1933 Act File No. 33-46431
1940 Act File No. 811-6607
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
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Pre-Effective Amendment No. ..................................
Post-Effective Amendment No. 17..................................... X
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and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 X
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Amendment No. 20................................................X
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DG INVESTOR SERIES
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower, Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire,
Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
immediately upon filing pursuant to paragraph (b)
_X on October 30, 1997, pursuant to paragraph (b)
_ 60 days after filing pursuant to paragraph (a) (i) on pursuant to
paragraph (a) (i) 75 days after filing pursuant to paragraph
(a)(ii) on _________________ pursuant to paragraph (a)(ii) of Rule
485.
If appropriate, check the following box:
X This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
X filed the Notice required by that Rule on April 15, 1997; or
intends to file the Notice required by that Rule on or about
____________; or during the most recent fiscal year did not sell
any securities
pursuant to Rule 24f-2 under the Investment Company Act of 1940, and,
pursuant to Rule 24f-2(b)(2), need not file the Notice.
Copies To:
Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky LLP
2101 L Street, N.W.
Washington, D.C. 20037
<PAGE>
CROSS-REFERENCE SHEET
This Amendment to the Registration Statement of DG INVESTOR
SERIES which consists of nine portfolios: (1) DG Treasury Money Market
Fund (formerly, DG U.S. Government Money Market Fund), (2) DG Limited
Term Government Income Fund, (3) DG Government Income Fund, (4) DG
Equity Fund, (5) DG Municipal Income Fund, (6) DG Opportunity Fund,
(7) DG Prime Money Market Fund, (8) DG International Equity Fund and
(9) DG Mid Cap Fund, relates only to portfolio (8) and is comprised of
the following:
<TABLE>
<CAPTION>
PART A. INFORMATION REQUIRED IN A PROSPECTUS.
<S> <C> <C>
Prospectus Heading
(RULE 404(C) CROSS REFERENCE)
Item 1. COVER PAGE........................(1-9) Cover Page.
Item 2. SYNOPSIS (1-6) Synopsis; (7,8,9) General Information;
(1-9) Summary of Fund Expenses; (1-6)
Financial Highlights.
Item 3. CONDENSED FINANCIAL
INFORMATION (1-9) Performance Information.
Item 4. GENERAL DESCRIPTION OF
REGISTRANT........................(1-6) Objectives and
Policies of Each
Fund;(7,8,9) Investment
Information; (8,9)
Investment Objective; (8,9)
Investment Policies; (1-6)
Portfolio Investments and
Strategies; (8) Risks
Associated With Financial
Futures Contracts And
Options on Financial Futures
Contracts; (8)
Non-Diversified; (1-9)
Investment Limitations.
Item 5. MANAGEMENT OF THE FUND............(1-6,9) DG Investor Series Information;(7,8)
Trust Information; (1-9) Management of the Trust;
(1-9) Distribution of Fund Shares; (1-6)
----------------------
Administration of the
Funds;(7,8,9) Administration
of the Fund; (8,9)
Distribution and Shareholder
Services Plans; (8,9)
Shareholder Servicing
Arrangements; (6)
Shareholder Services Plan;
(1-9) Brokerage
Transactions; (9) Expenses
of the Fund.
Item 6. CAPITAL STOCK AND OTHER
SECURITIES........................(1-6,9) Dividends and Distributions; (7, 8)
Dividends; (1,7,8,9) Capital Gains; (1-6,9)
Shareholder Information; (7,8) Account & Shareholder
Information; (1-9) Voting Rights; (1-9) Tax
Information; (1-9) Federal Income Tax; (5) Additional
Tax Information for Municipal Income Fund; (5)
Other State and Local Taxes; (9) State and Local
Taxes; (1-9) Effect of Banking Laws.
Item 7. PURCHASE OF SECURITIES BEING
OFFERED...........................(1-9) Net Asset Value; (1-6)
Investing in the Funds;
(7,8,9) Investing in the
Fund; (1-9) Share Purchases;
(1-9) Minimum Investment
Required; (1-9) What Shares
Cost; (2-6) Reducing the
Sales Charge; (1-9)
Systematic Investment
Program; (1-9) Certificates
and Confirmations; (1-9)
Exchanging Shares; (1-9)
Exchange Privilege.
Item 8. REDEMPTION OR REPURCHASE..........(1-9) Redeeming Shares; (1-9) Through the Banks;
(1-9) Systematic Withdrawal Program; (1-9) Accounts
With Low Balances.
------------------------
Item 9. PENDING LEGAL PROCEEDINGS.........None.
-------------------------
<PAGE>
PART B. INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION.
Item 10. COVER PAGE.........................(1-9) Cover Page.
----------
Item 11. TABLE OF CONTENTS..................(1-9) Table of Contents.
-----------------
Item 12. GENERAL INFORMATION AND
HISTORY ...........................(1-6) General Information About
the Funds; (8,9) General Information About
the Fund.
Item 13. INVESTMENT OBJECTIVES AND
POLICIES...........................(1-6,8,9) Investment
Objective(s) and
Policies; (7) Investment
Policies; (4,6) Equity
Fund and Opportunity
Fund; (2,3) Limited Term
Fund and Government
Income Fund; (5)
Municipal Income Fund;
(1) Money Market Fund;
(1-6) Investment Policies
and Strategies; (1-9)
Investment
Limitations;(1,7)
Regulatory Compliance.
