REALIZED-GAINS-CURRENT> 121,601
<APPREC-INCREASE-CURRENT> (1,974,644)
<NET-CHANGE-FROM-OPS> 1,280,170
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,101,453)
<DISTRIBUTIONS-OF-GAINS> (197,207,114)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 489,240
<NUMBER-OF-SHARES-REDEEMED> (19,692,070)
<SHARES-REINVESTED> 54,320
<NET-CHANGE-IN-ASSETS> (208,233,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (450,092)
<GROSS-ADVISORY-FEES> 262,321
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 453,821
<AVERAGE-NET-ASSETS> 206,847,622
<PER-SHARE-NAV-BEGIN> 10.76
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (10.67)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> PARAGON LOUISIANA TAX-FREE FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 196,004
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,554,255
<OTHER-INCOME> 0
<EXPENSES-NET> (421,042)
<NET-INVESTMENT-INCOME> 3,133,213
<REALIZED-GAINS-CURRENT> 121,601
<APPREC-INCREASE-CURRENT> (1,974,644)
<NET-CHANGE-FROM-OPS> 1,280,170
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31,760)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (2,976,594)
<NUMBER-OF-SHARES-SOLD> 87,416
<NUMBER-OF-SHARES-REDEEMED> (285,652)
<SHARES-REINVESTED> 2,232
<NET-CHANGE-IN-ASSETS> (208,233,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (450,092)
<GROSS-ADVISORY-FEES> 262,321
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 453,821
<AVERAGE-NET-ASSETS> 206,847,622
<PER-SHARE-NAV-BEGIN> 10.79
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (10.70)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> PARAGON VALUE GROWTH FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 12,813,548
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 1,033,248
<INTEREST-INCOME> 247,810
<OTHER-INCOME> 0
<EXPENSES-NET> (683,360)
<NET-INVESTMENT-INCOME> 597,698
<REALIZED-GAINS-CURRENT> 17,703,040
<APPREC-INCREASE-CURRENT> (5,127,089)
<NET-CHANGE-FROM-OPS> 13,173,649
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (603,610)
<DISTRIBUTIONS-OF-GAINS> (34,705,438)
<DISTRIBUTIONS-OTHER> (222,579,648)
<NUMBER-OF-SHARES-SOLD> 945,226
<NUMBER-OF-SHARES-REDEEMED> (15,498,755)
<SHARES-REINVESTED> 1,739,981
<NET-CHANGE-IN-ASSETS> (220,900,916)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17,559,674
<OVERDISTRIB-NII-PRIOR> (2,382)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 461,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 683,360
<AVERAGE-NET-ASSETS> 223,881,322
<PER-SHARE-NAV-BEGIN> 17.01
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.92
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (17.91)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> PARAGON VALUE GROWTH FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 172,182
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 1,033,248
<INTEREST-INCOME> 247,810
<OTHER-INCOME> 0
<EXPENSES-NET> (683,360)
<NET-INVESTMENT-INCOME> 597,698
<REALIZED-GAINS-CURRENT> 17,703,040
<APPREC-INCREASE-CURRENT> (5,127,089)
<NET-CHANGE-FROM-OPS> 13,173,649
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,019)
<DISTRIBUTIONS-OF-GAINS> (557,270)
<DISTRIBUTIONS-OTHER> (3,995,362)
<NUMBER-OF-SHARES-SOLD> 60,190
<NUMBER-OF-SHARES-REDEEMED> (268,804)
<SHARES-REINVESTED> 36,432
<NET-CHANGE-IN-ASSETS> (220,900,916)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17,559,674
<OVERDISTRIB-NII-PRIOR> (2,382)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 461,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 683,360
<AVERAGE-NET-ASSETS> 223,881,322
<PER-SHARE-NAV-BEGIN> 16.98
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.92
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (17.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> PARAGON VALUE EQUITY INCOME FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 9,055,467
