Delaware Group Premium Fund
Balanced Series
Capital Reserves Series
Social Awareness Series
Supplement to Prospectuses dated May 1, 2000
The following replaces the information under the section of
the Prospectus entitled "Portfolio managers" for Balanced
Series:
John B. Jares, Paul A. Grillo and Stephen R. Cianci have
primary responsibility for making day-to-day investment
decisions for Balanced Series.
John B. 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. He has been managing the Balanced Series
since March 2000.
Paul A. Grillo, Vice President/Portfolio Manager, holds a BA
in Business Management from North Carolina State University
and an MBA in Finance from Pace University. Prior to joining
Delaware Investments in 1993, Mr. Grillo served as mortgage
strategist and trader at the Dreyfus Corporation. He also
served as mortgage strategist and portfolio manager for the
Chemical Investment Group and as financial analyst at
Chemical Bank. Mr. Grillo is a CFA charterholder. He has
been managing the fixed-income portion of the Balanced
Series since April 25, 2000.
Stephen R. Cianci, Vice President/Portfolio Manager, holds a
BS and an MBA in finance from Widener University. He joined
Delaware Investments in 1992 and assumed responsibility for
maintaining the Fixed Income Department's investment grade
analytical systems. These responsibilities included
portfolio analysis and the analysis of mortgage-backed and
asset-backed securities. Mr. Cianci is an Adjunct Professor
of Finance at Widener University and a CFA charterholder. He
has been managing the fixed-income portion of the Balanced
Series since April 25, 2000.
The following revises the information under the section of
the Prospectus entitled "Portfolio manager" for Capital
Reserves Series:
Paul A. Grillo and Stephen R. Cianci have primary
responsibility for making day-to-day investment decisions
for the Capital Reserves Series. They became co-managers of
the Series on April 25, 2000. Please see the information
provided above for Mr. Grillo's and Mr. Cianci's business
experience.
The following replaces the information under the section of
the Prospectus entitled "Portfolio managers" for Social
Awareness Series.
Vantage Investment Advisors began managing the Series in
1997. Effective as of May 1, 2000, Vantage's quantitative
portfolio management team has primary responsibility for the
day-to-day management of the Series. Vantage's investment
team makes all recommendations and decisions regarding the
purchase and sale of individual securities.
