<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
074 A000300 0
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008 A000401 PARKSOUTH CORPORATION
008 B000401 A
008 C000401 801-0000
008 D010401 JACKSON
008 D020401 MS
008 D030401 39215
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015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
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<PAGE> PAGE 22
015 C030402 15265
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015 A000403 NATIONSBANK OF NORTH CAROLINA
015 B000403 S
015 C010403 CHARLOTTE
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015 A000404 BANK OF NEW YORK
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015 A000405 THE CHASE MANHATTAN CORPORATION
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015 C010405 NEW YORK
015 C020405 NY
015 C030405 10006
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015 A000406 BANKERS TRUST CO.
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015 C010406 NEW YORK
015 C020406 NY
015 C030406 10015
015 E010406 X
024 000400 Y
025 A000401 DREYFUS TAX-EXEMPT CASH MANAGEMENT
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<PAGE> PAGE 23
028 D030400 0
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032 000400 2
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<PAGE> PAGE 24
048 E020400 0.000
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050 000400 N
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055 A000400 N
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056 000400 Y
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068 A000400 N
068 B000400 N
069 000400 N
<PAGE> PAGE 25
070 A010400 Y
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070 E020400 N
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070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
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070 J020400 N
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070 K020400 Y
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070 R020400 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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008 A000501 PARKSOUTH CORPORATION
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008 D010501 JACKSON
008 D020501 MS
008 D030501 39215
008 D040501 1200
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
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015 C020501 MA
015 C030501 02266
015 C040501 8600
015 E010501 X
024 000500 Y
025 A000501 CANTOR FITZGERALD
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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048 K020500 0.000
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050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
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055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
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<PAGE> PAGE 30
070 B010500 N
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070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
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070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
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070 Q020500 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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008 A000601 PARKSOUTH CORPORATION
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008 C000601 801-0000
008 D010601 JACKSON
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008 D030601 39215
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015 A000601 STATE STREET BANK AND TRUST COMPANY
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015 A000603 NATIONSBANK OF NORTH CAROLINA
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015 A000604 BANK OF NEW YORK
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015 C020604 NY
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015 A000605 THE CHASE MANHATTAN CORPORATION
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015 C030605 10006
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015 A000606 BANKERS TRUST CO.
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015 C010606 NEW YORK
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015 C030606 10015
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024 000600 Y
<PAGE> PAGE 33
025 A000601 A.G. EDWARDS
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
064 A000700 N
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070 G020700 N
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070 L020700 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A000801 PARKSOUTH CORPORATION
008 B000801 A
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008 D010801 JACKSON
008 D020801 MS
008 D030801 39215
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008 A000802 LAZARD FRERES ASSET MANAGEMENT
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008 D010802 NEW YORK
008 D020802 NY
008 D030802 10020
015 A000801 STATE STREET BANK AND TRUST COMPANY
015 B000801 C
015 C010801 BOSTON
015 C020801 MA
015 C030801 02266
015 C040801 8600
015 E010801 X
015 A000802 PNC BANK, NA
015 B000802 S
015 C010802 PITTSBURGH
015 C020802 PA
015 C030802 15265
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015 A000803 NATIONSBANK OF NORTH CAROLINA
015 B000803 S
015 C010803 CHARLOTTE
015 C020803 NC
015 C030803 28255
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015 A000804 BANK OF NEW YORK
015 B000804 S
015 C010804 NEW YORK
015 C020804 NY
<PAGE> PAGE 44
015 C030804 10006
015 E010804 X
015 A000805 THE CHASE MANHATTAN CORPORATION
015 B000805 S
015 C010805 NEW YORK
015 C020805 NY
015 C030805 10006
015 E010805 X
015 A000806 BANKERS TRUST COMPANY
015 B000806 S
015 C010806 NEW YORK
015 C020806 NY
015 C030806 10015
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024 000800 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
050 000800 N
051 000800 N
052 000800 N
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055 A000800 N
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<PAGE> PAGE 47
070 F010800 N
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070 L020800 N
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<PAGE> PAGE 48
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> DG Investor Series
DG Equity Fund
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> DG Investor Series
DG Limited Term Government Income Fund
<PERIOD-TYPE> 6-MOS
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<INVESTMENTS-AT-COST> 81,084,155
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<NET-ASSETS> 80,575,762
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<NET-CHANGE-IN-ASSETS> (3,809,665)
<ACCUMULATED-NII-PRIOR> 35,553
<ACCUMULATED-GAINS-PRIOR> (3,529,690)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> DG Investors Series
DG Opportunity Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 79,250,026
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<ACCUMULATED-NII-CURRENT> (148,356)
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<NET-INVESTMENT-INCOME> (148,356)
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<SHARES-REINVESTED> 0
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<ACCUMULATED-GAINS-PRIOR> (250,936)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 432,400
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 575,118
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<PER-SHARE-NAV-BEGIN> 13.530
<PER-SHARE-NII> (0.020)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> DG Investor Series
DG U.S. Government Money Market Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 242,271,453
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<PAID-IN-CAPITAL-COMMON> 242,337,718
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> DG Investors Series
DG Prime Money Market Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 169,280,496
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<NET-ASSETS> 168,498,305
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> DG Investor Series
DG International Equity Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 11,177,576
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 02
<NAME> DG Investor Series
DG Government Income Fund
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<PERIOD-END> Aug-31-1997
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> DG Investor Series
DG Municipal Income Fund
<PERIOD-TYPE> 6-mos
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<PERIOD-END> Aug-31-1997
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</TABLE>
