Delaware Group Adviser Funds, Inc.
Supplement Dated November 24, 1997
to Prospectuses 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. The Portfolios were liquidated on September 19, 1997.
A capital gains dividend for the Enterprise Fund was paid on
August 22, 1997 to shareholders of record on August 13, 1997.
In addition, the Board also decided at the Meeting to
replace Overseas Equity 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 continues to
serve in that capacity. Beginning September 15, 1997, the
overall annual investment advisory fee paid by Overseas Equity
Fund to DMC was reduced from 1.10% to 1.00%, and the means of
calculating the sub-advisory fee payable to Delaware
International was 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%. On November 18, 1997, a meeting of shareholders was held
and shareholders approved the new sub-advisory agreement between
DMC and Delaware International.
Effective September 15, 1997, Clive A. Gillmore and Robert
Akester assumed primary responsibility for making day-to-day
investment decisions for Overseas Equity Fund. Mr. Gillmore is a
graduate of the University of Warwick and began his career at
Legal and General Investment Management. Mr. Gillmore joined the
Delaware Group in 1990 after eight years of investment
experience. His most recent position prior to joining the
Delaware Group was as a Pacific Basin equity analyst and senior
portfolio manager for Hill Samuel Investment Advisers Ltd. Mr.
Gillmore has completed the London Business School Investment
program. Mr. Akester began his investment career in 1969. Prior
to joining the Delaware Group in 1996 as a Senior Portfolio
Manager, Mr. Akester was a Director of Hill Samuel Investment
Advisers Ltd., which he joined in 1985. His prior experience
included working as a Senior Analyst and head of the South-East
Asian Research team at James Capel, and as a Fund Manager at
Prudential Assurance Co., Ltd. Mr. Akester holds a BS in
Statistics and Economics from University College, London and is
an associate of the Institute of Actuaries, with a certificate in
Finance and Investment.
In making investment decisions for Overseas Equity Fund, Mr.
Gillmore and Mr. Akester regularly consult with an international
equity team of nine members, five of whom research the Pacific
Basin and four of whom research the European Markets. Mr.
Gillmore and Mr. Akester also regularly consult with David G.
Tilles. Mr. Tilles, who is Chief Investment Officer for Delaware
International, is a graduate of the University of Warwick with a
BS in management sciences. Before joining the Delaware Group in
1990, he was Chief Investment Officer of Hill Samuel Investment
Advisers Ltd. He is a member of the Institute of Investment
Management & Research and the Operational Research Society.
Effective September 15, 1997, John Govett & Co Limited, the
Sub-Adviser to New Pacific Fund, was renamed AIB Govett Asset
Management Holdings Limited. Effective as of November 12, 1997,
Jane Pickard assumed primary responsibility for making investment
decisions for New Pacific Fund. Ms. Pickard graduated in Law
from Endinburgh University. She joined BZW in 1991, where she
initially worked as a specialist in structured debt products,
moving into the Pacific Rim equity division in 1992. She
remained there until 1995 when she moved to IAI International
where she had responsibility for Pacific Region investment for
U.S. institutional and retail funds. Ms. Pickard joined AIB
Govett Asset Management in 1996 and concentrates on investments
in the Pacific region.
Effective as of October 27, 1997, Edward J. Petner assumed
primary responsibility for making investment decisions for U.S.
Growth Fund. Mr. Petner currently serves as President and Co-
Chief Executive Officer of Lynch & Mayer, Inc. Before joining
Lynch & Mayer, Inc. in 1983, Mr. Petner received a BA from
Duquesne University in 1981 and an MBA from the Wharton School in
1983.
