SUPPLEMENT
TO THE PROSPECTUSES FOR
TAX-EFFICIENT EQUITY FUND
MARCH 18, 1999
Francis X. Morris has replaced George H. Burwell as
portfolio manager of Tax-Efficient Equity 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. Morris will work closely with the 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.
