<PAGE> PAGE 1
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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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070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 30065
071 B000300 48376
071 C000300 72134
071 D000300 42
072 A000300 12
072 B000300 4832
072 C000300 0
072 D000300 0
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072 F000300 482
072 G000300 100
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072 I000300 31
<PAGE> PAGE 21
072 J000300 3
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072 M000300 3
072 N000300 14
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072 Z000300 4192
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072BB000300 121
072CC010300 620
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072DD010300 4216
072DD020300 0
072EE000300 0
073 A010300 0.5100
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 650
074 C000300 0
074 D000300 58537
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1013
074 M000300 0
074 N000300 60200
074 O000300 0
074 P000300 0
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074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1063
074 S000300 0
074 T000300 59137
<PAGE> PAGE 22
074 U010300 6048
074 U020300 0
074 V010300 9.78
074 V020300 0.00
074 W000300 0.0000
074 X000300 96
074 Y000300 0
075 A000300 0
075 B000300 79286
076 000300 0.00
008 A000401 PARKSOUTH CORPORATION
008 B000401 A
008 C000401 801-0000
008 D010401 JACKSON
008 D020401 MS
008 D030401 39215
008 D040401 1200
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02266
015 C040401 8600
015 E010401 X
015 A000402 BANKERS TRUST CO.
015 B000402 S
015 C010402 NEW YORK
015 C020402 NY
015 C030402 10015
015 E010402 X
015 A000403 BANK OF NEW YORK
015 B000403 S
015 C010403 NEW YORK
015 C020403 NY
015 C030403 10006
015 E010403 X
015 A000404 THE CHASE MANHATTAN CORP.
015 B000404 S
015 C010404 NEW YORK
015 C020404 NY
015 C030404 10006
015 E010404 X
015 A000405 MORGAN GUARANTY BANK & TRUST CO.
015 B000405 S
015 C010405 NEW YORK
015 C020405 NY
015 C030405 10015
015 E010405 X
015 A000406 NATIONSBANK OF NORTH CAROLINA
015 B000406 S
015 C010406 CHARLOTTE
<PAGE> PAGE 23
015 C020406 NC
015 C030406 28255
015 E010406 X
015 A000407 PNC BANK, NA
015 B000407 S
015 C010407 PITTSBURGH
015 C020407 PA
015 C030407 15265
015 E010407 X
024 000400 Y
025 A000401 DREYFUS TAX-EXEMPT CASH MANAGEMENT
025 C000401 D
025 D000401 1524
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 1328
028 A020400 2
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028 B010400 712
028 B020400 2
028 B030400 0
028 B040400 837
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028 C020400 2
028 C030400 0
028 C040400 1126
028 D010400 638
028 D020400 2
028 D030400 0
028 D040400 1124
028 E010400 356
028 E020400 1
028 E030400 0
028 E040400 1621
028 F010400 1578
028 F020400 2
028 F030400 0
028 F040400 741
028 G010400 5549
028 G020400 11
028 G030400 0
028 G040400 7064
028 H000400 5254
029 000400 Y
030 A000400 2
<PAGE> PAGE 24
030 B000400 2.00
030 C000400 0.25
031 A000400 0
031 B000400 0
032 000400 2
033 000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
<PAGE> PAGE 25
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 95.1
062 P000400 0.0
062 Q000400 0.0
062 R000400 3.2
063 A000400 0
063 B000400 6.0
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
<PAGE> PAGE 26
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 3043
071 B000400 2594
071 C000400 46283
071 D000400 6
072 A000400 12
072 B000400 2492
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 289
072 G000400 100
072 H000400 0
072 I000400 26
072 J000400 1
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072 L000400 5
072 M000400 3
072 N000400 14
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072 Q000400 48
072 R000400 13
072 S000400 2
072 T000400 43
072 U000400 0
072 V000400 0
072 W000400 9
072 X000400 553
072 Y000400 185
072 Z000400 2124
072AA000400 83
072BB000400 11
<PAGE> PAGE 27
072CC010400 1413
072CC020400 0
072DD010400 2122
072DD020400 0
072EE000400 105
073 A010400 0.4700
073 A020400 0.0000
073 B000400 0.0200
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 46191
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 1524
074 J000400 0
074 K000400 0
074 L000400 967
074 M000400 0
074 N000400 48682
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 103
074 S000400 0
074 T000400 48579
074 U010400 4462
074 U020400 0
074 V010400 10.89
074 V020400 0.00
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074 X000400 42
074 Y000400 0
075 A000400 0
075 B000400 48177
076 000400 0.00
008 A000501 PARKSOUTH CORPORATION
008 B000501 A
008 C000501 801-0000
008 D010501 JACKSON
008 D020501 MS
008 D030501 39215
008 D040501 1200
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
<PAGE> PAGE 28
015 C010501 BOSTON
015 C020501 MA
015 C030501 02266
015 C040501 8600
015 E010501 X
015 A000502 BANKERS TRUST CO.
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10015
015 E010502 X
015 A000503 BANK OF NEW YORK
015 B000503 S
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10006
015 E010503 X
015 A000504 THE CHASE MANHATTAN CORP.
