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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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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
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NAME> DG Investor Series
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<NUMBER> 02
<NAME> DG Investor Series
DG Government Income Fund
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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-28-1997
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<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> 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
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<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
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,508,540
<OTHER-INCOME> 0
<EXPENSES-NET> 325,414
<NET-INVESTMENT-INCOME> 2,183,126
<REALIZED-GAINS-CURRENT> 116,120
<APPREC-INCREASE-CURRENT> (430,640)
<NET-CHANGE-FROM-OPS> 1,868,597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,140,424
<DISTRIBUTIONS-OF-GAINS> 47,122
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,331,086
<NUMBER-OF-SHARES-REDEEMED> 1,083,418
<SHARES-REINVESTED> 3,288
<NET-CHANGE-IN-ASSETS> 2,349,602
<ACCUMULATED-NII-PRIOR> 68,418
<ACCUMULATED-GAINS-PRIOR> 35,979
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 279,232
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 537,479
<AVERAGE-NET-ASSETS> 46,538,898
<PER-SHARE-NAV-BEGIN> 10.660
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.070)
<PER-SHARE-DIVIDEND> 0.480
<PER-SHARE-DISTRIBUTIONS> 0.010
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<PER-SHARE-NAV-END> 10.590
<EXPENSE-RATIO> 0.70
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<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-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
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<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> 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
<RECEIVABLES> 42,145
<ASSETS-OTHER> 1,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,563,954
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,806
<TOTAL-LIABILITIES> 36,806
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,063,479
<SHARES-COMMON-STOCK> 5,951,609
<SHARES-COMMON-PRIOR> 4,181,974
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (250,936)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,714,605
<NET-ASSETS> 80,527,148
<DIVIDEND-INCOME> 234,802
<INTEREST-INCOME> 418,540
<OTHER-INCOME> 0
<EXPENSES-NET> 822,736
<NET-INVESTMENT-INCOME> (169,394)
<REALIZED-GAINS-CURRENT> 5,530,831
<APPREC-INCREASE-CURRENT> 1,007,879
<NET-CHANGE-FROM-OPS> 6,369,316
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,464,715
<NUMBER-OF-SHARES-REDEEMED> 929,615
<SHARES-REINVESTED> 234,535
<NET-CHANGE-IN-ASSETS> 27,049,823
<ACCUMULATED-NII-PRIOR> 239
<ACCUMULATED-GAINS-PRIOR> (1,058,345)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 684,142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 938,316
<AVERAGE-NET-ASSETS> 71,593,820
<PER-SHARE-NAV-BEGIN> 12.790
<PER-SHARE-NII> (0.040)
<PER-SHARE-GAIN-APPREC> 1.610
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.830
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.530
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