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 1,093,904
<INTEREST-INCOME> 184,223
<OTHER-INCOME> 0
<EXPENSES-NET> (393,417)
<NET-INVESTMENT-INCOME> 884,710
<REALIZED-GAINS-CURRENT> 1,296,742
<APPREC-INCREASE-CURRENT> 8,186,691
<NET-CHANGE-FROM-OPS> 10,368,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (887,640)
<DISTRIBUTIONS-OF-GAINS> (5,278,798)
<DISTRIBUTIONS-OTHER> (135,374,664)
<NUMBER-OF-SHARES-SOLD> 241,911
<NUMBER-OF-SHARES-REDEEMED> (9,525,195)
<SHARES-REINVESTED> 227,817
<NET-CHANGE-IN-ASSETS> (134,633,385)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,027,388
<OVERDISTRIB-NII-PRIOR> (1,933)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 280,949
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 393,417
<AVERAGE-NET-ASSETS> 136,384,240
<PER-SHARE-NAV-BEGIN> 14.76
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (15.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> PARAGON VALUE EQUITY INCOME FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 63,294
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 1,093,904
<INTEREST-INCOME> 184,223
<OTHER-INCOME> 0
<EXPENSES-NET> (393,417)
<NET-INVESTMENT-INCOME> 884,710
<REALIZED-GAINS-CURRENT> 1,296,742
<APPREC-INCREASE-CURRENT> 8,186,691
<NET-CHANGE-FROM-OPS> 10,368,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,257)
<DISTRIBUTIONS-OF-GAINS> (45,333)
<DISTRIBUTIONS-OTHER> (1,419,011)
<NUMBER-OF-SHARES-SOLD> 34,624
<NUMBER-OF-SHARES-REDEEMED> (101,486)
<SHARES-REINVESTED> 3,568
<NET-CHANGE-IN-ASSETS> (134,633,385)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,027,388
<OVERDISTRIB-NII-PRIOR> (1,933)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 280,949
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 393,417
<AVERAGE-NET-ASSETS> 136,384,240
<PER-SHARE-NAV-BEGIN> 14.76
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> (15.79)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> PARAGON GULF SOUTH GROWTH FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5,285,927
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 100,179
<INTEREST-INCOME> 119,833
<OTHER-INCOME> 0
<EXPENSES-NET> (320,090)
<NET-INVESTMENT-INCOME> (100,078)
<REALIZED-GAINS-CURRENT> 15,546,180
<APPREC-INCREASE-CURRENT> (10,488,253)
<NET-CHANGE-FROM-OPS> 4,957,849
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (17,443,693)
<DISTRIBUTIONS-OTHER> (97,930,286)
<NUMBER-OF-SHARES-SOLD> 441,195
<NUMBER-OF-SHARES-REDEEMED> (6,603,298)
<SHARES-REINVESTED> 876,176
<NET-CHANGE-IN-ASSETS> (97,281,466)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,336,557
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 198,724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 320,090
<AVERAGE-NET-ASSETS> 96,504,812
<PER-SHARE-NAV-BEGIN> 18.06
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (19.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> PARAGON GULF SOUTH GROWTH FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 101,412
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 100,179
<INTEREST-INCOME> 119,833
<OTHER-INCOME> 0
<EXPENSES-NET> (320,090)
<NET-INVESTMENT-INCOME> (100,078)
<REALIZED-GAINS-CURRENT> 15,546,180
<APPREC-INCREASE-CURRENT> (10,488,253)
<NET-CHANGE-FROM-OPS> 4,957,849
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (393,020)
<DISTRIBUTIONS-OTHER> (2,213,316)
<NUMBER-OF-SHARES-SOLD> 22,333
<NUMBER-OF-SHARES-REDEEMED> (148,440)
<SHARES-REINVESTED> 24,694
<NET-CHANGE-IN-ASSETS> (97,281,466)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,336,557
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 198,724
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 320,090
<AVERAGE-NET-ASSETS> 96,504,812
<PER-SHARE-NAV-BEGIN> 17.89
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.90