Item 14. MANAGEMENT OF THE FUND.............(1-9) DG Investor Series Management.
----------------------
Item 15. CONTROL PERSONS AND PRINCIPAL
HOLDERS OF SECURITIES..............(1-6,9) Trust Ownership; (7,8) Share Ownership;
(1-9) Trustees' Compensation; (1-9) Trustee Liability.
Item 16. INVESTMENT ADVISORY AND OTHER
SERVICES...........................(1-9) Investment Advisory
Services; (1-6) Adviser
to the Funds; (7,8,9)
Investment Adviser; (8,9)
Sub-Adviser;(1-9)
Advisory Fees; (2-6)
Sub-Adviser to the Funds;
(8,9) Sub-Adviser;
(2-6,8,9) Sub-Advisory
Fees; (1-8) Other
Services; (1-6)
Administration of the
Trust; (8,9) Fund
Administration;(1-6)
Custodian; (7,8,9)
Custodian & Portfolio
Accountant; (1-6)
Transfer Agent, Dividend
Disbursing Agent and
Shareholder Servicing
Agent; (7,8,9) Transfer
Agent; (1-9) Independent
Auditors.
Item 17. BROKERAGE ALLOCATION...............(1-9) Brokerage Transactions.
--------------------
Item 18. CAPITAL STOCK AND OTHER
SECURITIES Not Applicable.
Item 19. PURCHASE, REDEMPTION AND
PRICING OF SECURITIES BEING
OFFERED............................(1-9) Purchasing Shares;
(1-9) Conversion to
Federal Funds; (1-9)
Exchange Privilege; (1-9)
Requirements for
Exchange; (1-9) Making an
Exchange; (1-9)
Determining Net Asset
Value; (2-4,6)
Determining Market Value
of Securities; (5)
Valuing Municipal
Securities; (1) Use of
the Amortized Cost
Method; (1-9) Redeeming
Shares; (1-9) Redemption
in Kind; (1-9)
Massachusetts Partnership
Law.
Item 20. TAX STATUS.........................(1-9) Tax Status (1-6) The Funds' Tax Status;
(7,8,9) The Fund's Tax Status; (1-9) Shareholders'
Tax Status;
----------
Item 21. UNDERWRITERS.......................(1-5,7) Distribution Plan; (6,8,9) Distribution
and Shareholder Services Plans;
------------
Item 22. CALCULATION OF PERFORMANCE
DATA...............................(1-9) Performance Comparisons; (1-9) Yield;
(1,7) Effective Yield; (1-9) Total Return; (5) Tax-Equivalent Yield;
(5) Tax-Equivalency Table;
----
Item 23. FINANCIAL STATEMENTS...............(1-6) Incorporated herein by reference to the
Trust's Annual Report dated February 28, 1997
(File Nos. 33-46431 and 811-6607); (7) Incorporated by
reference to Registrant's Post-Effective Amendment No. 16
on Form N-1A filed August 25, 1997. (File Nos. 33-46431
and 811-6607); (8,9) To be filed by amendment.
This Amendment to the Registration Statement hereby incorporates
by reference, pursuant to Rule 411 under the Securities Act of 1933,
Parts A and B of Post Effective Amendment No. 15 filed August 22,
1997, in their entirety.
</TABLE>
PART C. OTHER INFORMATION.
Item 24. FINANCIAL STATEMENTS AND EXHIBITS:
(a) Financial Statements: (1-6) Incorporated herein by reference to
the Trust's Annual Report dated February 28, 1997 (File Nos.
33-46431 and 811-6607); (7) Incorporated by reference to
Registrant's Post-Effective Amendment No. 16 on Form N-1A filed
August 25, 1997 (File Nos. 33-46431 and 811-6607); (8,9) To be
filed by amendment.
(b) Exhibits:
(1) Conformed copy of Declaration of Trust of the Registrant
(1.);
(i) Conformed copy of Amendment No. 1 of Declaration of
Trust of the Registrant (2.);
(ii) Conformed copy of Amendment No. 3 of Declaration of
Trust of the Registrant (4.);
(iii)Conformed copy of Amendment to the Declaration of
Trust of the Registrant dated May 17, 1994 (8.);
(2) Copy of By-Laws of the Registrant (1.);
(3) Not applicable;
(4) (i) Copy of Specimen Certificate for Shares of Beneficial
Interest of DG U.S. Government Money Market Fund (3.); (ii)
Copy of Specimen Certificate for Shares of Beneficial
Interest of DG Limited Term Government Income Fund (3.);
(iii) Copy of Specimen Certificate for Shares of Beneficial
Interest of DG Government Income Fund (3.); (iv) Copy of
Specimen Certificate for Shares of Beneficial Interest of DG
Equity Fund (3.); (v) Copy of Specimen Certificate for
Shares of Beneficial Interest of DG Municipal Income (6.);
(vi) Copy of Specimen Certificate for Shares of Beneficial
Interest of DG Opportunity Fund (8.); (vii) Copy of Specimen
Certificate for Shares of Beneficial Interest of DG Prime
Money Market Fund (12.);
+ All exhibits have been filed electronically.
