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<PAGE>
REIT Series
Small Cap Value Series
Supplement to the Prospectus dated May 1, 1999
On December 15, 1999, the Series were part of a reorganization from a Maryland
corporation to a Delaware business trust, as approved by shareholders of the
company at the most recent Joint Annual/Special Meeting of Shareholders. The
reorganization does not affect the name of the Series or their investment
operations; however, the name of the company of which the Series are a part has
changed from Delaware Group Premium Fund, Inc. to Delaware Group Premium Fund.
This Supplement also updates the Series' performance information in the Profile
section in the beginning of the prospectus, as well as the data in the Financial
Highlights section of the prospectus, as follows:
From January 1, 1999 to September 30, 1999 the total return for each
Series was as follows. The performance presented does not reflect any
separate account fees, which would reduce the return. Performance for
each Series reflects applicable voluntary expense caps and would be
lower without the voluntary caps.
REIT Series.......... -2.61% Small Cap Value Series.......... -6.22%
The Financial Highlights for each share for the six-month period ended June 30,
1999 (unaudited) were as follows:(1)
<TABLE>
<CAPTION>
Small Cap
REIT Value
Series Series
-------- ---------
<S> <C> <C>
Net asset value, beginning of period $9.100 $16.450
Income (loss) from investment operations:
Net investment income 0.152 0.083
Net realized and unrealized gain (loss) on investments 0.118 0.482
------- --------
Total from investment operations 0.270 0.565
======= ========
Less dividends and distributions:
Dividends from net investment income -- (0.195)
Distributions from net realized gain on investments -- (0.080)
======= ========
Total dividends and distributions -- (0.275)
------- --------
Net asset value, end of period $9.370 $16.740
======= ========
Total return 5.25% 3.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $9,094 $103,101
Ratio of expenses to average net assets 0.85% 0.85%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly 1.00% N/A
Ratio of net investment income to average net assets 5.02% 1.04%
Ratio of net investment income to average net assets prior to expense limitation and
expenses paid indirectly 4.87% N/A
Portfolio turnover 50% 49%
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
<PAGE>
Delaware Balanced Series
Small Cap Value Series
Supplement to the Prospectus dated May 1, 1999
On December 15, 1999, the Series were part of a reorganization from a Maryland
corporation to a Delaware business trust, as approved by shareholders of the
company at the most recent Joint Annual/Special Meeting of Shareholders. The
reorganization does not affect the name of the Series or their investment
operations; however, the name of the company of which the Series are part of has
changed from Delaware Group Premium Fund, Inc. to Delaware Group Premium Fund.
This Supplement also updates the Series' performance information in the Profile
section in the beginning of the prospectus, as well as the data in the Financial
Highlights section of the prospectus, as follows:
From January 1, 1999 to September 30, 1999 the total return for each
Series was as follows. The performance presented does not reflect any
separate account fees, which would reduce the return. Performance for
Small Cap Value Series reflects applicable voluntary expense caps and
would be lower without the voluntary caps.
Delaware Balanced Series..... -9.24% Small Cap Value Series..... -6.22%
The Financial Highlights for each share for the six-month period ended June 30,
1999 (unaudited) were as follows:(1)
<TABLE>
<CAPTION>
Delaware Small Cap
Balanced Value
Series Series
-------- ---------
<S> <C> <C>
Net asset value, beginning of period $20.040 $16.450
Income (loss) from investment operations:
Net investment income 0.182 0.083
Net realized and unrealized gain (loss) on investments (0.2720) 0.482
------- -------
Total from investment operations (0.090) 0.565
======= =======
Less dividends and distributions:
Dividends from net investment income (0.300) (0.195)
Distributions from net realized gain on investments (0.770) (0.080)
======= =======
Total dividends and distributions (1.070) (0.275)
------- -------
Net asset value, end of period $18.880 $16.740
======= =======
Total return (0.14%) 3.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $207,606 $103,101
Ratio of expenses to average net assets 0.71% 0.85%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly N/A N/A
Ratio of net investment income to average net assets 2.08% 1.04%
Ratio of net investment income to average net assets prior to expense limitation and
expenses paid indirectly N/A N/A
Portfolio turnover 74% 49%
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
<PAGE>
International Equity Series
Supplement to the Prospectus dated May 1, 1999
On December 15, 1999, the Series was part of a reorganization from a Maryland
corporation to a Delaware business trust, as approved by shareholders of the
company at the most recent Joint Annual/Special Meeting of Shareholders. The
reorganization does not affect the name of the Series or its investment
operations; however, the name of the company of which the Series is a part has
changed from Delaware Group Premium Fund, Inc. to Delaware Group Premium Fund.
This Supplement also updates the Series' performance information in the Profile
section in the beginning of the prospectus, as well as the data in the Financial
Highlights section of the prospectus, as follows:
From January 1, 1999 to September 30, 1999 the total return for the
Series was as follows. The performance presented does not reflect any
separate account fees, which would reduce the return. Performance for
the Series reflects applicable voluntary expense caps and would be lower
without the voluntary caps.
International Equity Series.......6.44%
The Financial Highlights for each share for the six-month period ended June 30,
1999 (unaudited) were as follows:(1)
<TABLE>
<CAPTION>
International
Equity
Series
-------------
<S> <C>
Net asset value, beginning of period $16.480
Income (loss) from investment operations:
Net investment income 0.235(2)
Net realized and unrealized gain (loss) on investments and foreign currencies 1.097
--------
Total from investment operations 1.332
========
Less dividends and distributions:
Dividends from net investment income (0.356)
Distributions from net realized gain on investments (0.026)
========
Total dividends and distributions (0.382)
--------
Net asset value, end of period $17.430
========
Total return 8.30%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $255,757
Ratio of expenses to average net assets 0.89%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly 0.90%
Ratio of net investment income to average net assets 2.83%
Ratio of net investment income to average net assets prior to expense limitation and
expenses paid indirectly 2.82%
Portfolio turnover 0%
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Per share information was based on the average shares outstanding method.
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