Delaware Balanced Fund
Delaware Devon Fund
Supplement to Prospectuses dated December 28, 1999
The following replaces the information under the section
entitled "Portfolio managers":
John B. Jares, Paul A. Grillo and Stephen R. Cianci have
primary responsibility for making day-to-day investment
decisions for Delaware Balanced Fund. Francis X. Morris has
primary responsibility for making day-to-day investment
decisions for Delaware Devon Fund. When making investment
decisions for Delaware Devon Fund, Mr. Morris regularly
consults with Michael S. Morris.
John B. Jares, Vice President/Senior Portfolio Manager,
holds a BS degree in finance and an MBA from the University
of Colorado. He joined Delaware Investments in March 2000.
Mr. Jares came to Delaware from Berger Funds, where he
served as a portfolio manager and securities analyst
specializing in the consumer and technology sectors. Prior
to joining Berger, Mr. Jares was a senior equity analyst at
Founders Asset Management, with responsibility for large
capitalization companies. He began his career at Lipper
Analytical Services, Inc. in 1992. Mr. Jares is a CFA
charterholder. He has been managing the Delaware Balanced
Fund since March 2000.
Paul A. Grillo, Vice President/Portfolio Manager, holds a BA
in Business Management from North Carolina State University
and an MBA in Finance from Pace University. Prior to joining
Delaware Investments in 1993, Mr. Grillo served as mortgage
strategist and trader at the Dreyfus Corporation. He also
served as mortgage strategist and portfolio manager for the
Chemical Investment Group and as financial analyst at
Chemical Bank. Mr. Grillo is a CFA charterholder. He has
been managing the fixed-income portion of the Delaware
Balanced Fund since April 25, 2000.
Stephen R. Cianci, Vice President/Portfolio Manager, holds a
BS and an MBA in finance from Widener University. He joined
Delaware Investments in 1992 and assumed responsibility for
maintaining the Fixed Income Department s investment grade
analytical systems. These responsibilities included
portfolio analysis and the analysis of mortgage-backed and
asset-backed securities. Mr. Cianci is an Adjunct Professor
of Finance at Widener University and a CFA charterholder. He
has been managing the fixed-income portion of the Delaware
Balanced Fund since April 25, 2000.
Francis X. Morris, Vice President/Senior Portfolio Manager,
holds a bachelor's degree in finance from Providence College
in Rhode Island and an MBA from Widener University in
Pennsylvania. He has been managing the Devon Fund since
March 1999 and institutional equity portfolios at Delaware
Investments since 1997. He has 17 years of investment
management experience. Mr. Morris came to Delaware from PNC
Asset Management where he served as a securities analyst,
portfolio manager and Director of Equity Research. He is
past president of the Philadelphia Society of Financial
Analysts.
Michael S. Morris, Assistant Vice President/Equity Analyst,
holds a BS from Indiana University with a major in finance.
Previously he served as equity analyst at Walnut Asset
Management where he covered a variety of industries. He has
also worked at Pilgrim Baxter as a Senior Research Analyst
covering financials and began his career at The Teachers
Retirement System of Ohio. Mr. Morris is a CFA
charterholder.
