DELAWARE GROUP PREMIUM FUND
SUPPLEMENT TO
STATEMENT OF ADDITIONAL INFORMATION
MARCH 1, 2000
Effective May 1, 2000, the following non-fundamental policies of
Delchester Series (to be renamed High Yield Series) will be
eliminated:
1. The Series may not invest more than 5% in any one non-U.S.
Government issuer; may not invest in more than 10% of the
outstanding voting securities of any company.
2. The Series may not invest in commodities or commodities
contracts.
3. The Series may not invest more than 5% of the value of its total
assets in securities of companies less than 3 years old ("unseasoned
issuers").
4. The Series may not invest in warrants valued at lower of cost or
market exceeding 5% of the Series' net assets (including not more
than 2% in warrants not listed on NYSE or AmEx).
