DELAWARE GROUP PREMIUM FUND, INC.
Delchester 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 ( DMC ) for the
Delchester Series. Under the current Investment Management
Agreement for the Delchester Series, the Series pays DMC an
annual fee equal to 0.60% per year less independent directors
fees.
Under the proposed Investment Management Agreement for
the Delchester Series, the Series will pay DMC 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 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.
