<PAGE>
PHOTO OF
COLONIAL OBJECTS
August 1, 1995
Dear Shareholder:
Six months ago, the Federal Reserve Board was still tightening credit in
an effort to inhibit expected inflation. A final 0.50% increase in the Federal
Funds rate to 6.0% occurred in February after the nation's economy grew at a
brisk 5.1% annual rate in the fourth quarter of 1994.
In the spring, however, the Fed's worries about inflation turned into
concerns about a slowdown and the possible risk of a mild recession. By the
summer, the Fed began to cut interest rates, a reversal of policy that the bond
market had anticipated well in advance of a 0.25% reduction in the Fed Funds
rate on July 6.
Considering that 1994 provided a negative return for nearly all
government funds, the change in Fed policy was welcome. Limited-Term Government
Fund A Class provided an attractive total return of +5.73% (capital change plus
reinvested dividends) at net asset value in the six months ended June 30. The
table below presents the Fund's total return for the first fiscal half of 1995
relative to a comparable intermediate U.S. Treasury Note and a long-term U.S.
Treasury Bond. Overall quality of the portfolio remains AAA.
- -------------------------------------------------------------------------------
Total Return
January 1, 1995 - January 30, 1995
Limited-Term Government Fund A Class +5.73%
Three-year U.S. Treasury Note +8.66%
30-Year U.S. Treasury Bond +19.70%
Fund performance is calculated at net asset value without the impact of sales
charge. Past performance is not a guarantee of future results. Source for
Treasury returns: Bloomberg Business News.
- -------------------------------------------------------------------------------
The increase in net asset value that Fund shareholders enjoyed in the
first half may not have been as large as some government funds that bet
aggressively on falling rates. However, we believe the conservative strategy
implemented by Roger A. Early, Vice President and Senior Portfolio Manager, puts
the Fund in a favorable position should the pace of the current economic
expansion gradually increase in the second half of 1995.
A July 18 survey by the National Association of Home Builders which
predicts an improved construction climate for the next six months is one
indicator of renewed economic growth. Home buying typically picks up when
interest rates drop as sharply as they did during this year's second quarter.
The average fixed rate on a conventional 30-year home loan fell below 8% as the
summer began.
2
<PAGE>
PHOTO OF
COLONIAL OBJECTS
Of course, falling rates can prompt refinancing, which can have a
negative effect on the value of mortgage-related securities that make up a
substantial share of the Fund's portfolio. However, before the drop, the Fund's
portfolio manager took steps to help protect the Fund from the potential
negative effects of mortgage prepayments that typically occur when interest
rates fall substantially.
We encourage you to read the remainder of this report, which includes
the portfolio manager's review of the Fund's performance in its first half
ended June 30, 1995, and an explanation of how he has positioned the Fund to
continue to meet its objectives in the coming months. As always, we thank you
for your continued confidence in Delaware Group.
Sincerely,
/s/ WAYNE A STORK /s/ BRIAN F. WRUBLE
- ---------------------------- -------------------------------------
Wayne A. Stork Brian F. Wruble
Chairman, Board of Directors President and Chief Executive Officer
Limited-Term Government Fund Limited-Term Government Fund
- --------------------------------------------------------------------------------
Only the name has changed...
We are pleased to announce that effective August 29, 1995, Treasury
Reserves Intermediate Fund has been renamed Limited-Term Government Fund.
The Fund's objective remains the same -- to provide a high, stable level
of current income while attempting to minimize principal fluctuation and provide
maximum liquidity. The Fund's strategy is to invest primarily in a portfolio of
short- and intermediate-term securities issued or guaranteed by the U.S.
Government, its agencies or instrumentalities as well as debt obligations backed
by such securities. The average weighted maturity of the holdings ranges between
two and five years. We believe the new name reflects this strategy and the
fixed-income securities that are the Fund's primary focus.
We stress that this is a name change only. We have made no changes to
the Fund's investment policies or strategies. Roger A. Early, whose report
begins on page 4, continues as the Fund's Senior Portfolio Manager. The Fund's
NASDAQ symbol will remain DTRIX. The abbreviated listing of the Fund in THE WALL
STREET JOURNAL and other major dailies is expected to be "LtdGov."
- --------------------------------------------------------------------------------
3
<PAGE>
PHOTO OF
COLONIAL OBJECTS
PORTFOLIO MANAGER'S REVIEW
In the Fund's first half of 1995, the bond market turned its attention
from concern about inflation and the industrial production pressures of a
booming economy to speculation about a possible recession, weak consumer
spending and bloated inventories. Investors in U.S. Government securities
recovered some of 1994's capital losses, as intermediate-term interest rates
declined more than 1.8 percentage points through June, pushing bond prices
higher.
In the six months through June, Limited-Term Government Fund Class A
shares provided a total return of +5.73% at net asset value while employing a
relatively defensive strategy. Compare that to the +5.6% average ANNUAL return
for intermediate bonds since the end of World War II as tracked by Ibbotson and
Sinquefeld, an investment research firm, and you can see that the 1995 rally
in bonds has been very pronounced.
The Fund shortened its average duration from 2.5 years as of December
31, to 2.0 years, as of June 30, in an attempt to increase stability of
principal. Duration is the most common measure of a bond's sensitivity to
changes in interest rates. It indicates the approximate percentage of change in
a bond's price given a 1% change in interest rates.
This year's drop in interest rates took place as bondholders witnessed a
slowing in economic activity combined with only a modest increase in consumer
prices. In fact, the bond rally was unusual in that it occurred despite a final
0.50% rate increase by the Federal Reserve Board in early February.
Traditionally, "fighting the Fed" or anticipating that the bond market will move
in the opposite direction of the Federal Reserve's most recent policy has not
been a successful strategy for fixed-income investors. But the first half of
1995 was different, especially for longer term bonds, which had the steepest
decline in yield.
