DG OPPORTUNITY FUND
(A PORTFOLIO OF DG INVESTORS SERIES)
SUPPLEMENT TO PROSPECTUS DATED JUNE 30, 1996
The Fund is the successor to the portfolio of a collective trust fund
formerly managed by the Adviser. On August 1, 1994 (the date of the
Fund's commencement of operations), the assets of the collective trust
fund were transferred to the Fund in exchange for Fund shares. The
Adviser has represented that the Fund's investment objective, policies
and limitations are in all material respects identical to those of the
collective trust fund.
The Fund's average annual compounded total return for the one-, five-
and ten-year periods ended February 29, 1996, and since inception
(January 1, 1982), on a loaded basis, were 26.87%, 22.20%, 17.30%, and
13.90%, respectively. The Fund's average annual compounded total
return for the one-, five- and ten-year periods ended February 29,
1996, and since inception, on a no-load basis, were 31.42%, 23.07%,
17.72%, and 14.18%, respectively. The quoted performance data
includes the performance of the collective trust fund for the period
before the date on which the Fund commenced operations (August 1,
1994), as adjusted to reflect the Fund's then anticipated expenses as
set forth in the `Expenses of the Fund'' section of the Fund's
initial prospectus. The collective trust fund was not registered
under the Investment Company Act of 1940 (the `1940 Act''), and
therefore was not subject to certain investment restrictions that are
imposed by the 1940 Act. If the collective trust fund had been
registered under the 1940 Act, the performance may have been adversely
affected.
November 26, 1996
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the Fund
and is a subsidiary of Federated Investors.
Cusip 23321N400
G01258-03 (11/96)
