<PAGE> 1
SUPPLEMENT DATED APRIL 15, 1995
TO THE CURRENT PROSPECTUSES
OF THE FOLLOWING DELAWARE GROUP FUNDS
DELAWARE GROUP DELAWARE FUND, INC., DELAWARE GROUP TREND FUND, INC.,
DELAWARE GROUP VALUE FUND, INC., DELAWARE GROUP DECATUR FUND, INC.,
DELAWARE GROUP DELCAP FUND, INC., DELAWARE GROUP DELCHESTER HIGH-YIELD
BOND FUND, INC., DELAWARE GROUP GOVERNMENT FUND, INC., DELAWARE GROUP
TAX-FREE FUND, INC., DELAWARE GROUP TREASURY RESERVES, INC., DELAWARE
GROUP TAX-FREE MONEY, INC., DELAWARE GROUP CASH RESERVE, INC.
On March 29, 1995, shareholders of each of the above referenced Funds
or, as relevant, the series thereof, approved a new Investment Management
Agreement with Delaware Management Company, Inc. ("DMC"), an indirect
wholly-owned subsidiary of Delaware Management Holdings, Inc. ("DMH"). The
approval of new Investment Management Agreements was subject to the completion
of the merger (the "Merger") between DMH and a wholly-owned subsidiary of
Lincoln National Corporation ("Lincoln National") which occurred on April 3,
1995. Accordingly, the previous Investment Management Agreements terminated and
the new Investment Management Agreements became effective on that date.
As a result of the Merger, DMC and its two affiliates, Delaware
Service Company, Inc., the Funds' shareholder servicing, dividend disbursing
and transfer agent and Delaware Distributors, L.P., the Funds' national
distributor became indirect wholly-owned subsidiaries of Lincoln National.
Lincoln National, with headquarters in Fort Wayne, Indiana, is a diversified
organization with operations in many aspects of the financial services
industry, including insurance and investment management.
Under the new Investment Management Agreements, DMC will be paid at
the same annual fee rates and on the same terms as it was under the previous
Investment Management Agreements. In addition, the investment approach and
operation of each Fund and, as relevant, each series of a Fund, will remain
substantially unchanged.
PS-OTH-4/95
<PAGE> 2
NOVEMBER 9, 1994
DELAWARE GROUP OF FUNDS
U.S. GOVERNMENT FUND
INSTITUTIONAL CLASS
(SEPTEMBER 29, 1994)
DELCHESTER FUND
INSTITUTIONAL CLASS
(SEPTEMBER 29, 1994)
TREASURY RESERVES
INTERMEDIATE FUND
INSTITUTIONAL CLASS
(MAY 2, 1994)
TREND FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
DELCAP FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
DELAWARE FUND
INSTITUTIONAL CLASS
DIVIDEND GROWTH FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
DECATUR INCOME FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
DECATUR TOTAL RETURN FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
VALUE FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
INTERNATIONAL EQUITY FUND
INSTITUTIONAL CLASS
(SEPTEMBER 6, 1994)
SUPPLEMENT TO PROSEPECTUSES AS NOTED ABOVE
The following supplements the information appearing on the front cover
of the Prospectus:
Shares of this Fund are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board, or any other agency. Shares are not
deposits, obligations of, guaranteed or endorsed by any bank and involve
investment risks including possible loss of principal.
(over)
<PAGE> 3
Shares of the Fund are not NCUSIF insured, are not guaranteed by the credit
union, and involve investment risk, including the possible loss of principal.
Shares of the Fund are not credit union deposits.
The following replaces the catgories of eligible purchasers of
Institutional Class Shares in the section Buying Shares:
(a) retirement plans introduced by persons not associated with brokers or
dealers that are primarily engaged in the retail securities business and
rollover individual retirement accounts from such plans; (b) tax-exempt
employee benefit plans of Delaware Management Company, Inc. or its affiliates
and securities dealer firms with a selling agreement with Delaware Distributors,
Inc., (c) institutional advisory accounts of Delaware Management Company, Inc.
or its affiliates and those having client relationships with Delaware
Investment Advisers, a division of Delaware Management Company, Inc., or its
affiliates and their corporate sponsors, as well as subsidiaries and related
employee benefit plans and rollover individual retirement accounts from such
institutional advisory accounts; (d) banks, trust companies and similar
financial institutions investing for their own account or for the account of
their trust customers for whom such financial institution is exercising
investment discretion in purchasing shares of the class; and (e) registered
investment advisers investing on behalf of clients that consist solely of
institutions and high net-worth individuals having at least $1,000,000
entrusted to the adviser for investment purposes, but only if the adviser is
not affiliated or associated with a broker or dealer and derives compensation
for its services exclusively from its clients for such advisory services.
PS-NAV2-11/94-U
<PAGE> 4
DELAWARE GROUP
TREND FUND, INC.
PROSPECTUS SUPPLEMENT FOR RESIDENTS OF VERMONT
While not a fundamental policy, under normal market conditions, the
Fund invests principally in securities issued by small to mid-cap companies,
those having a market capitalization generally of less then $1.5 billion. As a
general matter, small to mid-cap companies may have more limited product lines,
markets and financial resources than large-cap companies. In addition,
securities of small and mid-cap companies, generally, may trade less frequently
(and with a lesser volume), may be more volatile and may be somewhat less
liquid than securities issued by larger capitalization companies.
PS-3VT-9/94-U
<PAGE> 5
- -----------------------------------------------------
PROSPECTUS
SEPTEMBER 6, 1994
- -----------------------------------------------------
TREND FUND
- -----------------------------------------------------
INSTITUTIONAL
- -----------------------------------------------------
1818 MARKET STREET
PHILADELPHIA, PA 19103
- -----------------------------------------------------
FOR MORE INFORMATION ABOUT THE TREND FUND
INSTITUTIONAL CLASS CALL THE
DELAWARE GROUP AT 800-828-5052.
