PRESS RELEASE


FOR IMMEDIATE RELEASE
Contact: Tom Gariepy
Corporate Communications
(215) 255-1495

Investor Relations
Priscilla Brown
Lincoln Financial Group
(215) 448-1422

    Delaware To Focus Mutual Fund Line-up, with Some Smaller Funds Dropped
                   through Liquidation or Proposed Mergers



PHILADELPHIA, PA, April 23, 2001 - Delaware Investments today announced plans
calling for the elimination through liquidation or mergers of 14 of its
retail mutual funds during 2001. The announcement came during a recent
meeting of the Funds' Board of Trustees where the proposed plans were
approved. The mergers are contingent on shareholder approval.

In all, the plans call for 11 of the funds to hold shareholder meetings to
vote on whether to merge the fund into other funds with similar objectives
and policies. In addition, three funds will be liquidated. "Delaware's goal
is to provide superior investment management in major asset classes," said
Karina J. Istvan, Delaware's senior vice president/retail product
management.  "One way to achieve that goal is to focus our efforts on the
types of funds that people want to invest in, ensuring that we have a roster
of funds that meet broad investing needs," she said.

                                   --More--


Page two
"In every case, these are funds that never attracted enough assets to achieve
any strong economies of scale," Istvan said, "and that made it difficult for
us to manage these Funds to the benefit of our shareholders."  She said the
shareholder meetings and liquidations will take place over the next several
months after thorough communication to the funds' shareholders and financial
intermediaries who have an interest in the funds.

If shareholders approve all of the mergers, Delaware's lineup will be trimmed
to 49 open-end retail mutual funds: The proposed mergers are for the
following funds:

Single-State Municipal Bond Funds: Shareholders will be asked to consider
merging the Tax-Free Iowa, Tax- Free Kansas, Tax-Free North Dakota, Tax-Free
New Mexico and Tax-Free Wisconsin, the Tax-Free New Jersey and the Montana
Municipal Bond funds into the Delaware Tax-Free USA Fund;

Government Bond Funds: Shareholders will be asked to consider merging the
Delaware U.S. Government Securities Fund into the Delaware American
Government Bond Fund;

Blend Funds: Shareholders will be asked to consider merging the Delaware
Tax-Efficient Equity Fund and the Delaware Blue Chip Fund into the Delaware
Devon Fund; and

                                   --More--
Page three

International Funds: Shareholders will be asked to consider merging the
Delaware Overseas Equity Fund into the Delaware International Equity Fund.

The funds that will be liquidated are Delaware Global Equity, Delaware Global
Bond and Delaware New Pacific Funds.

With the announcement of the plans, Delaware becomes one of several mutual
fund management firms that is trimming its roster of funds. "It's a trend
that is likely to continue," Istvan said. "There are many mutual fund
companies that offer too many funds. They are finding, as we did, that they
want to focus on doing what they do well, because good performance attracts
assets."

She explained that the reduction does not mean that Delaware is out of the
business of creating new funds in targeted areas.  "If we see an opportunity
to strengthen our fund lineup by introducing a fund that takes advantage of
our investing strengths and that we feel will be popular with investors, we
will bring that fund to the marketplace."

She cited Delaware American Services Fund, which opened to the public on
March 1, as an example of a fund that both takes advantage of the firm's
investment management expertise and that is designed to attract new
investors.  The fund invests in financial, business and consumer services
sectors.
                                   --More--

Page four








For more information about any Delaware Investments mutual funds, including
charges and expenses, please obtain a prospectus from Delaware Investments at
1.800.523.1918 or call your financial adviser. Please read the prospectus
carefully before you invest or send money.

Delaware Investments is a diversified asset management organization with
approximately $87.5 billion in assets under management as of March 31, 2001.
Delaware Investments provides investment products and services to individual
investors through a broad line of mutual funds, retirement plan services and
other investment products; and to institutional investors, primarily private
and public pension funds, foundations, endowment funds, banks and insurance
companies.
                                    --##--



                         COVER LETTER TO SHAREHOLDERS
[GRAPHIC OMITTED][GRAPHIC OMITTED]


April 2001

Dear Shareholder:

I'm writing to tell you about some significant changes that are taking place
at Delaware Investments. Driven by our goal to provide the best investment
opportunities to our shareholders, the Board of Trustees of the Delaware
Investments Family of Funds has made the decision to liquidate several of our
mutual funds. In addition, they have scheduled a shareholder meeting to
consider the merger of several other funds. These decisions will directly
impact your account(s).

