Delaware Group Adviser Funds, Inc.
Supplement Dated July 28, 1997
to Prospectusse Dated February 28, 1997
At a meeting (the "Meeting") of the Board of Directors of
Delaware Group Adviser Funds, Inc. (the "Fund") on July 17, 1997,
the Board decided to liquidate the Enterprise Fund, Federal Bond
Fund and Corporate Income Fund portfolios (the "Portfolios") of
the Fund. It is expected that the Portfolios will be liquidated
on or about September 19, 1997. The Portfolios have been closed
to new investment. A capital gains dividend for the Enterprise
Fund will be paid on August 22, 1997 to shareholders of record on
August 13, 1997.
In addition, the Board also decided at the Meeting to
replace World Growth Fund's sub-adviser, Walter Scott & Partners
Limited ("Walter Scott"), with Delaware International Advisers
Ltd. ("Delaware International"), an affiliate of Delaware
Management Company, Inc. ("DMC"), effective September 15, 1997.
DMC is the Fund's investment manager and will continue to serve
in that capacity. A meeting of shareholders will be held to
approve the new sub-advisory agreement between DMC and Delaware
International within 120 days from the date which Delaware
International assumes the sub-advisory duties currently performed
by Walter Scott. Beginning September 15, 1997, the overall
annual investment advisory fee paid by World Growth Fund to DMC
will be reduced from 1.10% to 1.00%, and the means of calculating
the sub-advisory fee payable to Delaware International will be
modified somewhat, although the rate of compensation received by
Delaware International will not exceed that previously paid to
Walter Scott. Effective September 15, 1997, the Board also
approved a change in the portfolio's name from "World Growth
Fund" to "Overseas Equity Fund," and approved an increase in the
portion of the portfolio's assets that can be invested in
securities of emerging market issuers from 20% to 40%.