- -----------------------------------------------------
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
- -----------------------------------------------------
COVER PAGE 1
- -----------------------------------------------------
SYNOPSIS 2
- -----------------------------------------------------
SUMMARY OF EXPENSES 3
- -----------------------------------------------------
FINANCIAL HIGHLIGHTS 4
- -----------------------------------------------------
INVESTMENT OBJECTIVE AND POLICIES
INVESTMENT STRATEGY 5
SUITABILITY 5
- -----------------------------------------------------
BUYING SHARES 6
- -----------------------------------------------------
REDEMPTION AND EXCHANGE 8
- -----------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS 10
- -----------------------------------------------------
TAXES 10
- -----------------------------------------------------
CALCULATION OF NET ASSET VALUE PER SHARE 11
- -----------------------------------------------------
MANAGEMENT OF THE FUND 12
- -----------------------------------------------------
</TABLE>
This Prospectus describes the Trend Fund Institutional Class (the "Class")
of shares of Delaware Group Trend Fund, Inc. (the "Fund"). The Fund's objective
is to achieve capital appreciation by investing primarily in securities of
emerging and other growth- oriented companies.
Shares of this Class are available for purchase only by certain enumerated
institutions and are offered at net asset value without the imposition of a
front-end or contingent deferred sales charge and without a 12b-1 charge. See
Buying Shares.
This Prospectus relates only to the Class and sets forth information that
you should read and consider before you invest. Please retain it for future
reference. Part B of the Fund's registration statement, dated September 6,
1994, as it may be amended from time to time, contains additional information
about the Fund and has been filed with the Securities and Exchange Commission.
Part B is incorporated by reference into this Prospectus and is available,
without charge, by writing to Delaware Distributors, Inc. at the above address
or by calling the above number. The Fund's financial statements appear in its
Annual Report, which will accompany any response to requests for Part B.
The Fund also offers the Trend Fund A Class and the Trend Fund B Class.
Shares of the Trend Fund A Class carry a front-end sales charge and are subject
to ongoing distribution expenses. Shares of the Trend Fund B Class are subject
to ongoing distribution expenses and a contingent deferred sales charge upon
redemption.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
1
<PAGE> 6
SYNOPSIS
CAPITALIZATION
The Fund offers the Trend Fund Institutional Class, the Trend Fund A Class
and the Trend Fund B Class. The Fund has a present authorized capitalization of
one hundred million shares of capital stock with a $.50 par value per share.
Twenty-five million shares of that stock have been allocated to the Trend Fund
Institutional Class, thirty-five million shares have been allocated to the
Trend Fund A Class and twenty-five million shares have been allocated to the
Trend Fund B Class. See Shares under Management of the Fund.
INVESTMENT MANAGER, DISTRIBUTOR AND SERVICE AGENT
Delaware Management Company, Inc. (the "Manager") is the investment
manager for the Fund. The Manager or its affiliate, Delaware International
Advisers Ltd., manages the other funds in the Delaware Group. Delaware
Distributors, Inc. (the "Distributor") is the national distributor for the Fund
and for all of the other mutual funds in the Delaware Group. Delaware Service
Company, Inc. (the "Transfer Agent") is the shareholder servicing, dividend
disbursing and transfer agent for the Fund and for all of the other mutual
funds in the Delaware Group. See Management of the Fund.
PURCHASE PRICE
Shares of the Class offered by this Prospectus are available at net asset
value, without a front-end or contingent deferred sales charge and are not
subject to distribution fees under a Rule 12b-1 distribution plan. See Buying
Shares.
INVESTMENT OBJECTIVE
The objective of the Fund is to seek to achieve capital appreciation by
investing primarily in securities of emerging and other growth-oriented
companies. See Investment Objective and Policies.
OPEN-END INVESTMENT COMPANY
The Fund, which was organized as a Maryland corporation in 1983, is a
diversified, open-end management investment company. Previously, it was a
Delaware corporation organized in 1966. See Shares under Management of the
Fund.
INVESTMENT MANAGEMENT FEES
The Manager furnishes investment management services to the Fund, subject
to the supervision and direction of the Board of Directors. Under the
Investment Management Agreement, the annual compensation paid to the Manager is
equal to 3/4 of 1% of the average daily net assets, less a proportionate share
of all directors' fees paid to the unaffiliated directors by the Fund. See
Management of the Fund.
REDEMPTION AND EXCHANGE
Shares of the Fund are redeemed or exchanged at the net asset value
calculated after receipt of the redemption or exchange request. See Redemption
and Exchange.
2
<PAGE> 7
SUMMARY OF EXPENSES
<TABLE>
<CAPTION>
SHAREHOLDER TRANSACTION EXPENSES
- --------------------------------------------------------------------------
<S> <C>
Maximum Sales Charge Imposed on Purchases
(as a percentage of offering price) . . . . . . . . . . . . . None
Maximum Sales Charge Imposed on Reinvested Dividends
(as a percentage of offering price) . . . . . . . . . . . . . None
Redemption Fees . . . . . . . . . . . . . . . . . . . . . . . . None*
Exchange Fees . . . . . . . . . . . . . . . . . . . . . . . . . None**
</TABLE>
<TABLE>
<CAPTION>
ANNUAL OPERATING EXPENSES
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS)
- --------------------------------------------------------------------------
<S> <C>
Management Fees . . . . . . . . . . . . . . . . . . . . . . . . 0.75%
12b-1 Fees . . . . . . . . . . . . . . . . . . . . . . . . . . None
Other Operating Expenses . . . . . . . . . . . . . . . . . . . 0.40%
----
Total Operating Expenses . . . . . . . . . . . . . . . . . . 1.15%
====
</TABLE>
The purpose of this table is to assist the investor in understanding the
various costs and expenses that an investor in the Class will bear directly or
indirectly. *CoreStates Bank, N.A. currently charges $7.50 per redemption for
redemptions payable by wire. **Exchanges are subject to the requirements of
each fund and a front-end sales charge may apply. See Trend Fund A Class and
Trend Fund B Class for expense information about those classes.
The following example illustrates the expenses that an investor would pay
on a $1,000 investment over various time periods assuming (1) a 5% annual rate
of return and (2) redemption at the end of each time period. As noted in the
table above, the Fund charges no redemption fees.
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C>
$12 $37 $63 $140
</TABLE>
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES OR PERFORMANCE. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE
SHOWN.
