May 15, 1998
DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, INC.
Global Bond Fund
Global Assets Fund
Emerging Markets Fund
A Class/B Class/C Class
SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION DATED FEBRUARY 4, 1998
The Prospectus and Statement of Additional Information
of Delaware Group Global & International Funds, Inc. ("Global
Funds, Inc."), each dated February 4, 1998, are revised as
follows with respect to the Global Assets Series (the "Global
Assets Fund" or the "Fund"). All capitalized terms referred
to below have the meaning set forth in the Prospectus and
Statement of Additional Information.
Summary of Expenses
The following replaces information under Summary of
Expenses for the Class A, B and C Shares of the Fund.
Annual Operating Expenses
(as a percentage of average Global Assets Fund Class
daily net assets after fee Class A Class B Class C
waivers and expense payments) Shares Shares Shares
Management Fees
(after voluntary fee waivers). . 0.44%(1) 0.44%(1) 0.44%(1)
12b-1 Expenses
(including service fees). . . . 0.30%(2) 1.00%(2) 1.00%(2)
Other Operating Expenses . . . . 1.11%(1) 1.11%(1) 1.11%(1)
------ ----- -----
Total Operating Expenses
(after voluntary
fee waivers). . . . . . . . 1.85%(1) 2.55%(1) 2.55%(1)
===== ===== =====
__________________________
(1) Beginning June 1, 1998, Delaware International has
elected voluntarily to waive that portion, if any, of
the annual management fees payable by the Fund and to
pay certain expenses of the Fund to the extent necessary
to ensure that the Fund's total operating expenses
(exclusive of 12b-1 Plan expenses, taxes, interest,
brokerage commissions and extraordinary expenses) do not
exceed, on an annualized basis, 1.55% of the average
daily net assets of each Class of the Fund through
November 30, 1998. Prior to May 31, 1998, commitments
of fee waivers and expense payments by Delaware
International were different from that in effect for the
Fund beginning June 1, 1998. The expense information
has been restated to reflect the fee waivers and expense
payments in effect beginning June 1, 1998, as if they
had been in effect during the fiscal year ended November
30, 1997. Without such fee waivers and expense
payments, we estimate that for the fiscal year ended
November 30, 1997, the Total Operating Expenses would
have been 2.16%, 2.86%, and 2.86% for Class A Shares,
Class B Shares and Class C Shares of the Fund,
respectively, including Management Fees of 0.75%.
(2) Class A Shares, Class B Shares and Class C Shares of the
Fund are subject to separate 12b-1 Plans. Long-term
shareholders may pay more than the economic equivalent
of the maximum front-end sales charges permitted by
rules of the National Association of Securities Dealers,
Inc.
The following example illustrates the expenses that an
investor would pay on a $1,000 investment over various time
periods, assuming (1) a 5% annual rate of return, (2)
redemption and no redemption at the end of each time period
and (3) for Class B Shares and Class C Shares, payment of a
CDSC at the time of redemption, if applicable. The following
example assumes the voluntary fee waivers by Delaware
International as discussed above.
Assuming Redemption
1 Year 3 Years 5 Years 10 Years
Global Assets Fund
Class A Shares $65(1) $103 $143 $254
Class B Shares $66 $109 $156 $211
Class C Shares $36 $79 $136 $289
Assuming No Redemption
1 Year 3 Years 5 Years 10 Years
Global Assets Fund
Class A Shares $65 $103 $143 $254
Class B Shares $26 $79 $136 $211(2)
Class C Shares $26 $79 $136 $289
(1) Generally, no redemption charge is assessed upon
redemption of Class A Shares. Under certain
circumstances, however, a Limited CDSC or other CDSC,
which has not been reflected in this calculation, may be
imposed on certain redemptions. See Contingent Deferred
Sales Charge for Certain Redemptions of Class A Shares
Purchased at Net Asset Value under Redemption and
Exchange.
(2) At the end of approximately eight years after purchase,
Class B Shares of the Fund will be automatically
converted into Class A Shares of the Fund. The example
above assumes conversion of Class B Shares at the end of
the eighth year. However, the conversion may occur as
late as three months after the eighth anniversary of
purchase, during which time the higher 12b-1 Plan fees
payable by Class B Shares will continue to be assessed.
