December 8, 2000
Delaware Growth Stock Fund
Supplement to Prospectus dated June 29, 2000
The following replaces the information on page 7 of the
Prospectus in the section entitled "Who manages the Fund":
Investment manager
Delaware Growth Stock Fund is managed by Delaware Management
Company, a series of Delaware Management Business Trust,
which is an indirect, wholly owned subsidiary of Delaware
Management Holdings, Inc. Voyageur Asset Management LLC
("VAM") provides sub-advisory services with respect to the
Fund. VAM is responsible for day-to-day management of the
Fund's assets. Delaware Management Company administers the
Fund's business affairs and has ultimate responsibility for
all investment advisory services for the Fund. Delaware
Management Company also supervises VAM's performance. For
their services, the manager and VAM were paid an aggregate
fee of 0.65% of average daily net assets for the last fiscal
year.
Portfolio managers
Effective as of December 8, 2000, Michael Lee and Jerold
Stodden assumed day-to-day portfolio management
responsibility for Delaware Growth Stock Fund.
Michael Lee, CFA, Vice President and Senior Portfolio
Manager. Mr. Lee is the Chairman of the Large Cap Core
Equity Committee and has served as primary equity analyst
for VAM's High Quality Growth Equity strategy since 1993.
Also, he has been responsible for developing VAM's tax-
advantaged equity strategy firmwide. Prior to joining VAM in
1993, he was a Strategic Systems Developer for Northwest
Airlines. Mr. Lee earned a BA from DePauw University and an
MBA from the University of Minnesota. He is also a
Chartered Financial Analyst.
Jerold Stodden, CFA, Vice President and Senior Portfolio
Manager. Mr. Stodden came to VAM in 1999 as part of the
Large Cap Growth Equity team joining VAM from Chicago Trust
Company. He is a 33-year industry veteran and had been with
Chicago Trust for his entire career. He last served that
advisor as a Senior Portfolio Manager, and had previously
served as Director of Equity Research and as an Equity
Analyst. Along with fellow portfolio manager Nancy Scinto,
Mr. Stodden also managed the Alleghany/Chicago Trust Growth
and Income Fund, which held a Morningstar five-star rating
during their tenure. He holds a BA from Western Michigan
University, an MBA from Indiana University, and is a
Chartered Financial Analyst.
The date of this Supplement is December 8, 2000.
<PAGE>
December 8, 2000
Delaware Growth Stock Fund
Supplement to the Statement of Additional Information
dated June 29, 2000
The following replaces the first paragraph on page 62 of the
Statement of Additional Information in the section entitled
"Investment Management Agreement and Sub-Advisory
Agreement":
Delaware Management Company (the "Manager"), located at
One Commerce Square, Philadelphia, PA 19103, furnishes
investment management services to the Funds, subject to the
supervision and direction of Mutual Funds III's Board of
Trustees. Voyageur Asset Management LLC ("VAM"), located at
90 South Seventh Street, Suite 4400, Minneapolis, MN 55402,
provides sub-advisory services to Delaware Growth Stock Fund
and is responsible for the day-to-day investment management
of the Fund.
The following replaces the last paragraph on page 63 of the
Statement of Additional Information in the section entitled
"Investment Management Agreement and Sub-Advisory
Agreement":
Pursuant to the terms of an agreement with the Manager,
VAM participates in the management of Delaware Growth Stock
Fund's assets, is responsible for day-to-day investment
management of the Fund, makes investment decisions for the
Fund in accordance with the Fund's investment objectives and
stated policies and places orders on behalf of the Fund to
effect the investment decisions made. The Manager continues
to have ultimate responsibility for all investment advisory
services in connection with the management of the Fund
pursuant to the Investment Management Agreement and
supervises VAM's performance of such services. Prior to
December 8, 2000, the Manager paid VAM an annual sub-
advisory fee equal to 0.325% of Delaware Growth Stock Fund's
average daily net assets. For the fiscal years ended April
30, 2000 and 1999, VAM was paid $163,873 and $151,020,
respectively, under the previous sub-advisory agreement.
Pursuant to the current agreement between the Manager and
VAM that became effective on December 8, 2000, VAM receives
no compensation for providing sub-advisory services with
respect to the Fund.
The following is added as the second paragraph on page 65 of
the Statement of Additional Information in the section
entitled "Investment Management Agreement and Sub-Advisory
Agreement":
Effective on December 8, 2000, VAM became an indirect
wholly-owned subsidiary of Dain Rauscher Corporation. This
change in control of VAM constituted an "assignment" of
VAM's previous sub-advisory agreement with the Manager with
respect to Delaware Growth Stock Fund which, in turn, caused
that agreement to terminate. The Manager and VAM
subsequently entered into a new agreement pursuant to which
VAM provides sub-advisory services with respect to the Fund.
The date of this Supplement is December 8, 2000.