3
<PAGE> 8
FINANCIAL HIGHLIGHTS
The following financial highlights are derived from the financial statements of
Delaware Group Trend Fund, Inc. and have been audited by Ernst & Young LLP,
independent auditors. The data should be read in conjunction with the financial
statements, related notes, and the report of Ernst & Young LLP covering such
financial information and highlights, all of which are incorporated by
reference into Part B. Further information about the Fund's performance is
contained in its Annual Report to shareholders, a copy of which (including the
report of Ernst & Young LLP) may be obtained from the Fund upon request at no
charge.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
YEAR ENDED
--------------------------------------------------------------------
PERIOD
11/23/92(3)
THROUGH
6/30/94(3) 6/30/93 6/30/93(1) 6/30/92(1) 6/30/91(1) 6/30/90(1)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period . . . . . . $13.990 $12.760 $11.380 $ 8.920 $9.970 $10.870
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------
Net Investment Income . . . . . . . . . . . . . . (0.002) (0.035) (0.004) (0.005) (0.020) 0.146
Net Gains or Losses on Securities
(both realized and unrealized) . . . . . . . . 0.202 1.615 3.754 2.625 (0.460) 1.224
------- ------- ------- -------- ------ -------
Total From Investment Operations . . . . . . . 0.200 1.580 3.750 2.620 (0.480) 1.370
------- ------- ------- -------- ------ -------
LESS DISTRIBUTIONS
- ------------------
Dividends (from net investment income) . . . . . none none none none (0.050) (0.050)
Distributions (from capital gains) . . . . . . . (1.940) (0.350) (1.150) (0.160) (0.520) (2.220)
Returns of Capital . . . . . . . . . . . . . . . none none none none none none
------- ------- ------- ------- ------ -------
Total Distributions . . . . . . . . . . . . . . (1.940) (0.350) (1.150) (0.160) (0.570) (2.270)
------- ------- ------- ------- ------ -------
Net Asset Value, End of Period . . . . . . . . . $12.250 $13.990 $13.980 $11.380 $8.920 $ 9.970
======= ======= ======= ======= ====== =======
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . 0.83% 21.69% 35.24%(4) 29.31%(4) (4.82%)(4) 14.32%(4)
- ------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------
Net Assets, End of Period (000 omitted) . . . . . $13,499 $2,237 $219,826 $124,548 $78,631 $88,274
Ratio of Expenses to Average Daily Net Assets . . 1.15% 1.21% 1.33% 1.18% 1.29% 1.27%
Ratio of Net Investment Income to Average Daily
Net Assets . . . . . . . . . . . . . . . . . . (0.50%) (0.49%) (0.61%) (0.43%) (0.24%) 0.82%
Portfolio Turnover Rate . . . . . . . . . . . . . 67% 75% 75% 76% 67% 80%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
YEAR ENDED
-----------------------------------------------------------
6/30/89(1) 6/30/88(1) 6/30/87(1) 6/30/86(1/2) 6/30/85(1/2)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period . . . . . . $ 8.130 $9.120 $8.910 $6.430 $5.500
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------
Net Investment Income . . . . . . . . . . . . . . 0.018 (0.066) (0.082) (0.042) 0.128
Net Gains or Losses on Securities
(both realized and unrealized) . . . . . . . . 3.042 (0.924) 0.292 2.650 0.884
-------- ------- ------- ------- ------
Total From Investment Operations . . . . . . . 3.060 0.990 0.210 2.608 1.012
-------- ------- ------- ------- ------
LESS DISTRIBUTIONS
- ------------------
Dividends (from net investment income) . . . . . none none none (0.128) (0.082)
Distributions (from capital gains) . . . . . . . (0.320) none none none none
Returns of Capital . . . . . . . . . . . . . . . none none none none none
------- ------ ------ ------ ----
Total Distributions . . . . . . . . . . . . . . (0.320) none none (0.128) (0.082)
------- ------ ------ ------ ------
Net Asset Value, End of Period . . . . . . . . . $10.870 $8.130 $9.120 $8.910 $6.430
======= ====== ====== ====== ======
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN . . . . . . . . . . . . . . . . . . 39.27%(4) (10.86%)(4) 2.36%(4) 41.37%(4) 18.66%(4)
- ------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------
Net Assets, End of Period (000 omitted) . . . . . $67,111 $59,879 $79,266 $109,884 $86,951
Ratio of Expenses to Average Daily Net Assets . . 1.28% 1.20% 1.18% 1.20% 1.28%
Ratio of Net Investment Income to Average Daily
Net Assets . . . . . . . . . . . . . . . . . . 0.19% (0.51%) (0.64%) (0.57%) 2.23%
Portfolio Turnover Rate . . . . . . . . . . . . . 48% 63% 93% 113% 85%
</TABLE>
- --------------
(1) Data are derived from data of the Trend Fund A Class (until September 6,
1994, referred to as Trend Fund class) which was subject to 12b-1
distribution expenses effective June 1, 1992.
(2) All figures prior to May 9, 1986 are adjusted for a 2-for-1 stock split
paid on that date.
(3) Data are derived from Trend Fund Institutional Class (until September 6,
1994, referred to as Trend Fund (Institutional) class), which commenced
operations on November 23, 1992. Ratios and total return for the period
November 23, 1992 through June 30, 1993 have been annualized.
(4) Does not reflect maximum sales charge of 5.75% applicable to Trend Fund A
Class.
4
<PAGE> 9
INVESTMENT OBJECTIVE
AND POLICIES
INVESTMENT STRATEGY
The objective of the Fund is long-term capital appreciation. The strategy
is to invest primarily in the common stocks and securities convertible into
common stocks of emerging and other growth-oriented companies that, in the
judgment of the Manager, are responsive to changes within the marketplace and
have the fundamental characteristics to support growth.
The Fund will seek to identify changing and dominant trends within the
economy, the political arena and our society. The Fund will purchase securities
which it believes will benefit from these trends and which have the
fundamentals to exploit them. The fundamentals include managerial skills,
product development and sales and earnings.
In investing for capital appreciation, the Fund may hold securities for
any period of time. The Fund may also invest in foreign securities.
The Fund may purchase privately placed securities the resale of which is
restricted under applicable securities laws. Such securities may offer a higher
return than comparably registered securities but involve some additional risk
as they can be resold only in privately negotiated transactions, in accordance
with an exemption from the registration requirements under applicable
securities laws or after registration. The Fund will not purchase illiquid
assets, including such restricted securities, if more than 10% of the value of
its assets would then consist of illiquid securities.