As a fully diversified asset-management company, Delaware offers a
comprehensive family of funds and we will continue to do so. However, we
believe these changes will improve our fund family through reduced operating
costs and a sharper focus on our strengths.

The enclosed Announcement more fully describes the changes. If you are a
shareholder of record on May 30, 2001 in a fund that is being considered for
merger, you will receive a proxy statement in early June that explains your
voting rights. We urge you to read the proxy material carefully when you
receive it. Shareholders in the liquidating funds will have the opportunity
to exchange shares from the liquidating funds into another fund in the
Delaware Investments Family of Funds without incurring a sales charge upon
the exchange.

Even as we make changes to gain momentum for our investors, we will continue
to offer new investment opportunities that are targeted to our shareholders'
needs and take advantage of our strengths. Last month, we launched our newest
offering, Delaware American Services Fund. As reflected by its name, the Fund
invests primarily in stocks of U.S. companies in the growing financial
services, business services and consumer services industries. If you would
like to receive a prospectus for this fund or any other Delaware Investments
fund, contact your financial adviser or call us at 1.800.523.1918. The
prospectus contains more complete information, including fees and expenses.
Please read the prospectus carefully before you invest or send money.

Since I joined the company in January 2000, my team and I have been working
to improve fund performance, revamp our retail business and ensure quality
customer service for our investors. Over the past year, we've made
significant progress in attaining our goals. We've strengthened our portfolio
management team by hiring outstanding research and analytical talent. And, we
are continually looking for ways to structure our product line for maximum
effectiveness. I am excited about the changes taking place at Delaware and
believe the liquidations and proposed mergers will better position us to meet
our goals.

If you have any questions about your account(s), I encourage you to contact
your financial adviser or our Shareholder Service Center at 1.800.523.1918.
Our shareholder service representatives are available to assist you from 8:00
a.m. to 8:00 p.m., Eastern Time, Monday through Friday.

I thank you for your confidence in Delaware Investments and look forward to
continuing our relationship with you.

Sincerely,

[GRAPHIC OMITTED][GRAPHIC OMITTED]

Charles E. Haldeman, Jr.
Chairman
Delaware Investments Family of Funds




[GRAPHIC OMITTED][GRAPHIC OMITTED]




                 FUND CLOSINGS INSERT FOR RETAIL SHAREHOLDERS

                             Delaware Investments
                    Announcement of Proposed Fund Mergers


The Board of Trustees of the Delaware Investments Family of Funds has
scheduled a shareholder meeting to consider the merger of several of Delaware
Investments' mutual funds. This action is being taken so that we can focus
our efforts on funds that we believe will have a broader appeal to investors.
As a shareholder, one or more of your accounts will be affected.









Tax-Free Municipal Bond Funds

Effective April 23, 2001, we closed the single-state municipal bond funds
listed below to new investors. Shareholders of record of each Fund on May 30,
2001 will have the opportunity to vote on the proposed merger of their Fund
into the Delaware Tax-Free USA Fund.

|X|   Delaware Tax-Free Iowa Fund
|X|   Delaware Tax-Free Wisconsin Fund
|X|   Delaware Tax-Free New Mexico Fund
|X|   Delaware Tax-Free North Dakota Fund
|X|   Delaware Tax-Free Kansas Fund
|X|   Delaware Tax-Free New Jersey Fund
|X|   Delaware Montana Municipal Bond Fund

Since each Fund's inception, demand for tax-free municipal bonds in these
states has remained low, limiting the Funds' ability to grow. Moreover,
during the past several years investors have focused heavily on the equity
markets, diverting investment dollars from bond investments. We believe these
factors have hindered each Fund's performance and our ability to manage the
costs of operating the Funds.

If approved, each merger will take place on or about August 20, 2001. The
Funds will continue to accept additional purchases from current shareholders
until the last business day before the merger. It is our intent that the
mergers will not result in a taxable event for shareholders.

Delaware Tax-Free USA Fund seeks as high a level of current interest income
exempt from federal income tax as is available from municipal obligations as
is consistent with the prudent investment management and preservation of
capital. Unlike the single-state municipal bond funds, interest income for
the Delaware Tax-Free USA Fund is not exempt from state and local taxes.