015 B000504 S
015 C010504 NEW YORK
015 C020504 NY
015 C030504 10006
015 E010504 X
015 A000505 MORGAN GUARANTY BANK & TRUST CO.
015 B000505 S
015 C010505 NEW YORK
015 C020505 NY
015 C030505 10015
015 E010505 X
015 A000506 NAITONSBANK OF NORTH CAROLINA
015 B000506 S
015 C010506 CHARLOTTE
015 C020506 NC
015 C030506 28255
015 E010506 X
015 A000507 PNC BANK, NA
015 B000507 S
015 C010507 PITTSBURGH
015 C020507 PA
015 C030507 15265
015 E010507 X
024 000500 Y
025 A000501 CANTOR FITZGERALD
025 C000501 D
025 D000501 74092
025 A000502 STATE STREET
025 C000502 D
025 D000502 65000
025 D000503 0
025 D000504 0
025 D000505 0
<PAGE> PAGE 29
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 95887
028 A020500 19
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028 B010500 105838
028 B020500 45
028 B030500 0
028 B040500 60426
028 C010500 95669
028 C020500 55
028 C030500 0
028 C040500 82893
028 D010500 81611
028 D020500 56
028 D030500 0
028 D040500 75422
028 E010500 77915
028 E020500 65
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028 E040500 79089
028 F010500 51078
028 F020500 124
028 F030500 0
028 F040500 62589
028 G010500 507998
028 G020500 364
028 G030500 0
028 G040500 401648
028 H000500 0
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
<PAGE> PAGE 30
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.500
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 Y
062 B000500 59.9
062 C000500 0.0
062 D000500 39.8
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
<PAGE> PAGE 31
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 44
063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
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
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
<PAGE> PAGE 32
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 15090
072 C000500 0
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072 F000500 1408
072 G000500 279
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072 R000500 13
072 S000500 3
072 T000500 276
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072 X000500 2162
072 Y000500 563
072 Z000500 13491
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072DD010500 13491
072DD020500 0
072EE000500 0
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073 C000500 0.0000
074 A000500 0
074 B000500 139092
074 C000500 209234
074 D000500 0
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<PAGE> PAGE 33
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 1961
074 N000500 350287
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074 R040500 1236
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074 T000500 349051
074 U010500 349051
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074 W000500 0.9999
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074 Y000500 0
075 A000500 276083
075 B000500 0
076 000500 0.00
008 A000601 PARKSOUTH CORPORATION
008 B000601 A
008 C000601 801-0000
008 D010601 JACKSON
008 D020601 MS
008 D030601 39215
008 D040601 1200
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02266
015 C040601 8600
015 E010601 X
015 A000602 BANKERS TRUST CO.
015 B000602 S
015 C010602 NEW YORK
015 C020602 NY
015 C030602 10015
015 E010602 X
015 A000603 BANK OF NEW YORK
015 B000603 S
015 C010603 NEW YORK
015 C020603 NY
015 C030603 10006
015 E010603 X
<PAGE> PAGE 34
015 A000604 THE CHASE MANHATTAN CORP.
015 B000604 S
015 C010604 NEW YORK
015 C020604 NY
015 C030604 10006
015 E010604 X
015 A000605 MORGAN GUARANTY BANK & TRUST CO.
015 B000605 S
015 C010605 NEW YORK
015 C020605 NY
015 C030605 10015
015 E010605 X
015 A000606 NATIONSBANK OF NORTH CAROLINA
015 B000606 S
015 C010606 CHARLOTTE
015 C020606 NC
015 C030606 28255
015 E010606 X
015 A000607 PNC BANK, NA
015 B000607 S
015 C010607 PITTSBURGH
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015 C030607 15265
015 E010607 X
024 000600 N
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028 C040600 2916
028 D010600 12602
028 D020600 10900
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028 D040600 5705
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028 E020600 0
<PAGE> PAGE 35
028 E030600 0
028 E040600 4779
028 F010600 4095
028 F020600 1
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028 F040600 2546
028 G010600 33806
028 G020600 10901
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028 G040600 21453
028 H000600 25251
029 000600 Y
030 A000600 30
030 B000600 3.50
030 C000600 0.25
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031 B000600 0
032 000600 30
033 000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.950
048 A010600 0
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048 B010600 0
048 B020600 0.000
048 C010600 0
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048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
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<PAGE> PAGE 36
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
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062 H000600 0.0
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063 A000600 0
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066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
