<PAGE>
Supplement dated October 1, 1998, and effective November 2, 1998 to the
current Prospectus for the Class A Shares and Class B Shares of the following
Funds
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Aggressive Growth Fund Devon Fund Growth Stock Fund Small Cap Value Fund
Blue Chip Fund Emerging Markets Fund International Equity Fund Social Awareness Fund
Decatur Income Fund Foundation Balanced Portfolio New Pacific Fund Trend Fund
Decatur Total Return Fund Foundation Growth Portfolio Overseas Equity Fund Tax-Efficient Equity Fund
DelCap Fund Foundation Income Portfolio REIT Fund U.S. Growth Fund
Delaware Fund Global Equity Fund
</TABLE>
The following replaces information in the Shareholder Transaction Expenses
table under Summary of Expenses and all other references in the Prospectuses
to front-end sales charges for Class A Shares and contingent deferred sales
charges for Class B Shares of the Funds listed above:
Maximum Sales Charge Imposed on Purchases of Class A Shares 5.75%
(as a percentage of offering price)
Maximum Contingent Deferred Sales Charge for Class B hares 5.00%*
(as a percentage of original purchase price
or redemption proceeds, as applicable)
*Class B Shares are subject to a CDSC of: (i) 5% if shares are redeemed within
one year of purchase; (ii) 4% if shares are redeemed during the second year
following purchase; (iii) 3% if shares are redeemed during the third or fourth
year following purchase; (iv) 2% if shares are redeemed during the fifth year
following purchase; (v) 1% if shares are redeemed during the sixth year
following purchase; and (vi) 0% thereafter.
<PAGE>
The following replaces the Example of Expenses under Summary of Expenses for
Class A Shares and Class B Shares:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Assuming Redemption Assuming No Redemption
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------------------------------------
Aggressive Growth Fund
Class A Shares $74.26 $109.44 $146.94 $251.89 $74.26 $109.44 $146.94 $251.89
Class B Shares $75.31 $107.85 $153.05 $265.18 $25.31 $77.85 $133.05 $265.18
- --------------------------------------------------------------------------------------------------------------------------------
Blue Chip Fund
Class A Shares $71.89 $102.19 $134.65 $226.26 $71.89 $102.19 $134.65 $226.26
Class B Shares $72.31 $98.81 $137.95 $235.70 $22.31 $68.81 $117.95 $235.70
- --------------------------------------------------------------------------------------------------------------------------------
Decatur Income Fund
Class A Shares $65.96 $83.95 $103.45 $159.69 $65.96 $83.95 $103.45 $159.69
Class B Shares $67.08 $82.96 $111.26 $177.42 $17.08 $52.96 $91.26 $177.42
- --------------------------------------------------------------------------------------------------------------------------------
Decatur Total Return Fund
Class A Shares $68.36 $91.35 $116.16 $187.07 $68.36 $91.35 $116.16 $187.07
Class B Shares $68.59 $87.56 $119.03 $196.46 $18.59 $57.56 $99.03 $196.46
- --------------------------------------------------------------------------------------------------------------------------------
DelCap Fund
Class A Shares $70.55 $98.10 $127.69 $211.61 $70.55 $98.10 $127.69 $211.61
Class B Shares $70.90 $94.57 $130.84 $221.03 $20.90 $64.57 $110.84 $221.03
- --------------------------------------------------------------------------------------------------------------------------------
Delaware Fund
Class A Shares $66.83 $86.62 $108.04 $169.62 $66.83 $86.62 $108.04 $169.62
Class B Shares $68.09 $86.03 $116.45 $188.10 $18.09 $56.03 $96.45 $188.10
- --------------------------------------------------------------------------------------------------------------------------------
Devon Fund
Class A Shares $69.98 $96.34 $124.69 $205.27 $69.98 $96.34 $124.69 $205.27
Class B Shares $70.30 $92.75 $127.78 $214.68 $20.30 $62.75 $107.78 $214.68
- --------------------------------------------------------------------------------------------------------------------------------
Emerging Markets Fund
Class A Shares $76.63 $116.64 $159.08 $276.84 $76.63 $116.64 $159.08 $276.84
Class B Shares $77.31 $113.83 $162.98 $286.33 $27.31 $83.83 $142.98 $286.33
- --------------------------------------------------------------------------------------------------------------------------------
Foundation Balanced Portfolio
Class A Shares $65.20 $81.58 $99.37 $150.80 $65.20 $81.58 $99.37 $150.80
Class B Shares $65.77 $78.95 $104.47 $164.34 $15.77 $48.95 $84.47 $164.34
