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Previous: MAXIM GROUP INC /, 8-K, 1996-06-03 |
Next: D M MANAGEMENT CO, 8-K, 1996-06-03 |
<PAGE>
June 3, 1996
Delaware Group Adviser Funds, Inc.
Supplement to the
Statement of Additional Information
Dated May 6, 1996
The following supplements the information on page 25 in the Performance
Information section of the Statement of Additional Information.
For the 30-day period ended April 30, 1996, the yields of each Class of
the Federal Bond Fund and the Corporate Income Fund were as follows:
Federal Bond Fund Corporate Income Fund
Class A Shares 5.06% 5.71%
Class B Shares 4.64% 5.33%
Class C Shares 4.66% 5.32%
Institutional Class 5.68% 6.35%
<PAGE>
The following supersedes the information on pages 22 - 24 in the
Performance Information section of the Statement of Additional Information.
Average Annual Total Return(1)
Enterprise Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Class A Shares Shares
Shares(2)(3) Shares(2) (including (excluding
(at offer) (at NAV) CDSC)(5) CDSC)
<S> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 16.87% 22.72% 10/31/95 17.92% 21.92%
Period Period
12/3/93(4) 4/14/94(4)
through through
10/31/95 3.89% 6.58% 10/31/95 9.80% 12.23%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 20.86% 21.86% 10/31/95 22.43%
Period Period
5/10/94(4) 2/3/94(4)
through through
10/31/95 14.45% 14.45% 10/31/95 4.65%
</TABLE>
<PAGE>
U.S. Growth Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Class A Shares Shares
Shares(2)(3) Shares(2) (including (excluding
(at offer) (at NAV) CDSC)(5) CDSC)
<S> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 15.95% 21.74% 10/31/95 17.00% 21.00%
Period Period
12/3/93(4) 3/29/94(4)
through through
10/31/95 9.28% 12.11% 10/31/95 11.70% 14.04%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 20.00% 21.00% 10/31/95 22.19%
Period Period
5/23/94(4) 2/3/94(4)
through through
10/31/95 18.97% 18.97% 10/31/95 10.40%
</TABLE>
- ----------------------------
(1) The previous Investment Manager, Lincoln Investment Management, Inc.,
waived a portion of its annual compensation or reimbursed expenses to
limit the operating expenses of the Funds. See Investment Management
Agreements. In the absence of such waivers or reimbursements,
performance would have been affected negatively.
(2) The 12b-1 fees payable by each Fund for the Class A Shares were at a
rate equal to .35% of the average daily net assets. Beginning May 6,
1996, the Board of Directors reduced the payments to .30%. Performance
calculations for periods after May 6, 1996 will be made using the lower
12b-1 fee rate.
(3) The maximum front-end sales charge was reduced from 5.5% to 4.75%
effective May 6, 1996. The above performance figures are calculated
using 4.75% as the applicable sales charge for all time periods.
(4) Commencement of operations.
(5) Effective May 6, 1996, Class B Shares will be subject to a CDSC
schedule of (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; (iv) 1% if shares are redeemed during the
sixth year following purchase; and (v) 0% thereafter. The above
performance figures are calculated using the new applicable CDSC
schedule.
<PAGE>
Average Annual Total Return(1)
World Growth Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Class A Shares Shares
Shares(2)(3) Shares(2) (including (excluding
(at offer) (at NAV) CDSC)(5) CDSC)
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 (1.13%) 3.81% 10/31/95 (0.81%) 3.19%
Period Period
12/3/93(4) 3/29/94(4)
through through
10/31/95 4.59% 7.29% 10/31/95 2.23% 4.69%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 2.16% 3.16% 10/31/95 4.22%
Period Period
5/10/94(4) 2/3/94(4)
through through
10/31/95 5.18% 5.18% 10/31/95 5.43%
</TABLE>
<PAGE>
New Pacific Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Class A Shares Shares
Shares(2)(3) Shares(2) (including (excluding
(at offer) (at NAV) CDSC)(5) CDSC)
<S> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 (18.07%) (13.99%) 10/31/95 (17.88%) (14.57%)
Period Period
12/3/93(4) 3/29/94(4)
through through
10/31/95 (7.81%) (5.43%) 10/31/95 (6.93%) (6.93%)
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 (15.40%) (14.57%) 10/31/95 (13.65%)
Period Period
7/7/94(4) 2/3/94(4)
through through
10/31/95 (6.91%) (6.91%) 10/31/95 (11.30%)
</TABLE>
- ----------------------------
(1) The previous Investment Manager, Lincoln Investment Management, Inc.,
waived a portion of its annual compensation or reimbursed expenses to
limit the operating expenses of the Funds. See Investment Management
Agreements. In the absence of such waivers or reimbursements,
performance would have been affected negatively.