1. Response is incorporated by reference to Registrant's
Initial Registration Statement on Form N-1A filed March 18,
1992. (File Nos. 33-46431 and 811-6607)
2. Response is incorporated by reference to Registrant's
Pre-Effective Amendment No. 1 on Form N-1A filed April 29,
1992. (File Nos. 33-46431 and 811-6607)
3. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 1 on Form N-1A filed May 22,
1992. (File Nos. 33-46431 and 811-6607)
4. Response is incorporated by reference to Registrant's
Post-Effective Amendment No.2 on Form N-1A filed October 14,
1992. (File Nos. 33-46431 and 811-6607)
6. Response is incorporated by Reference to Registrant's
Post-Effective Amendment No. 4 on Form N-1A filed April 23,
1993. (File Nos. 33-46431 and 811-6607)
8. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 6 on Form N-1A filed May 26,
1994. (File Nos. 33-46431 and 811-6607)
12. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 11 on Form N-1A filed November
15, 1996. (File Nos. 33-46431 and 811-6607)
<PAGE>
(viii) Copy of Specimen Certificate for Shares of Beneficial
Interest of DG Mid Cap Fund (13.);
(ix) Copy of Specimen Certificate for Shares of Beneficial
Interest of DG International Equity Fund (13.);
(5) Conformed copy of Investment Advisory Contract of Registrant
(13.); (i) Conformed copy of Exhibit I to the Investment Advisory
Contract of Registrant to add DG Mid Cap Fund (15); (ii)
Conformed copy of Sub-Advisory Agreement between Deposit Guaranty
National Bank and Commercial National Bank (6.); (a) Conformed
copy of Exhibit A for DG Equity Fund (8.); (b) Conformed copy of
Exhibit B for DG Government Income Fund (8.); (c) Conformed copy
of Exhibit C for DG Limited Term Government Income Fund (8.); (d)
Conformed copy of Exhibit D for DG Municipal Income Fund (8.);
(e) Conformed copy of Exhibit E for DG Opportunity Fund; (9.)
(iii) Conformed copy of Sub-Advisory Agreement between ParkSouth
Corporation and Lazard Frere Asset Management (13.); (iv) Form of
Sub-Advisory Agreement between ParkSouth Corporation and Bennett
Lawrence Management, Inc. (13.);
(6) Conformed copy of Distributor's Contract of the Registrant (3.);
(i) Conformed copy of Exhibit A for DG vs Government Money Market
Fund (8.); (ii) Copy of Exhibit B for DG Limited Term Government
Income Fund (8.); (iii) Conformed copy of Exhibit C for DG
Government Income Fund (8.); (iv) Conformed copy of Exhibit D for
DG Equity Income Fund (8.); (v) Conformed copy of Exhibit E for
DG Municipal Income Fund (8.); (vi) Conformed copy of Exhibit F
for DG Opportunity Fund (9.);
+ All exhibits have been filed electronically.
3. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 1 on Form N-1A filed May 22, 1992.
(File Nos. 33-46431 and 811-6607)
6. Response is incorporated by Reference to Registrant's
Post-Effective Amendment No. 4 on Form N-1A filed April 23, 1993.
(File Nos. 33-46431 and 811-6607)
8. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 6 on Form N-1A filed May 26, 1994.
(File Nos. 33-46431 and 811-6607)
9. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 8 on Form N-1A filed February 10,
1995. (File Nos. 33-46431 and 811-6607)
13. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 13 on Form N-1A filed June 20, 1997.
(File Nos. 33-46431 and 811-6607)
15. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 15 on Form N-1A filed August 22,
1997. (File Nos. 33-46431 and 811-6607)
(vii)Conformed copy of Exhibit G for DG Prime Money Market Fund
(13.);
(viii) Conformed copy of Exhibit H for DG International Equity
Fund (13.);
(ix) Conformed copy of Exhibit I for DG Mid Cap Fund (14);
(7) Not applicable
(8) Conformed copy of Custodian Agreement of the Registrant (6.);
(9) (i) Conformed copy of Transfer Agency and Service Agreement of
Registrant (6.);
(ii)...Conformed copy of Administrative Services Agreement (7.);
(iii) Conformed copy of Shareholder Services Agreement (13.);
(iv) Conformed copy of Shareholder Services Plan (9.);
(v) Conformed copy of Exhibit A to Shareholder Services Plan
(9.);
(vi) Conformed copy of Exhibits B, C, D, E, F, G, H, and I to
Shareholder Services Plan (13.);
(10) Conformed copy of Opinion and Consent of Counsel as to legality
of shares being registered (11.);
(11) Conformed copy of consent of Independent Auditors;+
(12) Not applicable;
(13) Conformed copy of Initial Capital Understanding (2.);.
(14) Not applicable;
+ All exhibits have been filed electronically.