<PAGE> PAGE 37
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 168954
071 B000600 163775
071 C000600 90538
071 D000600 180
072 A000600 12
072 B000600 639
072 C000600 180
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<PAGE> PAGE 38
072 L000600 8
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072 Z000600 -399
072AA000600 35250
072BB000600 11017
072CC010600 8352
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072DD020600 0
072EE000600 16353
073 A010600 0.0000
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073 B000600 2.5400
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074 B000600 16223
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074 F000600 111152
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074 N000600 129451
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074 R040600 65
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074 T000600 122872
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074 U020600 0
<PAGE> PAGE 39
074 V010600 15.84
074 V020600 0.00
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074 X000600 727
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075 A000600 0
075 B000600 101722
076 000600 0.00
008 A000701 PARKSOUTH CORPORATION
008 B000701 A
008 C000701 801-0000
008 D010701 JACKSON
008 D020701 MS
008 D030701 39215
008 D040701 1200
015 A000701 STATE STREET BANK AND TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02266
015 C040701 8600
015 E010701 X
015 A000702 BANKERS TRUST CO.
015 B000702 S
015 C010702 NEW YORK
015 C020702 NY
015 C030702 10015
015 E010702 X
015 A000703 BANK OF NEW YORK
015 B000703 S
015 C010703 NEW YORK
015 C020703 NY
015 C030703 10006
015 E010703 X
015 A000704 THE CHASE MANHATTAN CORP.
015 B000704 S
015 C010704 NEW YORK
015 C020704 NY
015 C030704 10006
015 E010704 X
015 A000705 MORGAN GUARANTY BANK & TRUST CO.
015 B000705 S
015 C010705 NEW YORK
015 C020705 NY
015 C030705 10015
015 E010705 X
015 A000706 NAITONSBANK OF NORTH CAROLINA
015 B000706 S
015 C010706 CHARLOTTE
015 C020706 NC
015 C030706 28255
<PAGE> PAGE 40
015 E010706 X
015 A000707 PNC BANK, NA
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015 C010707 PITTSBURGH
015 C020707 PA
015 C030707 15265
015 E010707 X
024 000700 Y
025 A000701 MERRILL LYNCH
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025 D000701 6000
025 A000702 GOLDMAN SACHS
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025 D000702 6000
025 A000703 CANTOR FITZGERALD
025 C000703 D
025 D000703 15566
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025 D000705 0
025 D000706 0
025 D000707 0
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<PAGE> PAGE 41
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<PAGE> PAGE 42
051 000700 N
052 000700 N
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063 B000700 0.0
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064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
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070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
<PAGE> PAGE 43
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
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<PAGE> PAGE 44
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<PAGE> PAGE 45
008 A000802 LAZARD FRERES ASSET MANAGEMENT
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015 A000801 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 46
015 D010809 COLUMBIA
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015 A000811 NATIONAL BANK OF EGYPT
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<PAGE> PAGE 47
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<PAGE> PAGE 48
015 A000830 CITIBANK, N.A. LIMA
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015 A000831 STANDARD CHARTERED BANK PLC
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<PAGE> PAGE 49
015 B000840 S
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
070 A010800 Y
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NAME> DG Investors Series
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<NAME> DG Investors Series
