<PAGE> PAGE 1
000 B000000 02/28/95
000 C000000 0000883843
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 DG INVESTOR SERIES
001 B000000 811-6607
001 C000000 4122888239
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 DG EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 DG GOVERNMENT INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 DG LIMITED TERM GOVERNMENT INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 DG MUNICIPAL INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 DG US GOVERNMENT MONEY MARKET FUND
007 C030500 N
007 C010600 6
007 C020600 DG OPPORTUNITY FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
<PAGE> PAGE 2
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 CANTOR, FITZGERALD SECURITIES CORP.
020 B000001 13-2698893
020 C000001 39
020 A000002 JOHNSON & RICE
020 C000002 10
020 A000003 PRUDENTIAL SECURITIES CORP.
020 B000003 22-2347336
020 C000003 9
020 A000004 FIRST BOSTON CORP.
020 B000004 13-5659485
020 C000004 7
020 A000005 ROBINSON-HUMPHREY COMPANY INC.
020 B000005 58-1472560
020 C000005 6
020 A000006 MORGAN, KEEGAN & COMPANY, INC.
020 B000006 64-0474907
020 C000006 6
020 A000007 SMITH, BARNEY HARRIS UPHAM & CO., INC.
020 B000007 13-1912900
020 C000007 5
020 A000008 LAZARD FRERES, & CO,
020 B000008 13-5545100
020 C000008 3
020 A000009 J.C. BRADFORD
020 C000009 2
020 A000010 PAINEWEBBER INC.
020 B000010 13-2638166
020 C000010 2
021 000000 94
022 A000001 CANTOR, FITZGERALD SECURITIES CORP.
022 B000001 13-2698893
022 C000001 6386603
022 D000001 0
<PAGE> PAGE 3
022 A000002 DAIWA SECURITIES TOKYO, INC.
022 C000002 2585744
022 D000002 0
022 A000003 HSBC SECURITIES, INC.
022 B000003 13-2650272
022 C000003 1537717
022 D000003 0
022 A000004 EASTBRIDGE CAPITAL, INC.
022 B000004 13-3501117
022 C000004 1421734
022 D000004 0
022 A000005 SANWA-BGK SECURITIES CO.
022 B000005 13-3046258
022 C000005 1384881
022 D000005 0
022 A000006 SMITH BARNEY, INC.
022 B000006 13-1912900
022 C000006 788384
022 D000006 10579
022 A000007 KIDDER, PEABODY & CO., INC.
022 B000007 13-5650440
022 C000007 679377
022 D000007 0
022 A000008 CS FIRST BOSTON CORP.
022 B000008 13-5659485
022 C000008 505610
022 D000008 10
022 A000009 BANKERS TRUST COMPANY
022 B000009 13-4941247
022 C000009 476494
022 D000009 0
022 A000010 FIRST CHICAGO CORP.
022 B000010 36-2669970
022 C000010 113432
022 D000010 0
023 C000000 16345300
023 D000000 97621
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 THE AETNC CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 95000
081 A00AA00 Y
081 B00AA00 89
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
<PAGE> PAGE 5
085 A00AA00 Y
085 B00AA00 N
008 A000101 DEPOSIT GUARANTY NATIONAL BANK
008 B000101 A
008 C000101 801-0000
008 D010101 JACKSON
008 D020101 MS
008 D030101 39215
008 D040101 1200
008 A000104 COMMERCIAL NATIONAL BANK
008 B000104 S
008 C000104 801-0000
008 D010104 SCHREVEPORT
008 D020104 LA
008 D030104 71152
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02105
015 E010101 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1294
028 A020100 624
028 A030100 0
028 A040100 5733
028 B010100 2969
028 B020100 0
028 B030100 0
028 B040100 13381
028 C010100 3702
028 C020100 0
028 C030100 0
028 C040100 17445
028 D010100 4620
028 D020100 2179
028 D030100 0
028 D040100 8242
028 E010100 4412
028 E020100 0
028 E030100 0
028 E040100 3366