In addition to concerns about "fighting the Fed," our view is that
sustained bond rallies usually start during a recession. Several economic
indicators that have consistently preceded recessions and sustained bond rallies
include a major drop in stock prices and a yield curve in which short-term rates
are higher than long-term rates. These events had not yet occurred by June 30.
With this in mind, and knowing that bond price declines normally continue
through the end of economic expansions, we concluded that the rally would not be
sustained.
===============================================
U.S. Treasury Yields Have Dropped Since January
-----------------------------------------------
01/02/95 06/30/95
3 month 5.682% 5.563%
6 month 6.495% 5.576%
1 year 7.162% 5.623%
2 year 7.69 % 5.793%
3 year 7.778% 5.852%
5 year 7.827% 5.970%
10 year 7.827% 6.203%
30 year 7.876% 6.617%
-----------------------------------------------
Source: Bloomberg Business News
This chart shows how much interest rates on U.S. Treasury
securities dropped between January and June this year.
Note tht the interest rate spread between very short maturity
securities (three-month T-Bills) and intermediate-term
securities (two- to five-year maturity Treasury Notes) has
"flattened" considerably since the start of the year.
4
<PAGE>
PHOTO OF
COLONIAL OBJECTS
To us, the economy's current condition looks a lot like the growth
slowdowns of 1966-1967 and 1986. During both periods, interest rates declined,
spurring renewed economic growth. In the mid-1960s and mid-1980s, the economy,
like the economy of the mid-1990s, had enjoyed several years of expansion.
Still, there was more room to grow.
Consequently, we are looking for an economic rebound in the second half
of 1995, especially given the fact that bonds rallied in anticipation of the
Federal Reserve Board's decision to cut interest rates on July 6. As you can see
from the chart to the left, conventional mortgage rates tumbled to 7.67% by
early June, down sharply from a December 1994 peak of 9.45%, suggesting there
may be a greater level of home buying later this year.
===========================================
Fannie Mae 90-Day Mortgage Commitment Rates
-------------------------------------------
30-Dec 9.45%
6-Jan 9.45%
13-Jan 9.25%
20-Jan 9.33%
27-Jan 9.19%
3-Feb 9.28%
10-Feb 9.18%
17-Feb 9.04%
24-Feb 8.88%
3-Mar 8.96%
10-Mar 8.83%
17-Mar 8.73%
24-Mar 8.69%
31-Mar 8.84%
7-Apr 8.57%
14-Apr 8.57%
21-Apr 8.51%
28-Apr 8.60%
5-May 8.26%
12-May 8.35%
19-May 8.22%
26-May 8.03%
2-Jun 7.67%
9-Jun 7.88%
16-Jun 7.95%
23-Jun 7.76%
30-Jun 7.93%
--------------------------------------------
Source: Bloomberg Business News
This chart shows that the average interest rate consumers paid on new
conventional fixed-rate mortgages dropped substantially between
December and June. The typical effect of a rate decline of this magnitude
is to generate home buying because consumers can enjoy interest savings
of more than $125 a month on a 30-year term, $100,000 mortgage.
A CONSERVATIVE PORTFOLIO
Despite generating higher income for investors than comparable
maturity U.S. Treasury notes, Limited-Term Government Fund's defensive
strategy caused it to lag the average return of two- to five-year maturity
government funds in the first half of 1995, as measured by Lipper Analytical
Services, an evaluator of mutual funds. We believed it was prudent to maintain
a conservative portfolio that provided a desirable risk/reward profile, with
emphasis on high income and protection of principal.
The Fund's portfolio had, as of June 30, an average effective maturity
of 3.5 years, down from 4.4 years in December. The average overall quality of
the portfolio remained AAA, the highest rating available.
Throughout the first half of 1995, the Fund was invested primarily in
U.S. Government securities, with an emphasis on mortgage-backed securities.
About 12% of the portfolio was in high-quality corporate and asset-backed
securities such as auto loans and credit card debt. Emphasis on residential
mortgages has given the Fund a yield-to-maturity almost 1% higher than a
comparable maturity U.S. Treasury Note. We expect to maintain the Fund's focus
in this defensive, better yielding sector.
5
<PAGE>
PHOTO OF
COLONIAL OBJECTS
The sharp drop in interest rates this year has the potential to trigger
refinancing activity, increasing mortgage prepayments. However, we believe the
Fund's mortgages are less likely to be refinanced because many loans date from
the 1986-1987 period, and have already been through several periods of heavy
refinancing activity. We think the Fund's sensitivity in this area is more
limited than the market as a whole.
With the potential for more bond market volatility during the second
half of 1995, the Fund's disciplined investment strategy aims to serve the needs
of investors targeting the attractive characteristics of the
short-to-intermediate government bond market.
/s/ ROGER A. EARLY
- --------------------------------------------
Roger A. Early
Vice President and Senior Portfolio Manager
Limited-Term Government Fund
LIMITED-TERM GOVERNMENT FUND'S PERFORMANCE
CLASS A CLASS B
Average Annual Total Returns(1) Average Annual Total Returns(2)
(Established 11/24/85) (Established 5/2/94)
Including Sales Charge
Lifetime +6.63% Lifetime
Excluding Sales Charge +4.12%
Including Sales Charge +2.47%
5 Years +5.97% One Year
Excluding Sales Charge +5.59%
Including Sales Charge +3.62%
One Year +3.26%
Through June 30, 1995
RETURN AND SHARE VALUE WILL FLUCTUATE SO THAT SHARES WHEN REDEEMED MAY BE WORTH
MORE OR LESS THAN THE ORIGINAL COST. PAST PERFORMANCE IS NOT A GUARANTEE OF
FUTURE RESULTS.
(1) CLASS A returns reflect the impact of the 3.00% maximum sales charge and the
12b-1 fee, and take into account the reinvestment of all distributions.