DG Limited Term Government Income Fund
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<PAID-IN-CAPITAL-COMMON> 61,986,667
<SHARES-COMMON-STOCK> 6,048,049
<SHARES-COMMON-PRIOR> 8,689,448
<ACCUMULATED-NII-CURRENT> 11,475
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,551,095)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 689,879
<NET-ASSETS> 59,136,926
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,832,371
<OTHER-INCOME> 0
<EXPENSES-NET> 640,132
<NET-INVESTMENT-INCOME> 4,192,239
<REALIZED-GAINS-CURRENT> (21,405)
<APPREC-INCREASE-CURRENT> 619,533
<NET-CHANGE-FROM-OPS> 4,790,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,216,317
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,021,729
<NUMBER-OF-SHARES-REDEEMED> 3,839,432
<SHARES-REINVESTED> 176,304
<NET-CHANGE-IN-ASSETS> (25,248,501)
<ACCUMULATED-NII-PRIOR> 35,553
<ACCUMULATED-GAINS-PRIOR> (3,529,690)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 482,331
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 771,202
<AVERAGE-NET-ASSETS> 79,285,810
<PER-SHARE-NAV-BEGIN> 9.710
<PER-SHARE-NII> 0.510
<PER-SHARE-GAIN-APPREC> 0.070
<PER-SHARE-DIVIDEND> 0.510
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.780
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> DG Investors Series
DG Municipal Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 45,115,914
<INVESTMENTS-AT-VALUE> 47,715,213
<RECEIVABLES> 967,084
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,682,297
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,690
<TOTAL-LIABILITIES> 103,690
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,793,969
<SHARES-COMMON-STOCK> 4,461,934
<SHARES-COMMON-PRIOR> 4,182,389
<ACCUMULATED-NII-CURRENT> 112,815
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,524
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,599,299
<NET-ASSETS> 48,578,607
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,492,223
<OTHER-INCOME> 0
<EXPENSES-NET> 368,107
<NET-INVESTMENT-INCOME> 2,124,116
<REALIZED-GAINS-CURRENT> 72,332
<APPREC-INCREASE-CURRENT> 1,412,573
<NET-CHANGE-FROM-OPS> 3,609,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,122,421
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,162,205
<NUMBER-OF-SHARES-REDEEMED> 1,136,101
<SHARES-REINVESTED> 2,485
<NET-CHANGE-IN-ASSETS> 1,650,681
<ACCUMULATED-NII-PRIOR> 68,418
<ACCUMULATED-GAINS-PRIOR> 35,979
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 289,417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 553,154
<AVERAGE-NET-ASSETS> 48,177,150
<PER-SHARE-NAV-BEGIN> 10.590
<PER-SHARE-NII> 0.470
<PER-SHARE-GAIN-APPREC> 0.320
<PER-SHARE-DIVIDEND> 0.470
<PER-SHARE-DISTRIBUTIONS> 0.020
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.890
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> DG Investor Series
DG Treasury Money Market Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 348,326,265
<INVESTMENTS-AT-VALUE> 348,326,265
<RECEIVABLES> 1,960,655
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 350,286,920
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,236,211
<TOTAL-LIABILITIES> 1,236,211
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 349,050,709
<SHARES-COMMON-STOCK> 349,050,709
<SHARES-COMMON-PRIOR> 273,452,926
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 349,050,709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,090,078
<OTHER-INCOME> 0
<EXPENSES-NET> 1,599,322
<NET-INVESTMENT-INCOME> 13,490,756
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,490,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,490,756
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 789,333,839
<NUMBER-OF-SHARES-REDEEMED> 714,193,778
<SHARES-REINVESTED> 457,722
<NET-CHANGE-IN-ASSETS> 75,597,783
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,407,882
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,162,475
<AVERAGE-NET-ASSETS> 276,083,424
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> DG Investor Series
DG Opportunity Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 109,308,784
