Supplement dated August 2, 1999
(as revised September 1, 1999)
to the current Statement of Additional Information
for the following Funds
Delaware Aggressive Growth Fund
Delaware American Government Bond Fund
Delaware Balanced Fund
Delaware Balanced Portfolio
Delaware Blue Chip Fund
Delaware Corporate Bond Fund
Delaware Decatur Equity Income Fund
Delaware DelCap Fund
Delaware Delchester Fund Devon Fund
Delaware Emerging Markets Fund
Delaware Extended Duration Bond Fund
Delaware Global Bond Fund
Delaware Global Equity Fund
Delaware Growth and Income Fund
Delaware Growth Portfolio
Delaware Growth Stock Fund
Delaware High-Yield Opportunities Fund
Delaware Income Portfolio
Delaware International Equity Fund
Delaware Limited-Term Government Fund
Delaware Minnesota High-Yield Municipal Bond Fund
Delaware Minnesota Insured Fund
Delaware National High-Yield Municipal Bond Fund
Delaware New Pacific Fund
Delaware Overseas Equity Fund
Delaware REIT Fund
Delaware Small Cap Value Fund
Delaware Social Awareness Fund
Delaware Strategic Income Fund
Delaware Tax-Efficient Equity Fund
Delaware Tax-Free Arizona Fund
Delaware Tax-Free Arizona Insured Fund
Delaware Tax-Free California Fund
Delaware Tax-Free California Insured Fund
Delaware Tax-Free Colorado Fund
Delaware Tax-Free Florida Fund
Delaware Tax-Free Florida Insured Fund
Delaware Tax-Free Iowa Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free Insured Fund
Delaware Tax-Free Kansas Fund
Delaware Tax-Free Minnesota Fund
Delaware Tax-Free Minnesota Intermediate Fund
Delaware Tax-Free Missouri Insured Fund
Delaware Tax-Free New Jersey Fund
Delaware Tax-Free New Mexico Fund
Delaware Tax-Free New York Fund
Delaware Tax-Free North Dakota Fund
Delaware Tax-Free Ohio Fund
Delaware Tax-Free Oregon Insured Fund
Delaware Tax-Free Pennsylvania Fund
Delaware Tax-Free Utah Fund
Delaware Tax-Free Washington Insured Fund
Delaware Tax-Free Wisconsin Fund
Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund
Delaware Trend Fund
Delaware U.S. Government Securities Fund
Delaware U.S. Growth Fund
The following replaces the section of the Statement of
Additional Information entitled 12-Month Reinvestment
Privilege:
Holders of Class A Shares and Class B Shares of the Fund
(and of the Institutional Class holding shares which were
acquired through an exchange from one of the other mutual funds
in the Delaware Investments family offered with a front-end
sales charge) who redeem such shares have one year from the
date of redemption to reinvest all or part of their redemption
proceeds in the same Class of the Fund or in the same Class of
any of the other funds in the Delaware Investments family. In
the case of Class A Shares, the reinvestment will not be
assessed a front-end sales charge and in the case of Class B
Shares, the amount of the CDSC previously charged on the
redemption will be reimbursed by the Distributor. The reinvestment
will be subject to applicable eligibility and minimum purchase
requirements and must be in states where shares of such other
funds may be sold. This reinvestment privilege does not extend
to Class A Shares where the redemption of the shares triggered
the payment of a Limited CDSC. Persons investing redemption
proceeds from direct investments in mutual funds in the
Delaware Investments family, offered without a front-end sales
charge will be required to pay the applicable sales charge when
purchasing Class A Shares. The reinvestment privilege does not
extend to a redemption of Class C Shares.
Any such reinvestment cannot exceed the redemption
proceeds (plus any amount necessary to purchase a full share).
The reinvestment will be made at the net asset value next
determined after receipt of remittance. In the case of Class B
Shares, the time that the previous investment was held will be
included in determining any applicable CDSC due upon
redemptions as well as the automatic conversion into Class A
Shares.
A redemption and reinvestment of Class B Shares could have
income tax consequences. Shareholders will receive from the
Distributor the amount of the CDSC paid at the time of redemption as
part of the reinvested shares, which may be treated as a
capital gain to the shareholder for tax purposes. It is
recommended that a tax adviser be consulted with respect to
such transactions.
Any reinvestment directed to a fund in which the investor
does not then have an account will be treated like all other
initial purchases of the fund's shares. Consequently, an
investor should obtain and read carefully the prospectus for
the fund in which the investment is intended to be made before
investing or sending money. The prospectus contains more
complete information about the fund, including charges and
expenses.
Investors should consult their financial advisers or the
Transfer Agent, which also serves as the Fund's shareholder
servicing agent, about the applicability of the Class A Limited
CDSC in connection with the features described above.
The following revises or supplements the section of the
Statement of Additional Information entitled Systematic
Withdrawal Plans:
The applicable Limited CDSC for Class A Shares and CDSC
for Class B and C Shares redeemed via a Systematic Withdrawal
Plan will be waived if the annual amount withdrawn in each year
is less than 12% of the account balance on the date that the
Plan is established. If the annual amount withdrawn in any
year exceeds 12% of the account balance on the date that the
Systematic Withdrawal Plan is established, all redemptions
under the Plan will be subjected to the applicable contingent
deferred sales charge, including an assessment for previously
redeemed amounts under the Plan. Whether a waiver of the
contingent deferred sales charge is available or not, the first
shares to be redeemed for each Systematic Withdrawal Plan
payment will be those not subject to a contingent deferred
sales charge because they have either satisfied the required
holding period or were acquired through the reinvestment of
distributions.
The following supplements the Statement of Additional
Information:
The Limited CDSC for Class A Shares and CDSC for Class B
and Class C Shares will be waived in connection with the
following redemptions: distributions from an account if the
redemption results from the death of the registered owner, or a
registered joint owner, of the account (in the case of accounts
established under the Uniform Gifts to Minors or Uniform
Transfers to Minors Acts or trust accounts, the waiver applies
upon the death of all beneficial owners) or a total and
permanent disability (as defined in Section 72 of the Code) of
all registered owners occurring after the purchase of the
shares being redeemed.