(2) CLASS B performance reflects the reinvestment of all distributions. Class B
shares do not carry a front-end sales charge, but are subject to a 1% annual
distribution and service fee. They are subject to a deferred sales charge of up
to 2% if redeemed before the end of the fourth year. Class B six-month total
returns for the period ending June 30, 1995 were +5.28% (excluding sales charge)
and +3.28% (including sales charge). Performance "excluding sales charge"
assumes the investment was not redeemed. Class B was initially offered on May 2,
1994.
The average annual total returns for the lifetime, five-year and one-year
periods and the unannualized total return for the six-month period ended June
30, 1995 for Limited-Term Government Fund's Institutional Class, which is
available without sales or asset-based distribution charges only to certain
eligible institutional accounts, were +7.08%, +6.78%, +6.65% and +5.80%
respectively. The Institutional Class was initially made available September 2,
1987; performance prior to that date is based on the performance of Class A,
adjusted to eliminate the effect of the sales charge, but not Class A's
asset-based distribution charge.
6
<PAGE>
FINANCIAL STATEMENTS
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, INC. -
LIMITED-TERM GOVERNMENT FUND*
STATEMENT OF NET ASSETS
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 16.52%
U.S. Treasury Bonds 13.125% 5/15/01......... $20,570,000 $ 27,730,931
U.S. Treasury Bonds 13.375% 8/15/01......... 42,927,000 58,836,819
U.S. Treasury Notes 5.125% 2/28/98.......... 5,500,000 5,402,029
U.S. Treasury Notes 5.75% 8/15/03........... 39,200,000 38,048,500
------------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $125,576,032)......................... 130,018,279
------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION OBLIGATIONS
(GNMA) - 15.57%
GNMA 8.00% 2016 to 2017..................... 24,391,063 25,028,096
GNMA 9.00% 2016 to 2022..................... 51,033,615 54,000,319
GNMA 10.00% 2016 to 2018.................... 2,003,036 2,182,058
GNMA 10.50% 2015 to 2016.................... 759,850 825,387
GNMA 11.00% 2009 to 2020.................... 9,260,997 10,431,662
GNMA 11.50% 2015 to 2019.................... 158,823 178,924
GNMA GPM (Graduated Payment Mortgage)
11.50% 2010 to 2013........................ 289,498 323,242
GNMA GPM 12.00% 2010 to 2012................ 122,361 137,733
GNMA GPM 12.25% 2013 to 2014................ 372,029 421,149
GNMA 12.50% 2010 ........................... 312,779 359,989
GNMA GPM 13.75% 2014........................ 123,890 142,706
GNMA II 9.50% 2020 to 2021.................. 8,753,467 9,182,939
GNMA II 9.75% 2016 to 2019.................. 905,075 963,764
GNMA II 10.00% 2020......................... 5,951,537 6,401,622
GNMA II 10.50% 2020......................... 354,133 384,678
GNMA II 11.00% 2015......................... 3,106,485 3,397,718
GNMA II Jumbo 11.50% 2017 to 2018........... 726,429 803,839
GNMA II 12.00% 2014 to 2016................. 5,284,731 5,908,990
GNMA II 12.50% 2013 to 2014................. 1,279,551 1,447,093
GNMA II GPM 12.75% 2015..................... 29,868 34,119
------------
TOTAL GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION OBLIGATIONS
(COST $122,626,707)........................ 122,556,027
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMOs) - 31.10%
Citicorp Mortgage Securities 1990-10 A5
9.50% 7/25/05.............................. 1,854,026 1,905,553
Federal Home Loan Mortgage Corporation
31 D 7.55% 5/15/20......................... 1,000,000 1,011,859
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMOs) (CONTINUED)
Federal Home Loan Mortgage Corporation
1260-E 8.00% 10/15/04...................... $ 4,823,959 $ 4,887,022
Federal Home Loan Mortgage Corporation
1276 H 8.00% 9/15/06....................... 20,413,000 21,177,157
Federal Home Loan Mortgage Corporation
1126 I 8.50% 10/15/19...................... 15,000,000 15,274,674
Federal Home Loan Mortgage Corporation
69F 9.00% 12/15/05......................... 2,900,000 3,058,378
Federal Home Loan Mortgage Corporation
136D 9.00% 3/15/20......................... 4,624,676 4,752,532
Federal Home Loan Mortgage Corporation
26F 9.50% 2/15/20.......................... 11,030,041 11,708,150
Federal Home Loan Mortgage Corporation
139F 9.50% 6/15/20......................... 8,726,604 9,016,903
Federal Home Loan Mortgage Corporation
1765-B BA 10.00% 1/15/17................... 17,357,727 18,323,251
Federal Home Loan Mortgage Corporation
1614 10.00% 6/15/20........................ 37,846,328 40,585,789
Federal National Mortgage Association
6.50% 3/1/09............................... 1,034,512 1,020,287
Federal National Mortgage Association
1989-58E 8.50% 9/25/18..................... 8,617,000 8,809,253
Federal National Mortgage Association
1990-128H 8.50% 12/25/19................... 16,990,261 17,611,820
Federal National Mortgage Association
1993-39A 8.75% 3/25/18..................... 15,781,318 16,376,973
Federal National Mortgage Association
1990-137D 9.00% 12/25/18................... 15,000,000 15,382,191
Federal National Mortgage Association
1990-23G 9.20% 12/25/18.................... 9,310,000 9,552,148
Federal National Mortgage Association
10.00% 9/25/18............................. 3,417,531 3,536,566
Federal National Mortgage Association
1989-1C 10.30% 3/25/18..................... 2,439,968 2,530,693
Federal National Mortgage Association
1989-19A 10.30% 4/25/19.................... 8,391,420 9,090,305
Federal National Mortgage Association
(STRIP) 46-2 11.00% 12/25/03............... 5,956,122 6,425,167
Investors F5 CMO 10.875% 10/25/13........... 247,626 277,434
PaineWebber Trust CMO 9.00% 3/20/97......... 2,207,669 2,228,423
</TABLE>
- --------
*Formerly known as Delaware Group Treasury Reserves, Inc. - Treasury Reserves
Intermediate Series
7
<PAGE>
STATEMENT OF NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMOs) (CONTINUED)
Prudential Home Mortgage Securities