<INVESTMENTS-AT-VALUE> 127,375,273
<RECEIVABLES> 2,067,892
<ASSETS-OTHER> 7,522
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 129,450,687
<PAYABLE-FOR-SECURITIES> 6,514,035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,142
<TOTAL-LIABILITIES> 6,579,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,575,114
<SHARES-COMMON-STOCK> 7,758,133
<SHARES-COMMON-PRIOR> 5,951,609
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,229,907
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,066,489
<NET-ASSETS> 122,871,510
<DIVIDEND-INCOME> 180,173
<INTEREST-INCOME> 638,380
<OTHER-INCOME> 0
<EXPENSES-NET> 1,217,487
<NET-INVESTMENT-INCOME> (398,934)
<REALIZED-GAINS-CURRENT> 24,232,586
<APPREC-INCREASE-CURRENT> 8,351,884
<NET-CHANGE-FROM-OPS> 32,185,536
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 16,352,806
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,050,510
<NUMBER-OF-SHARES-REDEEMED> 2,003,613
<SHARES-REINVESTED> 759,627
<NET-CHANGE-IN-ASSETS> 42,344,362
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (250,936)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 966,775
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,329,623
<AVERAGE-NET-ASSETS> 101,722,125
<PER-SHARE-NAV-BEGIN> 13.530
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 4.900
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.540
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.840
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> DG Investor Series
DG Prime Money Market Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 194,970,923
<INVESTMENTS-AT-VALUE> 194,970,923
<RECEIVABLES> 140,974
<ASSETS-OTHER> 15,142
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 195,127,039
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86,105
<TOTAL-LIABILITIES> 86,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,040,934
<SHARES-COMMON-STOCK> 195,040,934
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 195,040,934
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,175,799
<OTHER-INCOME> 0
<EXPENSES-NET> 1,098,262
<NET-INVESTMENT-INCOME> 8,077,537
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,077,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,077,537
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 528,390,173
<NUMBER-OF-SHARES-REDEEMED> 341,415,796
<SHARES-REINVESTED> 8,066,557
<NET-CHANGE-IN-ASSETS> 195,040,934
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 810,951
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,518,160
<AVERAGE-NET-ASSETS> 166,758,871
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> DG Investor Series
DG International Equity Fund
<PERIOD-TYPE> 7-mos
<FISCAL-YEAR-END> Feb-28-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 24,863,045
<INVESTMENTS-AT-VALUE> 26,285,648
<RECEIVABLES> 566,225
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,851,873
<PAYABLE-FOR-SECURITIES> 243,665
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,997
<TOTAL-LIABILITIES> 318,662
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,371,801
<SHARES-COMMON-STOCK> 2,537,448
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (23,169)
<ACCUMULATED-NET-GAINS> (237,273)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,421,852
<NET-ASSETS> 26,533,211
<DIVIDEND-INCOME> 51,524
<INTEREST-INCOME> 71,091
<OTHER-INCOME> 0
<EXPENSES-NET> 168,334
<NET-INVESTMENT-INCOME> (45,719)
<REALIZED-GAINS-CURRENT> (240,297)
<APPREC-INCREASE-CURRENT> 1,421,852
<NET-CHANGE-FROM-OPS> 1,135,836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 20,145
<NUMBER-OF-SHARES-SOLD> 2,623,705
<NUMBER-OF-SHARES-REDEEMED> 88,124
<SHARES-REINVESTED> 1,867
<NET-CHANGE-IN-ASSETS> 26,533,211
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95,011
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215,839
<AVERAGE-NET-ASSETS> 17,497,566
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 0.490
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 10.460
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
