DELAWARE GROUP PREMIUM FUND, INC.
Delaware 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 Management Company (the "Manager") for
the Delaware Series. Under the current Investment Management
Agreement, the Series pays the Manager an annual fee equal to
0.60% of the Series' average daily net assets less independent
directors fees. Under the proposed Investment Management
Agreement, the Series will pay the Manager an annual fee equal to
0.65% on the first $500 million, 0.60% on the next $500 million,
0.55% on the next $1.5 billion, and 0.50% 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 at a Joint Annual/Special Meeting
of Shareholders to be held on or about March 17, 1999. The
proposed management fee is expected to become effective on or
about April 1, 1999 if shareholders approve the proposed
Investment Management Agreement.
