Delaware Balanced Fund
Delaware Devon Fund
Class A *Class B *Class C
Supplement to the current prospectus
February 18, 2000
The following paragraph replaces the second paragraph under
the section entitled "Delaware Balanced Fund" on page 6 of
the prospectus:
"We seek capital appreciation by investing primarily in
common stocks of companies we believe have:
*Reasonably priced equity securities with strong,
consistent and predictable earnings growth rates.
*Strong, capable management teams and competitive
products or services.
*An attractive debt to capitalization ratio or strong
cash flow."
The following paragraph replaces the second paragraph under
the section entitled "Delaware Devon Fund" on page 6 of the
prospectus:
"In selecting stocks for Delaware Devon Fund, we consider
factors such as how much the stock s dividend has grown in
the past, the frequency of the stock s prior dividend
increases, the company s potential for strong positive cash
flow, and the price/earnings ratio of the stock compared to
other stocks in the market. We avoid stocks that we think
are overvalued. We seek stocks that we believe have the
potential for above-average dividend growth."
The following replaces the description of "Common stocks" and
"Convertible securities" under the section entitled "The
securities we typically invest in" on page 7 of the
prospectus:
Securities How we use them
Delaware Devon
Balanced Fund
Fund
Common stocks: Generally, we Generally,
Securities that invest up to 90% to
represent shares 75% of net assets 100% of the
of ownership in common stocks. Fund's
in a corporation. assets
Stockholders will be
participate in invested
the corporation s in common
profits and losses, stocks.
proportionate Under
to the number normal
of shares they own. market
conditions
we will invest
at least 65%
of total assets
in dividend-
paying stocks.
The following supplements the section entitled "Portfolio
turnover" on page 8 of the prospectus:
"The change in the equity investment strategy for the
Delaware Balanced Fund as set forth in this supplement to the
prospectus is effective as of the date of this supplement.
We expect that the new strategy will begin to be fully
implemented during April 2000. The implementation of this
change in strategy may result in an annual portfolio turnover
rate for Delaware Balanced Fund that is relatively higher
than normal."
The following paragraph replaces the first paragraph under
the section entitled "Portfolio managers" on page 10 of the
prospectus:
"John Jares will join Gary A. Reed as portfolio manager for
Delaware Balanced Fund. They will have primary
responsibility for making day-to-day investment decisions for
Delaware Balanced Fund. Francis X. Morris has responsibility
for making day-to-day investment decisions for Delaware Devon
Fund. When making decisions for Delaware Devon Fund, Mr.
Morris regularly consults with Christopher Driver and Michael
S. Morris."
The following paragraph supplements the section entitled
"Portfolio managers" on page 11 of the prospectus:
"John Jares, Vice President/Senior Portfolio Manager, holds a
BS degree in finance and an MBA from the University of
Colorado. He will join 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."
Delaware Balanced Fund
Delaware Devon Fund
Institutional Class
Supplement to the current prospectus
February 18, 2000
The following paragraph replaces the second paragraph under
the section entitled "Delaware Balanced Fund" on page 6 of
the prospectus:
"We seek capital appreciation by investing primarily in
common stocks of companies we believe have:
*Reasonably priced equity securities with strong,
consistent and predictable earnings growth rates.
*Strong, capable management teams and competitive
products or services.
*An attractive debt to capitalization ratio or strong
cash flow."
The following paragraph replaces the second paragraph under
the section entitled "Delaware Devon Fund" on page 6 of the
prospectus:
"In selecting stocks for Delaware Devon Fund, we consider
factors such as how much the stock s dividend has grown in
the past, the frequency of the stock s prior dividend
increases, the company's potential for strong positive cash
flow, and the price/earnings ratio of the stock compared to
other stocks in the market. We avoid stocks that we think
are overvalued. We seek stocks that we believe have the
potential for above-average dividend growth."
The following replaces the description of "Common stocks" and
"Convertible securities" under the section entitled "The
securities we typically invest in" on page 7 of the
prospectus:
Securities How we use them
Delaware Devon
Balanced Fund
Fund
Common stocks: Generally, we Generally,
Securities that invest up to 90% to
represent shares 75% of net assets 100% of the
of ownership in common stocks. Fund's
in a corporation. assets
Stockholders will be
participate in invested
the corporation s in common
profits and losses, stocks.
proportionate Under
to the number normal
of shares they own. market
conditions
we will invest
at least 65%
of total assets
in dividend-
paying stocks.
The following supplements the section entitled "Portfolio
turnover" on page 9 of the prospectus:
"The change in the equity investment strategy for the
Delaware Balanced Fund as set forth in this supplement to the
prospectus is effective as of the date of this supplement.
We expect that the new strategy will begin to be fully
implemented during April 2000. The implementation of this
change in strategy may result in an annual portfolio turnover
rate for Delaware Balanced Fund that is relatively higher
than normal."
The following paragraph replaces the first paragraph under
the section entitled "Portfolio managers" on page 11 of the
prospectus:
"John Jares will join Gary A. Reed as portfolio manager for
Delaware Balanced Fund. They will have primary
responsibility for making day-to-day investment decisions for
Delaware Balanced Fund. Francis X. Morris has responsibility
for making day-to-day investment decisions for Delaware Devon
Fund. When making decisions for Delaware Devon Fund, Mr.
Morris regularly consults with Christopher Driver and Michael
S. Morris."
The following paragraph supplements the section entitled
"Portfolio managers" on page 11 of the prospectus:
"John Jares, Vice President/Senior Portfolio Manager, holds a
BS degree in finance and an MBA from the University of
Colorado. He will join 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."