Certain of the privately placed securities acquired by the Fund will be
eligible for resale by the Fund pursuant to Rule 144A under the Securities Act
of 1933 ("Rule 144A Securities"). Rule 144A permits many privately placed or
legally restricted securities to be freely traded without restriction among
certain institutional buyers such as the Fund. While maintaining oversight, the
Board of Directors of the Fund has delegated to the Manager the day-to-day
function of determining whether or not individual Rule 144A Securities are
liquid for purposes of the Fund's 10% limitation on investments in illiquid
securities.
Income is not an objective of the Fund. However, should the market warrant
a temporary defensive approach, the Fund may also invest in cash equivalents,
and fixed income obligations issued or guaranteed by the U.S. government, its
agencies or instrumentalities, as well as corporate bonds.
The Fund may invest in repurchase agreements, but will not normally do so
except to invest excess cash balances. In a repurchase agreement, the Fund
purchases a security and simultaneously agrees to sell it back to the seller at
a set (generally higher) price. Delays or losses could result if the other
party to the repurchase agreement defaults or becomes insolvent.
While the Fund is permitted under certain circumstances to borrow money,
it does not normally do so. The Fund will not purchase securities while any
borrowings are outstanding.
Although the Fund will constantly strive to attain the objective of
long-term capital growth, there can be no assurance that it will be attained.
The objective of the Fund may not be changed without shareholder approval. Part
B provides more information on the Fund's investment policies and restrictions.
PORTFOLIO LOAN TRANSACTIONS
The Fund may loan up to 25% of its assets to qualified broker/dealers or
institutional investors for their use relating to short sales or other security
transactions.
The major risk to which the Fund would be exposed on a loan transaction is
the risk that the borrower would go bankrupt at a time when the value of the
security goes up. Therefore, the Fund will only enter into loan arrangements
after a review of all pertinent facts by the Manager, subject to overall
supervision by the Board of Directors, including the creditworthiness of the
borrowing broker, dealer or institution and then only if the consideration to
be received from such loans would justify the risk. Creditworthiness will be
monitored on an ongoing basis by the Manager.
SUITABILITY
The Fund may be suitable for the patient investor interested in long-term
capital appreciation. The prices of common stocks, especially those of smaller
companies, tend to fluctuate, particularly in the shorter term. The investor
should be willing to accept the risks associated with investments in
growth-oriented securities, some of which may be speculative and subject the
Fund to an additional risk. Also, ownership of Fund shares reduces the
bookkeeping and administrative inconveniences connected with direct purchases
of these securities.
Net asset value may fluctuate in response to the condition of individual
companies and general market and economic conditions and, as a result, the Fund
is not appropriate for a short-term investor.
5
<PAGE> 10
This Fund is designed primarily for capital appreciation. Providing
current income is not an objective of the Fund. Any income produced is expected
to be minimal. An investor should not consider a purchase of Fund shares as
equivalent to a complete investment program. The Delaware Group includes a
family of funds, generally available through registered investment dealers,
which may be used in concert to create a more complete investment program.
BUYING SHARES
The Distributor serves as the national distributor for the Fund. Shares of
the Class may be purchased directly by contacting the Fund or its agent or
through authorized investment dealers. All purchases are at net asset value.
There is no sales charge.
INVESTMENT INSTRUCTIONS GIVEN ON BEHALF OF PARTICIPANTS IN AN
EMPLOYER-SPONSORED RETIREMENT PLAN ARE MADE IN ACCORDANCE WITH PROVISIONS
CONTAINED IN THE PLAN DOCUMENT AND ARE DIRECTED BY THE EMPLOYER. EMPLOYEES
CONSIDERING PURCHASING SHARES OF THE CLASS AS PART OF THEIR RETIREMENT PROGRAM
SHOULD CONTACT THEIR EMPLOYER FOR DETAILS.
Shares of the Class are available for purchase only by: (a) defined
contribution retirement plans with 1,000 or more eligible employees; (b)
tax-exempt employee benefit plans of the Manager or its affiliates and
securities dealer firms with a selling agreement with the Distributor; (c)
institutional advisory accounts of the Manager or its affiliates and those
having client relationships with Delaware Investment Advisers, a division of
the Manager, or its affiliates and their corporate sponsors, as well as
subsidiaries and related employee benefit plans; and (d) registered investment
advisers investing on behalf of clients that consist solely of institutions and
high net-worth individuals having at least $1,000,000 entrusted to the adviser
for investment purposes, but only if the adviser is not affiliated or
associated with a broker or dealer and derives compensation for its services
exclusively from its clients for such advisory services.
TREND FUND A CLASS AND TREND FUND B CLASS
In addition to offering the Trend Fund Institutional Class, the Fund also
offers the Trend Fund A Class and the Trend Fund B Class, which are described
in a separate prospectus relating only to those classes. Shares of Trend Fund A
Class and Trend Fund B Class may be purchased through authorized investment
dealers or directly by contacting the Fund or its agent. The Trend Fund A Class
carries a front-end sales charge and has annual 12b-1 expenses equal to a
maximum of .30%. The maximum front-end sales charge as a percentage of the
offering price is 5.75% (6.10% as a percentage of the amount invested) and is
reduced on certain transactions of $100,000 or more. The Trend Fund B Class has
no front-end sales charge and is subject to annual 12b-1 expenses equal to a
maximum of 1%. Shares of the Trend Fund B Class and certain shares of the Trend
Fund A Class may be subject to a contingent deferred sales charge upon
redemption. Sales or service compensation available in respect of such classes,
therefore, differs from that available in respect of the Trend Fund
Institutional Class. All three classes of shares have a proportionate interest
in the underlying portfolio of securities of the Fund. Total Operating Expenses
incurred by the Trend Fund A Class as a percentage of average daily net assets
for the fiscal year ended June 30, 1994 were 1.37%. Trend Fund B Class shares
were not offered for sale prior to the date of this Prospectus but, based on
expenses incurred by the Trend Fund A Class during its last fiscal year, the
expenses of the Trend Fund B Class are expected to be 2.15%. To obtain a
prospectus relating to the Trend Fund A Class and Trend Fund B Class, contact
the Distributor.