The ten-year expense numbers for Class B Shares reflect
the expenses of Class B Shares for years one through
eight and the expenses of Class A Shares for years nine
and ten. See Automatic Conversion of Class B Shares
under Classes of Shares for a description of the
automatic conversion feature.
Change in Investment Focus and Name
The Board of Directors of Global Funds, Inc. has
approved a change in investment focus and the name of the
Global Assets Fund. While the investment objective of the
Global Assets Fund, long-term total return, will remain the
same, the Fund will seek to achieve its objective by
investing in global securities that provide the potential for
capital appreciation and income. The Fund's primary focus
will be to invest in domestic and foreign equity securities
and, under normal market conditions, the Fund will invest at
least 65% of its assets in equity securities. The Fund's
investments will continue to be made in securities of issuers
organized or having a majority of their assets in or deriving
a majority of their operating income in at least three
different countries, one of which could be the United States.
The name of the Global Assets Fund and each of its respective
classes of shares will change to Global Equity Fund. These
changes will be implemented beginning July 21, 1998.
Effective July 21, 1998, the Fund's investment policy
for fixed-income securities is revised as follows. Under
normal market conditions, the Fund may seek to achieve growth
through investment of up to 35% of its assets in income
producing debt securities such as U.S. or foreign government
or corporate bonds. In addition, for temporary defensive
purposes, the Fund may invest all or a substantial portion of
its assets in high quality debt instruments issued by foreign
governments, their agencies, instrumentalities or political
subdivisions, the U.S. government, its agencies or
instrumentalities (and which are backed by the full faith and
credit of the U.S. government), or issued by foreign or U.S.
companies. For example, the Fund may invest in U.S. fixed-
income markets when the Manager believes that the global
equity markets are excessively volatile or overvalued so that
the Fund's objective cannot be achieved in such markets. Any
corporate debt obligations will be rated AA or better by S&P,
Aa or better by Moody's, or have an equivalent rating from
another nationally recognized statistical rating
organization, or if unrated, will be determined to be of
comparable quality by the Manager. The Fund may also invest
in the securities listed above pending investment of proceeds
from new sales of Fund shares and to maintain sufficient cash
to meet redemption requests. The Fund will no longer invest
in high yield, high risk U.S. fixed income securities, zero-
coupon bonds or in the debt securities of supranational
entities.
The Fund may be suitable for investors with a long-term
investment horizon (at least three years) who are looking for
long-term growth potential from a portfolio of global equity
securities.
In order to accomplish this change in investment focus,
beginning July 21, 1998, the Fund s portfolio securities will
be adjusted in an orderly fashion consistent with market and
investment considerations.
The risk factors and special considerations described in
the Prospectus will remain applicable to an investment in the
Fund following its shift in investment focus. See Special
Risk Considerations under Investment Objectives and
Strategies and Other Investment Policies and Risk
Considerations in the Prospectus.
Portfolio Managers
In connection with the change in investment focus,
effective July 21, 1998, Elizabeth A. Desmond will assume
primary responsibility for making day-to-day investment
decisions for the Fund. Ms. Desmond is a graduate of
Wellesley College and the masters program in East Asian
studies at Stanford University. After working for the
Japanese government for two years, she began her investment
career as a Pacific Basin investment manager with Shearson
Lehman Global Asset Management. Prior to joining Delaware
International in the spring of 1991, she was a Pacific Basin
equity analyst and senior portfolio manager at Hill Samuel
Investment Advisers Ltd. Ms. Desmond is a CFA charterholder.
On that date, Robert L. Arnold, Vice President/Portfolio
Manager for Global Funds, Inc., will assume primary
responsibility for making investment decisions for the U.S.
equity portion of the Fund. Prior to this at Delaware
Investments, he managed mutual funds and was a financial
analyst focusing on the financial services industry including
banks, thrifts, insurance companies and consumer finance
companies. Mr. Arnold holds a BS from Carnegie Mellon
University and earned an MBA from the University of Chicago.
