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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 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 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
051 000400 N
052 000400 N
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<PAGE> PAGE 23
070 H020400 N
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<PAGE> PAGE 24
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008 A000501 DEPOSIT GUARANTY NATIONAL BANK
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<PAGE> PAGE 25
024 000500 Y
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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008 A000601 DEPOSIT GUARANTY NATIONAL BANK
008 B000601 A
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008 D030601 39225
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NUMBER> 01
<NAME> DG Investor Series
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<S> <C>
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<SERIES>
<NUMBER> 02
<NAME> DG Investor Series
DG Government Income Fund
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</TABLE>
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<S> <C>
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<SERIES>
<NUMBER> 03
<NAME> DG Investor Series
DG Limited Term Government Income Fund
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<PERIOD-END> Feb-29-1996
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<ACCUMULATED-NII-PRIOR> 93,936
<ACCUMULATED-GAINS-PRIOR> (1,843,544)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 572,084
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 842,585
<AVERAGE-NET-ASSETS> 95,275,758
<PER-SHARE-NAV-BEGIN> 9.650
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> 0.540
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> DG Investor Series
DG Municipal Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-29-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 43,200,664
<INVESTMENTS-AT-VALUE> 44,818,039
<RECEIVABLES> 746,993
<ASSETS-OTHER> 1,740
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,566,772
<PAYABLE-FOR-SECURITIES> 964,900
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<OTHER-ITEMS-LIABILITIES> 23,548
<TOTAL-LIABILITIES> 988,448
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,856,552
<SHARES-COMMON-STOCK> 4,182,389
<SHARES-COMMON-PRIOR> 4,090,893
<ACCUMULATED-NII-CURRENT> 68,418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,979
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,617,375
<NET-ASSETS> 44,578,324
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,337,615
<OTHER-INCOME> 0
<EXPENSES-NET> 304,544
<NET-INVESTMENT-INCOME> 2,033,071
<REALIZED-GAINS-CURRENT> 36,102
<APPREC-INCREASE-CURRENT> 2,105,078
<NET-CHANGE-FROM-OPS> 4,174,251
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,990,513
<DISTRIBUTIONS-OF-GAINS> 11,600
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,716,250
<NUMBER-OF-SHARES-REDEEMED> 1,627,203
<SHARES-REINVESTED> 2,449
<NET-CHANGE-IN-ASSETS> 3,036,181
<ACCUMULATED-NII-PRIOR> 25,860
<ACCUMULATED-GAINS-PRIOR> 11,477
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 262,552
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 508,381
<AVERAGE-NET-ASSETS> 43,719,933
<PER-SHARE-NAV-BEGIN> 10.150
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> 0.500
<PER-SHARE-DIVIDEND> 0.480
<PER-SHARE-DISTRIBUTIONS> 0.003
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<PER-SHARE-NAV-END> 10.660
<EXPENSE-RATIO> 0.70
<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 U.S. Government Money Market Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-29-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 245,950,372
<INVESTMENTS-AT-VALUE> 245,950,372
<RECEIVABLES> 585,112
<ASSETS-OTHER> 24,202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 246,559,686
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 912,456
<TOTAL-LIABILITIES> 912,456
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,647,230
<SHARES-COMMON-STOCK> 245,647,230
<SHARES-COMMON-PRIOR> 162,514,706
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 245,647,230
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,196,878
<OTHER-INCOME> 0
<EXPENSES-NET> 1,064,186
<NET-INVESTMENT-INCOME> 11,132,692
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,132,692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,132,692
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 505,711,379
<NUMBER-OF-SHARES-REDEEMED> 422,693,644
<SHARES-REINVESTED> 114,789
<NET-CHANGE-IN-ASSETS> 83,132,524
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,044,577
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,482,017
<AVERAGE-NET-ASSETS> 208,915,416
<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> 0.51
<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-29-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 45,347,524
<INVESTMENTS-AT-VALUE> 54,054,250
<RECEIVABLES> 27,059
<ASSETS-OTHER> 1,737
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,083,046
<PAYABLE-FOR-SECURITIES> 564,765
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,956
<TOTAL-LIABILITIES> 605,721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,828,705
<SHARES-COMMON-STOCK> 4,181,974
<SHARES-COMMON-PRIOR> 3,287,942
<ACCUMULATED-NII-CURRENT> 239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,058,345)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,706,726
<NET-ASSETS> 53,477,325
<DIVIDEND-INCOME> 221,593
<INTEREST-INCOME> 321,994
<OTHER-INCOME> 0
<EXPENSES-NET> 543,446
<NET-INVESTMENT-INCOME> 141
<REALIZED-GAINS-CURRENT> 4,440,660
<APPREC-INCREASE-CURRENT> 7,971,651
<NET-CHANGE-FROM-OPS> 12,412,452
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 5,952,830
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,579,949
<NUMBER-OF-SHARES-REDEEMED> 1,054,805
<SHARES-REINVESTED> 368,888
<NET-CHANGE-IN-ASSETS> 16,813,772
<ACCUMULATED-NII-PRIOR> 98
<ACCUMULATED-GAINS-PRIOR> 453,825
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 441,513
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 705,984
<AVERAGE-NET-ASSETS> 46,569,675
<PER-SHARE-NAV-BEGIN> 11.150
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 3.300
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.660
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<PER-SHARE-NAV-END> 12.790
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
