<PAGE>
Supplement dated August 16, 1999
to the current Prospectuses for the Funds listed below
Effective August 16, 1999, the names of each Fund listed below will change as
noted. Corresponding changes will also be made to the names of each Fund's
classes.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Former Name New Name
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Diversified Value Fund Delaware Diversified Value Fund
- ---------------------------------------------------------------------------------------------------------------------------
Retirement Income Fund Delaware Retirement Income Fund
- ---------------------------------------------------------------------------------------------------------------------------
Mid-Cap Value Fund Delaware Mid-Cap Value Fund
- ---------------------------------------------------------------------------------------------------------------------------
Small Cap Contrarian Fund Delaware Small Cap Contrarian Fund
- ---------------------------------------------------------------------------------------------------------------------------
International Small Cap Fund Delaware International Small Cap Fund
- ---------------------------------------------------------------------------------------------------------------------------
Global Opportunities Fund Delaware Global Opportunities Fund
- ---------------------------------------------------------------------------------------------------------------------------
New Europe Fund Delaware New Europe Fund
- ---------------------------------------------------------------------------------------------------------------------------
Latin America Fund Delaware Latin America Fund
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