A prospectus for the Delaware Tax-Free USA Fund will be included with the
proxy materials mailed to shareholders. You may also request a prospectus for
this Fund by contacting your financial adviser or Delaware Investments. The
prospectus contains more complete information, including fees and expenses.
Please read the prospectus carefully before you invest or send money.



                                                                  -- over --


International Funds
- -------------------

Effective April 23, 2001, Delaware Overseas Equity Fund was closed to new
investors. Shareholders of record on May 30, 2001 will have the opportunity
to vote on the proposed merger of the Fund into the Delaware International
Equity Fund. If approved, the merger will take place on or about August 20,
2001. The Fund will continue to accept additional purchases from current
shareholders until the last business day before the merger. It is our intent
that the merger will not result in a taxable event for shareholders.

Delaware International Equity Fund seeks long-term growth without undue risk
to principal. A prospectus for the Delaware International Equity Fund will be
included with the proxy materials mailed to shareholders. You may also
request a prospectus for this Fund by contacting your financial adviser or
Delaware Investments. The prospectus contains more complete information,
including fees and expenses. Please read the prospectus carefully before you
invest or send money.

Fixed-Income Funds
- ------------------

Effective April 23, 2001, Delaware U.S. Government Securities Fund was closed
to new investors.  Shareholders of record on May 30, 2001 will have the
opportunity to vote on the proposed merger of the Fund into the Delaware
American Government Bond Fund. If approved, the merger will take place on or
about August 20, 2001. The Fund will continue to accept additional purchases
from current shareholders until the last business day before the merger. It
is our intent that the merger will not result in a taxable event for
shareholders.

Delaware American Government Bond Fund seeks high current income consistent
with safety of principal by investing primarily in debt obligations issued or
guaranteed by the U.S. government, its agencies or instrumentalities. A
prospectus for the Delaware American Government Bond Fund will be included
with the proxy materials mailed to shareholders. You may also request a
prospectus for this Fund by contacting your financial adviser or Delaware
Investments. The prospectus contains more complete information, including
fees and expenses. Please read the prospectus carefully before you invest or
send money.

Equity Funds
- ------------

Effective April 23, 2001, Delaware Tax-Efficient Equity Fund and Delaware
Blue Chip Fund were closed to new investors. Shareholders of record of each
Fund on May 30, 2001 will have the opportunity to vote on the proposed merger
of their Fund into the Delaware Devon Fund. If approved, each merger will
take place on or about August 20, 2001. The Funds will continue to accept
additional purchases from current shareholders until the last business day
before the merger. It is our intent that the mergers will not result in a
taxable event for shareholders.

Delaware Devon Fund seeks total return. A prospectus for the Delaware Devon
Fund will be included with the proxy materials mailed to shareholders. You
may also request a prospectus for this Fund by contacting your financial
adviser or Delaware Investments. The prospectus contains more complete
information, including fees and expenses. Please read the prospectus
carefully before you invest or send money.

Account Options
- ----------------

If you are a shareholder in a Fund that is being considered for merger, any
options that you may have elected, such as dividend/capital gain distribution
payment method, automatic investing plan, systematic withdrawal plan,
MoneyLine On Demand, and Wealth Builder will continue.

Questions
- ---------

If you have any questions about your account(s), please contact your
financial adviser or call our Shareholder Service Center at 1.800.523.1918.
Our shareholder service representatives are available from 8:00 a.m. to 8:00
p.m., Eastern Time, Monday through Friday and will be happy to assist you.



                             Delaware Investments
                      Announcement of Fund Liquidations


The Board of Trustees of the Delaware Investments Family of Funds has decided
to liquidate several Delaware Investments mutual funds. This action is being
taken so that we can focus our efforts on funds that we believe will have a
broader appeal to investors.  As a shareholder, one or more of your accounts
will be affected.

International Funds
- -------------------

Effective April 23, 2001, the following Funds were closed to new investors.

|X|   Delaware Global Equity Fund
|X|   Delaware New Pacific Fund
|X|   Delaware Global Bond Fund

We will liquidate the assets of Delaware Global Equity Fund and Delaware New
Pacific Fund on or about June 15, 2001. The Funds will continue to accept
additional purchases from current shareholders until
May 31, 2001.

