<PAGE>
Aggressive Growth Fund
Growth Stock Fund
Tax-Efficient Equity Fund
Supplement to Statement of Additional Information dated June 29, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
------------------------------------- ------------------------------------------------------------
Aggressive Growth Growth Stock Aggressive Growth Growth Stock Tax-Efficient Equity
Fund A Class Fund A Class Fund A Class Fund A Class Fund A Class
(At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2)(3)
----------------- ---------------- ----------------- ---------------- --------------------
<S> <C> <C> <C> <C> <C>
3 months ended
4/30/98 N/A N/A 12.96% 0.19% 4.86%
6 months ended
4/30/98 N/A N/A 13.91% 10.20% 15.77%
9 months ended
4/30/98 N/A N/A 29.50% 7.29% 13.27%
1 year ended
4/30/98 87.14% 27.49% 87.14% 27.49% N/A
3 years ended
4/30/98 36.72% 22.34% N/A 83.12% N/A
5 years ended
4/30/98 N/A 16.34% N/A 113.09% N/A
10 years ended
4/30/98 N/A 15.14% N/A 309.57% N/A
Life of Fund(4) 27.99% 16.33% 165.68% 588.02% 22.06%
</TABLE>
(1) Effective November 2, 1998, the maximum front-end sales charge was
increased from 4.75% to 5.75%. The above performance numbers have been
calculated using 5.75% as the applicable sales charge for all time
periods.
(2) Reflects voluntary waivers and payments of expenses in effect during
the periods. In the absence of such waivers and payments, performance
would have been affected negatively.
(3) For the period beginning February 1, 1998 through December 31, 1998,
the Distributor has elected voluntarily to waive 0.05% of the 0.30%
12b-1 Plan expenses otherwise payable by Class A Shares of
Tax-Efficient Equity Fund. Such waiver has a favorable impact on Class
A Shares.
(4) Aggressive Growth Fund A Class commenced operations on May 16, 1994.
Growth Stock Fund A Class commenced operations on August 1, 1985.
Tax-Efficient Equity Fund A Class commenced operations on June 27,
1997.
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
--------------------------------- ------------------------------------------------------------
Aggressive Growth Growth Stock Aggressive Growth Growth Stock Tax-Efficient Equity
Fund B Class Fund B Class Fund B Class Fund B Class Fund B Class
(Including (Including (Including (Including (Including
CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2)(3)
----------------- ----------- ------------------ ------------ --------------------
<S> <C> <C> <C> <C> <C>
3 months ended
4/30/98 N/A N/A 14.68% 1.12% 6.04%
6 months ended
4/30/98 N/A N/A 15.41% 11.48% 17.46%
9 months ended
4/30/98 N/A N/A 31.70% 8.17% 14.65%
1 year ended
4/30/98 92.12% 29.29% 92.12% 29.29% N/A
</TABLE>
(1) Reflects voluntary waivers and payments of expenses in effect during the
periods. In the absence of such waivers and reimbursements, performance
would have been affected negatively.
(2) Effective November 2, 1998, the CDSC schedule for Class B Shares changed as
follows: 5% if shares are redeemed within one year after purchase; 4% if
shares are redeemed within two years after purchase; 3% if shares are
redeemed within the third or fourth year after purchase; 2% if shares are
redeemed within the fifth year after purchase; 1% if shares are redeemed
within the sixth year after purchase; and 0% thereafter. The above
performance numbers have been calculated using this schedule for the time
periods shown.
(3) For the period June 27, 1997 (commencement of operations) through April 30,
1998 cumulative total return was 23.94% for Tax-Efficient Equity Fund B
Class.
<PAGE>
Delaware Group Adviser Funds, Inc.