HOW TO BUY SHARES
The Fund makes it easy to invest by mail, by wire, by exchange and by
arrangement with your investment dealer. In all instances, investors must
qualify to purchase the Class.
INVESTING DIRECTLY BY MAIL
1. Initial Purchases--An Investment Application must be completed, signed and
sent with a check payable to Trend Fund Institutional Class, to 1818 Market
Street, Philadelphia, PA 19103.
2. Subsequent Purchases--Additional purchases may be made at any time by
mailing a check payable to Trend Fund Institutional Class. Your check should be
identified with your name(s) and account number.
6
<PAGE> 11
INVESTING DIRECTLY BY WIRE
You may purchase shares by requesting your bank to transmit funds by wire
to CoreStates Bank, N.A., ABA #031000011, account number 0114-2596 (include
your name(s) and your account number for the class in which you are investing).
1. Initial Purchases--Before you invest, telephone the Fund's Client Services
Department to get an account number. If you do not call first, it may delay
processing your investment. In addition, you must promptly send your Investment
Application to Trend Fund Institutional Class, 1818 Market Street,
Philadelphia, PA 19103.
2. Subsequent Purchases--You may make additional investments anytime by wiring
funds to CoreStates Bank, N.A., as described above. You must advise your Client
Services Representative by telephone prior to sending your wire.
INVESTING BY EXCHANGE
If you have an investment in another mutual fund in the Delaware Group and
you qualify to purchase shares of the Class, you may write and authorize an
exchange of part or all of your investment into the Class. Shares of the Trend
Fund B Class and the Class B Shares of the other funds in the Delaware Group
offering such a class of shares may not be exchanged into the Class. If you
wish to open an account by exchange, call your Client Services Representative
for more information.
INVESTING THROUGH YOUR INVESTMENT DEALER
You can make a purchase of Class shares through most investment dealers
who, as part of the service they provide, must transmit orders promptly. They
may charge for this service.
PURCHASE PRICE AND EFFECTIVE DATE
The purchase price (net asset value) is determined as of the close of
regular trading on the New York Stock Exchange (ordinarily, 4 p.m., Eastern
time) on days when such exchange is open.
The effective date of a purchase made through an investment dealer is the
date the order is received by the Fund. The effective date of a direct purchase
is the day your wire, electronic transfer or check is received, unless it is
received after the time the share price is determined, as noted above. Those
received after such time will be effective the next business day.
THE CONDITIONS OF YOUR PURCHASE
The Fund reserves the right to reject any purchase or exchange. If a
purchase is cancelled because your check is returned unpaid, you are
responsible for any loss incurred. The Fund can redeem shares from your
account(s) to reimburse itself for any loss, and you may be restricted from
making future purchases in any of the funds in the Delaware Group. The Fund
reserves the right, upon 60 days' written notice, to redeem accounts that
remain under $250 as a result of redemptions.
7
<PAGE> 12
REDEMPTION AND EXCHANGE
REDEMPTION AND EXCHANGE REQUESTS MADE ON BEHALF OF PARTICIPANTS IN AN
EMPLOYER-SPONSORED RETIREMENT PLAN ARE MADE IN ACCORDANCE WITH PROVISIONS
CONTAINED IN THE PLAN DOCUMENT AND ARE DIRECTED BY THE EMPLOYER. EMPLOYEES
SHOULD THEREFORE CONTACT THEIR EMPLOYER FOR DETAILS.
Your shares will be redeemed or exchanged based on the net asset value
next determined after we receive your request in good order. Redemption and
exchange requests received in good order after the time the net asset value of
shares is determined, as noted above, will be processed the next business day.
See Purchase Price and Effective Date under Buying Shares. Except as otherwise
noted below, for a redemption request to be in "good order," you must provide
your Class account number, account registration, and the total number of shares
or dollar amount of the transaction. With regard to exchanges, you must also
provide the name of the fund you want to receive the proceeds. Exchange
instructions and redemption requests must be signed by the record owner(s)
exactly as the shares are registered. You may request a redemp-tion or an
exchange by calling the Fund at 800-828-5052.
The Fund will honor written redemption requests of shareholders who
recently purchased shares by check, but will not mail the proceeds until it is
reasonably satisfied the purchase check has cleared, which may take up to 15
days from the purchase date. The Fund will not honor telephone redemptions for
Class shares recently purchased by check unless it is reasonably satisfied that
the purchase check has cleared. You can avoid this potential delay if you
purchase shares by wiring Federal Funds. The Fund reserves the right to reject
a written or telephone redemption request or delay payment of redemption
proceeds if there has been a recent change to the shareholder's address of
record.
Shares of the Class may be exchanged into any other Delaware Group mutual
fund provided: (1) the investment satisfies the eligibility and other
requirements set forth in the prospectus of the fund being acquired, including
the payment of any applicable front-end sales charge; and (2) the shares of the
fund being acquired are in a state where that fund is registered. If exchanges
are made into other shares that are eligible for purchase only by those
permitted to purchase shares of the Class, such exchange will be exchanged at
net asset value. Shares of the Class may not be exchanged into the Class B
Shares of the funds in the Delaware Group. The Fund reserves the right to
reject exchange requests at any time. The Fund may suspend or terminate, or
amend the terms of, the exchange privilege upon 60 days' written notice to
shareholders.
Different redemption and exchange methods are outlined below. There is no
fee charged by the Fund or the Distributor for redeeming or exchanging your
shares. You may also have your investment dealer arrange to have your shares
redeemed or exchanged. Your investment dealer may charge for this service.
All authorizations given by shareholders with respect to an account,
including selection of any of the features described below, shall continue in
effect until revoked or modified in writing and until such time as such written
revocation or modification has been received by the Fund or its agent.
All exchanges involve a purchase of shares of the fund into which the
exchange is made. As with any purchase, an investor should obtain and carefully
read that fund's prospectus before buying shares in an exchange. The prospectus
contains more complete information about the fund, including charges and
expenses.