2. Response is incorporated by reference to Registrant's
Pre-Effective Amendment No. 1 on Form N-1A filed April 29,
1992. (File Nos. 33-46431 and 811-6607)
6. Response is incorporated by Reference to Registrant's
Post-Effective Amendment No. 4 on Form N-1A filed April 23,
1993. (File Nos. 33-46431 and 811-6607)
7. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 5 on Form N-1A filed April 27,
1994. (File Nos. 33-46431 and 811-6607)
8. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 6 on Form N-1A filed May 26,
1994. (File Nos. 33-46431 and 811-6607)
9. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 8 on Form N-1A filed February
10, 1995. (File Nos. 33-46431 and 811-6607);
11. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 10 on Form N-1A filed June 24,
1996. (File Nos. 33-46431 and 811-6607)
13. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 13 on Form N-1A filed June 20,
1997. (File Nos. 33-46431 and 811-6607)
14. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 14 on Form N-1A filed June 26,
1997. (File Nos. 33-46431 and 811-6607)
<PAGE>
(15) (i) Copy of Distribution Plan of the Registrant (2.);
(a) Conformed copy of Exhibit A for D.G. U.S.
Government Money Market Fund (8.);
(b) Conformed copy of Exhibit B for DG Limited Term
Government Income Fund (8.);
(c) Conformed copy of Exhibit C for DG Government
Income Fund (8.);
(d) Conformed copy of Exhibit D for DG Equity Fund
(8.);
(e) Conformed copy of Exhibit E for DG Municipal
Income Fund (8.);
(f) Conformed copy of Exhibit F for DG Opportunity
Fund (9.);
(g) Conformed copy of Exhibit G for DG Prime Money
Market Fund (13.);
(h) Conformed copy of Exhibit H for DG International
Equity Fund (13.);
(i) Conformed copy of Exhibit I for DG Mid Cap Fund
(13.);
(ii) Copy of Rule 12b-1 Agreement of the
Registrant (8.); (16) Schedule for
Computation of Fund Performance Data;
(i) DG Equity Fund (5.); (ii) DG
Government Income Fund (5.);
(iii) DG Limited Term Government Income Fund (5.);
(iv) DG U.S. Government Money Market Fund (5.);
(v) DG Municipal Income Fund (6.); (vi) DG
Opportunity Fund (9.);
(vii)DG Prime Money Market Fund (16.); (17) Copy
of Financial Data Schedules; + (18) Conformed
copy of Power of Attorney (10.).
Item 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT:
None
+ All exhibits have been filed electronically.
5. Response is incorporated by reference to Registrant's
Post-Effective Amendment No.3 on Form N-1A filed October 28,
1992. (File Nos. 33-46431 and 811-6607)
6. Response is incorporated by Reference to Registrant's
Post-Effective Amendment No. 4 on Form N-1A filed April 23, 1993.
(File Nos. 33-46431 and 811-6607)
8. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 6 on Form N-1A filed May 26, 1994.
(File Nos. 33-46431 and 811-6607)
9. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 8 on Form N-1A filed February 10,
1995. (File Nos. 33-46431 and 811-6607)
10. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 9 on Form N-1A filed April 25, 1995.
(File Nos. 33-46431 and 811-6607)
13. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 13 on Form N-1A filed June 20, 1997.
(File Nos. 33-46431 and 811-6607)
16. Response is incorporated by reference to Registrant's
Post-Effective Amendment No. 16 on Form N-1A filed August 25,
1997. (File Nos. 33-46431 and 811-6607)
<PAGE>
Item 26. NUMBER OF HOLDERS OF SECURITIES:
Number of Record Holders
TITLE OF CLASS AS OF OCTOBER 1, 1997
- -------------- ----------------------
Shares of beneficial interest
(no par value)
DG Treasury Money Market Fund (formerly,
DG U.S. Government Money Market Fund 89
DG Limited Term Government
Income Fund 146
DG Government Income Fund 171
DG Equity Fund 2,449
DG Municipal Income Fund 94
DG Opportunity Fund 719
DG Prime Money Market Fund 9
DG International Equity Fund 26
DG Mid Cap Fund............................. 1
Item 27. INDEMNIFICATION: (4)
Item 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER:
(a) ParkSouth Corporation is a registered
investment adviser providing investment
management services to individuals and
institutional clients. ParkSouth Corporation
is a subsidiary of Deposit Guaranty National
Bank, a national banking association formed
in 1925, which, in turn, is a subsidiary of
Deposit Guaranty Corp ("DGC"). Through its
subsidiaries and affiliates, DGC offers a
full range of financial services to the
public, including commercial lending,
depository services, cash management,
brokerage services, retail banking, mortgage
banking, investment advisory services and
trust services.
ParkSouth Corporation manages, in addition to
the Funds in the DG Investor Series, $630
million in common trust fund assets as of
December 31, 1996. ParkSouth Corporation
(which suceeded to the investment advisory
business of Deposit Guaranty National Bank in
1997) or Deposit Guaranty National Bank have
served as the Trust's investment adviser
since May 5, 1992.
<PAGE>
The principal executive officers of the
Fund's Investment Adviser, and the Directors
of the Fund's Adviser, are set forth in the
following tables. Unless otherwise noted, the
position listed under Other Substantial
Business, Profession, Vocation or Employment
is with Deposit Guaranty National Bank.