Supplement to Statement of Additional Information dated February 28, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
--------------------------------------------------- ----------------------------------------------------
U.S. Growth Overseas Equity New Pacific U.S. Growth Overseas Equity New Pacific
Fund A Class Fund A Class Fund A Class Fund A Class Fund A Class Fund A Class
(At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2) (At Offer)(1)(2)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
3 months ended
10/31/97
N/A N/A N/A (7.29%) (14.66%) (34.14%)
6 months ended
10/31/97
N/A N/A N/A 15.31% (1.73%) (28.61%)
9 months ended
10/31/97
N/A N/A N/A 12.96% 0% (29.58%)
1 year ended
10/31/97
25.55% 1.51% (25.65%) 25.55% 1.51% (25.65%)
3 years ended
10/31/97
19.34% 4.71% (11.27%) 69.95% 14.80% (30.15%)
Life of Fund(3) 15.15% 6.20% (7.75%) 73.65% 26.52% (24.14%)
</TABLE>
(1) Effective November 2, 1998 the maximum front-end sales charge was
increased from 4.75% to 5.75%. The above performance numbers have been
calculated using 5.75% as the applicable sales charge for all time
periods. Prior to May 6, 1996, the 12b-1 Plan fee payable by Class A
Shares was 0.35% of average daily net assets. Beginning May 6, 1996, the
12b-1 Plan payments were set at 0.30%. Performance calculations for
periods after May 6, 1996 have been calculated using the lower 12b-1 Plan
fee rate.
(2) Certain expenses of each Fund have been waived and paid by the Manager.
In the absence of such waivers and payments, performance would have been
affected negatively.
(3) Each Fund's Class A Shares commenced operations on December 3, 1993.
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
-------------------------------------------------- -------------------------------------------------
U.S. Growth Overseas Equity New Pacific U.S. Growth Overseas Equity New Pacific
Fund B Class Fund B Class Fund B Class Fund B Class Fund B Class Fund B Class
(Including (Including (Including (Including (Including (Including
CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2)
----------- --------------- ------------- ------------ --------------- ------------
<S> <C> <C> <C> <C> <C> <C>
3 months
ended
10/31/97 N/A N/A N/A (6.72%) (14.15%) (33.64%)
6 months
ended
10/31/97 N/A N/A N/A 16.98% (1.13%) (28.27%)
9 months
ended
10/31/97 N/A N/A N/A 14.30% 0.49% (29.27%)
1 year
ended
10/31/97 27.30% 1.96% (25.58%) 27.30% 1.96% (25.58%)
</TABLE>
(1) Certain expenses of each Fund have been waived and paid by the Manager. In
the absence of such waivers and payments, performance would have been
affected negatively.
(2) Effective November 2, 1998, the CDSC schedule for Class B Shares changed
as follows: 5% if shares are redeemed within one year after purchase; 4%
if shares are redeemed within two years after purchase; 3% if shares are
redeemed within the third or fourth year after purchase; 2% if shares are
redeemed within the fifth year after purchase; 1% if shares are redeemed
within the sixth year after purchase; and 0% thereafter. The above
performance numbers have been calculated using this schedule for the time
periods shown.
<PAGE>
Small Cap Value Fund
Supplement to Statement of Additional Information dated February 3, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
Small Cap Value Fund A Class (At Small Cap Value Fund A Class (At
Offer)(1) Offer)(1)
-------------------------------- --------------------------------
<S> <C> <C>
3 months ended 11/30/97 N/A (1.62%)
6 months ended 11/30/97 N/A 10.25%
9 months ended 11/30/97 N/A 18.83%
1 year ended 11/30/97 28.55% 28.55%
3 years ended 11/30/97 22.59% 84.25%
5 years ended 11/30/97 16.27% 112.48%
10 years ended 11/30/97 19.16% 477.26%
Life of Fund(2) 15.95% 368.76%
</TABLE>
(1) Effective November 2, 1998, the maximum front-end sales charge was
increased from 4.75% to 5.75%. The above performance numbers have been
calculated using 5.75% as the applicable sales charge for all time periods.
(2) Class A Shares commenced operation on June 24, 1987.
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
Small Cap Value Fund B Class Small Cap Value Fund B Class
(Including CDSC)(1) (Including CDSC)(1)
---------------------------- ----------------------------
<S> <C> <C>
3 months ended 11/30/97 N/A (0.83%)
6 months ended 11/30/97 N/A 11.54%
9 months ended 11/30/97 N/A 20.36%
1 year ended 11/30/97 30.36% 30.36%
</TABLE>
(1) Effective November 2, 1998, the CDSC schedule for Class B Shares changed as
follows: 5% if shares are redeemed within one year after purchase; 4% if
shares are redeemed within two years after purchase; 3% if shares are
redeemed within the third or fourth year after purchase; 2% if shares are
redeemed within the fifth year after purchase; 1% if shares are redeemed
within the sixth year after purchase; and 0% thereafter. The above
performance numbers have been calculated using this schedule for the time
periods shown.
