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The Target Portfolio Trust
Supplement dated August 28, 1997 to
Prospectus dated April 7, 1997
The following replaces the section in the prospectus titled:
MANAGEMENT OF THE TRUST
Advisers
International Bond Portfolio
On August 27, 1997, the Board of Trustees of the Trust approved a new
subadvisory agreement for the International Bond Portfolio with Delaware
International Advisers Ltd. (Delaware International) in place of Fiduciary
International, Inc. This agreement is identical in all material respects to the
agreement with the previous adviser. An information statement that discusses the
terms of the new agreement and includes a more complete description of Delaware
International will be furnished to shareholders of the Portfolio.
Delaware International, Veritas House, 3rd Floor, 125 Finsbury Pavement,
London, EC2A INQ, will begin managing the Portfolio effective August 28, 1997.
Delaware International commenced operations as a registered investment adviser
in December 1990 and specializes in international and global investing. Delaware
International manages money for separate account portfolios and U.S. registered
mutual funds. As of July 31, 1997, Delaware International had over $6 billion in
assets under management with over $2.2 billion in assets in global/international
fixed income. Delaware International is affiliated with Delaware Management
Company, Inc. (Delaware Management). Delaware International and Delaware
Management are indirect, wholly-owned subsidiaries of Lincoln National
Corporation. Lincoln National Corporation, headquartered in Ft. Wayne, Indiana,
is a diversified financial services organization with operations that include
the insurance and investment management business.
A team of portfolio managers employed by Delaware International is primarily
responsible for managing the portfolio. The portfolio management team is
currently headed by Ian G. Sims, Delaware International's Deputy Managing
Director and Chief Investment Officer for Global Fixed Income. Other members of
the portfolio management team currently are W. Hywel Morgan, Christopher A. Moth
and Joanna Bates, all Senior Portfolio Managers of Delaware International.
Mr. Sims joined Delaware International in 1990 as a senior international
fixed income and currency manager. Prior to joining Delaware International, he
was a senior fixed income and currency portfolio manager with Hill Samuel
Investment Advisers Ltd. (Hill Samuel) in London. Prior to joining Delaware
International in 1994, Mr. Morgan was Associate Director of the international
fixed income department and head of the credit review committee at Hill Samuel,
and was responsible for over $500 million in multi-currency fixed interest
accounts. Prior to joining Delaware International in 1992, Mr. Moth served in an
actuarial capacity at the Guardian Royal Exchange, where he was responsible for
technical analysis, quantitative models, and projections. Ms. Bates was
Associate Director, Fixed Interest at Hill Samuel prior to joining Delaware
International in 1997.
In addition to managing separate investment accounts, Delaware International
serves as adviser or sub-adviser to the following global or international fixed
income mutual funds: the Global Bond Fund and Global Assets Fund, each a series
of Delaware Group Global & International Funds, Inc.; the Global Bond Series of
Delaware Group Premium Fund, Inc.; the Global Fixed Income Portfolio and The
International Fixed Income Portfolio of Delaware Pooled Trust, Inc.; the
Strategic Income Fund, a series of Delaware Group Income Funds, Inc.; and
Delaware Group Global Dividend and Income Fund, Inc.
TMF158c-1(8/28/97)
