SUPPLEMENT
TO THE PROSPECTUSES FOR
DEVON FUND AND DELAWARE BALANCED FUND
MARCH 18, 1999
Francis X. Morris has replaced George H. Burwell as
portfolio manager of Devon Fund and Delaware Balanced Fund.
Mr. Morris will join Gary A. Reed in making the day-to-day
investment decisions for Delaware Balanced Fund. Mr. Morris
will have responsibility for making the day-to-day
investment decisions for Devon Fund. Mr. Morris has been
managing institutional equity portfolios at Delaware
Investments since 1997. He has 16 years of investment
management experience. He came to Delaware from PNC Asset
Management where he served as a securities analyst from 1983
to 1991 and portfolio manager from 1991 to 1994. He was
subsequently named Director of Equity Research at PNC. Mr.
Morris holds a bachelor s degree in finance from Providence
College in Rhode Island and an MBA from Widener University
in Pennsylvania. He is a past president of the Philadelphia
Society of Financial Analysts. Mr. Reed holds an AB in
Economics from the University of Chicago and an MA in
Economics from Columbia University. He has been Senior
Portfolio Manager for fixed income since 1989. Before
joining Delaware Investments in 1989, Mr. Reed was Vice
President and Manager of the fixed-income department of the
Irving Trust Company in New York.
Mr. Morris will work closely with Devon Fund's existing
portfolio management team, including Andrea Giles and
Christopher Driver. Andrea Giles is a research analyst for
the Fund. She holds a BSAD from the Massachusetts Institute
of Technology and an MBA in Finance from Columbia
University. Prior to joining Delaware Investments in 1996,
she was an account officer in the Leveraged Capital Group
with Citibank. Christopher Driver is also a research analyst
for the Fund. He holds a BS in Finance from the University
of Delaware. Prior to joining Delaware Investments in 1998,
he was a Research Analyst in the Equity Value group at
Blackrock, Inc. Prior to Blackrock, he was a partner at
Cashman Farrell & Associates. Mr. Driver is a CFA
charterholder.