<PAGE>
Trend Fund
Supplement to Statement of Additional Information dated August 28, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
__________________________________________________________________________________________________________
Average Annual Total Return Cumulative Total Return
Trend Fund A Class Trend Fund A Class
(At Offer)(1)(2) (At Offer)(1)(2)
__________________________________________________________________________________________________________
<S> <C> <C>
3 months ended 6/30/98 N/A (5.89%)
6 months ended 6/30/98 N/A 3.40%
9 months ended 6/30/98 N/A (2.79%)
1 year ended 6/30/98 16.85% 16.85%
3 years ended 6/30/98 17.22% 61.06%
5 years ended 6/30/98 15.05% 101.62%
10 years ended 6/30/98 18.24% 433.98%
15 years ended 6/30/98 11.61% 419.25%
Life of Fund(3) 9.55% 1,408.82%
__________________________________________________________________________________________________________
</TABLE>
(1) Effective November 2, 1998 the maximum front-end sales charge was increased
from 4.75% to 5.75%. The above performance numbers have been calculated
using 5.75% as the applicable sales charge for all time periods.
(2) Class A Shares began paying 12b-1 payments on June 1, 1992 and performance
prior to that date does not reflect such payments.
(3) Class A Shares commenced operations on October 3, 1968.
<TABLE>
<CAPTION>
__________________________________________________________________________________________________________
Average Annual Total Return Cumulative Total Return
Trend Fund B Class Trend Fund B Class
(Including CDSC)(1) (Including CDSC)(1)
__________________________________________________________________________________________________________
<S> <C> <C>
3 months ended 6/30/98 N/A (5.37%)
6 months ended 6/30/98 N/A 4.31%
9 months ended 6/30/98 N/A (2.33%)
1 year ended 6/30/98 18.09% 18.09%
__________________________________________________________________________________________________________
</TABLE>
(1) Effective November 2, 1998, the CDSC schedule for Class B Shares changed as
follows: 5% if shares are redeemed within one year after purchase; 4% if
shares are redeemed within two years after purchase; 3% if shares are
redeemed within the third or fourth year after purchase; 2% if shares are
redeemed within the fifth year after purchase; 1% if shares are redeemed
within the sixth year after purchase; and 0% thereafter. The above
performance numbers have been calculated using this schedule for the time
periods shown.
<PAGE>
Decatur Income Fund
Decatur Total Return Fund
Blue Chip Fund
Social Awareness Fund
Supplement to Statement of Additional Information dated January 30, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
-------------------------------------- ------------------------------------------------------------------------
Decatur Income Decatur Total Decatur Income Decatur Total Blue Chip Social Awareness
Fund A Class Return Fund A Fund A Class Return Fund A Fund A Class Fund A Class
(At Offer)(1)(4) Class (At Offer)(1) (At Offer)(1)(4) Class (At Offer)(1) (At Offer)(1)(2) (At Offer)(1)(2)
---------------- ------------------- ---------------- ------------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
3 months ended
11/30/97 N/A N/A (1.94%) (2.03%) (0.20%) 2.28%
6 months ended
11/30/97 N/A N/A 5.07% 4.96% 6.49% 11.20%
9 months ended
11/30/97 N/A N/A 10.91% 11.47% 11.80% 17.52%
1 year ended
11/30/97 17.61% 18.11% 17.61% 18.11% N/A N/A
3 years ended
11/30/97 24.25% 25.72% 91.80% 98.71% N/A N/A
5 years ended
11/30/97 17.18% 17.91% 120.90% 127.90% N/A N/A
10 years ended
11/30/97 14.45% 16.21% 285.54% 349.18% N/A N/A
15 years ended
11/30/97 14.88% N/A 700.53% N/A N/A N/A
Life of Fund(3) 12.45% 13.97% 11,771.42% 336.13% 9.20% 14.52%
</TABLE>
(1) Effective November 2, 1998, the maximum front-end sales charge was
increased from 4.75% to 5.75%. The above performance numbers have been
calculated using 5.75% as the applicable sales charge for all time periods.