We will liquidate the assets of Delaware Global Bond Fund on or about August
1, 2001. The Fund will continue to accept additional purchases from current
shareholders until July 17, 2001.

Exchanging Your Shares of Liquidating Funds
- -------------------------------------------

If you are a shareholder in any of these Funds, you may elect to exchange
your shares at any time prior to the Fund's liquidation date for shares of
any other Delaware Investments Fund.

To help you and your financial adviser decide how to reinvest your assets,
we've enclosed a Delaware Investments Family of Funds chart. You will not be
charged any fees or sales charges if you exchange your shares in a
liquidating Fund for shares in another Delaware Investments Fund. Before
exchanging into any Delaware Investments Fund, please contact your financial
adviser or call us at 1.800.523.1918 to obtain the Fund's prospectus.

You or your broker can make an exchange by:

|X|   Calling our Shareholder Service Center at 1.800.523.1918;
|X|   Faxing the enclosed Exchange Request Form to Delaware Investments at
   1.267.256.8992; or
|X|   Mailing the Exchange Form to:

      Delaware Investments
      1818 Market Street
      Philadelphia, PA 19103-3682
      Attn: Account Services

Note: Redemption requests received after 4:00 p.m., Eastern Time will receive
the next business day's price.

Please note that the liquidation of assets will result in a taxable event
even if you exchange into a new Fund. We will send you an IRS Form 1099-B in
January 2002 that reflects the exchanges or redemptions from your Fund. We
recommend that you discuss your specific situation with your tax adviser.


                                                                  -- over --



If you do not exchange or redeem your shares before your Fund is liquidated,
we will redeem your shares on the liquidation date and send a check for the
proceeds to your address of record. No contingent deferred sales charges will
be deducted. If you own Class A or Class B shares, you will be eligible for
the Delaware Investments Family of Funds 12-month reinvestment privilege.

Questions
- ---------

If you have any questions about your account(s), please contact your
financial adviser or call our Shareholder Service Center at 1.800.523.1918.
Our shareholder service representatives are available from 8:00 a.m. to 8:00
p.m., Monday through Friday, Eastern Time and will be happy to assist you.







                  FUND CLOSINGS INSERT FOR IRA SHAREHOLDERS
                             Delaware Investments
                    Announcement of Proposed Fund Mergers


The Board of Trustees of the Delaware Investments Family of Funds has
scheduled a shareholder meeting to consider the merger of several of Delaware
Investments' mutual funds. This action is being taken so that we can focus
our efforts on funds that we believe will have a broader appeal to investors.
As a shareholder, one or more of your accounts will be affected.





International Funds
- -------------------

International Funds
- -------------------

Effective April 23, 2001, Delaware Overseas Equity Fund was closed to new
investors. Shareholders of record on May 30, 2001 will have the opportunity
to vote on the proposed merger of the Fund into the Delaware International
Equity Fund. If approved, the merger will take place on or about August 20,
2001. The Fund will continue to accept additional purchases from current
shareholders until the last business day before the merger.

Delaware International Equity Fund seeks long-term growth without undue risk
to principal. A prospectus for the Delaware International Equity Fund will be
included with the proxy materials mailed to shareholders. You may also
request a prospectus for this Fund by contacting your financial adviser or
Delaware Investments. The prospectus contains more complete information,
including fees and expenses. Please read the prospectus carefully before you
invest or send money.

Fixed-Income Funds
- ------------------

Effective April 23, 2001, Delaware U.S. Government Securities Fund was closed
to new investors. Shareholders of record on May 30, 2001 will have the
opportunity to vote on the proposed merger of the Fund into the Delaware
American Government Bond Fund. If approved, the merger will take place on or
about August 20, 2001. The Fund will continue to accept additional purchases
from current shareholders until the last business day before the merger.

Delaware American Government Bond Fund seeks high current income consistent
with safety of principal by investing primarily in debt obligations issued or
guaranteed by the U.S. government, its agencies or instrumentalities. A
prospectus for the Delaware American Government Bond Fund will be included
with the proxy materials mailed to shareholders. You may also request a
prospectus for this Fund by contacting your financial adviser or Delaware
Investments. The prospectus contains more complete information, including
fees and expenses. Please read the prospectus carefully before you invest or
send money.