028 F010100 16795
<PAGE> PAGE 6
028 F020100 0
028 F030100 0
028 F040100 6218
028 G010100 33792
028 G020100 2803
028 G030100 0
028 G040100 54385
028 H000100 110
029 000100 Y
030 A000100 6
030 B000100 2.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 6
033 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
<PAGE> PAGE 7
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
<PAGE> PAGE 8
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1417
071 B000100 42768
071 C000100 239596
071 D000100 1
072 A000100 12
072 B000100 670
072 C000100 5673
072 D000100 0
072 E000100 0
072 F000100 1908
072 G000100 319
072 H000100 0
072 I000100 37
072 J000100 30
072 K000100 0
072 L000100 10
072 M000100 5
072 N000100 23
072 O000100 0
072 P000100 0
072 Q000100 65
072 R000100 12
072 S000100 1
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 13
072 X000100 2423
072 Y000100 0
072 Z000100 3920
072AA000100 2507
072BB000100 72
072CC010100 11661
072CC020100 0
072DD010100 3923
<PAGE> PAGE 9
072DD020100 0
072EE000100 3737
073 A010100 0.1620
073 A020100 0.0000
073 B000100 0.1652
073 C000100 0.0000
074 A000100 0
074 B000100 21226
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 235203
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1139
074 K000100 0
074 L000100 2427
074 M000100 31
074 N000100 260026
074 O000100 0
074 P000100 10
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 18
074 S000100 0
074 T000100 259998
074 U010100 22777
074 U020100 0
074 V010100 11.41
074 V020100 0.00
074 W000100 0.0000
074 X000100 294
074 Y000100 0
075 A000100 0
075 B000100 255966
076 000100 0.00
008 A000201 DEPOSIT GUARANTY NATIONAL BANK
008 B000201 A
008 C000201 801-0000
008 D010201 JACKSON
008 D020201 MS
008 D030201 39215
008 D040201 1200
008 A000204 COMMERCIAL NATIONAL BANK
008 B000204 S
008 C000204 801-0000
008 D010204 SHREVEPORT
008 D020204 LA
<PAGE> PAGE 10
008 D030204 71152
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02105
015 E010201 X
024 000200 Y
025 A000201 BANKERS TRUST NEW YORK CORP.
025 C000201 D
025 D000201 777
025 A000202 NATIONSBANK CORP.
025 C000202 D
025 D000202 905
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 3728
028 A020200 307
028 A030200 0
028 A040200 1773
028 B010200 4647
028 B020200 306
028 B030200 0
028 B040200 2480
028 C010200 21775
028 C020200 371
028 C030200 0
028 C040200 1491
028 D010200 3797
028 D020200 381
028 D030200 0
028 D040200 4100
028 E010200 6445
028 E020200 367
028 E030200 0
028 E040200 4838
028 F010200 4993
028 F020200 310
028 F030200 0
028 F040200 21225
028 G010200 45385
028 G020200 2042
028 G030200 0
028 G040200 35907
028 H000200 30
029 000200 Y
030 A000200 2
<PAGE> PAGE 11
030 B000200 2.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 2
033 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.600
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 7.9
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
<PAGE> PAGE 12
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 75.0
062 N000200 0.9
062 O000200 0.0
062 P000200 15.2
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 8.6
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
<PAGE> PAGE 13
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 91962
071 B000200 43240
071 C000200 139543
071 D000200 31
072 A000200 12
072 B000200 9998
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 926