(2) Certain expenses of Blue Chip Fund and Social Awareness Fund have been
waived and paid by the Manager. In the absence of such waivers and
payments, performance would have been affected negatively.
(3) Decatur Income Fund A Class commenced operations on March 18, 1957. Decatur
Total Return Fund A Class commenced operations on August 27, 1986. Blue
Chip Fund A Class commenced operations on February 24, 1997. Social
Awareness Fund A Class commenced operations on February 24, 1997.
(4) Performance figures reflect the applicable Rule 12b-1 distribution expenses
that apply on and after May 2, 1994.
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
----------------------------------- -------------------------------------------------------------------------
Decatur Income Decatur Total Decatur Income Decatur Total Blue Chip Social
Fund B Class Return Fund B Fund B Class Return Fund B Fund B Class Awareness Fund
(Including Class (Including (Including Class (Including (Including A B Class
CDSC)(1) CDSC)(1) CDSC)(1) CDSC)(1) CDSC)(1)(2)(3) (Including
CDSC)(1)(2)(4)
-------------- ---------------- --------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
3 months ended
11/30/97 N/A N/A (1.19%) (1.28%) 0.72% 3.44%
6 months ended
11/30/97 N/A N/A 6.02% 5.95% 7.64% 12.49%
9 months ended
11/30/97 N/A N/A 12.03% 12.59% 13.07% 19.16%
1 year ended
11/30/97 18.73% 19.45% 18.73% 19.45% N/A N/A
</TABLE>
(1) Effective November 2, 1998, the CDSC schedule for Class B Shares changed as
follows: 5% if shares are redeemed within one year after purchase; 4% if
shares are redeemed within two years after purchase; 3% if shares are
redeemed within the third or fourth year after purchase; 2% if shares are
redeemed within the fifth year after purchase; 1% if shares are redeemed
within the sixth year after purchase; and 0% thereafter. The above
performance numbers have been calculated using this schedule for the time
periods shown.
(2) Certain expenses of Blue Chip Fund and Social Awareness Fund have been
waived and paid by the Manager. In the absence of such waivers and
payments, performance would have been affected negatively.
(3) Cumulative total return from February 24, 1997 (commencement of operations)
through November 30, 1997 was 10.29% for Blue Chip Fund B Class.
(4) Cumulative total return from February 24, 1997 (commencement of operations)
through November 30, 1997 was 15.94% for Social Awareness Fund B Class.
<PAGE>
The Real Estate Investment Trust Portfolio
REIT Fund A Class
REIT Fund B Class
Supplement to Statement of Additional Information dated August 31, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
REIT Fund A Class (At Offer)(1)(2) REIT Fund A Class (At Offer)(1)(2)
---------------------------------- ----------------------------------
<S> <C> <C>
3 months ended 4/30/98 N/A (7.87%)
6 months ended 4/30/98 N/A (4.16%)
9 months ended 4/30/98 N/A 2.88%
1 year ended 4/30/98 18.43% 18.43%
Life of Fund(3) 26.86% 77.07%
</TABLE>
(1) Certain expenses of the Portfolio have been waived and paid by the
investment adviser. In the absence of such waivers and payments,
performance would have been affected negatively.
(2) The total return presented above is based upon the performance of the
original (and then only) class of shares offered by The Real Estate
Investment Trust Portfolio, which did not carry a front-end sales
charge and was not subject to Rule 12b-1 distribution expenses. That
original class has been redesignated REIT Fund A Class. Effective
October 14, 1997, a front-end sales charge was imposed on sales of
those shares and effective November 3, 1997 the class was subject to
annual 12b-1 distribution expenses of up to 0.30% of average daily net
assets of the class. Performance numbers for REIT Fund A Class (At
Offer) are calculated giving effect to the sales charge. For periods
prior to November 3, 1997, no adjustment has been made to reflect the
effect of 12b-1 payments. Performance on and after November 3, 1997
will be affected by 12b-1 payments. REIT Fund A Class is subject to
other expenses (at a higher rate than applicable to the original class)
which may affect performance of the Class. Beginning November 2, 1998,
the front-end sales charge was increased from 4.75% to 5.75%. The
performance numbers have been calculated to reflect 5.75% as the
applicable sales charge for all periods.
