Delaware Trend Fund - Overview

Overview Fund facts Performance Holdings Distributions Manager bios Portfolio characteristics Account features Shareholder literature Prospectus Fund summary

Fund profile
Objective		Investment Team
Delaware Trend Fund seeks to provide capital appreciation by investing primarily in emerging or other growth-oriented companies.		Marshall T. Bassett (1997) Barry S. Gladstein (2005) Christopher M. Holland (2005) Lori P. Wachs (1997) Michael S. Tung, M.D. (2007) Rudy D. Torrijos III (2005) Delaware Management Company
Main investment strategies
We invest primarily in stocks of small, growth-oriented or emerging companies that we believe are responsive to changes within the marketplace and which we believe have the fundamental characteristics to support continued growth. As these companies grow, we will normally hold their stocks until we believe they have achieved their growth potential or until we find what we believe to be better growth opportunities. The Fund uses a bottom-up approach to stock selection that seeks market leaders, strong product cycles, innovative concepts, and industry trends. We look at price-to-earnings ratios, estimated growth rates, market capitalization, and cashflows as we strive to determine how attractive a company is relative to other companies.
Fund information (As of 10/31/09)
Equity style		Total net assets $356.6 million       Class A $277.4 million       Class B $16.0 million       Class C $32.9 million       Class I $28.1 million       Class R $2.3 million Inception date         Class A 10/03/68       Class B 09/06/94       Class C 11/29/95       Class I 11/23/92       Class R 06/02/03 Dividends Annual Capital gains August, December

Funds that invest small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.

Effective at the close of business on May 31, 2007, no new or subsequent investments will be allowed in Class B shares of the Delaware Investments® Family of Funds except through a reinvestment of dividends or capital gains or permitted exchanges. http://www.delawareinvestments.com/Corporate/shareholder/supp_bclass.pdf

The Delaware information provided herein may be used in conjunction with the offering of shares only if preceded or accompanied by a prospectus. All Delaware Funds are offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. A printed copy of any Delaware Investments fund prospectus may be obtained by calling Delaware Investments at 800 523-1918.

Distributed by Delaware Distributors L.P.