072 G000200 194
072 H000200 0
072 I000200 28
072 J000200 12
072 K000200 0
072 L000200 12
072 M000200 2
072 N000200 38
072 O000200 0
072 P000200 0
072 Q000200 45
072 R000200 13
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 12
072 X000200 1285
072 Y000200 231
072 Z000200 8944
072AA000200 0
072BB000200 2302
072CC010200 0
072CC020200 2720
072DD010200 8776
072DD020200 0
072EE000200 0
073 A010200 0.5300
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 13248
074 C000200 0
074 D000200 153349
074 E000200 0
074 F000200 0
<PAGE> PAGE 14
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 2161
074 M000200 18
074 N000200 168776
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 463
074 S000200 0
074 T000200 168313
074 U010200 17773
074 U020200 0
074 V010200 9.47
074 V020200 0.00
074 W000200 0.0000
074 X000200 68
074 Y000200 0
075 A000200 0
075 B000200 153106
076 000200 0.00
008 A000301 DEPOSIT GUARANTY NATIONAL BANK
008 B000301 A
008 C000301 801-0000
008 D010301 JACKSON
008 D020301 MS
008 D030301 39215
008 D040301 1200
008 A000304 COMMERCIAL NATIONAL BANK
008 B000304 S
008 C000304 801-0000
008 D010304 SHREVEPORT
008 D020304 LA
008 D030304 71152
015 A000301 STATE STREET BANK AND TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02105
015 E010301 X
024 000300 Y
025 A000301 BANKERS TRUST
025 C000301 D
025 D000301 1170
025 A000302 NATIONS BANK
<PAGE> PAGE 15
025 C000302 D
025 D000302 1503
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1450
028 A020300 0
028 A030300 0
028 A040300 4838
028 B010300 3596
028 B020300 166
028 B030300 0
028 B040300 2705
028 C010300 1746
028 C020300 168
028 C030300 0
028 C040300 3843
028 D010300 3089
028 D020300 172
028 D030300 0
028 D040300 15110
028 E010300 4639
028 E020300 169
028 E030300 0
028 E040300 4150
028 F010300 3928
028 F020300 169
028 F030300 0
028 F040300 2413
028 G010300 18448
028 G020300 844
028 G030300 0
028 G040300 33059
028 H000300 27
029 000300 Y
030 A000300 3
030 B000300 2.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 3
033 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.600
048 A010300 0
048 A020300 0.000
<PAGE> PAGE 16
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 9.5
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 63.9
062 N000300 1.6
062 O000300 0.0
062 P000300 23.4
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 1.9
<PAGE> PAGE 17
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
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 18099
071 B000300 13765
071 C000300 98728
071 D000300 14
072 A000300 12
072 B000300 6020
072 C000300 0
072 D000300 0
<PAGE> PAGE 18
072 E000300 0
072 F000300 642
072 G000300 134
072 H000300 0
072 I000300 33
072 J000300 15
072 K000300 0
072 L000300 10
072 M000300 3
072 N000300 24
072 O000300 0
072 P000300 0
072 Q000300 49
072 R000300 12
072 S000300 4
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 14
072 X000300 940
072 Y000300 268
072 Z000300 5348
072AA000300 0
072BB000300 1068
072CC010300 0
072CC020300 1837
072DD010300 5266
072DD020300 0
072EE000300 0
073 A010300 0.4760
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 9103
074 C000300 0
074 D000300 85447
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1716
074 M000300 16
074 N000300 96282
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
<PAGE> PAGE 19
074 R020300 0