(3) Date of initial sale of the original class (now REIT Fund A Class) was
December 6, 1995.
Cumulative Total Return
REIT Fund B Class
(Including CDSC)(1)(2)
-----------------------
3 months ended 4/30/98 (7.38%)
Life of Fund(3) (3.03%)
(1) Certain expenses of the Portfolio have been waived and paid by the
investment adviser. In the absence of such waivers and payments,
performance would have been affected negatively.
(2) Effective November 2, 1998, the CDSC schedule for Class B Shares
changed as follows: 5% if shares are redeemed within one year after
purchase; 4% if shares are redeemed within two years after purchase; 3%
if shares are redeemed within the third or fourth year after purchase;
2% if shares are redeemed within the fifth year after purchase; 1% if
shares are redeemed within the sixth year after purchase; and 0%
thereafter. The above performance numbers have been calculated using
this schedule for the time periods shown.
(3) Class B Shares commenced operations on November 11, 1997.
<PAGE>
International Equity Fund
Global Equity Fund
Emerging Markets Fund
Supplement to Statement of Additional Information dated February 4, 1998
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
------------------------------------------------- --------------------------------------------------
International Emerging International Emerging
Equity Fund A Global Equity Markets Fund Equity Fund A Global Equity Markets Fund
Class (At Fund A Class A Class (At Class (At Fund A Class A Class (At
Offer)(1)(2) (At Offer) Offer)(1)(2) Offer)(1)(2) (At Offer) Offer)(1)(2)
(1)(2)(4) (1)(2)(4)
------------- ------------- ------------ -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
3 months ended
11/30/97 N/A N/A N/A (8.67%) (4.28%) (19.37%)
6 months ended
11/30/97 N/A N/A N/A (10.55%) (2.68%) (19.87%)
9 months ended
11/30/97 N/A N/A N/A (4.44%) 2.48% (16.12%)
1 year ended
11/30/97 (2.65%) 3.60% (2.76%) (2.65%) 3.60% (2.76%)
3 years ended
11/30/97 9.35% N/A N/A 30.75% N/A N/A
5 years ended
11/30/97 11.93% N/A N/A 75.72% N/A N/A
Life of Fund(3) 9.04% 14.51% (2.07%) 69.41% 48.70% (3.04%)
</TABLE>
(1) Effective November 2, 1998, the maximum front-end sales charge was
increased from 4.75% to 5.75%. The above performance numbers have been
calculated using 5.75% as the applicable sales charge for all time
periods.
(2) Certain expenses of each Fund have been waived and paid by the Manager.
In the absence of such waivers and payments, performance would have
been affected negatively.
(3) International Equity Fund A Class commenced operations on October 31,
1991. Global Equity Fund A Class (formerly known as Global Assets Fund
A Class) commenced operations on December 27, 1994. Emerging Markets
Fund A Class commenced operations on June 10, 1996.
(4) During this period, Global Equity Fund was known as Global Assets Fund;
the above performance does not reflect the shift in investment focus
made effective July 21, 1998, the date on which the Fund's name was
changed.
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return Cumulative Total Return
------------------------------------------------ ---------------------------------------------------
Emerging Emerging
International Global Equity Market Fund International Global Equity Markets Fund
Equity Fund B Fund B Class B Class Equity Fund B Fund B Class B Class
Class (Including (Including (Including Class (Including (Including (Including
CDSC)(1)(2) CDSC)(1)(2)(3) CDSC)(1)(2) CDSC)(1)(2) CDSC)(1)(2)(3) CDSC)(1)(2)
---------------- -------------- ----------- ---------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
3 months ended
11/30/97 N/A N/A N/A (8.16%) (3.57%) (18.88%)
6 months ended
11/30/97 N/A N/A N/A (10.12%) (2.11%) (19.56%)
9 months ended
11/30/97 N/A N/A N/A (4.13%) 3.17% (15.97%)
1 year ended
11/30/97 (2.46%) 4.18% (2.52%) (2.46%) 4.18% (2.52%)
</TABLE>
(1) Certain expenses of each Fund have been waived and paid by the Manager. In
the absence of such waivers and payments, performance would have been
affected negatively.
