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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
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<SERIES>
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<PER-SHARE-DIVIDEND> 0.535
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814230
<NAME> DELAWARE GROUP PREMIUM FUND, INC.
<SERIES>
<NUMBER> 006
<NAME> GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 48,562,914
<INVESTMENTS-AT-VALUE> 58,309,984
<RECEIVABLES> 396,375
<ASSETS-OTHER> 17,525
<OTHER-ITEMS-ASSETS> 1,368
<TOTAL-ASSETS> 58,725,254
<PAYABLE-FOR-SECURITIES> 477,149
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,514
<TOTAL-LIABILITIES> 602,663
<SENIOR-EQUITY> 38,409
<PAID-IN-CAPITAL-COMMON> 43,578,795
<SHARES-COMMON-STOCK> 3,840,882
<SHARES-COMMON-PRIOR> 3,347,169
<ACCUMULATED-NII-CURRENT> 266,670
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,491,645
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,747,070
<NET-ASSETS> 58,122,589
<DIVIDEND-INCOME> 126,000
<INTEREST-INCOME> 548,723
<OTHER-INCOME> 0
<EXPENSES-NET> 384,407
<NET-INVESTMENT-INCOME> 290,316
<REALIZED-GAINS-CURRENT> 4,648,144
<APPREC-INCREASE-CURRENT> 7,352,687
<NET-CHANGE-FROM-OPS> 12,291,147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 249,375
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,057,838
<NUMBER-OF-SHARES-REDEEMED> 585,294
<SHARES-REINVESTED> 21,169
<NET-CHANGE-IN-ASSETS> 18,778,381
<ACCUMULATED-NII-PRIOR> 225,729
<ACCUMULATED-GAINS-PRIOR> (156,499)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384,407
<AVERAGE-NET-ASSETS> 47,960,962
<PER-SHARE-NAV-BEGIN> 11.750
<PER-SHARE-NII> 0.072
<PER-SHARE-GAIN-APPREC> 3.378
<PER-SHARE-DIVIDEND> 0.070
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<PER-SHARE-NAV-END> 15.130
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814230
<NAME> DELAWARE GROUP PREMIUM FUND, INC.
<SERIES>
<NUMBER> 007
<NAME> INTERNATIONAL EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 75,700,376
<INVESTMENTS-AT-VALUE> 80,696,299
<RECEIVABLES> 409,124
<ASSETS-OTHER> 593,569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,698,992
<PAYABLE-FOR-SECURITIES> 33,793
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117,160
<TOTAL-LIABILITIES> 150,953
<SENIOR-EQUITY> 62,178
<PAID-IN-CAPITAL-COMMON> 72,933,582
<SHARES-COMMON-STOCK> 6,217,817
<SHARES-COMMON-PRIOR> 4,867,075
<ACCUMULATED-NII-CURRENT> 2,405,240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 701,810
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,445,229
<NET-ASSETS> 81,548,039
<DIVIDEND-INCOME> 2,247,629
<INTEREST-INCOME> 430,301
<OTHER-INCOME> 0
<EXPENSES-NET> 560,501
<NET-INVESTMENT-INCOME> 2,117,429
<REALIZED-GAINS-CURRENT> 1,204,033
<APPREC-INCREASE-CURRENT> 5,972,496
<NET-CHANGE-FROM-OPS> 9,293,958
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,199,737
<DISTRIBUTIONS-OF-GAINS> 449,901
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,858,798
<NUMBER-OF-SHARES-REDEEMED> 654,821
<SHARES-REINVESTED> 146,765
<NET-CHANGE-IN-ASSETS> 23,898,801
<ACCUMULATED-NII-PRIOR> 1,321,383
<ACCUMULATED-GAINS-PRIOR> 113,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 525,376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 628,126
<AVERAGE-NET-ASSETS> 70,331,230
<PER-SHARE-NAV-BEGIN> 11.840
<PER-SHARE-NII> 0.419
<PER-SHARE-GAIN-APPREC> 1.191
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.090
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.120
<EXPENSE-RATIO> 0.800
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814230
<NAME> DELAWARE GROUP PREMIUM FUND, INC.
