December 20, 1996
DelCap Fund
Institutional Class
Supplement to Prospectus dated November 29, 1996
The following replaces the categories of eligible purchasers
of Institutional Class shares in the section of the Prospectus
entitled Classes of Shares:
Shares of the Class are available for purchase only by: (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 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 rollover individual retirement accounts from such
institutional advisory accounts; (d) a bank, trust company and
similar financial institution investing for its own account or
for the account of its trust customers for whom such financial
institution is exercising investment discretion in purchasing
shares of the Class, except where the investment is part of a
program that requires payment to the financial institution of a
Rule 12b-1 Plan fee; 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.
December 20, 1996
DelCap Fund
A Class/B Class/C Class
Supplement to Prospectus dated November 29, 1996
The following supplements the section in the section of the
Prospectus entitled Buying Class A Shares at Net Asset Value
under Classes of Shares:
Purchases of Class A Shares may also be made by financial
institutions investing for the account of their trust customers
when they are not eligible to purchase shares of the
Institutional Class.