Other Substantial
Position With Business,Profession,
NAME THE ADVISER VOCATION OR EMPLOYMENT
E.B. Robinson, Jr. Chairman of the Board
and Chief Executive
Howard L. McMillan, Jr. President and Chief
Operating Officer
William R. Boone Executive Vice President
Thomas M. Hontzas Executive Vice President
W. Parks Johnson Executive Vice President
James S. Lenoir Executive Vice President
W. Stanley Pratt Executive Vice President
Arlen L. McDonald Executive Vice President
and Chief Financial Officer
DIRECTORS
Haley R. Barbour Warren A. Hood, Jr. W.R. Newman, III
Michael B. Bemis Charles L. Irby John N. Palmer
W. Randolph James E.B. Robinson, Jr. Sharon S. Greener
Booker T. Jones Robert D. Robinson Robert L.T. Smith, Jr.
Howard L. McMillan, Jr. Douglas A. Herring Richard McRae,Jr.
J. Kelley Williams
(b) Lazard Asset Management, a division of Lazard
Co. LLC, a New York limited liability company,
which is registered as an investment adviser
with the Securities and Exchange Commission and
is a member of the New York, American and
Midwest Stock Exchanges. Lazard Asset Management
provides investment management services to
client discretionary accounts with assets
totalling approximately $38.1 billion as of
December 31, 1996. Lazard Asset Management
serves as Sub-Adviser to DG International Equity
Fund.
Lazard Asset Management is managed by members who are
referred to as Managing Directors and are as
follows: Norman Eig; Herbert W. Gullquist; Thomas
F. Dunn; Robert P. Morgenthau; John R. Reese; John
R. Reinsberg; Michael S. Rome; Alexander E.
Zagoreos; Larry Kohn; and Eileen Alexanderson.
(c) Bennett Lawrence Management, LLC, a New York
limited liability company, which is registered
as an investment adviser with the Securities and
Exchange Commission. Bennett Lawrence
Management, LLC provides investment management
services to client discretionary accounts with
assets totalling approximately $634 million as
of December 31, 1996. Bennett Lawrence
Management, LLC serves as Sub-Adviser to DG Mid
Cap Fund.
Bennett Lawrence Management, LLC is managed by S. Van Zandt
Schreiber, Managing Member and Chief Portfolio Manager,
Robert W. Deaton, Member and Associate Portfolio Manager,
Brendan J. Contant, Member and Marketing Director and
Jane H. Fisher, Member and Operations Director.
(d) Womack Asset Management, Inc. is registered as an
investment adviser with the Securities and Exchange
Commission. Womack Asset Management, Inc. provides
investment management services to client discretionary
accounts with assets totaling approximately $106.7
million as of August 31, 1997. Womack Asset Management,
Inc. serves as Sub-Adviser to DG Opportunity Fund.
Womack Asset Management, Inc. is managed by William A. Womack,
President and Director.
ITEM 29. PRINCIPAL UNDERWRITERS:
(a) Federated Securities Corp. the Distributor for shares of the
Registrant, acts as principal underwriter for the following
open-end investment companies, including the Registrant:
111 Corcoran Funds; Arrow Funds; Automated
Government Money Trust; Blanchard Funds; Blanchard
Precious Metals Fund, Inc.; Cash Trust Series II;
Cash Trust Series, Inc.; DG Investor Series; Edward
D. Jones & Co. Daily Passport Cash Trust; Federated
Adjustable Rate U.S. Government Fund, Inc.;
Federated American Leaders Fund, Inc.; Federated
ARMs Fund; Federated Equity Funds; Federated Equity
Income Fund, Inc.; Federated Fund for U.S.
Government Securities, Inc.; Federated GNMA Trust;
Federated Government Income Securities, Inc.;
Federated Government Trust; Federated High Income
Bond Fund, Inc.; Federated High Yield Trust;
Federated Income Securities Trust; Federated Income
Trust; Federated Index Trust; Federated
Institutional Trust; Federated Insurance Series;
Federated Investment Portfolios; Federated
Investment Trust; Federated Master Trust; Federated
Municipal Opportunities Fund, Inc.; Federated
Municipal Securities Fund, Inc.; Federated Municipal
Trust; Federated Short-Term Municipal Trust;
Federated Short-Term U.S. Government Trust;
Federated Stock and Bond Fund, Inc.; Federated Stock
Trust; Federated Tax-Free Trust; Federated Total
Return Series, Inc.; Federated U.S. Government Bond
Fund; Federated U.S. Government Securities Fund: 1-3
Years; Federated U.S. Government Securities Fund:
2-5 Years; Federated U.S. Government Securities
Fund: 5-10 Years; Federated Utility Fund, Inc.;
First Priority Funds; Fixed Income Securities, Inc.;
High Yield Cash Trust; Independence One Mutual
Funds; Intermediate Municipal Trust; International
Series, Inc.; Investment Series Funds, Inc.;
Investment Series Trust; Liberty U.S. Government
Money Market Trust; Liquid Cash Trust; Managed
Series Trust; Marshall Funds, Inc.; Money Market
Management, Inc.; Money Market Obligations Trust;
Money Market Obligations Trust II; Money Market
Trust; Municipal Securities Income Trust; Newpoint
Funds; Peachtree Funds; RIMCO Monument Funds;
SouthTrust Vulcan Funds; Star Funds; Targeted
Duration Trust; Tax-Free Instruments Trust; The
Planters Funds; The Virtus Funds; The Wachovia
Funds; The Wachovia Municipal Funds; Tower Mutual
Funds; Trust for Financial Institutions; Trust for
Government Cash Reserves; Trust for Short-Term U.S.