He began his investment career as a management consultant
with Arthur Young in Philadelphia. Prior to joining Delaware
Investments in March 1992, Mr. Arnold was a planning analyst
with Chemical Bank in New York. The remainder of the equity
investment teams for the Fund will not change.
Waiver of Contingent Deferred Sales Charge
The CDSC for Class B Shares and Class C Shares of Global
Assets Fund as well as the Limited CDSC which may apply to
Class A Shares if a dealer's commission was paid on the
purchase of shares will be waived for redemptions received in
good order by the Global Assets Fund, its agent or certain
other authorized persons between May 22, 1998 and August 31,
1998, for shares of the Global Assets Fund held on or before
May 21, 1998.
Performance Information
The total return information for the Global Assets Fund
contained in the Prospectus and Statement of Additional
Information reflects the performance of the Fund prior to the
shift in investment focus as described above and, therefore,
should not be considered indicative of the future performance
of the Fund. Also, the total return performance of the
current Global Equity Fund should not be considered
indicative of the future performance of the Global Assets
Fund, even after its investment policies are modified
consistent with the terms of this supplement.
Effective July 21, 1998, the name of the Global Equity
Fund series of Global Funds, Inc. and each of its respective
classes of shares will change to Global Opportunities Fund.
May 15, 1998
DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, INC.
Global Bond Fund Institutional Class
Global Assets Fund Institutional Class
Emerging Markets Fund Institutional Class
SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION DATED FEBRUARY 4, 1998
The Prospectus and Statement of Additional Information
of Delaware Group Global & International Funds, Inc. ("Global
Funds, Inc."), each dated February 4, 1998, are revised as
follows with respect to the Global Assets Series (the "Global
Assets Fund" or the "Fund"). All capitalized terms referred
to below have the meaning set forth in the Prospectus and
Statement of Additional Information.
Summary of Expenses
The following replaces information under Summary of
Expenses for the Institutional Class of the Fund.
Annual Operating Expenses
(as a percentage of average
daily net assets after fee Global Assets Fund
waivers and expense payments) Institutional Class
Management Fees
(after voluntary fee waivers). . . . . . 0.44%(1)
12b-1 Expenses (including service fees). None
Other Operating Expenses . . . . . . . . l.11%(1)
-----
Total Operating Expenses
(after voluntary fee waivers) . . . 1.55%(1)
=====
__________________________
(1) Beginning June 1, 1998, Delaware International has
elected voluntarily to waive that portion, if any, of
the annual management fees payable by the Fund and to
pay certain expenses of the Fund to the extent necessary
to ensure that the Fund's total operating expenses
(exclusive of taxes, interest, brokerage commissions and
extraordinary expenses) do not exceed, on an annualized
basis, 1.55% of the average daily net assets of the
Class through November 30, 1998. Prior to May 31,
1998, commitments of fee waivers and expense payments by
Delaware International were different from that in
effect for the Fund beginning June 1, 1998. The expense
information as been restated to reflect the fee waivers
and expense payments in effect beginning June 1, 1998,
as if they had been in effect during the fiscal year
ended November 30, 1997. Without such fee waivers and
expense payments, we estimate that for the fiscal year
ended November 30, 1997, the Total Operating Expenses
would have been 1.86%, respectively, including
Management Fees of 0.75%.
The following example illustrates the expenses that an
investor would pay on a $1,000 investment over various time
periods, assuming (1) a 5% annual rate of return, and (2)
redemption at the end of each time period. The following
example assumes the voluntary fee waivers by Delaware
International as discussed above.
Assuming Redemption
1 Year 3 Years 5 Years 10 Years
Global Assets Fund
Institutional Class $16 $49 $84 $185
Change in Investment Focus and Name
The Board of Directors of Global Funds, Inc. has
approved a change in investment focus and the name of the
Global Assets Fund. While the investment objective of the
Global Assets Fund, long-term total return, will remain the
same, the Fund will seek to achieve its objective by
investing in global securities that provide the potential for
capital appreciation and income. The Fund's primary focus
will be to invest in domestic and foreign equity securities
and, under normal market conditions, the Fund will invest at
least 65% of its assets in equity securities. The Fund's
investments will continue to be made in securities of issuers
organized or having a majority of their assets in or deriving
a majority of their operating income in at least three
different countries, one of which could be the United States.