8
<PAGE> 13
WRITTEN REDEMPTION AND EXCHANGE
You can write to the Fund at 1818 Market Street, Philadelphia, PA 19103 to
redeem some or all of your Class shares or to request an exchange of any or all
your Class shares into another mutual fund in the Delaware Group, subject to
the same conditions and limitations as other exchanges noted above. The request
must be signed by all owners of the account or your investment dealer of
record.
For redemptions of more than $50,000, or when the proceeds are not sent to
the shareholder(s) at the address of record, the Fund requires a signature by
all owners of the account and may require a signature guarantee. Each signature
guarantee must be supplied by an eligible guarantor institution. The Fund
reserves the right to reject a signature guarantee supplied by an eligible
institution based on its creditworthiness. The Fund may require further
documentation from corporations, executors, retirement plans, administrators,
trustees or guardians.
The redemption request is effective at the net asset value next determined
after it is received in good order. Payment is normally mailed the next
business day, but no later than seven days after receipt of your request. The
Fund does not issue certificates for shares unless you submit a specific
request. If your shares are in certificate form, the certificate must accompany
your request and also be in good order.
Shareholders also may submit their written request for redemption or
exchange by facsimile transmission at the following number: 215-972-8864.
TELEPHONE REDEMPTION AND EXCHANGE
To get the added convenience of the telephone redemption and exchange
methods, you must have the Transfer Agent hold your shares (without charge) for
you. If you choose to have your shares in certificate form, you can only redeem
or exchange by written request and you must return your certificates.
The Telephone Redemption service enabling redemption proceeds to be mailed
to the account address of record and the Telephone Exchange service, both of
which are described below, are automatically provided unless the Fund receives
written notice from the shareholder to the contrary. The Fund reserves the
right to modify, terminate or suspend these procedures upon 60 days' written
notice to shareholders. It may be difficult to reach the Fund by telephone
during periods when market or economic conditions lead to an unusually large
volume of telephone requests.
Neither the Fund nor the Transfer Agent is responsible for any shareholder
loss incurred in acting upon written or telephone instructions for redemption
or exchange of Class shares which are reasonably believed to be genuine. With
respect to such telephone transactions, the Fund will follow reasonable
procedures to confirm that instructions communicated by telephone are genuine
(including verification of a form of personal identification) as, if it does
not, the Fund or the Transfer Agent may be liable for any losses due to
unauthorized or fraudulent transactions. A written confirmation will be
provided for all purchase, exchange and redemption transactions initiated by
telephone. By exchanging shares by telephone, the shareholder is acknowledging
prior receipt of a prospectus for the fund into which shares are being
exchanged.
TELEPHONE REDEMPTION--CHECK TO YOUR ADDRESS
OF RECORD
You or your investment dealer of record can have redemption proceeds of
$50,000 or less mailed to you at your record address. Checks will be payable to
the shareholder(s) of record. Payment is normally mailed the next business day,
but no more than seven days, after receipt of the request.
TELEPHONE REDEMPTION--PROCEEDS TO YOUR BANK
Redemption proceeds of $1,000 or more can be transferred to your
predesignated bank account by wire or by check. You should authorize this
service when you open your account. If you change your predesignated bank
account, the Fund requires a written authorization and may require that you
have your signature guaranteed. For your protection, your authorization must be
on file. If you request a wire, your funds will normally be sent the next
business day. CoreStates Bank, N.A.'s fee (currently $7.50) will be deducted
from your redemption. If you ask for a check, it will normally be mailed the
next business day, but no later than seven days after receipt of your request,
to your predesignated bank account. There are no fees for this method, but the
mail time may delay getting funds into your bank account. Simply call your
Client Services Representative prior to the time the net asset value is
determined, as noted above.
TELEPHONE EXCHANGE
You or your investment dealer of record can exchange shares into any fund
in the Delaware Group under the same registration. As with the written exchange
service, telephone exchanges are subject to the same conditions and limitations
as other exchanges noted above. Telephone exchanges may be subject to
limitations as to amounts or frequency.
9
<PAGE> 14
DIVIDENDS AND DISTRIBUTIONS
The Fund will make payments from net investment income and net realized
securities profits, if any, twice a year. The first payment would be made
during the first quarter of the next fiscal year. The second payment would be
made near the end of the calendar year if necessary to comply with certain
requirements of the Internal Revenue Code. During the fiscal year ended June
30, 1994, distributions totaling $1.94 per share of the Class were paid from
realized securities profits. On August 5, 1994, a distribution of $0.79 per
share of the Class was paid from realized securities profits to shareholders of
record July 28, 1994.
Each class of the Fund will share proportionately in the investment income
and expenses of the Fund, except that the Class will not incur any distribution
fee under the 12b-1 Plans which apply to the Trend Fund A Class and the Trend
Fund B Class.
Both dividends and distributions, if any, are automatically reinvested in
your account at net asset value.
TAXES
The Fund has qualified, and intends to continue to qualify, as a regulated
investment company under Subchapter M of the Internal Revenue Code (the
"Code"). As such, the Fund will not be subject to federal income tax, or to any
excise tax, to the extent its earnings are distributed as provided in the Code.
The Fund intends to distribute substantially all of its net investment
income and net capital gains, if any. Dividends from net investment income or
net short-term capital gains will be taxable to you as ordinary income, even
though received in additional shares. For corporate investors, dividends from
net investment income will generally qualify in part for the corporate
dividends-received deduction. The portion of dividends paid by the Fund that so
qualifies will be designated each year in a notice mailed to the Fund's
shareholders.
Distributions paid by the Fund from long-term capital gains, received in
additional shares, are taxable to those investors who are subject to income
taxes as long-term capital gains, regardless of the length of time an investor
has owned shares in the Fund. The Fund does not seek to realize any particular
amount of capital gains during a year; rather, realized gains are a byproduct
of Fund management activities. Consequently, capital gains distributions may
be expected to vary considerably from year to year. Also, for those investors
subject to tax, if purchases of shares in the Fund are made shortly before the
record date for a dividend or capital gains distribution, a portion of the
investment will be returned as a taxable distribution.
Although dividends generally will be treated as distributed when paid,
dividends which are declared in October, November, or December to shareholders
of record on a specified date in one of those months, but which, for
operational reasons, may not be paid to the shareholder until the following
January, will be treated for tax purposes as if paid by the Fund and received
by the shareholder on December 31 of the year declared.
