Delaware Group Income Funds
Supplement to Statement of Additional Information dated
September 29, 1999
as revised November 18, 1999
The following replaces the second sentence in the last
paragraph in the section entitled Delchester Fund under
Investment Objectives and Policies on page 6:
The Fund may invest up to 20% of equity securities, including
common stocks and preferred stocks, some of which may have
convertible features or attached warrants.
The following supplements the information in the section
entitled High-Yield Opportunities Fund under Investment
Objectives and Policies on page 7:
In addition to income-producing securities as described
in the Prospectus, the Fund may make limited use of non-
income producing equity securities, such as, but not limited
to, common stock. Typically, the Fund's investments in non-
income producing equity securities will be less than 5% of
the Fund's total assets.
The following amends the first sentence under the section
entitled Foreign and Emerging Market Securities under
Investment Objectives and Policies on page 10:
Each Fund may invest in foreign and emerging market
securities.
The following is added as a new section to page 12 under
Investment Objectives and Policies:
Equity Securities
Each Fund may invest in income producing equity
securities. In addition, the Delaware Delchester Fund may
invest a portion of its assets in non-income producing equity
securities and Delaware High-Yield Opportunities Fund may
make limited use of non-income producing equity securities as
described above.
Equity securities represent ownership interests in a
company and consist of common stocks, preferred stocks,
warrants to acquire common stock and securities convertible
into common stock. Investments in equity securities in
general are subject to market risks that may cause their
prices to fluctuate over time. Fluctuations in the value of
equity securities in which a Fund invests will cause the net
asset value of the Fund to fluctuate.
The following supplements the section entitled Investment
Management Agreements and Sub-Advisory Agreement on page on
page 70:
Delaware Management Company has elected voluntarily to
waive that portion, if any, of the annual management fees
payable by Delaware Delchester Fund and to pay certain
expenses of the Fund to the extent necessary to ensure that
the total operating expenses of each Class of the Fund do not
exceed 0.90% (exclusive of 12b-1 expenses, taxes, interest,
brokerage commissions, extraordinary expenses) during the
period June 1, 2000 through November 30, 2000.