Equity Funds
- ------------

Effective April 23, 2001, Delaware Tax-Efficient Equity Fund and Delaware
Blue Chip Fund were closed to new investors. Shareholders of record of each
Fund on May 30, 2001 will have the opportunity to vote on the proposed merger
of their Fund into the Delaware Devon Fund. If approved, each merger will
take place on or about August 20, 2001. The Funds will continue to accept
additional purchases from current shareholders until the last business day
before the merger.

Delaware Devon Fund seeks total return. A prospectus for the Delaware Devon
Fund will be included with the proxy materials mailed to shareholders. You
may also request a prospectus for this Fund by contacting your financial
adviser or Delaware Investments. The prospectus contains more complete
information, including fees and expenses. Please read the prospectus
carefully before you invest or send money.

Account Options
- ----------------

If you are invested in a Fund that is being considered for merger, any
options that you may have elected, such as dividend/capital gain distribution
payment method, automatic investing plan, systematic withdrawal plan,
MoneyLine On Demand, and Wealth Builder will continue.

Questions
- ---------

If you have any questions about your account(s), please contact your
financial adviser or call our Shareholder Service Center at 1.800.523.1918.
Our shareholder service representatives are available from 8:00 a.m. to 8:00
p.m., Eastern Time, Monday through Friday and will be happy to assist you.



                             Delaware Investments
                      Announcement of Fund Liquidations

The Board of Trustees of the Delaware Investments Family of Funds has decided
to liquidate several Delaware Investments mutual funds. This action is being
taken so that we can focus our efforts on funds that we believe will have a
broader appeal to investors. As a shareholder, one or more of your accounts
will be affected.

Effective April 23, 2001, we closed Delaware Global Equity Fund, Delaware New
Pacific Fund and Delaware Global Bond Fund to new investors.

We will liquidate the assets of Delaware Global Equity Fund and Delaware New
Pacific Fund on or about June 15, 2001. The Funds will continue to accept
additional purchases from current investors until
May 31, 2001.

We will liquidate the assets of Delaware Global Bond Fund on or about August
1, 2001. The Fund will continue to accept additional purchases from current
investors until July 17, 2001.

Exchanging Your Shares of Liquidating Funds
- -------------------------------------------

If you are a shareholder in any of these Funds, you may elect to exchange
your shares at any time prior to your Fund's liquidation date for shares of
any other Delaware Investments Fund.

To help you and your financial adviser decide how to reinvest your assets,
we've enclosed a Delaware Investments Family of Funds chart. You will not be
charged any fees or sales charges if you exchange your shares in a
liquidating fund for shares in another Delaware Investments Fund. Before
exchanging into any Delaware Investments Fund, please contact your financial
adviser or call us at 1.800.523.1918 to obtain the Fund's prospectus.
Redemption requests received after 4:00 p.m., Eastern Time will receive the
next business day's price.

You or your broker can make an exchange by:
|X|   Calling our Shareholder Service Center at 1.800.523.1918;
|X|   Faxing the enclosed Exchange Request Form to Delaware Investments at
   1.267.256.8992; or
|X|   Mailing the Exchange Form to: Delaware Investments, 1818 Market Street,
   Philadelphia, PA 19103-3682, Attn: Account Services

Important Tax Considerations
- ----------------------------

If you do not exchange or redeem your shares before your Fund is liquidated
your shares may be redeemed. No contingent deferred sales charges will be
deducted and, if you own Class A or Class B shares, you will be eligible for
the you will be eligible for the Delaware Investments Family of Funds
12-month reinvestment privilege.

In the event your shares are redeemed, there are potential tax consequences
that you should consider.
|X|   Withholding for federal income tax may apply to the liquidation
   proceeds.
|X|   The liquidation of funds from your IRA may be considered an early
   withdrawal and result in an additional tax of 10% of the amount that is
   includible in your gross income for the year in which the distribution is
   made. The additional tax applies to all withdrawals unless specifically
   excepted, for example, if the distribution is made on or after the
   recipient attains age 59 1/2.
We recommend that you discuss your specific situation with your tax adviser.

                                                                  -- over --





Questions
- ---------

If you have any questions about your account(s), please contact your
financial adviser or call our Shareholder Service Center at 1.800.523.1918.
Our shareholder service representatives are available from 8:00 a.m. to 8:00
p.m., Monday through Friday, Eastern Time and will be happy to assist you.