The sale of shares of the Fund is a taxable event and may result in a
capital gain or loss to shareholders subject to tax. Capital gain or loss may
be realized from an ordinary redemption of shares or an exchange of shares
between two mutual funds (or two series or portfolios of a mutual fund). Any
loss incurred on sale or exchange of the Fund's shares which had been held for
six months or less will be treated as a long-term capital loss to the extent of
capital gain dividends received with respect to such shares.
10
<PAGE> 15
In addition to federal taxes, shareholders may be subject to state and
local taxes on distributions. Distributions of interest income and capital
gains realized from certain types of U.S. government securities may be exempt
from state personal income taxes. Shares of the Fund are exempt from
Pennsylvania county personal property taxes.
Each year, the Fund will mail you information on the tax status of the
Fund's dividends and distributions. Shareholders will also receive each year
information as to the portion of dividend income, if any, that is derived from
U.S. government securities that are exempt from state income tax. Of course,
shareholders who are not subject to tax on their income would not be required
to pay tax on amounts distributed to them by the Fund.
The Fund is required to withhold 31% of taxable dividends, capital gains
distributions, and redemptions paid to shareholders who have not complied with
IRS taxpayer identification regulations. You may avoid this withholding
requirement by certifying on your Account Registration Form your proper
Taxpayer Identification Number and by certifying that you are not subject to
backup withholding.
The tax discussion set forth above is included for general information
only. Prospective investors should consult their own tax advisers concerning
the federal, state, local or foreign tax consequences of an investment in the
Fund.
See Taxes in Part B for additional information on tax matters relating to
the Fund and its shareholders.
CALCULATION OF NET ASSET
VALUE PER SHARE
The purchase and redemption price of the Class is the net asset value
("NAV") per share next determined after the order is received. The NAV is
computed as of the close of regular trading on the New York Stock Exchange
(ordinarily, 4 p.m., Eastern time) on days when such exchange is open.
The NAV per share is computed by adding the value of all securities and
other assets in the portfolio, deducting any liabilities (expenses and fees are
accrued daily) and dividing by the number of shares outstanding. Portfolio
securities for which market quotations are available are priced at market
value. Short-term investments having a maturity of less than 60 days are valued
at amortized cost, which approximates market value. All other securities are
valued at their fair value as determined in good faith and in a method approved
by the Fund's Board of Directors.
Each of the Fund's three classes will bear, pro-rata, all of the common
expenses of the Fund. The net asset values of all outstanding shares of each
class of the Fund will be computed on a pro-rata basis for each outstanding
share based on the proportionate participation in the Fund represented by the
value of shares of that class. All income earned and expenses incurred by the
Fund will be borne on a pro-rata basis by each outstanding share of a class,
based on each class' percentage in the Fund represented by the value of shares
of such classes, except that the Class will not incur any of the expenses under
the Fund's 12b-1 Plans and Trend Fund A and B Classes alone will bear the 12b-1
Plan fees payable under their respective Plans. Due to the specific
distribution expenses and other costs that will be allocable to each class, the
net asset value of and dividends paid to each class of the Fund will vary.
11
<PAGE> 16
MANAGEMENT OF THE FUND
DIRECTORS
The business and affairs of the Fund are managed under the direction of
its Board of Directors. Part B contains additional information regarding the
directors and officers.
INVESTMENT MANAGER
The Manager furnishes investment management services to the Fund.
The Manager and its predecessors have been managing the funds in the
Delaware Group since 1938. On June 30, 1994, the Manager and its affiliate,
Delaware International Advisers Ltd., were supervising in the aggregate more
than $25 billion in assets in the various institutional (approximately
$16,301,004,000) and investment company (approximately $9,540,710,000)
accounts.
The Manager is an indirect, wholly-owned subsidiary of Delaware Management
Holdings, Inc. ("DMH"). By reason of its percentage ownership of DMH common
stock and through a Voting Trust Agreement with certain other DMH shareholders,
Legend Capital Group, L.P. ("Legend") controls DMH and the Manager. As General
Partners of Legend, Leonard M. Harlan and John K. Castle have the ability to
direct the voting of more than a majority of the shares of DMH common stock and
thereby control the Manager.
The Manager manages the Fund's portfolio and makes investment decisions
which are implemented by the Fund's Trading Department. The Manager also pays
the salaries of all the directors, officers and employees of the Fund who are
affiliated with the Manager. For these services, the Manager is paid an annual
fee of 3/4 of 1% of the average daily net assets of the Fund, less all
directors' fees paid to unaffiliated directors. This fee was paid by the Fund
during the last fiscal year. This fee is higher than that paid by many other
funds. The fee may be higher or lower than that paid by funds with comparable
investment objectives. Investment management fees paid by the Fund for the
fiscal year ended June 30, 1994 were 0.75% of average daily net assets.
Edward N. Antoian has primary responsibility for making day-to-day
investment decisions for the Fund. He has been the Fund's senior portfolio
manager since 1984. A graduate of The State University of New York at Albany
with an MBA in Finance from the University of Pennsylvania's Wharton School,
Mr. Antoian began his career with Price Waterhouse. Prior to joining the
Delaware Group in June 1984, he worked in the Institutional Equity Department
of E.F. Hutton in Philadelphia. A Chartered Financial Analyst, Mr. Antoian is a
member of the Philadelphia Finance Association and the Philadelphia Securities
Association.
In making investment decisions for the Fund, Mr. Antoian regularly
consults with Wayne A. Stork, David G. Kern, David C. Dalrymple and other
members of Delaware's equity department. Mr. Stork, Chairman of Delaware
Management Company, Inc. and the Fund's Board of Directors, is a graduate of
Brown University and attended New York University's Graduate School of Business
Administration. Mr. Kern and Mr. Dalrymple are assistant portfolio managers.
Mr. Kern has been working with Mr. Antoian since 1990. He is a graduate of
Lehigh University. Mr. Dalrymple, a CFA, has been working with Mr. Antoian
since 1991 and is a graduate of Clarkson University with an MBA from Cornell's
Johnson School of Management.
12
<PAGE> 17
PORTFOLIO TRADING PRACTICES
The Fund normally will not invest for short-term trading purposes.