074 R030300 0
074 R040300 66
074 S000300 0
074 T000300 96216
074 U010300 9975
074 U020300 0
074 V010300 9.65
074 V020300 0.00
074 W000300 0.0000
074 X000300 115
074 Y000300 0
075 A000300 0
075 B000300 106842
076 000300 0.00
008 A000401 DEPOSIT GUARANTY NATIONAL BANK
008 B000401 A
008 C000401 801-0000
008 D010401 JACKSON
008 D020401 MS
008 D030401 39215
008 D040401 1200
008 A000404 COMMERCIAL NATIONAL BANK
008 B000404 S
008 C000404 801-0000
008 D010404 SHREVEPORT
008 D020404 LA
008 D030404 71152
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02105
015 E010401 X
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 469
028 A020400 1
028 A030400 0
028 A040400 690
028 B010400 1161
028 B020400 1
028 B030400 0
028 B040400 445
<PAGE> PAGE 20
028 C010400 788
028 C020400 2
028 C030400 0
028 C040400 544
028 D010400 1410
028 D020400 2
028 D030400 0
028 D040400 612
028 E010400 776
028 E020400 2
028 E030400 0
028 E040400 767
028 F010400 2274
028 F020400 2
028 F030400 0
028 F040400 1981
028 G010400 6878
028 G020400 10
028 G030400 0
028 G040400 5039
028 H000400 6425
029 000400 Y
030 A000400 2
030 B000400 2.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 2
033 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
<PAGE> PAGE 21
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
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 0.3
062 M000400 0.0
062 N000400 0.0
062 O000400 97.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 14.2
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 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
<PAGE> PAGE 22
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
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 12020
071 B000400 3315
071 C000400 36146
071 D000400 9
072 A000400 12
072 B000400 2134
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 226
072 G000400 47
072 H000400 0
072 I000400 30
072 J000400 19
072 K000400 0
072 L000400 11
072 M000400 2
072 N000400 21
072 O000400 0
072 P000400 0
072 Q000400 54
072 R000400 12
072 S000400 2
072 T000400 0
<PAGE> PAGE 23
072 U000400 0
072 V000400 0
072 W000400 11
072 X000400 435
072 Y000400 154
072 Z000400 1853
072AA000400 17
072BB000400 6
072CC010400 0
072CC020400 1201
072DD010400 1838
072DD020400 0
072EE000400 0
073 A010400 0.4820
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 40317
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 140
074 J000400 1018
074 K000400 0
074 L000400 652
074 M000400 3
074 N000400 42130
074 O000400 498
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 90
074 S000400 0
074 T000400 41542
074 U010400 4091
074 U020400 0
074 V010400 10.15
074 V020400 0.00
074 W000400 0.0000
074 X000400 26
074 Y000400 0
075 A000400 0
075 B000400 37542
076 000400 0.00
008 A000501 DEPOSIT GUARANTY NATIONAL BANK
<PAGE> PAGE 24
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
015 C010501 BOSTON
015 C020501 MA
015 C030501 02105
015 E010501 X
015 A000502 PNC BANK, NA
015 B000502 S
015 C010502 PITTSBURGH
015 C020502 PA
015 C030502 15265
015 E010502 X
015 A000503 NATIONSBANK OF NORTH CAROLINA
015 B000503 S
015 C010503 CHARLOTTE
015 C020503 NC
015 C030503 28255
015 E010503 X
015 A000504 NATIONSBANC CAPITAL MARKETS, INC.
015 B000504 S
015 C010504 RICHMOND
015 C020504 VA
015 C030504 23261
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 CHEMICAL BANK & TRUST CO.