1992-2 A17 8.30% 3/25/07................... $ 3,736,978 $ 3,886,083
Resolution Trust 1995-C1 6.55% 2/25/27...... 6,535,000 6,424,722
Travelers Mortgage Securities 1-Z2
12.00% 3/1/14.............................. 8,930,815 10,013,676
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $244,205,947)........................ 244,867,009
------------
ASSET-BACKED SECURITIES - 8.52%
Ammes Mortgage Trust 1994 - DI AIA
9.00% 2/15/27.............................. 21,197,551 21,932,841
First Alliance Mortgage Loan Trust 1994-3 A1
7.825% 10/25/25............................ 8,708,682 8,918,235
First Chicago 1991-D 8.40% 6/15/98.......... 20,000,000 20,400,000
MBNA Master Credit Card Trust
1995- C A 6.45% 2/15/08.................... 10,000,000 9,931,250
Standard Credit Card Master Trust
1994 - 2A 7.25% 4/7/08..................... 5,700,000 5,892,375
------------
TOTAL ASSET-BACKED SECURITIES
(COST $67,356,897)......................... 67,074,701
------------
CORPORATE BONDS - 3.26%
Security Pacific 11.00% 3/1/01.............. 21,500,000 25,686,867
------------
TOTAL CORPORATE BONDS (COST $24,477,105).... 25,686,867
------------
AGENCY OBLIGATIONS - 10.59%
Federal Home Loan Bank 8.05% 9/2/09......... 24,700,000 24,802,406
Federal National Mortgage Association
8.45% 10/21/96............................. 10,450,000 10,787,180
Federal National Mortgage Association
9.15% 4/10/98.............................. 8,400,000 9,028,202
Resolution Trust Funding Corp. Note
0.00% 4/15/06.............................. 59,000,000 29,291,435
Resolution Trust Funding Corp. Note
0.00% 10/15/06............................. 10,000,000 4,788,550
Resolution Trust Funding Corp. Note
0.00% 1/15/07.............................. 10,000,000 4,700,880
------------
TOTAL AGENCY OBLIGATIONS
(COST $83,674,390)......................... 83,398,653
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
<S> <C> <C>
AGENCY MORTGAGE-BACKED
SECURITIES - 13.68%
Federal Home Loan Mortgage Corporation
8.00% 3/1/09 to 7/1/11..................... $14,420,566 $ 14,766,540
Federal Home Loan Mortgage Corporation
8.50% 12/1/08 to 11/1/10................... 4,423,860 4,576,417
Federal Home Loan Mortgage Corporation
8.75% 5/1/10............................... 1,289,008 1,336,965
Federal Home Loan Mortgage Corporation
9.00% 1/1/24............................... 12,537,998 13,169,310
Federal Home Loan Mortgage Corporation
9.50% 11/1/05.............................. 7,138,312 7,397,076
Federal Home Loan Mortgage Corporation
11.00% 9/1/10 to 10/1/14................... 584,381 643,184
Federal Home Loan Mortgage Corporation
11.50% 3/1/01 to 3/1/16.................... 9,184,714 10,168,055
Federal National Mortgage Association
8.00% 7/1/02 to 7/1/23..................... 6,120,905 6,275,192
Federal National Mortgage Association
8.50% 8/1/07 to 8/1/17..................... 19,469,593 20,260,747
Federal National Mortgage Association
9.00% 8/1/04 to 4/1/16..................... 4,943,182 5,163,577
Federal National Mortgage Association
9.25% 7/1/08 to 8/1/16..................... 3,564,222 3,762,972
Federal National Mortgage Association
10.00% 1/1/19.............................. 1,175,289 1,276,657
Federal National Mortgage Association
11.00% 8/1/10 to 8/1/20.................... 16,531,202 18,342,738
Federal National Mortgage Association
12.50% 2/01/11............................. 328,280 374,349
Federal National Mortgage Association
13.00% 7/01/15............................. 182,418 207,500
------------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(COST $106,671,569)........................ 107,721,279
------------
NUMBER OF
CONTRACTS
PUT OPTIONS - 0.10%
5 Year Futures on U.S. Treasury Notes,
9/20/95, $105.............................. 1,500 351,570
5 Year Futures on U.S. Treasury Notes,
9/20/95, $106.............................. 1,000 437,500
-----------
TOTAL PUT OPTIONS (COST $1,682,805) ........ 789,070
-----------
</TABLE>
8
<PAGE>
STATEMENTS OF NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
NUMBER OF MARKET
CONTRACTS VALUE
<S> <C> <C>
CALL OPTIONS WRITTEN - (0.55%)
5 Year Futures on U.S. Treasury Notes,
9/20/95, $105.............................. 1,000 $ (2,546,880)
5 Year Futures on U.S. Treausry Notes
9/20/95, $106.............................. 1,000 (1,750,000)
-----------
TOTAL CALL OPTIONS WRITTEN
(PREMIUM RECEIVED $2,403,764).............. (4,296,880)
-----------
PRINCIPAL
AMOUNT
REPURCHASE AGREEMENTS - 1.19%
With Paine Webber 6.20%, 7/3/95
(dated 6/30/95 collateralized by $9,505,000
U.S. Treasury Notes 6.00% due 6/30/96,
market value $9,530,171)................... $9,338,000 9,338,000
-----------
TOTAL REPURCHASE AGREEMENTS
(COST $9,338,000).......................... 9,338,000
-----------
TOTAL MARKET VALUE OF SECURITIES
OWNED - 99.98% (COST $783,205,688)......... 787,153,005
RECEIVABLES NET OF LIABILITIES
AND OTHER ASSETS - 0.02%................... 140,146
-----------
NET ASSETS APPLICABLE TO 80,967,555
LIMITED-TERM GOVERNMENT FUND
A CLASS SHARES, 1,191,519 LIMITED-TERM
GOVERNMENT FUND B CLASS SHARES AND
4,106,892 LIMITED-TERM GOVERNMENT
INSTITUTIONAL CLASS SHARES
($.001 PAR VALUE) OUTSTANDING;
EQUIVALENT TO $9.13 PER SHARE - 100.00%.... $787,293,151
============
COMPONENTS OF NET ASSETS AT JUNE 30, 1995
Common stock, $.001 par value, 2,000,000,000
shares authorized to the Limited-Term
Government Fund............................ $895,324,307
Accumulated undistributed loss:
Net realized loss on investments........... (111,978,473)
Net unrealized appreciation of investments. 3,947,317
------------
Total net assets........................... $787,293,151
============
</TABLE>
See accompanying notes
9
<PAGE>
DELAWARE GROUP LIMITED-TERM
GOVERNMENT FUNDS, INC.-
LIMITED-TERM GOVERNMENT FUND
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................... $36,737,545
EXPENSES:
Management fees ($2,001,806) and
directors' fees ($4,471).................... $2,006,277
Dividend disbursing and transfer
agent fees and expenses.................... 781,114
Distribution expenses....................... 595,485