Government Securities; Trust for U.S. Treasury
Obligations; Vision Group of Funds, Inc.; and World
Investment Series, Inc.
Federated Securities Corp. also acts as principal underwriter
for the following closed-end investment company: Liberty Term
Trust, Inc.- 1999.
(b)
<TABLE>
<CAPTION>
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
BUSINESS ADDRESS WITH DISTRIBUTOR WITH REGISTRANT
<S> <C> <C>
Richard B. Fisher Director, Chairman, Chief Vice President
Federated Investors Tower Executive Officer, Chief
Pittsburgh, PA 15222-3779 Operating Officer, Asst.
Secretary and Asst.
Treasurer, Federated
Securities Corp.
Edward C. Gonzales Director, Executive Vice President,
Federated Investors Tower President, Federated, Treasurer, and
Pittsburgh, PA 15222-3779 Securities Corp. Trustee
Thomas R. Donahue Director, Assistant Secretary
Federated Investors Tower and Assistant Treasurer
Pittsburgh, PA 15222-3779 Federated Securities Corp
James F. Getz President-Broker/Dealer, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
John B. Fisher President-Institutional Sales, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
David M. Taylor Executive Vice President --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mark W. Bloss Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard W. Boyd Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Laura M. Deger Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Theodore Fadool, Jr. Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
BUSINESS ADDRESS WITH DISTRIBUTOR WITH REGISTRANT
Bryant R. Fisher Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Christopher T. Fives Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
James S. Hamilton Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
James M. Heaton Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Keith Nixon Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Solon A. Person, IV Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Timothy C. Pillion Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Thomas E. Territ Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Teresa M. Antoszyk Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
John B. Bohnet Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Byron F. Bowman Vice President, Secretary, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Jane E. Broeren-Lambesis Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mary J. Combs Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
R. Edmond Connell, Jr. Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
R. Leonard Corton, Jr. Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
<PAGE>
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
BUSINESS ADDRESS WITH DISTRIBUTOR WITH REGISTRANT
Kevin J. Crenny Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Daniel T. Culbertson Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
G. Michael Cullen Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
William C. Doyle Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Jill Ehrenfeld Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mark D. Fisher Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Joseph D. Gibbons Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
John K. Goettlicher Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Craig S. Gonzales Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard C. Gonzales Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Bruce E. Hastings Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Beth A. Hetzel Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
James E. Hickey Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Brian G. Kelly Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
H. Joseph Kennedy Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
<PAGE>
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
BUSINESS ADDRESS WITH DISTRIBUTOR WITH REGISTRANT
Mark J. Miehl Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard C. Mihm Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
J. Michael Miller Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Robert D. Oehlschlager Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Thomas A. Peters III Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Robert F. Phillips Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard A. Recker Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Eugene B. Reed Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
George D. Riedel Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Paul V. Riordan Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
John Rogers Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Brian S. Ronayne Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Thomas S. Schinabeck Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Edward L. Smith Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
David W. Spears Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
<PAGE>
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
BUSINESS ADDRESS WITH DISTRIBUTOR WITH REGISTRANT
John A. Staley Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Jeffrey A. Stewart Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard Suder Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
William C. Tustin Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Paul A. Uhlman Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Miles J. Wallace Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
John F. Wallin Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard B. Watts Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Edward J. Wojnarowski Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Michael P. Wolff Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Edward R. Bozek Assistant Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Terri E. Bush Assistant Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Charlene H. Jennings Assistant Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Denis McAuley Treasurer, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Leslie K. Platt Assistant Secretary, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
</TABLE>
<PAGE>
Item 30. LOCATION OF ACCOUNTS AND RECORDS:
All accounts and records required to be maintained
by Section 31(a) of the Investment Company Act of
1940 and Rules 31a-1 through 31a-3 promulgated
thereunder are maintained at one of the following
locations:
DG Investor Series Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Shareholder Services Company P.O. Box 8600
Transfer Agent, Dividend Boston, MA 02266-8600
Disbursing Agent and
Shareholder Servicing Agent
Federated Administrative Services Federated Investors Tower
Administrator Pittsburgh, PA 15222-3779
ParkSouth Corporation P.O. Box 1200
Adviser Jackson,MS 39215-1200
Lazard Asset Management 30 Rockefeller Plaza
Sub-Adviser to DG International New York, NY 10020
Equity Fund only
Bennett Lawrence Management, LLC 757 Third Avenue, 19th Floor
Sub-Adviser to DG Mid Cap New York, NY 10017
Fund only
Womack Asset Management, Inc. 2120 Deposit Guaranty Plaza
Sub-Adviser to DG Opportunity Jackson, MS 39201
Fund only
State Street Bank and Trust Company P.O. Box 8600
Custodian Boston, MA 02266-8600
Item 31. MANAGEMENT SERVICES: Not applicable.
Item 32. UNDERTAKINGS:
Registrant hereby undertakes to comply with the
provisions of Section 16(c) of the 1940 Act with
respect to the removal of Trustees and the calling
of special shareholder meetings by shareholders.
Registrant hereby undertakes to furnish each person
to whom a prospectus is delivered with a copy of the Registrant's
latest annual report to shareholders, upon request and without charge.
Registrant hereby undertakes to file a
post-effective amendment on behalf of DG
International Equity Fund, using financial statments
for DG International Equity Fund, which need not be
certified, within four to six months from the
effective date of Post-Effective Amendment No. 12.
