DELAWARE GROUP PREMIUM FUND, INC.
International Equity Series
Supplement to the current Prospectus
The Board of Directors of Delaware Group Premium Fund,
Inc. (the Company ) unanimously voted, subject to shareholder
approval, to adopt a new Investment Management Agreement between
the Company and Delaware International Advisers Ltd. ( DIAL ) for
the International Equity Series. Under the current Investment
Management Agreement for the International Equity Series, the
Series pays DIAL an annual fee equal to 0.75% of the Series
average daily net assets less independent directors fees.
Under the proposed Investment Management Agreement for
the International Equity Series, the Series will pay DIAL an
annual fee equal to 0.85% on the first $500 million, 0.80% on the
next $500 million, 0.75% on the next $1.5 billion, and 0.70% on
assets over $2.5 billion (all calculated as a percentage of the
Series average daily net assets).
Individuals who were shareholders of the Series on
December 21, 1998 will be asked to approve the proposed
Investment Management Agreement for the Series at a Joint
Annual/Special Meeting of Shareholders to be held on or about
March 17, 1999. The proposed management fees are expected to
become effective on or about April 1, 1999 if shareholders
approve the proposed Investment Management Agreement.