- --------------------------------------------------------------------------------------------------------------------------------
Foundation Growth Portfolio
Class A Shares $65.20 $81.58 $99.37 $150.80 $65.20 $81.58 $99.37 $150.80
Class B Shares $65.77 $78.95 $104.47 $164.34 $15.77 $48.95 $84.47 $164.34
- --------------------------------------------------------------------------------------------------------------------------------
Foundation Income Portfolio
Class A Shares $65.20 $81.58 $99.37 $150.80 $65.20 $81.58 $99.37 $150.80
Class B Shares $65.77 $78.95 $104.47 $164.34 $15.77 $48.95 $84.47 $164.34
- --------------------------------------------------------------------------------------------------------------------------------
Global Equity Fund
Class A Shares $69.50 $94.87 $122.18 $199.94 $69.50 $94.87 $122.18 $199.94
Class B Shares $69.80 $91.22 $125.21 $209.35 $19.80 $61.22 $105.21 $209.35
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Assuming Redemption Assuming No Redemption
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------------------------------
Growth Stock Fund
Class A Shares $74.26 $109.44 $146.94 $251.89 $74.26 $109.44 $146.94 $251.89
Class B Shares $75.31 $107.85 $153.05 $265.18 $25.31 $77.85 $133.05 $265.18
- ---------------------------------------------------------------------------------------------------------------------------------
International Equity Fund
Class A Shares $73.79 $107.99 $144.49 $246.81 $73.79 $107.99 $144.49 $246.81
Class B Shares $74.31 $104.84 $148.04 $256.28 $24.31 $74.84 $128.04 $256.28
- ---------------------------------------------------------------------------------------------------------------------------------
New Pacific Fund
Class A Shares $74.74 $110.89 $149.38 $256.94 $74.74 $110.89 $149.38 $256.94
Class B Shares $75.31 $107.85 $153.05 $266.42 $25.31 $77.85 $133.05 $266.42
- ---------------------------------------------------------------------------------------------------------------------------------
Overseas Equity Portfolio
Class A Shares $74.74 $110.89 $149.38 $256.94 $74.74 $110.89 $149.38 $256.94
Class B Shares $75.31 $107.85 $153.05 $266.42 $25.31 $77.85 $133.05 $266.42
- ---------------------------------------------------------------------------------------------------------------------------------
REIT Fund
Class A Shares $68.17 $90.76 $115.14 $184.90 $68.17 $90.76 $115.14 $184.90
Class B Shares $68.89 $88.48 $120.59 $198.39 $18.89 $58.48 $100.59 $198.39
- ---------------------------------------------------------------------------------------------------------------------------------
Small Cap Value Fund
Class A Shares $70.84 $98.98 $129.18 $214.76 $70.84 $98.98 $129.18 $214.76
Class B Shares $71.20 $95.48 $132.37 $224.19 $21.20 $65.48 $112.37 $224.19
- ---------------------------------------------------------------------------------------------------------------------------------
Social Awareness Fund
Class A Shares $71.89 $102.19 $134.65 $226.26 $71.89 $102.19 $134.65 $226.26
Class B Shares $72.31 $98.81 $137.95 $235.70 $22.31 $68.81 $117.95 $235.70
- ---------------------------------------------------------------------------------------------------------------------------------
Trend Fund
Class A Shares $70.36 $97.51 $126.69 $209.50 $70.36 $97.51 $126.69 $209.50
Class B Shares $71.20 $95.48 $132.37 $222.91 $21.20 $65.48 $112.37 $222.91
- ---------------------------------------------------------------------------------------------------------------------------------
Tax-Efficient Equity Fund
Class A Shares $71.89 $102.19 $134.65 $226.26 $71.89 $102.19 $134.65 $226.26
Class B Shares $72.31 $98.81 $137.95 $235.70 $22.31 $68.81 $117.95 $235.70
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. Growth Fund
Class A Shares $71.31 $100.43 $131.66 $220.00 $71.31 $100.43 $131.66 $220.00
Class B Shares $71.71 $97.01 $134.93 $229.46 $21.71 $67.01 $114.93 $229.46
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
The following replaces the table of Front-End Sales Charges for Class A Shares
under Classes of Shares:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Amount of Purchase Front-end Sales Charge as % of Offering Price Dealers Commission as % of Offering Price
- ---------------------------------------------------------------------------------------------------------------------------------
Less than $50,000 5.75% 5.00%
- ---------------------------------------------------------------------------------------------------------------------------------
$50,000 but under $100,000 4.75% 4.00%