(2) Effective November 2, 1998, the CDSC schedule for Class B Shares changed as
follows: 5% if shares are redeemed within one year after purchase; 4% if
shares are redeemed within two years after purchase; 3% if shares are
redeemed within the third or fourth year after purchase; 2% if shares are
redeemed within the fifth year after purchase; 1% if shares are redeemed
within the sixth year after purchase; and 0% thereafter. The above
performance numbers have been calculated using this schedule for the time
periods shown.
(3) During this period, Global Equity Fund was known as Global Assets Fund; the
above performance does not reflect the shift in investment focus made
effective July 21, 1998, the date on which the Fund's name was changed.
<PAGE>
Delaware Fund
Devon Fund
Supplement to Statement of Additional Information dated December 30, 1997
The following replaces all references to maximum front-end sales charge for
Class A Shares and contingent deferred sales charges for Class B Shares:
Beginning November 2, 1998, the maximum front-end sales charge for
Class A Shares is 5.75%. Also beginning November 2, 1998, the contingent
deferred sales charge for Class B Shares is as follows: 5% if shares are
redeemed within one year after purchase; 4% if shares are redeemed within two
years after purchase; 3% if shares are redeemed within the third or fourth year
after purchase; 2% if shares are redeemed within the fifth year after purchase;
1% if shares are redeemed within the sixth year after purchase; and 0%
thereafter.
The following replaces Average Annual Total Return and Cumulative Total Return
for certain periods shown under Performance Information:
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________
Average Annual Total Return Cumulative Total Return
___________________________________________________________________________________________________________________________
Delaware Fund A Devon Fund A Delaware Fund A Devon Fund A
Class (At Offer)(1)(5) Class (At Offer)(1)(2) Class (At Offer)(1)(5) Class (At Offer)(1)(2)
___________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C>
3 months ended
10/31/97 N/A N/A (6.57%) (7.12%)
6 months ended
10/31/97 N/A N/A 7.17% 11.30%
9 months ended
10/31/97 N/A N/A 7.72% 12.72%
1 year ended
10/31/97 15.02% 24.53% 15.02% 24.53%
3 years ended
10/31/97 15.78% 23.54% 55.21% 88.57%
5 years ended
10/31/97 12.08% N/A 76.85% N/A
10 years ended
10/31/97 13.51% N/A 255.09% N/A
15 years ended
10/31/97 12.66% N/A 498.16% N/A
Life of Fund(3) 11.25% 20.70% 56,771.04% 106.00%
___________________________________________________________________________________________________________________________
___________________________________________________________________________________________________________________________
Average Annual Total Return Cumulative Total Return
__________________________________________________________________________________________________________________________
Delaware Fund B Devon Fund B Delaware Fund B Devon Fund B
Class (Including Class (Including Class (Including Class (Including
CDSC)(4) CDSC)(2)(4) CDSC)(4) CDSC)(2)(4)
___________________________________________________________________________________________________________________________
3 months ended
10/31/97 N/A N/A (5.97%) (6.49%)
6 months ended
10/31/97 N/A N/A 8.24% 12.69%
9 months ended
10/31/97 N/A N/A 8.59% 13.99%
1 year ended
10/31/97 16.09% 26.21% 16.09% 26.21%
___________________________________________________________________________________________________________________________
</TABLE>
(1) Effective November 2, 1998, the maximum front-end sales charge was
increased from 4.75% to 5.75%. The above performance numbers have been
calculated using 5.75% as the applicable sales charge for all time periods.
(2) Certain expenses of Devon Fund have been waived and paid by the Manager. In
the absence of such waivers and payments, performance would have been
affected negatively.
(3) Delaware Fund A Class commenced operations on April 25, 1938. Devon Fund A
Class commenced operations on December 29, 1993. (4) Effective November 2,
1998, the CDSC schedule for Class B Shares changed as follows: 5% if shares
are redeemed within one year after purchase; 4% if shares are redeemed
within two years after purchase; 3% if shares are redeemed within the third
or fourth year after purchase; 2% if shares are redeemed within the fifth
year after purchase; 1% if shares are redeemed within the sixth year after
purchase; and 0% thereafter. The above performance numbers have been
calculated using this schedule for the time periods shown.
(5) Delaware Fund A Class began paying 12b-1 payments on June 1, 1992 and
performance prior to that date does not reflect such payments.