Reports and statements to shareholders...... 181,837
Salaries.................................... 112,851
Custodian fees.............................. 62,332
Taxes (other than income)................... 47,673
Registration fees........................... 34,623
Professional fees........................... 11,934
Other....................................... 146,235 3,980,361
---------- -----------
NET INVESTMENT INCOME..... ................. 32,757,184
-----------
NET REALIZED LOSS AND
UNREALIZED GAIN ON INVESTMENTS:
Net realized loss from security
transactions.............................. (4,263,603)
Net realized loss on options............... (15,323,881) (19,587,484)
-----------
Net unrealized appreciation of
investments during the period............. 31,570,473
-----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS........................ 11,982,989
-----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS.................. $44,740,173
===========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE GROUP LIMITED-TERM
GOVERNMENT FUNDS, INC.-
LIMITED-TERM GOVERNMENT FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six
Months Year
Ended Ended
6/30/95 12/31/94
(Unaudited)
<S> <C> <C>
OPERATIONS:
Net investment income ...................... $32,757,184 $71,534,054
Net realized loss from investment
transactions............................... (19,587,484) (85,112,787)
Net unrealized appreciation (depreciation)
during the period.......................... 31,570,473 (7,549,434)
------------ --------------
Net increase (decrease)
in net assets resulting from operations.... 44,740,173 (21,128,167)
------------ --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Limited-Term Government Fund A Class....... (30,930,516) (67,899,145)
Limited-Term Government Fund B Class....... (302,961) (145,627)
Limited-Term Government Fund
Institutional Class....................... (1,523,707) (3,489,282)
------------ --------------
(32,757,184) (71,534,054)
------------ --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Limited-Term Government Fund A Class....... 45,147,368 173,103,587
Limited-Term Government Fund B Class....... 4,970,124 6,890,177
Limited-Term Government Fund
Institutional Class....................... 4,555,713 17,044,450
Net asset value of shares issued upon
reinvestment of dividends from net
investment income:
Limited-Term Government Fund A Class....... 20,372,883 46,483,822
Limited-Term Government Fund B Class....... 189,324 98,455
Limited-Term Government Fund
Institutional Class....................... 1,519,205 3,479,603
------------ --------------
76,754,617 247,100,094
------------ --------------
Cost of shares repurchased:
Limited-Term Government Fund A Class....... (127,433,934) (468,009,117)
Limited-Term Government Fund B Class....... (683,386) (550,004)
Limited-Term Government Fund
Institutional Class....................... (6,372,419) (26,564,816)
------------ --------------
(134,489,739) (495,123,937)
------------ --------------
Decrease in net assets derived from
capital share transactions................. (57,735,122) (248,023,843)
------------ --------------
NET DECREASE IN NET ASSETS.................. (45,752,133) (340,686,064)
NET ASSETS:
Beginning of period......................... 833,045,284 1,173,731,348
------------ --------------
End of period .............................. $787,293,151 $ 833,045,284
============ ==============
</TABLE>
See accompanying notes
10
<PAGE>
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, INC.-
LIMITED-TERM GOVERNMENT FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
Delaware Group Limited-Term Government Funds, Inc. - Limited-Term Government
Fund, (formerly known as Delaware Group Treasury Reserves, Inc. - Treasury
Reserves Intermediate Series) (the "Fund"), a series of Delaware Group
Limited-Term Government Funds, Inc., (the "Company"), is registered as a
diversified open-end investment company under the Investment Company Act of
1940. The Company is organized as a Maryland corporation. The Fund offers three
classes of shares.
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Fund for financial
statement preparation:
SECURITY VALUATION - Securities listed on an exchange are valued at the last
quoted sales price as of 4:00 p.m. on the valuation date. Securities not listed
on an exchange are valued at the mean of the last quoted bid and asked prices.
Long-term debt securities are valued by an independent pricing service when such
prices are believed to reflect the fair value of such securities. Money market
instruments having less than 60 days to maturity are valued at amortized cost.
FEDERAL INCOME TAXES - The Fund intends to continue to qualify as a regulated
investment company and make the requisite distributions to shareholders.
Accordingly, no provision for federal income taxes is required in the financial
statements.
REPURCHASE AGREEMENTS - The Fund may invest in a pooled cash account along with
other members of the Delaware Group Family of Funds. The aggregate daily balance
of the pooled cash account is invested in repurchase agreements secured by
obligations of the U.S. Government. The respective collateral is held by the
Fund's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is 100% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
CLASS ACCOUNTING - Investment income, common expenses and gain (loss) are
allocated to the various classes of the Fund on the basis of daily net assets.
Distribution expenses relating to a specific class are charged directly
to that class.
OTHER - Expenses common to all funds within the Delaware Group Family of Funds
are allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale of
investment securities are those of the specific securities sold. Interest income
is recorded on an accrual basis. Original issue discounts are accreted to
interest income over the lives of the respective securities. The Fund declares
dividends daily from net investment income and pays such dividends monthly.
2. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
In accordance with the terms of the Investment Management Agreement, the Fund
pays Delaware Management Company, Inc. (DMC), the investment manager of the
Fund, an annual fee which is calculated daily at the rate of 0.50% of average
daily net assets of the Fund less fees paid to the independent directors. At
June 30, 1995, the Fund had a liability for Investment Management fees and other
expenses payable to DMC for $22,819.
Pursuant to the Distribution Agreement, the Fund pays Delaware Distributors,
L.P. (DDLP), the Distributor and an affiliate of DMC, an annual fee not to
exceed 0.15% of the average daily net assets of the A Class and 1.00% of the
average daily net assets of the B Class. No distribution expenses are paid by
the Institutional Class. For the six months ended June 30, 1995, the Fund paid
DDLP $92,016 for commissions earned on sales of Limited-Term Government Fund A
shares. At June 30, 1995, the Fund had a liability for distribution fees and
other expenses payable to DDLP for $9,724.
The Fund has engaged Delaware Service Company, Inc. (DSC), an affiliate of DMC,
to serve as dividend disbursing and transfer agent for the Fund. For the six
months ended June 30, 1995, the Fund expensed $781,114 for these services. At
June 30, 1995, the Fund had a liability for such fees and other expenses payable
to DSC for $22,882.
Certain officers of the Investment Manager are officers, directors and/or
employees of the Fund. These officers, directors and employees are paid no
compensation by the Fund.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DMC, DDLP and DSC, through a merger transaction (the "Merger") became a
wholly-owned subsidiary of Lincoln National Corporation. Other than the
resulting change in ownership, the Merger will not materially change the manner
in which DMC, DDLP or DSC have heretofore conducted their relationship with the
Fund.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENTS
During the six months ended June 30, 1995, the Fund made purchases of
$149,981,188 and sales of $153,690,478 of investment securities other than U.S.
Government securities and temporary cash investments.
At June 30, 1995, unrealized appreciation for federal income tax purposes
aggregated $4,161,081 of which $11,832,149 related to unrealized appreciation of
securities and $7,671,068 related to unrealized depreciation of securities.
The realized loss for federal income tax purposes was $19,373,739 for the six
months ended June 30, 1995. For federal income tax purposes, the Fund had
accumulated capital losses of $92,391,252 at December 31, 1994 of which may be
carried forward and applied against future capital gains. The capital loss
carryforward expires as follows: 1995 - $2,146,972, 1996 - $859,564, 1997 -
$574,529, 1998 - $707,105, 2001 - $2,978,605 and 2002 - $85,124,477.
Transactions in call options written for the six months ended June 30, 1995,
were as follows:
CALL OPTIONS
TERMINATED
----------
NO. OF PREMIUMS NET REALIZED
CONTRACTS RECEIVED COST LOSS
--------- -------- ---- ----
Options outstanding
December 31, 1994 ...... 1,150 $ 565,901
Contracts written ....... 8,350 7,643,374
----- ----------
9,500 8,209,275
Contracts terminated:
Closed.................. 7,500 5,805,511 $19,251,791 $(13,446,280)
----- ---------- =========== ============
Contracts outstanding
June 30, 1995........... 2,000 $2,403,764
----- ==========
Net realized losses on put options purchased for the six months ended June 30,
1995 were $1,877,601.
4. CAPITAL STOCK
Transactions in capital stock shares were as follows:
SIX MONTHS YEAR
ENDED ENDED
6/30/95 12/31/94
Shares sold:
Limited-Term Government Fund A Class ....... 4,979,600 18,177,057
Limited-Term Government Fund B Class ....... 547,592 747,755
Limited-Term Government Fund
Institutional Class ....................... 501,458 1,776,208
Shares issued upon reinvestment
of dividends from net investment income:
Limited-Term Government Fund A Class ....... 2,244,112 4,974,528
Limited-Term Government Fund B Class ....... 20,842 10,824
Limited-Term Government Fund
Institutional Class ....................... 167,333 373,041
---------- ----------
8,460,937 26,059,413
---------- ----------
Shares repurchased:
Limited-Term Government Fund A Class ....... (14,045,543) (49,806,031)
Limited-Term Government Fund B Class ....... (75,389) (60,105)
Limited-Term Government Fund
Institutional Class ....................... (702,497) (2,856,655)
---------- ----------
(14,823,429) (52,722,791)
---------- ----------
Net decrease ............................... (6,362,492) (26,663,378)
========== ==========
5. CONCENTRATION OF CREDIT RISK
The Fund invests in securities whose value is derived from an underlying pool of
mortgages or consumer loans. Prepayment of these loans may shorten the stated
maturity of the respective obligation and may result in a loss of premium, if
any has been paid.
As a writer of call options, the Fund receives a premium at the outset which is
recorded as a liability and is subsequently adjusted to the current market value
of the option written. The Fund bears the market risk of unfavorable changes in
the price of the financial instrument underlying the option. Generally, the Fund
would incur a gain, to the extent of the premiums, if the price of the
underlying financial instrument decreases between the date the option is written
and the date on which the option is terminated. Generally, the Fund would
realize a loss, if the price on the financial instrument increases between those
dates.
