THE RODNEY SQUARE
MULTI-MANAGER FUND
Supplement dated December 1, 1997
to the Fund's Prospectus
dated May 1, 1997
Effective January 26, 1998 the Rodney Square Multi-Manager
Fund (the "Fund"):
1. Will eliminate sales charges on all purchases of shares of
the Growth Portfolio.
2. Will terminate the Portfolio's 12b-1 Plan and all payments
by the Portfolio of Rule 12b-1 fees.
The Board of Trustees of the Fund also has approved the
following matters, subject to shareholder approval:
1. A new investment advisory agreement with Wilmington Trust
Company ("WTC").
2. An amendment to the investment objective of the Portfolio so
that the Portfolio's investment objective will be to seek
"superior long-term growth of capital."
A special meeting of shareholders of the Portfolio has been
called for January 8, 1998 to consider and vote on, among other
proposals, the new investment advisory agreement and the
amendment of the Portfolio's investment objective. If
shareholders approve the new investment advisory agreement, the
Portfolio would no longer be managed by two different portfolio
advisers following separate investment approaches. Rather, WTC
would be exclusively responsible for the management of the
Portfolio.
In addition to the change in advisory arrangements and the
investment objective of the Portfolio; the Board approved
1. A new investment policy that would require the Portfolio to
invest at least 85% of its total assets in equity securities of
large cap U.S. issuers judged by WTC to possess strong growth
characteristics.
2. A change in the Portfolio's name to "Large Cap Growth Equity
Portfolio."
These changes are contingent upon shareholder approval of
both the new investment advisory agreement and the change of the
Portfolio's investment objective. If shareholder approval is
obtained, the proposed new investment structure of the Portfolio
would become effective on January 26, 1998.
If you wish to review a copy of the proxy statement which
describes such proposals in greater detail, please call 800-336-
9970 for a copy.