<SERIES>
<NUMBER> 008
<NAME> VALUE SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 10,682,980
<INVESTMENTS-AT-VALUE> 11,901,129
<RECEIVABLES> 101,295
<ASSETS-OTHER> 3,247
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,005,671
<PAYABLE-FOR-SECURITIES> 55,625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,736
<TOTAL-LIABILITIES> 76,361
<SENIOR-EQUITY> 9,565
<PAID-IN-CAPITAL-COMMON> 10,069,209
<SHARES-COMMON-STOCK> 956,504
<SHARES-COMMON-PRIOR> 611,390
<ACCUMULATED-NII-CURRENT> 181,687
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 450,700
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,218,149
<NET-ASSETS> 11,929,310
<DIVIDEND-INCOME> 103,969
<INTEREST-INCOME> 152,913
<OTHER-INCOME> 0
<EXPENSES-NET> 69,608
<NET-INVESTMENT-INCOME> 187,274
<REALIZED-GAINS-CURRENT> 450,233
<APPREC-INCREASE-CURRENT> 1,319,759
<NET-CHANGE-FROM-OPS> 1,957,266
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 94,859
<DISTRIBUTIONS-OF-GAINS> 44,268
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 407,375
<NUMBER-OF-SHARES-REDEEMED> 76,146
<SHARES-REINVESTED> 13,885
<NET-CHANGE-IN-ASSETS> 5,638,125
<ACCUMULATED-NII-PRIOR> 90,596
<ACCUMULATED-GAINS-PRIOR> 43,411
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 84,120
<AVERAGE-NET-ASSETS> 8,749,119
<PER-SHARE-NAV-BEGIN> 10.290
<PER-SHARE-NII> 0.192
<PER-SHARE-GAIN-APPREC> 2.208
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.470
<EXPENSE-RATIO> 0.800
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814230
<NAME> DELAWARE GROUP PREMIUM FUND, INC.
<SERIES>
<NUMBER> 009
<NAME> EMERGING GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 17,887,573
<INVESTMENTS-AT-VALUE> 20,401,836
<RECEIVABLES> 197,307
<ASSETS-OTHER> 94
<OTHER-ITEMS-ASSETS> 16
<TOTAL-ASSETS> 20,599,253
<PAYABLE-FOR-SECURITIES> 43,280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,309
<TOTAL-LIABILITIES> 89,589
<SENIOR-EQUITY> 14,630
<PAID-IN-CAPITAL-COMMON> 16,689,109
<SHARES-COMMON-STOCK> 1,462,978
<SHARES-COMMON-PRIOR> 697,805
<ACCUMULATED-NII-CURRENT> 126,741
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,164,921
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,514,263
<NET-ASSETS> 20,509,664
<DIVIDEND-INCOME> 18,178
<INTEREST-INCOME> 209,430
<OTHER-INCOME> 0
<EXPENSES-NET> 98,991
<NET-INVESTMENT-INCOME> 128,617
<REALIZED-GAINS-CURRENT> 1,200,003
<APPREC-INCREASE-CURRENT> 2,501,445
<NET-CHANGE-FROM-OPS> 3,830,065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57,059
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,127,143
<NUMBER-OF-SHARES-REDEEMED> 367,575
<SHARES-REINVESTED> 5,605
<NET-CHANGE-IN-ASSETS> 13,422,905
<ACCUMULATED-NII-PRIOR> 55,183
<ACCUMULATED-GAINS-PRIOR> (35,082)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 92,985
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98,991
<AVERAGE-NET-ASSETS> 12,428,262
<PER-SHARE-NAV-BEGIN> 10.160
<PER-SHARE-NII> 0.098
<PER-SHARE-GAIN-APPREC> 3.852
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.020
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Supplementary Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Premium Fund, Inc.
In planning and performing our audit of the financial statements of
the Equity/Income Series, the High Yield Series, the Capital
Reserves Series, the Multiple Strategies Series, the Money Market
Series, the Growth Series, the International Equity Series, the
Emerging Growth Series, and the Value Series of Delaware Group
Premium Fund, Inc. (the Fund ) for the year ended December 31,
1995, we considered the Fund s internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Ernst & Young LLP
Philadelphia, Pennsylvania
February 9, 1996