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
6. FINANCIAL HIGHLIGHTS
Selected data for each share of the Fund outstanding throughout each period were
as follows:
<TABLE>
<CAPTION>
LIMITED-TERM GOVERNMENT FUND A CLASS(1)
------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/95(4) 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $8.990 $9.840 $10.000 $10.190 $ 9.770 $9.720
Income from investment operations:
Net investment income .......................... 0.367 0.667 0.681 0.740 0.799 0.814
Net realized and unrealized gain (loss) from
security transactions ......................... 0.140 (0.850) (0.160) (0.190) 0.420 0.050
------ ------ ------- ------- ------- ------
Total from investment operations................. 0.507 (0.183) 0.521 0.550 1.219 0.864
Less distributions:
Dividends....................................... (0.367) (0.667) (0.681) (0.740) (0.799) (0.814)
Distributions from net realized gain on
security transactions ......................... none none none none none none
------ ------ ------- ------- ------- ------
Total distributions.............................. (0.367) (0.667) (0.681) (0.740) (0.799) (0.814)
Net asset value, end of period .................. $9.130 $8.990 $ 9.840 $10.000 $10.190 $9.770
====== ====== ======= ======= ======= ======
Total returns(5)................................. 5.73% (1.88%) 5.31% 5.62% 13.04% 9.32%
Ratios/supplemental data:
Net assets, end of period (000 omitted)......... $738,938 $789,525 $1,126,031 $861,829 $144,129 $107,739
Ratio of expenses to average net assets......... 0.99% 0.91% 0.88% 0.87% 20.90%(2) 0.99%
Ratio of net investment income to average
net assets .................................... 8.14% 7.10% 6.77% 7.03%(3) 7.96%(3) 8.41%
Portfolio turnover.............................. 54% 148% 171% 77% 42% 175%
</TABLE>
- ----------
(1) Formerly known as Treasury Reserves Intermediate Fund A Class.
(2) Ratio of expenses to average net assets prior to expense limitation was
0.90% for 1992 and 0.99% for 1991.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 7.01% for 1992 and 7.87% for 1991.
(4) Ratios have been annualized and total return has not been annualized.
(5) Does not include maximum sales charge of 3.00% nor the 1% limited contingent
deferred sales charge that would apply in the event of certain redemptions
within 12 months of purchase.
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
6. FINANCIAL HIGHLIGHTS
Selected data for each share of the Fund outstanding throughout each period were
as follows:
<TABLE>
<CAPTION>
LIMITED-TERM GOVERNMENT
LIMITED-TERM GOVERNMENT FUND INSTITUTIONAL CLASS FUND B CLASS(1)
------------------------------------------------------------- -----------------------
PERIOD
SIX MONTHS SIX MONTHS 5/2/94(4)
ENDED YEAR ENDED DECEMBER 31, ENDED TO
6/30/95(5) 1994 1993 1992* 1991 1990 6/30/95(5) 12/31/94
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ......................... $8.990 $9.840 $10.000 $10.190 $9.770 $9.720 $8.990 $9.430
Income from investment operations:
Net investment income ............. 0.373 0.681 0.696 0.754 0.816 0.828 0.328 0.399
Net realized and unrealized gain
(loss) from security transactions. 0.140 (0.850) (0.160) (0.190) 0.420 0.050 0.140 (0.440)
Total from investment operations ... 0.513 (0.169) 0.536 0.564 1.236 0.878 0.468 (0.041)
Less distributions:
Dividends.......................... (0.373) (0.681) (0.696) (0.754) (0.816) (0.828) (0.328) (0.399)
Distributions from net realized
gain on security transactions..... none none none none none none none none
Total distributions................ (0.373) (0.681) (0.696) (0.754) (0.816) (0.828) (0.328) (0.399)
Net asset value, end of period ..... $9.130 $8.990 $9.840 $10.000 $10.190 $9.770 $9.130 $8.990
Total return(6)..................... 5.80% (1.74%) 5.44% 5.77% 13.21% 9.48% 5.28% (0.44%)
Ratios/supplemental data:
Net assets, end of period
(000 omitted) .................... $37,481 $37,238 $47,700 $52,403 $146,598 $12,811 $10,874 $6,282
Ratio of expenses to average
net assets ....................... 0.84% 0.76% 0.74% 0.75%(2) 0.75%(2) 0.84% 1.84% 1.76%
Ratio of net investment income to
average net assets................ 8.29% 7.25% 6.91% 7.58%(3) 8.11%(3) 8.56% 7.29% 6.25%
Portfolio turnover................. 54% 148% 171% 77% 42% 175% 54% 148%
</TABLE>
- ------------------
The per share data for the periods 1990 and 1991 is derived from data of the
Investors I class, which like the Limited-Term Government Fund Institutional
Class (formerly known as Treasury Reserves Intermediate Fund Institutional
Class), a new class of shares, was not subject to Rule 12b-1 distribution
expenses. Shares of Investors I class were converted into shares of Investors II
class, now referred to as Limited-Term Government Fund A Class, on June 1, 1992
pursuant to a Plan of Recapitalization approved by shareholders of Investors I
class.
(1) Formerly known as Treasury Reserves Intermediate Fund B Class.
(2) Ratio of expenses to average net assets prior to expense limitation was
0.78% for 1992 and 0.84% for 1991 for the Limited-Term Government Fund
Institutional Class.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 7.54% for 1992 and 8.02% for 1991 for the Limited-Term
Government Institutional Class.
(4) Date of initial public offering; ratios have been annualized and total
return has not been annualized.
(5) Ratios have been annualized and total return has not been annualized.
(6) Does not include any applicable contingent deferred sales charge which
varies from 1%-2% depending upon the holding period for the Limited-Term
Government Fund B Class.
* The per share data and ratios for Investors I class and the Limited-Term
Government Institutional Class have been combined for 1992. For the five
months ended May 31, 1992, the Investors I class operating expenses and net
investment income per share were $0.031 and $0.325, respectively. For the
seven months ended December 31, 1992, the Limited-Term Government Fund
Institutional Class operating expenses and net investment income per share
were $0.045 and $0.429, respectively. All net investment income was
distributed to shareholders.
14
<PAGE>
A REPORT ON LIMITED-TERM GOVERNMENT FUND'S ANNUAL MEETING
At an annual meeting of shareholders held on March 29, 1995, the following
matters were submitted for shareholder vote: the election of directors, the
ratification of the selection of Ernst & Young LLP as independent auditors of
the Fund and the approval of a new investment management agreement. The new
investment management agreement was proposed in connection with the April 3,
1995, merger of Delaware Management Holdings, Inc.(the parent of Delaware
Management Company, Inc.) and a subsidiary of Lincoln National Corporation.
