<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000027937
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 DELAWARE GROUP TREND FUND, INC.
001 B000000 811-1485
001 C000000 2152552926
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
002 C000000 PA
002 D010000 19103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 BANKERS TRUST COMPANY
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10005
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 51
019 C000000 DELAWARECX
020 A000001 JEFFERIES & CO., INCORPORATED
020 B000001 95-2622900
020 C000001 48
020 A000002 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000002 13-2998183
020 C000002 43
020 A000003 PAINEWEBBER, INC.
020 B000003 22-2803371
020 C000003 38
020 A000004 MONTGOMERY SECURITIES
020 B000004 94-1701676
020 C000004 37
020 A000005 BROUS (H.D.) & CO., INC.
020 C000005 31
020 A000006 LEHMAN BROTHERS, INC.
020 B000006 13-2518466
020 C000006 23
020 A000007 AXIOM PARTNERS
020 C000007 19
<PAGE> PAGE 2
020 A000008 ROBERTSON & STEPHENS
020 B000008 94-2524501
020 C000008 17
020 A000009 SIEDLER COMPANIES INCORPORATED (THE)
020 B000009 95-2581813
020 C000009 16
020 A000010 CS FIRST BOSTON CORPORATION
020 B000010 13-5659485
020 C000010 16
021 000000 585
022 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000001 13-2638130
022 C000001 32143
022 D000001 17693
022 A000002 ALLEN & COMPANY, INCORPORATED
022 B000002 13-6176976
022 C000002 27878
022 D000002 11559
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 28469
022 D000003 9200
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 14935
022 D000004 19331
022 A000005 PIPER JAFFRAY, INC.
022 B000005 41-0953246
022 C000005 14079
022 D000005 16407
022 A000006 BROWN (ALEX) & SONS, INCORPORATED
022 B000006 52-1319768
022 C000006 14763
022 D000006 15051
022 A000007 SALOMON BROTHERS, INC.
022 B000007 13-3082694
022 C000007 12766
022 D000007 14565
022 A000008 PACIFIC GROWTH EQUITIES
022 C000008 13647
022 D000008 12418
022 A000009 HERZOG HEINE GEDULD, INC.
022 B000009 13-1955436
022 C000009 5514
022 D000009 20021
022 A000010 GOLDMAN, SACHS & CO.
022 B000010 13-5108880
022 C000010 9525
022 D000010 15368
023 C000000 437017
023 D000000 330020
<PAGE> PAGE 3
024 000000 N
027 000000 Y
028 A010000 47190
028 A020000 1
028 A030000 0
028 A040000 19491
028 B010000 29293
028 B020000 0
028 B030000 0
028 B040000 21611
028 C010000 57339
028 C020000 0
028 C030000 0
028 C040000 40926
028 D010000 62628
028 D020000 1
028 D030000 0
028 D040000 48441
028 E010000 70164
028 E020000 0
028 E030000 0
028 E040000 42895
028 F010000 87334
028 F020000 0
028 F030000 0
028 F040000 70517
028 G010000 353948
028 G020000 2
028 G030000 0
028 G040000 243881
028 H000000 39888
029 000000 Y
030 A000000 2102
030 B000000 4.75
030 C000000 0.00
031 A000000 322
031 B000000 0
032 000000 1780
033 000000 0
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1184
044 000000 0
062 A000000 N
062 B000000 0.0
<PAGE> PAGE 4
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 523778
071 B000000 435531
071 C000000 485025
071 D000000 90
072 A000000 12
072 B000000 1611
072 C000000 1038
072 D000000 0
072 E000000 0
072 F000000 3826
072 G000000 0
072 H000000 131
072 I000000 903
072 J000000 18
072 K000000 27
072 L000000 46
072 M000000 14
072 N000000 142
072 O000000 71
072 P000000 0
072 Q000000 0
072 R000000 23
072 S000000 20
072 T000000 1184
072 U000000 0
072 V000000 0
072 W000000 168
072 X000000 6573
072 Y000000 0
072 Z000000 -3924
072AA000000 115584
072BB000000 46502
072CC010000 88249
072CC020000 0
072DD010000 0
<PAGE> PAGE 5
072DD020000 0
072EE000000 25179
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.9000
073 C000000 0.0000
074 A000000 5678
074 B000000 82538
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 602111
