JULY 9, 1999
GLOBAL BOND FUND
SUPPLEMENT TO THE PROSPECTUS
The following replaces information under "Who manages the Funds"
in the Prospectus for the Global Bond Fund:
Christopher A. Moth and Joanna Bates have primary responsibility
for making day-to-day investment decisions for Global Bond Fund.
In making investment decisions for the Fund, Mr. Moth and Ms.
Bates regularly consult with David G. Tilles and four global
fixed income team members.
Christopher A. Moth, Senior Portfolio Manager of Delaware
International Advisers, became Co-Manager of Global Bond Fund in
January 1997. Mr. Moth, a graduate of The City University
London, joined Delaware International Advisers in 1992. He
previously worked at the Guardian Royal Exchange in an actuarial
capacity where he was responsible for technical analysis,
quantitative models and projections. Mr. Moth has been awarded
the certificate in Finance and Investment from the Institute of
Actuaries in London.
Joanna Bates, Senior Portfolio Manager of Delaware International
Advisers, became Co-Manager of Global Bond Fund in July 1999.
Ms. Bates is a graduate of London University. She joined the
Fixed Income team at Delaware International Advisers in June
1997. Prior to that she was Associate Director, Fixed Interest
at Hill Samuel Investment Management which she joined in 1990.
She had previously worked at Fidelity International and Save &
Prosper as fund manager and analyst for global bond markets. Ms.
Bates is an associate of the Institute of Investment Management
and Research.
David G. Tilles, Managing Director and Chief Investment Officer
of Delaware International, was educated at the Sorbonne, Warwick
University and Heidelberg University. Prior to joining Delaware
International in 1990 as Managing Director and Chief Investment
Officer, he spent 16 years with Hill Samuel Investment Management
Group in London, serving in a number of investment capacities.
His most recent position prior to joining Delaware International
was Chief Investment Officer of Hill Samuel Investment Management
Ltd.