(2) The 12b-1 fees payable by each Fund for the Class A Shares were at a
rate equal to .35% of the average daily net assets. Beginning May 6,
1996, the Board of Directors reduced the payments to .30%. Performance
calculations for periods after May 6, 1996 will be made using the lower
12b-1 fee rate.
(3) The maximum front-end sales charge was reduced from 5.5% to 4.75%
effective May 6, 1996. The above performance figures are calculated
using 4.75% as the applicable sales charge for all time periods.
(4) Commencement of operations.
(5) Effective May 6, 1996, Class B Shares will be subject to a CDSC
schedule of (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; (iv) 1% if shares are redeemed during the
sixth year following purchase; and (v) 0% thereafter. The above
performance figures are calculated using the new applicable CDSC
schedule.
<PAGE>
Average Annual Total Return(1)
Federal Bond Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Class A Shares Shares
Shares(2)(3) Shares(2) (including (excluding
(at offer) (at NAV) CDSC)(5) CDSC)
<S> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 8.28% 13.72% 10/31/95 9.09% 13.09%
Period Period
12/3/93(4) 7/27/94(4)
through through
10/31/95 1.56% 4.19% 10/31/95 6.13% 9.23%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 10.59% 11.59% 10/31/95 14.15%
Period Period
7/7/94(4) 2/3/94(4)
through through
10/31/95 8.08% 8.08% 10/31/95 4.64%
</TABLE>
<PAGE>
Corporate Income Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Class A Shares Shares
Shares(2)(3) Shares(2) (including (excluding
(at offer) (at NAV) CDSC)(5) CDSC)
<S> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 12.11% 17.71% 10/31/95 13.05% 17.05%
Period Period
12/3/93(4) 5/11/94(4)
through through
10/31/95 2.19% 4.83% 10/31/95 8.73% 11.31%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
1 year 1 year
ended ended
10/31/95 15.23% 16.23% 10/31/95 18.27%
Period Period
9/14/94(4) 2/3/94(4)
through through
10/31/95 13.23% 13.23% 10/31/95 5.45%
</TABLE>
- ----------------------------
(1) The previous Investment Manager, Lincoln Investment Management, Inc.,
waived a portion of its annual compensation or reimbursed expenses to
limit the operating expenses of the Funds. See Investment Management
Agreements. In the absence of such waivers or reimbursements,
performance would have been affected negatively.
(2) The 12b-1 fees payable by each Fund for the Class A Shares were at a
rate equal to .35% of the average daily net assets. Beginning May 6,
1996, the Board of Directors reduced the payments to .30%. Performance
calculations for periods after May 6, 1996 will be made using the lower
12b-1 fee rate.
(3) The maximum front-end sales charge was increased from 4.5% to 4.75%
effective May 6, 1996. The above performance figures are calculated
using 4.75% as the applicable sales charge for all time periods.
(4) Commencement of operations.
(5) Effective May 6, 1996, Class B Shares will be subject to a CDSC
schedule of (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; (iv) 1% if shares are redeemed during the
sixth year following purchase; and (v) 0% thereafter. The above
performance figures are calculated using the new applicable CDSC
schedule.
<PAGE>
The following supersedes the information on pages 27 - 29 in the
Performance Information section of the Statement of Additional Information.