- ---------------------------------------------------------------------------------------------------------------------------------
$100,000 but under $250,000 3.75% 3.00%
- ---------------------------------------------------------------------------------------------------------------------------------
$250,000 but under $500,000 2.50% 2.00%
- ---------------------------------------------------------------------------------------------------------------------------------
$500,000 but under $1,000,000 2.00% 1.60%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The Front-End Sales Charge as % of the amount invested is as follows:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Fund 5.75% 4.75% 3.75% 2.50% 2.00%
- ---------------------------------------------------------------------------------------------------------
Aggressive Growth Fund 6.08% 5.01% 3.89% 2.58% 2.04%
- ---------------------------------------------------------------------------------------------------------
Blue Chip Fund 6.09% 4.97% 3.86% 2.54% 2.03%
- ---------------------------------------------------------------------------------------------------------
Decatur Income Fund 6.11% 5.00% 3.90% 2.57% 2.04%
- ---------------------------------------------------------------------------------------------------------
Decatur Total Return Fund 6.08% 4.99% 3.90% 2.55% 2.03%
- ---------------------------------------------------------------------------------------------------------
DelCap Fund 6.11% 4.99% 3.91% 2.56% 2.04%
- ---------------------------------------------------------------------------------------------------------
Delaware Fund 6.10% 4.97% 3.88% 2.57% 2.05%
- ---------------------------------------------------------------------------------------------------------
Devon Fund 6.10% 4.98% 3.92% 2.58% 2.02%
- ---------------------------------------------------------------------------------------------------------
Emerging Markets Fund 6.08% 5.00% 3.92% 2.55% 2.06%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Fund 5.75% 4.75% 3.75% 2.50% 2.00%
- ---------------------------------------------------------------------------------------------------------
Foundation Balanced Portfolio 6.12% 4.94% 3.88% 2.59% 2.00%
- ---------------------------------------------------------------------------------------------------------
Foundation Growth Portfolio 6.12% 4.94% 3.88% 2.59% 2.00%
- ---------------------------------------------------------------------------------------------------------
Foundation Income Portfolio 6.12% 4.94% 3.88% 2.59% 2.00%
- ---------------------------------------------------------------------------------------------------------
Global Equity Fund 6.12% 4.98% 3.91% 2.56% 2.06%
- ---------------------------------------------------------------------------------------------------------
Growth Stock Fund 6.09% 5.00% 3.90% 2.58% 2.04%
- ---------------------------------------------------------------------------------------------------------
International Equity Fund 6.08% 4.98% 3.89% 2.59% 2.05%
- ---------------------------------------------------------------------------------------------------------
New Pacific Fund 6.15% 5.05% 3.96% 2.60% 2.05%
- ---------------------------------------------------------------------------------------------------------
Overseas Equity Fund 6.07% 4.95% 3.91% 2.56% 2.08%
- ---------------------------------------------------------------------------------------------------------
REIT Fund 6.09% 4.98% 3.87% 2.58% 2.03%
- ---------------------------------------------------------------------------------------------------------
Small Cap Value Fund 6.11% 5.00% 3.89% 2.55% 2.05%
- ---------------------------------------------------------------------------------------------------------
Social Awareness Fund 6.10% 5.03% 3.87% 2.52% 2.03%
- ---------------------------------------------------------------------------------------------------------
Trend Fund 6.09% 5.01% 3.88% 2.59% 2.05%
- ---------------------------------------------------------------------------------------------------------
Tax-Efficient Equity Fund 6.09% 5.00% 3.91% 2.54% 2.00%
- ---------------------------------------------------------------------------------------------------------
U.S. Growth Fund 6.13% 4.98% 3.90% 2.58% 2.04%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
The following replaces the second sentence under Deferred Sales Charge
Alternative - Class B Shares under Classes of Shares:
The Distributor currently compensates dealers or brokers for selling Class B
Shares at the time of purchase to no more than 5% of the dollar amount
purchased.