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (18.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> PARAGON POWER INTERMEDIATE-TERM BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 206,892
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 46,025
<OTHER-INCOME> 0
<EXPENSES-NET> (5,139)
<NET-INVESTMENT-INCOME> 40,886
<REALIZED-GAINS-CURRENT> 91,955
<APPREC-INCREASE-CURRENT> (123,505)
<NET-CHANGE-FROM-OPS> 9,336
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40,886)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,149,140)
<NUMBER-OF-SHARES-SOLD> 51,911
<NUMBER-OF-SHARES-REDEEMED> (261,594)
<SHARES-REINVESTED> 2,791
<NET-CHANGE-IN-ASSETS> (2,155,808)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,572
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,273
<AVERAGE-NET-ASSETS> 1,731,489
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> (0.32)
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (10.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> PARAGON POWER VALUE GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 159,422
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 9,125
<INTEREST-INCOME> 9,407
<OTHER-INCOME> 0
<EXPENSES-NET> (7,591)
<NET-INVESTMENT-INCOME> 10,941
<REALIZED-GAINS-CURRENT> 411,336
<APPREC-INCREASE-CURRENT> (329,543)
<NET-CHANGE-FROM-OPS> 92,734
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,250)
<DISTRIBUTIONS-OF-GAINS> (21,967)
<DISTRIBUTIONS-OTHER> (1,313,866)
<NUMBER-OF-SHARES-SOLD> 22,673
<NUMBER-OF-SHARES-REDEEMED> (183,872)
<SHARES-REINVESTED> 1,777
<NET-CHANGE-IN-ASSETS> (2,626,316)
<ACCUMULATED-NII-PRIOR> 249
<ACCUMULATED-GAINS-PRIOR> 18,661
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,082
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,524
<AVERAGE-NET-ASSETS> 1,894,945
<PER-SHARE-NAV-BEGIN> 16.47
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.81
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> (17.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> PARAGON POWER VALUE EQUITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 174,212
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 13,801
<INTEREST-INCOME> 12,066
<OTHER-INCOME> 0
<EXPENSES-NET> (7,551)
<NET-INVESTMENT-INCOME> 18,316
<REALIZED-GAINS-CURRENT> 469,100
<APPREC-INCREASE-CURRENT> (331,281)
<NET-CHANGE-FROM-OPS> 156,135
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,388)
<DISTRIBUTIONS-OF-GAINS> (50,761)
<DISTRIBUTIONS-OTHER> (1,444,635)
<NUMBER-OF-SHARES-SOLD> 22,136
<NUMBER-OF-SHARES-REDEEMED> (200,572)
<SHARES-REINVESTED> 4,224
<NET-CHANGE-IN-ASSETS> (2,552,223)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 50,761
<OVERDISTRIB-NII-PRIOR> (23)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,052
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,966
<AVERAGE-NET-ASSETS> 1,883,841
<PER-SHARE-NAV-BEGIN> 14.65
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (15.82)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.52
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> PARAGON POWER GULF SOUTH GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 140,641
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 793
<INTEREST-INCOME> 11,634
<OTHER-INCOME> 0
<EXPENSES-NET> (6,897)
<NET-INVESTMENT-INCOME> 5,530
<REALIZED-GAINS-CURRENT> 362,389
<APPREC-INCREASE-CURRENT> (358,895)
<NET-CHANGE-FROM-OPS> 9,024
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3,899)
<DISTRIBUTIONS-OTHER> (1,271,629)
<NUMBER-OF-SHARES-SOLD> 6,974
<NUMBER-OF-SHARES-REDEEMED> (147,824)
<SHARES-REINVESTED> 210
<NET-CHANGE-IN-ASSETS> (2,585,494)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,435
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,812
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,128
<AVERAGE-NET-ASSETS> 1,794,488
<PER-SHARE-NAV-BEGIN> 18.38
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (18.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