Cumulative Total Return(1)
Enterprise Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Shares Shares
Shares(2) (including (excluding
(at offer) CDSC)(4) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (2.84%) 10/31/95 (2.13%) 1.87%
6 months 6 months
ended ended
10/31/95 8.04% 10/31/95 9.15% 13.15%
9 months 9 months
ended ended
10/31/95 21.66% 10/31/95 23.23% 27.23%
1 year 1 year
ended ended
10/31/95 16.87% 10/31/95 17.92% 21.92%
Period Period
12/3/93(3) 4/14/94(3)
through through
10/31/95 7.58% 10/31/95 15.60% 19.60%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 0.84% 1.84% 10/31/95 1.62%
6 months 6 months
ended ended
10/31/95 12.06% 13.06% 10/31/95 13.11%
9 months 9 months
ended ended
10/31/95 26.06% 27.06% 10/31/95 27.40%
1 year 1 year
ended ended
10/31/95 20.86% 21.86% 10/31/95 22.43%
Period Period
5/10/94(3) 2/3/94(3)
through through
10/31/95 22.10% 22.10% 10/31/95 8.24%
</TABLE>
<PAGE>
U.S. Growth Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Shares Shares
Shares(2) (including (excluding
(at offer) CDSC)(4) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (0.32%) 10/31/95 0.49% 4.49%
6 months 6 months
ended ended
10/31/95 16.82% 10/31/95 18.32% 22.32%
9 months 9 months
ended ended
10/31/95 22.10% 10/31/95 23.51% 27.51%
1 year 1 year
ended ended
10/31/95 15.95% 10/31/95 17.00% 21.00%
Period Period
12/3/93(3) 3/29/94(3)
through through
10/31/95 18.50% 10/31/95 19.30% 23.30%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 3.56% 4.56% 10/31/95 4.78%
6 months 6 months
ended ended
10/31/95 21.38% 22.38% 10/31/95 23.03%
9 months 9 months
ended ended
10/31/95 26.61% 27.61% 10/31/95 28.47%
1 year 1 year
ended ended
10/31/95 20.00% 21.00% 10/31/95 22.19%
Period Period
5/23/94(3) 2/3/94(3)
through through
10/31/95 28.50% 28.50% 10/31/95 18.82%
</TABLE>
- ----------------------------
(1) The previous Investment Manager, Lincoln Investment Management, Inc.,
waived a portion of its annual compensation or reimbursed expenses to
limit the operating expenses of the Funds. See Investment Management
Agreements. In the absence of such waivers or reimbursements,
performance would have been affected negatively.
(2) The 12b-1 fees payable by each Fund for the Class A Shares were at a
rate equal to .35% of the average daily net assets. Beginning May 6,
1996, the Board of Directors reduced the payments to .30%. Performance
calculations for periods after May 6, 1996 will be made using the lower
12b-1 fee rate. The maximum front-end sales charge was reduced from
5.5% to 4.75% effective May 6, 1996. The above performance figures are
calculated using 4.75% as the applicable sales charge for all time
periods.
(3) Commencement of operations.
(4) Effective May 6, 1996, Class B Shares will be subject to a CDSC
schedule of (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; (iv) 1% if shares are redeemed during the
sixth year following purchase; and (v) 0% thereafter. The above
performance figures are calculated using the new applicable CDSC
schedule.
<PAGE>
Cumulative Total Return(1)
World Growth Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Shares Shares
Shares(2) (including (excluding
(at offer) CDSC)(4) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (3.64%) 10/31/95 (2.96%) 1.04%
6 months 6 months
ended ended
10/31/95 1.74% 10/31/95 2.57% 6.57%
9 months 9 months
ended ended
10/31/95 10.51% 10/31/95 11.53% 15.53%
1 year 1 year
ended ended
10/31/95 (1.13%) 10/31/95 (0.81%) 3.19%
Period Period
12/3/93(3) 3/29/94(3)
through through
10/31/95 8.96% 10/31/95 3.58% 7.58%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (0.06%) 0.94% 10/31/95 1.24%
6 months 6 months
ended ended
10/31/95 5.45% 6.45% 10/31/95 7.03%
9 months 9 months
ended ended
10/31/95 14.50% 15.50% 10/31/95 16.38%
1 year 1 year
ended ended
10/31/95 2.16% 3.16% 10/31/95 4.22%
Period Period
5/10/94(3) 2/3/94(3)
through through
10/31/95 7.75% 7.75% 10/31/95 9.65%
</TABLE>
<PAGE>
New Pacific Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Shares Shares
Shares(2) (including (excluding
(at offer) CDSC)(4) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (8.99%) 10/31/95 (8.47%) (4.66%)
6 months 6 months
ended ended
10/31/95 (2.46%) 10/31/95 (1.96%) 2.04%
9 months 9 months
ended ended
10/31/95 1.16% 10/31/95 1.75% 5.75%
1 year 1 year
ended ended
10/31/95 (18.07%) 10/31/95 (17.88%) (14.57%)
Period Period
12/3/93(3) 3/29/94(3)
through through
10/31/95 (14.40%) 10/31/95 10.82% (7.22%)
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (5.70%) (4.75%) 10/31/95 (4.47%)
6 months 6 months
ended ended
10/31/95 0.96% 1.96% 10/31/95 2.57%
9 months 9 months
ended ended
10/31/95 4.62% 5.62% 10/31/95 6.56%
1 year 1 year
ended ended
10/31/95 (15.40%) (14.57%) 10/31/95 (13.65%)
Period Period
7/7/94(3) 2/3/94(3)
through through
10/31/95 (9.02%) (9.02%) 10/31/95 (18.85%)
</TABLE>
- ----------------------------
(1) The previous Investment Manager, Lincoln Investment Management, Inc.,
waived a portion of its annual compensation or reimbursed expenses to
limit the operating expenses of the Funds. See Investment Management
Agreements. In the absence of such waivers or reimbursements,
performance would have been affected negatively.
