DELAWARE GROUP PREMIUM FUND
SUPPLEMENT
TO CURRENT PROSPECTUS
February 18, 2000
The following information supplements information contained
in the current Prospectus:
Delaware Balanced Series
The following paragraph replaces the second paragraph under
the section entitled "Delaware Balanced Series - Our
Investment Strategies":
"We seek capital appreciation by investing primarily in
common stocks of companies we believe have:
*Reasonably priced equity securities with strong,
consistent and predictable earnings growth rates.
*Strong, capable management teams and competitive
products or services.
*An attractive debt to capitalization ratio or strong
cash flow."
The last paragraph under "Our investment strategies" is
deleted.
The following replaces the description of "Common stocks" and
"Convertible securities" under the section entitled "Delaware
Balanced Series -- The securities we typically invest in":
Securities How we us them
Delaware Balanced Series
Common Stocks: Securities that Generally, we invest up
represent shares of ownership to 75% of net assets in
in a corporation. Stockholders common stocks.
participate in the corporation's
profits and losses, proportionate
to the number of shares they own.
Convertible securities: Usually The Series may invest in
preferred stocks or corporate convertible securities;
bonds that can be exchanged however, we will not
for a set number of shares of invest more than 10%
common stock at a predetermined of the net assets of
price. These securities offer the Series in convertible
higher appreciation potential securities that are
than nonconvertible bonds and rated below investment
greater income potential than grade by an NRSRO or
nonconvertible preferred stocks. in securities that are
unrated but deemed
equivalent to non-
investment grade.
The following supplements the section entitled "Delaware
Balanced Series -- Portfolio turnover":
"The change in the equity investment strategy for the
Delaware Balanced Series described in this supplement to the
prospectus is effective as of the date of this supplement.
We expect that the new strategy will begin to be fully
implemented during April, 2000. The implementation of this
change in strategy may result in an annual portfolio turnover
rate for Delaware Balanced Series that is relatively higher
than normal."
The following replaces the section entitled "Delaware
Balanced Series -- Portfolio managers":
"As of March 1, 2000, John Jares joined Gary A. Reed as
portfolio manager for Delaware Balanced Series. They have
primary responsibility for making day-to-day investment
decisions for the Series."
"John Jares, Vice President/Senior Portfolio Manager, holds
a BS degree in finance and an MBA from the University of
Colorado. He joined Delaware Investments in March, 2000.
Mr. Jares came to Delaware from Berger Funds, where he served
as a portfolio manager and securities analyst specializing in
the consumer and technology sectors. Prior to joining
Berger, Mr. Jares was a senior equity analyst at Founders
Asset Management, with responsibility for large
capitalization companies. He began his career at Lipper
Analytical Services, Inc. in 1992. Mr. Jares is a CFA
charterholder."
"Gary A. Reed, Vice President/Senior Portfolio Manager, holds
an AB in Economics from the University of Chicago and an MA
in Economics from Columbia University. He began his career
in 1978 with the Equitable Life Assurance Company in New York
City, where he specialized in credit analysis. Prior to
joining Delaware Investments in 1989, Mr. Reed was Vice
President and Manager of the fixed-income department at
Irving Trust Company in New York. Mr. Reed has been Delaware
Balanced Series' senior portfolio manager for fixed-income
since 1989."