The name of the Global Assets Fund and each of its respective
classes of shares will change to Global Equity Fund. These
changes will be implemented beginning July 21, 1998.
Effective July 21, 1998, the Fund's investment policy
for fixed-income securities is revised as follows. Under
normal market conditions, the Fund may seek to achieve growth
through investment of up to 35% of its assets in income
producing debt securities such as U.S. or foreign government
or corporate bonds. In addition, for temporary defensive
purposes, the Fund may invest all or a substantial portion of
its assets in high quality debt instruments issued by foreign
governments, their agencies, instrumentalities or political
subdivisions, the U.S. government, its agencies or
instrumentalities (and which are backed by the full faith and
credit of the U.S. government), or issued by foreign or U.S.
companies. For example, the Fund may invest in U.S. fixed-
income markets when the Manager believes that the global
equity markets are excessively volatile or overvalued so that
the Fund's objective cannot be achieved in such markets. Any
corporate debt obligations will be rated AA or better by S&P,
Aa or better by Moody's, or have an equivalent rating from
another nationally recognized statistical rating
organization, or if unrated, will be determined to be of
comparable quality by the Manager. The Fund may also invest
in the securities listed above pending investment of proceeds
from new sales of Fund shares and to maintain sufficient cash
to meet redemption requests. The Fund will no longer invest
in high yield, high risk U.S. fixed income securities, zero-
coupon bonds or in the debt securities of supranational
entities.
The Fund may be suitable for investors with a long-term
investment horizon (at least three years) who are looking for
long-term growth potential from a portfolio of global equity
securities.
In order to accomplish this change in investment focus,
beginning July 21, 1998, the Fund s portfolio securities will
be adjusted in an orderly fashion consistent with market and
investment considerations.
The risk factors and special considerations described in
the Prospectus will remain applicable to an investment in the
Fund following its shift in investment focus. See Special
Risk Considerations under Investment Objectives and
Strategies and Other Investment Policies and Risk
Considerations in the Prospectus.
Portfolio Managers
In connection with the change in investment focus,
effective July 21, 1998, Elizabeth A. Desmond will assume
primary responsibility for making day-to-day investment
decisions for the Fund. Ms. Desmond is a graduate of
Wellesley College and the masters program in East Asian
studies at Stanford University. After working for the
Japanese government for two years, she began her investment
career as a Pacific Basin investment manager with Shearson
Lehman Global Asset Management. Prior to joining Delaware
International in the spring of 1991, she was a Pacific Basin
equity analyst and senior portfolio manager at Hill Samuel
Investment Advisers Ltd. Ms. Desmond is a CFA charterholder.
On that date, Robert L. Arnold, Vice President/Portfolio
Manager for Global Funds, Inc., will assume primary
responsibility for making investment decisions for the U.S.
equity portion of the Fund. Prior to this at Delaware
Investments, he managed mutual funds and was a financial
analyst focusing on the financial services industry including
banks, thrifts, insurance companies and consumer finance
companies. Mr. Arnold holds a BS from Carnegie Mellon
University and earned an MBA from the University of Chicago.
He began his investment career as a management consultant
with Arthur Young in Philadelphia. Prior to joining Delaware
Investments in March 1992, Mr. Arnold was a planning analyst
with Chemical Bank in New York. The remainder of the equity
investment teams for the Fund will not change.
Performance Information
The total return information for the Global Assets Fund
contained in the Prospectus and Statement of Additional
Information reflects the performance of the Fund prior to the
shift in investment focus as described above and, therefore,
should not be considered indicative of the future performance
of the Fund. Also, the total return performance of the
current Global Equity Fund should not be considered
indicative of the future performance of the Global Assets
Fund, even after its investment policies are modified
consistent with the terms of this supplement.
Effective July 21, 1998, the name of the Global Equity
Fund series of Global Funds, Inc. and each of its respective
classes of shares will change to Global Opportunities Fund.