015 B000506 S
015 C010506 NEW YORK
015 C020506 NY
015 C030506 10006
015 E010506 X
015 A000507 BANK OF NEW YORK
015 B000507 S
015 C010507 NEW YORK
015 C020507 NY
015 C030507 10006
015 E010507 X
015 A000508 BANKERS TRUST CO.
015 B000508 S
015 C010508 NEW YORK
<PAGE> PAGE 25
015 C020508 NY
015 C030508 10015
015 E010508 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 32838
028 A020500 4
028 A030500 0
028 A040500 16586
028 B010500 37653
028 B020500 6
028 B030500 0
028 B040500 52454
028 C010500 38322
028 C020500 6
028 C030500 0
028 C040500 28938
028 D010500 54758
028 D020500 7
028 D030500 0
028 D040500 75403
028 E010500 33119
028 E020500 8
028 E030500 0
028 E040500 39999
028 F010500 40046
028 F020500 8
028 F030500 0
028 F040500 29682
028 G010500 236736
028 G020500 39
028 G030500 0
028 G040500 243062
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
045 000500 Y
046 000500 N
<PAGE> PAGE 26
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 49.1
062 C000500 0.0
062 D000500 51.2
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
<PAGE> PAGE 27
062 Q000500 0.0
062 R000500 0.0
063 A000500 69
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
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
<PAGE> PAGE 28
072 A000500 12
072 B000500 7527
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 838
072 G000500 210
072 H000500 0
072 I000500 32
072 J000500 20
072 K000500 0
072 L000500 8
072 M000500 4
072 N000500 39
072 O000500 0
072 P000500 0
072 Q000500 43
072 R000500 12
072 S000500 5
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 15
072 X000500 1226
072 Y000500 335
072 Z000500 6636
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 6636
072DD020500 0
072EE000500 0
073 A010500 0.0399
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 83185
074 C000500 79722
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 233
074 M000500 33
074 N000500 163173
<PAGE> PAGE 29
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 659
074 S000500 0
074 T000500 162514
074 U010500 162514
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 1.0000
074 X000500 31
074 Y000500 0
075 A000500 167523
075 B000500 0
076 000500 0.00
008 A000601 DEPOSIT GUARANTY NATIONAL BANK
008 B000601 A
008 C000601 801-0000
008 D010601 JACKSON
008 D020601 MS
008 D030601 39215
008 D040601 1200
008 A000604 COMMERCIAL NATIONAL BANK
008 B000604 S
008 C000604 801-0000
008 D010604 SHREVEPORT
008 D020604 LA
008 D030604 71152
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02105
015 E010601 X
024 000600 Y
025 A000601 MORGAN KEEGAN
025 C000601 E
025 D000601 593
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 2332
028 A020600 0
<PAGE> PAGE 30
028 A030600 0
028 A040600 50
028 B010600 25531
028 B020600 0
028 B030600 0
028 B040600 46
028 C010600 609
028 C020600 0
028 C030600 0
028 C040600 1504
028 D010600 1010
028 D020600 38
028 D030600 0
028 D040600 297
028 E010600 451
028 E020600 0
028 E030600 0
028 E040600 256
028 F010600 3873
028 F020600 0
028 F030600 0
028 F040600 637
028 G010600 33806
028 G020600 38
028 G030600 0
028 G040600 2790
028 H000600 86
029 000600 Y
030 A000600 2
030 B000600 2.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 2
033 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.950
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
<PAGE> PAGE 31
048 G010600 0
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
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
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
<PAGE> PAGE 32
069 000600 N
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 Y
070 L010600 Y
070 L020600 Y
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 45034
071 B000600 10524
071 C000600 23215
071 D000600 45
072 A000600 7
072 B000600 86
072 C000600 32
072 D000600 0
072 E000600 0
072 F000600 132
072 G000600 100
072 H000600 0
072 I000600 5
072 J000600 13
<PAGE> PAGE 33
072 K000600 0
072 L000600 4
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 30
072 R000600 0
072 S000600 1
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 11
072 X000600 296
072 Y000600 186
072 Z000600 8
072AA000600 502
072BB000600 0
072CC010600 735
072CC020600 0
072DD010600 8
072DD020600 0
072EE000600 48
073 A010600 0.0170
073 A020600 0.0000
073 B000600 0.0200
073 C000600 0.0000
074 A000600 0
074 B000600 3000
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 35747
074 G000600 0
074 H000600 0
074 I000600 366
074 J000600 1257
074 K000600 0
074 L000600 30
074 M000600 0
074 N000600 40400
074 O000600 3700
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 36
074 S000600 0
074 T000600 36664
074 U010600 3288
<PAGE> PAGE 34
074 U020600 0
074 V010600 11.15
074 V020600 0.00
