MAY 10, 1999
Delaware Group Premium Fund, Inc.
REIT Series
SUPPLEMENT TO THE PROSPECTUS
Christopher S. Beck, Vice President/Senior Portfolio
Manager, together with Thomas J. Trotman and Damon J. Andres,
both Vice Presidents, have primary responsibility for making
day-to-day investment decisions for the REIT Series. Mr. Beck
was named to the REIT management team on May 6, 1999, joining Mr.
Trotman who has been on the team since 1998 and Mr. Andres who
has been on the team since 1997.
Mr. Beck has 18 years of investment management experience,
starting with Wilmington Trust in 1981. Later, he became
Director of Research at Cypress Capital Management in Wilmington
and Chief Investment Officer of the University of Delaware
Endowment Fund. Prior to joining Delaware Investments in May
1997, he managed the Small Cap Fund at Pitcairn Trust Company for
two years. Mr. Beck holds a BS from the University of Delaware,
an MBA from Lehigh University and is a CFA charterholder.
Mr. Trotman earned a bachelor's degree in Accounting from
Muhlenberg College and an MBA from Widener University. Prior to
joining Delaware Investments in 1995, he was Vice President and
Director of Investment Research at Independence Capital
Management. Before that, he held credit-related positions at
Marine Midland Bank, U.S. Steel Corporation, and Amerada Hess.
Mr. Trotman is a CFA charterholder.
Mr. Andres earned a BS in Business Administration with an
emphasis in Finance and Accounting from the University of
Richmond. Prior to joining Delaware Investments in 1994, he
provided investment consulting services as a Consulting Associate
with Cambridge Associates, Inc. in Arlington, Virginia.