074 G000000 0
074 H000000 0
074 I000000 211
074 J000000 6798
074 K000000 0
074 L000000 3026
074 M000000 1
074 N000000 700363
074 O000000 8223
074 P000000 846
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1962
074 S000000 0
074 T000000 689332
074 U010000 27375
074 U020000 8220
074 V010000 18.16
074 V020000 18.33
074 W000000 0.0000
074 X000000 39329
074 Y000000 0
075 A000000 0
075 B000000 511536
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
080 A000000 ICI MUTUAL INSURANCE COMPANY, INC.
080 B000000 GULF INSURANCE COMPANY
080 C000000 40000
081 A000000 Y
081 B000000 60
082 A000000 Y
082 B000000 150
083 A000000 N
083 B000000 0
<PAGE> PAGE 6
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP TREND FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> TREND FUND A CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 525,407,145
<INVESTMENTS-AT-VALUE> 684,860,331
<RECEIVABLES> 9,824,383
<ASSETS-OTHER> 5,679,030
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 700,363,744
<PAYABLE-FOR-SECURITIES> 8,223,325
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,808,252
<TOTAL-LIABILITIES> 11,031,577
<SENIOR-EQUITY> 18,952,067
<PAID-IN-CAPITAL-COMMON> 464,959,554
<SHARES-COMMON-STOCK> 27,374,784
<SHARES-COMMON-PRIOR> 22,443,507
<ACCUMULATED-NII-CURRENT> (3,923,736)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49,891,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 159,453,186
<NET-ASSETS> 497,188,288
<DIVIDEND-INCOME> 1,038,303
<INTEREST-INCOME> 1,611,021
<OTHER-INCOME> 0
<EXPENSES-NET> 6,573,060
<NET-INVESTMENT-INCOME> (3,923,736)
<REALIZED-GAINS-CURRENT> 69,081,802
<APPREC-INCREASE-CURRENT> 88,249,218
<NET-CHANGE-FROM-OPS> 153,407,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 20,793,378
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,551,524
<NUMBER-OF-SHARES-REDEEMED> 18,873,878
<SHARES-REINVESTED> 1,253,631
<NET-CHANGE-IN-ASSETS> 309,787,653
<ACCUMULATED-NII-PRIOR> (6,685,026)
<ACCUMULATED-GAINS-PRIOR> 11,185,693
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,865,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,573,060
<AVERAGE-NET-ASSETS> 399,400,852
<PER-SHARE-NAV-BEGIN> 14.21
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> 4.98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.16
<EXPENSE-RATIO> 1.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP TREND FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> TREND FUND B CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 525,407,145
<INVESTMENTS-AT-VALUE> 684,860,331
<RECEIVABLES> 9,824,383
<ASSETS-OTHER> 5,679,030
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 700,363,744
<PAYABLE-FOR-SECURITIES> 8,223,325
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,808,252
<TOTAL-LIABILITIES> 11,031,577
<SENIOR-EQUITY> 18,952,067
<PAID-IN-CAPITAL-COMMON> 464,959,554
<SHARES-COMMON-STOCK> 1,957,756
<SHARES-COMMON-PRIOR> 366,139
<ACCUMULATED-NII-CURRENT> (3,923,736)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49,891,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 159,453,186
<NET-ASSETS> 35,089,708
<DIVIDEND-INCOME> 1,038,303
<INTEREST-INCOME> 1,611,021
<OTHER-INCOME> 0
<EXPENSES-NET> 6,573,060
<NET-INVESTMENT-INCOME> (3,923,736)
<REALIZED-GAINS-CURRENT> 69,081,802
<APPREC-INCREASE-CURRENT> 88,249,218
<NET-CHANGE-FROM-OPS> 153,407,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 20,793,378
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,747,498
<NUMBER-OF-SHARES-REDEEMED> 184,109
<SHARES-REINVESTED> 28,228
<NET-CHANGE-IN-ASSETS> 309,787,653
<ACCUMULATED-NII-PRIOR> (6,685,026)
<ACCUMULATED-GAINS-PRIOR> 11,185,693
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,865,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,573,060
<AVERAGE-NET-ASSETS> 16,065,566