Registrant hereby undertakes to file a
post-effective amendment on behalf of DG Mid Cap
Fund, using financial statments for DG Mid Cap Fund,
which need not be certified, within four to six
months from the effective date of Post-Effective
Amendment No. 13.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and
the Investment Company Act of 1940, the Registrant, DG INVESTOR
SERIES, certifies that it meets all of the requirements for
effectiveness of this Amendment to its Registration Statement pursuant
to Rule 485 (b) under the Securities Act of 1933 and has duly caused
this Amendment to its Registration Statement to be signed on its
behalf by the undersigned, thereto duly authorized, in the City of
Pittsburgh and Commonwealth of Pennsylvania, on the 20th day of
October, 1997.
DG INVESTOR SERIES
BY: /s/C. Grant Anderson
C. Grant Anderson, Assistant Secretary
Attorney in Fact for John F. Donahue
October 20, 1997
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/C. Grant Anderson
C. Grant Anderson Attorney In Fact October 20, 1997
ASSISTANT SECRETARY For the Persons
Listed Below
NAME TITLE
John F. Donahue* Chairman and Trustee
(Chief Executive Officer)
Edward C. Gonzales* President, Treasurer and Trustee
(Principal Financial and
Accounting Officer)
Thomas G. Bigley* Trustee
John T. Conroy, Jr.* Trustee
William J. Copeland* Trustee
James E. Dowd* Trustee
Lawrence D. Ellis, M.D.* Trustee
Edward L. Flaherty, Jr.* Trustee
Peter E. Madden* Trustee
Gregor F. Meyer* Trustee
John E. Murray, Jr.* Trustee
Wesley W. Posvar* Trustee
Marjorie P. Smuts* Trustee
* By Power of Attorney
Exhibit 11 under Form N-1A
Exhibit 23 under Item 601/Reg. S-K
INDEPENDENT AUDITORS' CONSENT
The Board of Trustees
DG Investor Series:
With respect to this Post Effective Amendment No. 17 to the
Registration Statement (No. 33-46431) on Form N-1A of the DG Investor
Series, we consent to the use of our report dated April 11, 1997, on
the financial statements of the funds listed below, incorporated by
reference, and to the references to our Firm under the headings
"Financial Highlights" in Part A of the Registration Statement and
"Other Services - Independent Auditors" in Part B of the Registration
Statement.
DG Equity Fund;
DG Opportunity Fund;
DG Limited Term Government Income Fund;
DG Government Income Fund;
DG Municipal Income Fund; and
DG U.S. Government Money Market Fund
By: KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Pittsburgh, Pennsylvania
October 20, 1997
<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-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 273,622,132
<INVESTMENTS-AT-VALUE> 273,622,132
<RECEIVABLES> 765,275
<ASSETS-OTHER> 2,418
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274,389,825
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 936,899
<TOTAL-LIABILITIES> 936,899
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 273,452,926
<SHARES-COMMON-STOCK> 273,452,926
<SHARES-COMMON-PRIOR> 245,647,230
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 273,452,926
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,924,422
<OTHER-INCOME> 0
<EXPENSES-NET> 1,141,023
<NET-INVESTMENT-INCOME> 10,783,399
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,783,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,783,399
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 550,619,637
<NUMBER-OF-SHARES-REDEEMED> 522,981,171
<SHARES-REINVESTED> 167,230
<NET-CHANGE-IN-ASSETS> 27,805,696
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,138,567
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,596,450
<AVERAGE-NET-ASSETS> 227,713,430
<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> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> DG Investor Series
DG Limited Term Government Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 83,281,477
<INVESTMENTS-AT-VALUE> 83,351,823
<RECEIVABLES> 1,070,531
<ASSETS-OTHER> 473
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,422,827
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,400
<TOTAL-LIABILITIES> 37,400
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87,809,218
<SHARES-COMMON-STOCK> 8,689,448
<SHARES-COMMON-PRIOR> 9,513,347
<ACCUMULATED-NII-CURRENT> 35,553
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,529,690)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,346
<NET-ASSETS> 84,385,427
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,339,716
<OTHER-INCOME> 0
<EXPENSES-NET> 597,447
<NET-INVESTMENT-INCOME> 4,742,269
<REALIZED-GAINS-CURRENT> (1,008,150)
<APPREC-INCREASE-CURRENT> 293,452
<NET-CHANGE-FROM-OPS> 4,027,571
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,818,533
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,953,124
<NUMBER-OF-SHARES-REDEEMED> 3,986,837
<SHARES-REINVESTED> 209,814
<NET-CHANGE-IN-ASSETS> (8,890,184)
<ACCUMULATED-NII-PRIOR> 56,525
<ACCUMULATED-GAINS-PRIOR> (2,466,248)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 527,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,439
<AVERAGE-NET-ASSETS> 87,995,684
<PER-SHARE-NAV-BEGIN> 9.800
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> (0.080)
<PER-SHARE-DIVIDEND> 0.530
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> DG Investor Series
DG Government Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 248,234,740
<INVESTMENTS-AT-VALUE> 246,891,671
<RECEIVABLES> 2,806,284
<ASSETS-OTHER> 3,766
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,701,721
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,279
<TOTAL-LIABILITIES> 83,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,978,362
<SHARES-COMMON-STOCK> 25,761,234
<SHARES-COMMON-PRIOR> 18,659,694
<ACCUMULATED-NII-CURRENT> 45,794
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,062,645)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,343,069)
