SUPPLEMENT
TO PROSPECTUS FOR DELAWARE GROUP PREMIUM FUND, INC.
DEVON SERIES AND DELAWARE SERIES
MARCH 18, 1999
Francis X. Morris has replaced George H. Burwell as portfolio
manager of Devon Series and Delaware Series. Mr. Morris will
join Gary A. Reed in making the day-to-day investment decisions
for Delaware Series. Mr. Morris will have responsibility for
making the day-to-day investment decisions for the Devon Series.
Mr. Morris has been managing institutional equity portfolios at
Delaware Investments since 1997. He has 16 years of investment
management experience. He came to Delaware from PNC Asset
Management where he served as a securities analyst from 1983 to
1991 and portfolio manager from 1991 to 1994. He was
subsequently named Director of Equity Research at PNC. Mr.
Morris holds a bachelor s degree in finance from Providence
College in Rhode Island and an MBA from Widener University in
Pennsylvania. He is a past president of the Philadelphia Society
of Financial Analysts. Mr. Reed holds an AB in Economics from
the University of Chicago and an MA in Economics from Columbia
University. He has been Senior Portfolio Manager for fixed income
since 1989. Before joining Delaware Investments in 1989, Mr. Reed
was Vice President and Manager of the fixed-income department of
the Irving Trust Company in New York.
Mr. Morris will work closely with Devon Series' existing
portfolio management team, including Andrea Giles and Christopher
Driver. Andrea Giles is a research analyst for the Series. She
holds a BSAD from the Massachusetts Institute of Technology and
an MBA in Finance from Columbia University. Prior to joining
Delaware Investments in 1996, she was an account officer in the
Leveraged Capital Group with Citibank. Christopher Driver is also
a research analyst for the Series. He holds a BS in Finance from
the University of Delaware. Prior to joining Delaware Investments
in 1998, he was a Research Analyst in the Equity Value group at
Blackrock, Inc. Prior to Blackrock, he was a partner at Cashman
Farrell & Associates. Mr. Driver is a CFA charterholder.