(2) The 12b-1 fees payable by each Fund for the Class A Shares were at a
rate equal to .35% of the average daily net assets. Beginning May 6,
1996, the Board of Directors reduced the payments to .30%. Performance
calculations for periods after May 6, 1996 will be made using the lower
12b-1 fee rate. The maximum front-end sales charge was reduced from
5.5% to 4.75% effective May 6, 1996. The above performance figures are
calculated using 4.75% as the applicable sales charge for all time
periods.
(3) Commencement of operations.
(4) Effective May 6, 1996, Class B Shares will be subject to a CDSC
schedule of (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; (iv) 1% if shares are redeemed during the
sixth year following purchase; and (v) 0% thereafter. The above
performance figures are calculated using the new applicable CDSC
schedule.
<PAGE>
Cumulative Total Return(1)
Federal Bond Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Shares Shares
Shares(2) (including (excluding
(at offer) CDSC)(4) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (1.65%) 10/31/95 (0.86%) 3.14%
6 months 6 months
ended ended
10/31/95 2.35% 10/31/95 3.12% 7.12%
9 months 9 months
ended ended
10/31/95 6.14% 10/31/95 6.97% 10.97%
1 year 1 year
ended ended
10/31/95 8.28% 10/31/95 9.09% 13.09%
Period Period
12/3/93(3) 7/27/94(3)
through through
10/31/95 3.00% 10/31/95 7.82% 11.82%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 2.22% 3.22% 10/31/95 3.31%
6 months 6 months
ended ended
10/31/95 6.15% 7.15% 10/31/95 7.61%
9 months 9 months
ended ended
10/31/95 10.08% 11.08% 10/31/95 11.75%
1 year 1 year
ended ended
10/31/95 10.59% 11.59% 10/31/95 14.15%
Period Period
7/7/94(3) 2/3/94(3)
through through
10/31/95 10.81% 10.81% 10/31/95 8.23%
</TABLE>
<PAGE>
Corporate Income Fund
<TABLE>
<CAPTION>
Class B Class B
Class A Shares Shares
Shares(2) (including (excluding
(at offer) CDSC)(4) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 (0.65%) 10/31/95 0.01% 4.01%
6 months 6 months
ended ended
10/31/95 4.35% 10/31/95 5.21% 9.21%
9 months 9 months
ended ended
10/31/95 9.43% 10/31/95 10.41% 14.41%
1 year 1 year
ended ended
10/31/95 12.11% 10/31/95 13.05% 17.05%
Period Period
12/3/93(3) 5/11/94(3)
through through
10/31/95 4.23% 10/31/95 13.15% 17.15%
</TABLE>
<TABLE>
<CAPTION>
Class C Class C
Shares Shares
(including (excluding
CDSC) CDSC) Institutional Class
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
10/31/95 3.02% 4.02% 10/31/95 4.26%
6 months 6 months
ended ended
10/31/95 8.20% 9.20% 10/31/95 9.68%
9 months 9 months
ended ended
10/31/95 12.67% 13.67% 10/31/95 15.16%
1 year 1 year
ended ended
10/31/95 15.23% 16.23% 10/31/95 18.27%
Period Period
9/14/94(3) 2/3/94(3)
through through
10/31/95 15.08% 15.08% 10/31/95 9.69%
</TABLE>
- ----------------------------
(1) The previous Investment Manager, Lincoln Investment Management, Inc.,
waived a portion of its annual compensation or reimbursed expenses to
limit the operating expenses of the Funds. See Investment Management
Agreements. In the absence of such waivers or reimbursements,
performance would have been affected negatively.
(2) The 12b-1 fees payable by each Fund for the Class A Shares were at a
rate equal to .35% of the average daily net assets. Beginning May 6,
1996, the Board of Directors reduced the payments to .30%. Performance
calculations for periods after May 6, 1996 will be made using the lower
12b-1 fee rate. The maximum front-end sales charge was increased from
4.5% to 4.75% effective May 6, 1996. The above performance figures are
calculated using 4.75% as the applicable sales charge for all time
periods.
(3) Commencement of operations.
(4) Effective May 6, 1996, Class B Shares will be subject to a CDSC
schedule of (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; (iv) 1% if shares are redeemed during the
sixth year following purchase; and (v) 0% thereafter. The above
performance figures are calculated using the new applicable CDSC
schedule.
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