<NET-ASSETS> 249,618,442
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,877,668
<OTHER-INCOME> 0
<EXPENSES-NET> 1,606,237
<NET-INVESTMENT-INCOME> 13,271,431
<REALIZED-GAINS-CURRENT> (1,412,964)
<APPREC-INCREASE-CURRENT> (2,801,515)
<NET-CHANGE-FROM-OPS> 9,056,952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,349,136
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,623,519
<NUMBER-OF-SHARES-REDEEMED> 5,043,232
<SHARES-REINVESTED> 521,253
<NET-CHANGE-IN-ASSETS> 65,392,336
<ACCUMULATED-NII-PRIOR> 62,896
<ACCUMULATED-GAINS-PRIOR> (589,078)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,369,096
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,834,420
<AVERAGE-NET-ASSETS> 226,453,311
<PER-SHARE-NAV-BEGIN> 9.870
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.180)
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.690
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> DG Investor Series
DG Equity Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 318,427,891
<INVESTMENTS-AT-VALUE> 489,693,047
<RECEIVABLES> 838,410
<ASSETS-OTHER> 5,706
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 490,537,163
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,262
<TOTAL-LIABILITIES> 145,262
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 318,556,876
<SHARES-COMMON-STOCK> 29,394,313
<SHARES-COMMON-PRIOR> 26,583,091
<ACCUMULATED-NII-CURRENT> 553,985
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,884
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,265,156
<NET-ASSETS> 490,391,901
<DIVIDEND-INCOME> 6,283,804
<INTEREST-INCOME> 1,755,374
<OTHER-INCOME> 0
<EXPENSES-NET> 3,956,052
<NET-INVESTMENT-INCOME> 4,083,126
<REALIZED-GAINS-CURRENT> 10,108,185
<APPREC-INCREASE-CURRENT> 63,747,215
<NET-CHANGE-FROM-OPS> 77,938,526
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,964,723
<DISTRIBUTIONS-OF-GAINS> 10,093,485
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,852,631
<NUMBER-OF-SHARES-REDEEMED> 4,578,933
<SHARES-REINVESTED> 537,524
<NET-CHANGE-IN-ASSETS> 105,246,864
<ACCUMULATED-NII-PRIOR> 435,582
<ACCUMULATED-GAINS-PRIOR> 1,184
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,213,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,956,052
<AVERAGE-NET-ASSETS> 428,699,511
<PER-SHARE-NAV-BEGIN> 14.490
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 2.540
<PER-SHARE-DIVIDEND> 0.140
<PER-SHARE-DISTRIBUTIONS> 0.350
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.680
<EXPENSE-RATIO> 0.92
<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-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 44,233,362
<INVESTMENTS-AT-VALUE> 45,420,088
<RECEIVABLES> 1,653,371
<ASSETS-OTHER> 435
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,073,894
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,968
<TOTAL-LIABILITIES> 145,968
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,525,103
<SHARES-COMMON-STOCK> 4,433,345
<SHARES-COMMON-PRIOR> 4,182,389
<ACCUMULATED-NII-CURRENT> 111,120
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 104,977
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,186,726
<NET-ASSETS> 46,927,926
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</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-28-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 70,805,933
<INVESTMENTS-AT-VALUE> 80,520,538
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<NET-INVESTMENT-INCOME> (169,394)
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<ACCUMULATED-NII-PRIOR> 239
<ACCUMULATED-GAINS-PRIOR> (1,058,345)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> DG Investors Series
DG Prime Money Market Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 164,418,381
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<RECEIVABLES> 147,861
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<TOTAL-ASSETS> 164,566,326
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<OTHER-ITEMS-LIABILITIES> 802,860
<TOTAL-LIABILITIES> 802,860
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,763,466
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 163,763,466
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<INTEREST-INCOME> 2,561,615
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<EXPENSES-NET> 315,541
<NET-INVESTMENT-INCOME> 2,246,074
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<NET-CHANGE-FROM-OPS> 2,246,074
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<NET-CHANGE-IN-ASSETS> 163,763,466
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.000
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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
<INVESTMENTS-AT-VALUE> 10,765,836
<RECEIVABLES> 34,571
<ASSETS-OTHER> 911,596
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,712,003
<PAYABLE-FOR-SECURITIES> 926,759
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,598
<TOTAL-LIABILITIES> 934,357
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,134,671
<SHARES-COMMON-STOCK> 1,113,491
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,606
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43,545
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (413,176)
<NET-ASSETS> 10,777,646
<DIVIDEND-INCOME> 1,373
<INTEREST-INCOME> 18,790
<OTHER-INCOME> 0
<EXPENSES-NET> 7,557
<NET-INVESTMENT-INCOME> 12,606
<REALIZED-GAINS-CURRENT> 43,545
<APPREC-INCREASE-CURRENT> (413,176)
<NET-CHANGE-FROM-OPS> (357,025)
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<GROSS-EXPENSE> 9,688
<AVERAGE-NET-ASSETS> 2,155,824
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<PER-SHARE-NII> 0.010
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<PER-SHARE-NAV-END> 9.680
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</TABLE>
