<PAGE>
Supplement dated August 16, 1999
to the current Prospectuses for the Funds listed below
Effective August 16, 1999, the names of each Fund listed below will change as
noted. Corresponding changes will also be made to the names of each Fund's
classes.
<TABLE>
<CAPTION>
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Former Name New Name
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<S> <C>
Aggressive Growth Fund Delaware Aggressive Growth Fund
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Balanced Portfolio Delaware Balanced Portfolio
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Blue Chip Fund Delaware Blue Chip Fund
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Corporate Bond Fund Delaware Corporate Bond Fund
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Decatur Equity Income Fund Delaware Decatur Equity Income Fund
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DelCap Fund Delaware DelCap Fund
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Delaware Cash Reserve Delaware Cash Reserve Fund
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Delaware-Voyageur Minnesota High Yield Municipal Bond Fund Delaware Minnesota High-Yield Municipal Bond Fund
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Delaware-Voyageur Minnesota Insured Fund Delaware Minnesota Insured Fund
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Delaware-Voyageur Tax-Free Arizona Fund Delaware Tax-Free Arizona Fund
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Delaware-Voyageur Tax-Free Arizona Insured Fund Delaware Tax-Free Arizona Insured Fund
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Delaware-Voyageur Tax-Free California Fund Delaware Tax-Free California Fund
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Delaware-Voyageur Tax-Free California Insured Fund Delaware Tax-Free California Insured Fund
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Delaware-Voyageur Tax-Free Colorado Fund Delaware Tax-Free Colorado Fund
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Delaware-Voyageur Tax-Free Florida Fund Delaware Tax-Free Florida Fund
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Delaware-Voyageur Tax-Free Florida Insured Fund Delaware Tax-Free Florida Insured Fund
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Delaware-Voyageur Tax-Free Iowa Fund Delaware Tax-Free Iowa Fund
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Delaware-Voyageur Tax-Free Idaho Fund Delaware Tax-Free Idaho Fund
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Delaware-Voyageur Tax-Free Kansas Fund Delaware Tax-Free Kansas Fund
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Delaware-Voyageur Tax-Free Minnesota Fund Delaware Tax-Free Minnesota Fund
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Delaware-Voyageur Tax-Free Minnesota Intermediate Fund Delaware Tax-Free Minnesota Intermediate Fund
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Delaware-Voyageur Tax-Free Missouri Insured Fund Delaware Tax-Free Missouri Insured Fund
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Delaware-Voyageur Tax-Free New Mexico Fund Delaware Tax-Free New Mexico Fund
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Delaware-Voyageur Tax-Free New York Fund Delaware Tax-Free New York Fund
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Delaware-Voyageur Tax-Free North Dakota Fund Delaware Tax-Free North Dakota Fund
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Delaware-Voyageur Tax-Free Oregon Insured Fund Delaware Tax-Free Oregon Insured Fund
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Delaware-Voyageur Tax-Free Utah Fund Delaware Tax-Free Utah Fund
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Delaware-Voyageur Tax-Free Washington Insured Fund Delaware Tax-Free Washington Insured Fund
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Delaware-Voyageur Tax-Free Wisconsin Fund Delaware Tax-Free Wisconsin Fund
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Delaware-Voyageur US Government Securities Fund Delaware U.S. Government Securities Fund
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Delchester Fund Delaware Delchester Fund
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Devon Fund Delaware Devon Fund
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Emerging Markets Fund Delaware Emerging Markets Fund
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Extended Duration Bond Fund Delaware Extended Duration Bond Fund
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Global Bond Fund Delaware Global Bond Fund
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Global Equity Fund Delaware Global Equity Fund
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Growth and Income Fund Delaware Growth and Income Fund
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Growth Portfolio Delaware Growth Portfolio
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Growth Stock Fund Delaware Growth Stock Fund
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High-Yield Opportunities Fund Delaware High-Yield Opportunities Fund
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Income Portfolio Delaware Income Portfolio
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International Equity Fund Delaware International Equity Fund
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Limited-Term Government Fund Delaware Limited-Term Government Fund
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National High Yield Municipal Bond Fund Delaware National High-Yield Municipal Bond Fund
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New Pacific Fund Delaware New Pacific Fund
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Overseas Equity Fund Delaware Overseas Equity Fund
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Small Cap Value Fund Delaware Small Cap Value Fund
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Social Awareness Fund Delaware Social Awareness Fund
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Strategic Income Fund Delaware Strategic Income Fund
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Tax-Efficient Equity Fund Delaware Tax-Efficient Equity Fund
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Tax-Free Insured Fund Delaware Tax-Free Insured Fund
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Tax-Free Money Fund Delaware Tax-Free Money Fund
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Tax-Free New Jersey Fund Delaware Tax-Free New Jersey Fund
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Tax-Free Ohio Fund Delaware Tax-Free Ohio Fund
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Tax-Free USA Fund Delaware Tax-Free USA Fund
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Tax-Free USA Intermediate Fund Delaware Tax-Free USA Intermediate Fund
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Tax-Free Pennsylvania Fund Delaware Tax-Free Pennsylvania Fund
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Trend Fund Delaware Trend Fund
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U.S. Government Fund Delaware American Government Bond Fund
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U.S. Growth Fund Delaware U.S. Growth Fund
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</TABLE>
Effective August 16, 1999, the following class names will change as noted.
<TABLE>
<CAPTION>
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Former Name New Name
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<S> <C>
REIT Fund A Class Delaware REIT Fund A Class
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REIT Fund B Class Delaware REIT Fund B Class
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REIT Fund C Class Delaware REIT Fund C Class
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REIT Fund Institutional Class Delaware REIT Fund Institutional Class
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</TABLE>