074 W000600 0.0000
074 X000600 41
074 Y000600 0
075 A000600 0
075 B000600 22476
076 000600 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNCIL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> DG Equity Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-28-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 230,093,912
<INVESTMENTS-AT-VALUE> 256,428,916
<RECEIVABLES> 3,566,385
<ASSETS-OTHER> 30,830
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,026,131
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,207
<TOTAL-LIABILITIES> 28,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,132,212
<SHARES-COMMON-STOCK> 22,777,372
<SHARES-COMMON-PRIOR> 26,134,342
<ACCUMULATED-NII-CURRENT> 617,738
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (87,030)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,335,004
<NET-ASSETS> 259,997,924
<DIVIDEND-INCOME> 5,673,263
<INTEREST-INCOME> 670,040
<OTHER-INCOME> 0
<EXPENSES-NET> 2,422,844
<NET-INVESTMENT-INCOME> 3,920,459
<REALIZED-GAINS-CURRENT> 2,434,655
<APPREC-INCREASE-CURRENT> 11,661,159
<NET-CHANGE-FROM-OPS> 18,016,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,923,189
<DISTRIBUTIONS-OF-GAINS> 3,737,081
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,663,505
<NUMBER-OF-SHARES-REDEEMED> 9,475,512
<SHARES-REINVESTED> 455,037
<NET-CHANGE-IN-ASSETS> (24,204,596)
<ACCUMULATED-NII-PRIOR> 620,468
<ACCUMULATED-GAINS-PRIOR> 1,215,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,907,646
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,422,844
<AVERAGE-NET-ASSETS> 255,965,723
<PER-SHARE-NAV-BEGIN> 10.870
<PER-SHARE-NII> 0.160
<PER-SHARE-GAIN-APPREC> 0.710
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 0.170
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.410
<EXPENSE-RATIO> 95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> DG Government Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-28-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 169,461,816
<INVESTMENTS-AT-VALUE> 166,597,491
<RECEIVABLES> 2,160,558
<ASSETS-OTHER> 18,093
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,776,142
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 462,657
<TOTAL-LIABILITIES> 462,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,367,892
<SHARES-COMMON-STOCK> 17,772,717
<SHARES-COMMON-PRIOR> 11,993,971
<ACCUMULATED-NII-CURRENT> 173,076
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,363,158)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,864,325)
<NET-ASSETS> 168,313,485
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,997,796
<OTHER-INCOME> 0
<EXPENSES-NET> 1,053,599
<NET-INVESTMENT-INCOME> 8,944,197
<REALIZED-GAINS-CURRENT> (2,301,667)
<APPREC-INCREASE-CURRENT> (2,720,070)
<NET-CHANGE-FROM-OPS> 3,922,460
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,775,580
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,805,072
<NUMBER-OF-SHARES-REDEEMED> 5,423,669
<SHARES-REINVESTED> 397,343
<NET-CHANGE-IN-ASSETS> 49,618,362
<ACCUMULATED-NII-PRIOR> 4,459
<ACCUMULATED-GAINS-PRIOR> (61,491)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 926,421
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,285,204
<AVERAGE-NET-ASSETS> 153,105,722
<PER-SHARE-NAV-BEGIN> 9.900
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> (0.440)
<PER-SHARE-DIVIDEND> 0.530
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.470
<EXPENSE-RATIO> 68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> DG Limited Term Government Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-28-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 97,045,937
<INVESTMENTS-AT-VALUE> 94,550,252
<RECEIVABLES> 1,716,057
<ASSETS-OTHER> 15,810
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,282,119
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,685
<TOTAL-LIABILITIES> 65,685
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,461,727
<SHARES-COMMON-STOCK> 9,975,150
<SHARES-COMMON-PRIOR> 11,816,436
<ACCUMULATED-NII-CURRENT> 93,936
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,843,544)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,495,685)
<NET-ASSETS> 96,216,434
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,020,395
<OTHER-INCOME> 0
<EXPENSES-NET> 672,473
<NET-INVESTMENT-INCOME> 5,347,922
<REALIZED-GAINS-CURRENT> (1,068,070)
<APPREC-INCREASE-CURRENT> (1,836,643)
<NET-CHANGE-FROM-OPS> 2,443,209
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,266,273
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,548,639
<NUMBER-OF-SHARES-REDEEMED> 6,604,481
<SHARES-REINVESTED> 214,556
<NET-CHANGE-IN-ASSETS> (20,443,994)
<ACCUMULATED-NII-PRIOR> 12,287