Whenever there is a change in control of an investment manager, the Investment
Company Act of 1940 requires shareholders to vote on a new investment management
agreement. Below are the names of each director elected at the meeting as well
as the results of the other matters voted on by shareholders.
<TABLE>
<CAPTION>
NUMBER OF VOTES
------------------------------------------------
FOR AGAINST/WITHHELD ABSTENTIONS
---------- ---------------- -----------
<S> <C> <C> <C>
Election of Directors*:
Wayne A.Stork 63,772,321 1,734,614 --
Walter P. Babich 63,791,470 1,715,464 --
Anthony D. Knerr 63,791,558 1,715,376 --
Ann R. Leven 63,789,806 1,717,128 --
W. Thacher Longstreth 63,782,327 1,724,607 --
Charles E. Peck 63,791,470 1,715,464 --
Approval of the New Investment Management Agreement 50,349,959 906,946 2,992,463
Selection of Ernst & Young LLP as Independent Auditors* 60,561,793 605,865 4,339,275
</TABLE>
* Voted upon by shareholders of Delaware Group Limited-Term Government Funds,
Inc.
+ Please note that the results of this meeting were not audited by Ernst &
Young LLP.
- ------------------------------------------------------------------------------
This semi-annual report is for the information of Limited-Term Government Fund
shareholders, but it may be used with prospective investors when preceded or
accompanied by a current PROSPECTUS, which gives details about charges,
expenses, investment objectives and operating policies of the Fund. Summary
investment results are documented in the current STATEMENT OF ADDITIONAL
INFORMATION. If used with prospective investors after September 30, 1995, this
report must also be accompanied by a Limited-Term Government Fund Performance
Update for the most recently completed calendar quarter. The figures in this
report represent past results which are not a guarantee of future results. The
return and principal value of an investment in the Fund will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
<PAGE>
<TABLE>
<CAPTION>
BOARD MEMBERS OTHER AFFILIATED OFFICERS
<S> <C> <C>
WAYNE A. STORK ANN R. LEVEN BRIAN F. WRUBLE
Chairman Treasurer President and CEO
Delaware Group of Funds National Gallery of Art Delaware Group of Funds
Philadelphia, PA Washington, DC Philadelphia, PA
WALTER P. BABICH W. THACHER LONGSTRETH GEORGE M. CHAMBERLAIN, JR.
Board Chairman Vice Chairman Senior Vice President and Secretary
Citadel Constructors, Inc. Packquisition Corp. Delaware Group of Funds
King of Prussia, PA Philadelphia, PA Philadelphia, PA
ANTHONY D. KNERR CHARLES E. PECK DAVID K. DOWNES
Consultant Secretary of Enterprise Homes, Inc. Senior Vice President,
Anthony Knerr & Associates Fredericksburg, VA Chief Financial Officer and
New York, NY former Chairman and CEO Chief Administrative Officer
The Ryland Group, Inc. Delaware Group of Funds
Columbia, MD Philadelphia, PA
KEITH E. MITCHELL
President and CEO
Delaware Distributors, L.P.
Philadelphia, PA
DELAWARE GROUP OF FUNDS
FOR GROWTH OF CAPITAL FOR CURRENT INCOME MONEY MARKET FUNDS
Trend Fund Delchester Fund Delaware Cash Reserve
DelCap Fund U.S. Government Fund U.S. Government Money Fund
Value Fund Limited-Term Government Fund Tax-Free Money Fund
FOR TOTAL RETURN FOR TAX-FREE CLOSED-END EQUITY/INCOME
Devon Fund CURRENT INCOME Dividend and Income Fund
Decatur Total Return Fund Tax-Free USA Fund Global Dividend and
Decatur Income Fund Tax-Free Insured Fund Income Fund
Delaware Fund Tax-Free USA
Intermediate Fund
FOR GLOBAL Tax-Free Pennsylvania Fund
DIVERSIFICATION
International Equity Fund
Global Assets Fund
Global Bond Fund
</TABLE>
<PAGE>
DELAWARE GROUP
A TRADITION OF SOUND INVESTING SINCE 1929
PHOTO OF VARIOUS COLONIAL OBJECTS
1995
SEMI-
ANNUAL
REPORT
DELAWARE
GROUP
========
LIMITED-TERM
GOVERNMENT FUND
(Formerly Treasury Reserves
Intermediate Fund)
The Delaware Group includes funds with a wide range of investment
objectives. Stock funds, income funds, tax-free funds, money market funds,
closed-end equity/income funds and global funds give investors the ability to
create a portfolio that fits their personal financial goals. For more
information, including a prospectus of any Delaware Group fund, contact your
financial adviser or call Delaware Group at 800-523-4640 or 215-988-1333 in
Philadelphia. Read the prospectus carefully before investing.
BE SURE TO CONSULT YOUR FINANCIAL ADVISER WHEN MAKING INVESTMENTS.
MUTUAL FUNDS CAN BE A VALUABLE PART OF YOUR FINANCIAL PLAN; HOWEVER, SHARES
OF THE FUND ARE NOT FDIC OR NCUSIF INSURED, ARE NOT GUARANTEED BY ANY BANK OR
ANY CREDIT UNION, ARE NOT OBLIGATIONS OF ANY BANK OR ANY CREDIT UNION, AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SHARES OF
THE FUND ARE NOT BANK OR CREDIT UNION DEPOSITS.
INVESTMENT MANAGER SHAREHOLDER SERVICING,
Delaware Management Company, Inc. DIVIDEND AND DISBURSING
AND TRANSFER AGENT
INTERNATIONAL AFFILIATE Delaware Service Company, Inc.
Delaware International Advisers Ltd.
NATIONAL DISTRIBUTOR
Delaware Distributors, L.P.
SA-022 [6/95] PP8/95 Printed in the U.S.A.