However, the Fund may sell securities without regard to the length of time they
have been held. The degree of portfolio activity will affect brokerage costs of
the Fund and may affect taxes payable by the Fund's shareholders. Given the
Fund's investment objective, its annual portfolio turnover rate may exceed
100%. A turnover rate of 100% would occur, for example, if all the investments
in the Fund's portfolio at the beginning of the year were replaced by the end
of the year. The turnover rate also may be affected by cash requirements from
redemptions and repurchases of Fund shares. During the past two fiscal years,
the Fund's portfolio turnover rates were 75% for 1993 and 67% for 1994.
The Fund uses its best efforts to obtain the best available price and most
favorable execution for portfolio transactions. Orders may be placed with
brokers or dealers who provide brokerage and research services to the Manager
or its advisory clients. These services may be used by the Manager in servicing
any of its accounts. Subject to best price and execution, the Fund may consider
a broker/dealer's sales of Fund shares in placing portfolio orders and may
place orders with broker/dealers that have agreed to defray certain Fund
expenses such as custodian fees.
PERFORMANCE INFORMATION
From time to time, the Fund may quote total return performance of the
Class in advertising and other types of literature. Total return will be based
on a hypothetical $1,000 investment, reflecting the reinvestment of all
distributions at net asset value. Each presentation will include the average
annual total return for one-, five- and ten-year periods. The Fund may also
advertise aggregate and average total return information concerning the Class
over additional periods of time.
Because stock prices fluctuate, investment results of the Class will
fluctuate over time and past performance should not be considered as a
representation of future results.
STATEMENTS AND CONFIRMATIONS
You will receive quarterly statements of your account as well as
confirmations of all investments and redemptions. You should examine statements
and confirmations immediately and promptly report any discrepancy by calling
your Client Services Representative.
FINANCIAL INFORMATION ABOUT THE FUND
Each fiscal year, you will receive an annual report containing financial
statements audited by Ernst & Young LLP (the Fund's independent auditors), and
an unaudited semi-annual report. These reports provide detailed information
about the Fund's investments and performance. The Fund's fiscal year ends on
June 30.
13
<PAGE> 18
DISTRIBUTION AND SERVICE
The Distributor, Delaware Distributors, Inc., serves as the national
distributor for the Fund under an Amended and Restated Distribution Agreement
dated as of September 6, 1994. It bears all of the costs of promotion and
distribution.
The Transfer Agent, Delaware Service Company, Inc., serves as the
shareholder servicing, dividend disbursing and transfer agent for the Fund
under an Agreement dated June 29, 1988. The unaffiliated directors review
service fees paid to the Transfer Agent. Certain recordkeeping and other
shareholder services that otherwise would be performed by the Transfer Agent
may be performed by certain other entities and the Transfer Agent may elect to
enter into an agreement to pay such other entities for those services. In
addition, participant account maintenance fees may be assessed for certain
recordkeeping provided as part of retirement plan and administration service
packages. These fees are based on the number of participants in the plan and
the various services selected by the employer. Fees will be quoted upon request
and are subject to change.
The Distributor and the Transfer Agent are also indirect, wholly-owned
subsidiaries of DMH.
EXPENSES
The Fund is responsible for all of its own expenses other than those borne
by the Manager under the Investment Management Agreement and those borne by the
Distributor under the Amended and Restated Distribution Agreement. The Class
commenced operations on November 23, 1992. The ratio of operating expenses to
average daily net assets for the Class was 1.15% for the fiscal year ended June
30, 1994.
SHARES
The Fund is a diversified, open-end management investment company.
Commonly known as a mutual fund, the Fund was organized as a Maryland
corporation on March 4, 1983. Previously, it was a Delaware corporation
organized in 1966.
Fund shares have a par value of $.50, equal voting rights, except as noted
below, and are equal in all other respects. All Fund shares have noncumulative
voting rights which means that the holders of more than 50% of the Fund's
shares voting for the election of directors can elect 100% of the directors if
they choose to do so. Under Maryland law, the Fund is not required, and does
not intend, to hold annual meetings of shareholders unless, under certain
circumstances, it is required to do so under the Investment Company Act of
1940. Shareholders of 10% or more of the Fund's shares may request that a
special meeting be called to consider the removal of a director.
The Fund also offers the Trend Fund A Class and the Trend Fund B Class of
shares which represent proportionate interests in the assets of the Fund and
have the same voting and other rights and preferences as the Class, except that
shares of the Class are not subject to, and may not vote on matters affecting,
the Distribution Plans under Rule 12b-1 relating to the Trend Fund A Class and
the Trend Fund B Class.
Prior to September 6, 1994, the Trend Fund Institutional Class was known
as the Trend Fund (Institutional) class and the Trend Fund A Class was known as
the Trend Fund class. The Trend Fund B Class was not offered prior to the date
of this Prospectus.
14
<PAGE> 19
SHARES OF THIS FUND ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY. SHARES ARE NOT
DEPOSITS, OBLIGATIONS OF, GUARANTEED OR ENDORSED BY ANY BANK.
- --------------------------------------------------------------------------------
For more information contact the Delaware Group at 800-828-5052.
INVESTMENT MANAGER
Delaware Management Company, Inc.
One Commerce Square
Philadelphia, PA 19103
NATIONAL DISTRIBUTOR
Delaware Distributors, Inc.
1818 Market Street
Philadelphia, PA 19103
<TABLE>
<S> <C>
SHAREHOLDER SERVICING, [PHOTO OF GEORGE WASHINGTON CROSSING THE DELAWARE RIVER]
DIVIDEND DISBURSING
AND TRANSFER AGENT
Delaware Service Company, Inc.
1818 Market Street
Philadelphia, PA 19103
</TABLE>
LEGAL COUNSEL
Stradley, Ronon, Stevens & Young
One Commerce Square
Philadelphia, PA 19103
INDEPENDENT AUDITORS
Ernst & Young LLP
Two Commerce Square
Philadelphia, PA 19103
CUSTODIAN
Chemical Bank
450 West 33rd Street
New York, NY 10001
P-043-9/94-RRD
Printed in the U.S.A.
TREND
FUND
- -------------
INSTITUTIONAL
PROSPECTUS
SEPTEMBER 6, 1994
DELAWARE
GROUP
- --------
