December 8, 2000
Delaware U.S. Government Securities Fund
Supplement to Prospectus dated February 18, 2000
The following supplements the section of the Prospectus entitled
"Who manages the Fund" - "Investment manager and sub-adviser":
Effective as of December 8, 2000, Voyageur Asset Management LLC
will no longer serve as sub-adviser to Delaware U.S. Government
Securities Fund. Beginning December 8, 2000, Delaware Management
Company, the Fund's current investment manager, will assume
responsibility for day-to-day management of the Fund's assets.
Effective as of December 8, 2000, Paul Grillo and Stephen R.
Cianci will assume primary responsibility for making day-to-day
investment decisions for Delaware U.S. Government Securities
Fund.
Paul Grillo, Vice President/Portfolio Manager, holds a BA in
Business Management from North Carolina State University and an
MBA in Finance from Pace University. Prior to joining Delaware
Investments in 1993, Mr. Grillo served as mortgage strategist and
trader at the Dreyfus Corporation. He also served as a mortgage
strategist and portfolio manager for the Chemical Investment
Group and as a financial analyst at Chemical Bank. Mr. Grillo is
a CFA charterholder.
Stephen R. Cianci, Vice President/Portfolio Manager, holds BS and
an MBA in finance from Widener University. He joined Delaware
Investments in 1992 and assumed responsibility for maintaining
the Fixed Income Department's investment grade analytical
systems. These responsibilities included portfolio analysis and
the analysis of mortgage-backed and asset-backed securities. Mr.
Cianci is an Adjunct Professor of Finance at Widener University
and a CFA charterholder.
The date of this Supplement is December 8, 2000.
