Delaware Group Premium Fund
High Yield Series
Supplement to Prospectus dated May 1, 2000
The following replaces the information in the section of the
Prospectus entitled "Portfolio managers":
Peter C. Andersen has primary responsibility for making day-
to-day investment decisions for High Yield Series. In
making investment decisions for the Series, Mr. Andersen
regularly consults with Jude T. Driscoll.
Peter C. Andersen, Vice President/Senior Portfolio Manager,
earned a master s degree in Finance from Harvard University,
where he was named a Seamans Fellow. He also holds a
master s degree in Physics from Yale University, and was
named a Skinner Fellow. Mr. Andersen received a bachelor s
degree in Mathematics/Physics from Northeastern, where he
graduated summa cum laude and ranked first in the Physics
department. Prior to joining Delaware Investments in 2000,
Mr. Andersen was a portfolio manager at Conseco Capital
Management, where he managed high-yield portfolios for both
institutional and retail products. Before that, he was a
portfolio manager at Colonial Management Associates and an
investment analyst at the venture capital firm MTDC. Mr.
Andersen began his investment career at Arthur D. Little,
Inc., where he was a management consultant for the financial
services and venture capital practices. He is a CFA
charterholder. He has been participating in the management
of the Series since September 18, 2000 and assumed primary
responsibility for making day-to-day investment decisions
for the Series on September 29, 2000.
Jude T. Driscoll, Executive Vice President/Head of Fixed-
Income, received a bachelor's degree in Economics from the
University of Pennsylvania. Prior to joining Delaware
Investments in 2000, Mr. Driscoll was Senior Vice President,
Director of Fixed-Income Process at Conseco Capital
Management, where he managed bank loan, high-yield and
general insurance portfolios. He previously held management
positions at NationsBanc Montgomery Securities and Goldman
Sachs & Co.
Delaware Group Premium Fund
Strategic Income Series
Supplement to Prospectus dated May 1, 2000
The following revises information in the section of the
Prospectus entitled "Portfolio managers":
Peter C. Andersen has primary responsibility for allocating
Strategic Income Series' assets among the fixed-income and
equity sectors and for making day-to-day investment
decisions for the Series regarding its investments in the
high-yield sector. In making investment decisions for the
Series, Paul A. Grillo, who has responsibility for making
day-to-day investment decisions for the Series regarding its
investments in investment grade securities, and Mr. Andersen
regularly consult with Jude T. Driscoll.
Peter C. Andersen, Vice President/Senior Portfolio Manager,
earned a master s degree in Finance from Harvard University,
where he was named a Seamans Fellow. He also holds a
master s degree in Physics from Yale University, and was
named a Skinner Fellow. Mr. Andersen received a bachelor s
degree in Mathematics/Physics from Northeastern, where he
graduated summa cum laude and ranked first in the Physics
department. Prior to joining Delaware Investments in 2000,
Mr. Andersen was a portfolio manager at Conseco Capital
Management, where he managed high-yield portfolios for both
institutional and retail products. Before that, he was a
portfolio manager at Colonial Management Associates and an
investment analyst at the venture capital firm MTDC. Mr.
Andersen began his investment career at Arthur D. Little,
Inc., where he was a management consultant for the financial
services and venture capital practices. He is a CFA
charterholder. He has been participating in the management
of the Series since September 18, 2000 and assumed primary
responsibility for making day-to-day investment decisions
for the Series as described above on September 29, 2000.
Jude T. Driscoll, Executive Vice President/Head of Fixed-
Income, received a bachelor's degree in Economics from the
University of Pennsylvania. Prior to joining Delaware
Investments in 2000, Mr. Driscoll was Senior Vice President,
Director of Fixed-Income Process at Conseco Capital
Management, where he managed bank loan, high-yield and
general insurance portfolios. He previously held management
positions at NationsBanc Montgomery Securities and Goldman
Sachs & Co.