<PER-SHARE-NAV-BEGIN> 14.31
<PER-SHARE-NII> (0.25)
<PER-SHARE-GAIN-APPREC> 4.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.92
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP TREND FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> TREND FUND C CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 525,407,145
<INVESTMENTS-AT-VALUE> 684,860,331
<RECEIVABLES> 9,824,383
<ASSETS-OTHER> 5,679,030
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 700,363,744
<PAYABLE-FOR-SECURITIES> 8,223,325
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,808,252
<TOTAL-LIABILITIES> 11,031,577
<SENIOR-EQUITY> 18,952,067
<PAID-IN-CAPITAL-COMMON> 464,959,554
<SHARES-COMMON-STOCK> 351,451
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (3,923,736)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49,891,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 159,453,186
<NET-ASSETS> 6,357,274
<DIVIDEND-INCOME> 1,038,303
<INTEREST-INCOME> 1,611,021
<OTHER-INCOME> 0
<EXPENSES-NET> 6,573,060
<NET-INVESTMENT-INCOME> (3,923,736)
<REALIZED-GAINS-CURRENT> 69,081,802
<APPREC-INCREASE-CURRENT> 88,249,218
<NET-CHANGE-FROM-OPS> 153,407,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 399,723
<NUMBER-OF-SHARES-REDEEMED> 48,272
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 309,787,653
<ACCUMULATED-NII-PRIOR> (6,685,026)
<ACCUMULATED-GAINS-PRIOR> 11,185,693
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,865,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,573,060
<AVERAGE-NET-ASSETS> 2,303,627
<PER-SHARE-NAV-BEGIN> 15.46
<PER-SHARE-NII> (0.25)
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.35
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.09
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP TREND FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> TREND FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 525,407,145
<INVESTMENTS-AT-VALUE> 684,860,331
<RECEIVABLES> 9,824,383
<ASSETS-OTHER> 5,679,030
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 700,363,744
<PAYABLE-FOR-SECURITIES> 8,223,325
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,808,252
<TOTAL-LIABILITIES> 11,031,577
<SENIOR-EQUITY> 18,952,067
<PAID-IN-CAPITAL-COMMON> 464,959,554
<SHARES-COMMON-STOCK> 8,220,143
<SHARES-COMMON-PRIOR> 3,876,105
<ACCUMULATED-NII-CURRENT> (3,923,736)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49,891,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 159,453,186
<NET-ASSETS> 150,694,897
<DIVIDEND-INCOME> 1,038,303
<INTEREST-INCOME> 1,611,021
<OTHER-INCOME> 0
<EXPENSES-NET> 6,573,060
<NET-INVESTMENT-INCOME> (3,923,736)
<REALIZED-GAINS-CURRENT> 69,081,802
<APPREC-INCREASE-CURRENT> 88,249,218
<NET-CHANGE-FROM-OPS> 153,407,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,884,806
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,955,622
<NUMBER-OF-SHARES-REDEEMED> 2,827,946
<SHARES-REINVESTED> 216,362
<NET-CHANGE-IN-ASSETS> 309,787,653
<ACCUMULATED-NII-PRIOR> (6,685,026)
<ACCUMULATED-GAINS-PRIOR> 11,185,693
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,865,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,573,060
<AVERAGE-NET-ASSETS> 94,716,767
<PER-SHARE-NAV-BEGIN> 14.30
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 5.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.33
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Supplementary Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Trend Fund, Inc.
In planning and performing our audit of the financial statements of
Delaware Group Trend Fund, Inc. (the "Fund") for the year ended
June 30, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of June 30, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Philadelphia, Pennsylvania
August 2, 1996
