DELAWARE GROUP PREMIUM FUND
SUPPLEMENT DATED FEBRUARY 18, 2000
TO CURRENT PROSPECTUS
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 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 use them
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 will join Gary A. Reed as
portfolio manager for Delaware Balanced Series. They will
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 will join 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."
U.S. Growth Series
Management of Lynch & Mayer, Inc. and Delaware Investments
have decided to integrate Lynch & Mayer's investment
personnel with Delaware's. Frank Houghton and Rufus Winton
are the portfolio managers at Lynch & Mayer who currently
serve the Series. They will be joining Delaware's growth
team in connection with the integration. At Delaware,
Messrs. Houghton and Winton will continue to have day-to-
day investment responsibility for the Series. As a result
of the integration, Lynch & Mayer will no longer serve as
sub-adviser to the Series.
