June 20, 2000
Delaware Delchester Fund
Delaware High-Yield Opportunities Fund
Supplement to the current Prospectus dated
September 29, 1999
The following replaces the description of "Foreign government
or corporate securities" under the section of the Prospectus
entitled "The securities we typically invest in."
Securities How we use them
Delaware Delaware High-Yield
Delchester Fund Opportunities Fund
Foreign government Delaware Delchester Delaware High-Yield
or corporate Fund may invest Opportunities Fund
securities: up to 20% of its may invest up to
Securities issued total assets in 15% of its total
by foreign securities of assets in securities
governments or issuers domiciled of issuers domiciled
supranational in foreign in foreign countries
entities or countries including including both
foreign both established established countries
corporations. countries and and those with
those with emerging markets.
A supranational emerging markets.
entity is an
entity established
or financially
supported by
the national
governments of one
or more countries.
The International
Bank for
Reconstruction
and Development
(more commonly
known as the World
Bank) is one
example of a
Supranational
entity.
The following is added to the section of the Prospectus
entitled "The securities we typically invest in."
Securities How we use them
Delaware Delaware High-Yield
Delchester Fund Opportunities Fund
Equity securities: Each Fund may invest in equity
Equity securities securities. Generally, the Funds will
represent ownership invest less than 5% of total assets
interests in a in these securities.
company and consist
of common stocks,
preferred stocks,
warrants to acquire
common stock and
securities
convertible into
common stock.
The following replaces the description of "Market risk" and
"Foreign risk" under the section of the Prospectus entitled
"The risks of investing in the Funds."
Risks How we strive to manage them
Delaware Delaware High-Yield
Delchester Fund Opportunities Fund
Market risk is the We maintain a long-term investment
risk that all or a approach and focus on bonds that we
majority of the believe will continue to pay interest
securities in a or stocks we believe can appreciate over
certain market-- an extended time frame regardless of
like the stock or interim market fluctuations. We do not
bond market--will try to predict overall stock and bond
decline in value market or interest rate movements and do
because of factors not trade for short-term purposes.
such as economic
conditions, future We may hold a substantial part of each
expectations Fund s assets in cash or cash equivalents
or investor as a temporary defensive strategy.
confidence.
Foreign risk is We may invest up We may invest up to
the risk that to 20% of the 15% of the portfolio
foreign securities portfolio in in securities of
may be adversely securities of foreign issuers. We
affected by foreign issuers. carefully evaluate
political We carefully the reward and risk
instability, evaluate the associated with each
changes in reward and risk foreign security that
currency exchange associated with we consider.
rates, foreign each foreign
economic security that we
conditions or consider.
inadequate
regulatory and
accounting
standards.
The changes for Delaware Delchester Fund set forth in this
supplement will not be implemented until August 15, 2000.