<ACCUMULATED-GAINS-PRIOR> (775,474)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 642,168
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 940,043
<AVERAGE-NET-ASSETS> 106,842,314
<PER-SHARE-NAV-BEGIN> 9.870
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.230)
<PER-SHARE-DIVIDEND> 0.480
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.650
<EXPENSE-RATIO> 63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> DG Municipal Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-28-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 40,944,505
<INVESTMENTS-AT-VALUE> 40,456,802
<RECEIVABLES> 1,670,043
<ASSETS-OTHER> 3,045
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,129,890
<PAYABLE-FOR-SECURITIES> 497,884
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89,863
<TOTAL-LIABILITIES> 587,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,992,509
<SHARES-COMMON-STOCK> 4,090,893
<SHARES-COMMON-PRIOR> 3,257,815
<ACCUMULATED-NII-CURRENT> 25,860
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,477
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (487,703)
<NET-ASSETS> 41,542,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,134,466
<OTHER-INCOME> 0
<EXPENSES-NET> 281,081
<NET-INVESTMENT-INCOME> 1,853,385
<REALIZED-GAINS-CURRENT> 11,477
<APPREC-INCREASE-CURRENT> (1,201,336)
<NET-CHANGE-FROM-OPS> 663,526
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,838,300
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,764,990
<NUMBER-OF-SHARES-REDEEMED> 933,737
<SHARES-REINVESTED> 1,825
<NET-CHANGE-IN-ASSETS> 7,107,041
<ACCUMULATED-NII-PRIOR> 10,775
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 435,192
<AVERAGE-NET-ASSETS> 37,542,041
<PER-SHARE-NAV-BEGIN> 10.570
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.430)
<PER-SHARE-DIVIDEND> 0.480
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.150
<EXPENSE-RATIO> 75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> DG Opportunity Fund
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> Feb-28-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 38,377,579
<INVESTMENTS-AT-VALUE> 39,112,654
<RECEIVABLES> 1,287,733
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,400,387
<PAYABLE-FOR-SECURITIES> 3,700,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,086
<TOTAL-LIABILITIES> 3,736,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,474,555
<SHARES-COMMON-STOCK> 3,287,942
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 98
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 453,825
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 735,075
<NET-ASSETS> 36,663,553
<DIVIDEND-INCOME> 31,608
<INTEREST-INCOME> 85,433
<OTHER-INCOME> 0
<EXPENSES-NET> 109,120
<NET-INVESTMENT-INCOME> 7,921
<REALIZED-GAINS-CURRENT> 501,584
<APPREC-INCREASE-CURRENT> 735,075
<NET-CHANGE-FROM-OPS> 1,244,580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,823
<DISTRIBUTIONS-OF-GAINS> 47,759
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,539,667
<NUMBER-OF-SHARES-REDEEMED> 255,365
<SHARES-REINVESTED> 3,640
<NET-CHANGE-IN-ASSETS> 36,663,553
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 131,668
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 295,516
<AVERAGE-NET-ASSETS> 22,475,720
<PER-SHARE-NAV-BEGIN> 10.950
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.220
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.150
<EXPENSE-RATIO> 79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> DG U.S. Government Money Market Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-28-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 162,906,654
<INVESTMENTS-AT-VALUE> 162,906,654
<RECEIVABLES> 233,617
<ASSETS-OTHER> 33,063
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,173,334
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 658,628
<TOTAL-LIABILITIES> 658,628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 162,514,706
<SHARES-COMMON-STOCK> 162,514,706
<SHARES-COMMON-PRIOR> 189,314,775
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 162,514,706
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,526,835
<OTHER-INCOME> 0
<EXPENSES-NET> 890,453
<NET-INVESTMENT-INCOME> 6,636,382
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,636,382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,636,382
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 394,768,127
<NUMBER-OF-SHARES-REDEEMED> 421,619,818
<SHARES-REINVESTED> 51,622
<NET-CHANGE-IN-ASSETS> (26,800,069)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 837,617
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,225,500
<AVERAGE-NET-ASSETS> 167,523,414
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
