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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 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
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<NAME> DELAWARE GROUP PREMIUM FUND, INC.
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,877,368
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,640,570
<NET-ASSETS> 75,402,107
<DIVIDEND-INCOME> 1,087,267
<INTEREST-INCOME> 1,763,714
<OTHER-INCOME> 0
<EXPENSES-NET> 454,691
<NET-INVESTMENT-INCOME> 2,396,290
<REALIZED-GAINS-CURRENT> 4,893,415
<APPREC-INCREASE-CURRENT> 2,885,535
<NET-CHANGE-FROM-OPS> 10,175,240
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,087,278
<DISTRIBUTIONS-OF-GAINS> 2,685,289
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 650,944
<NUMBER-OF-SHARES-REDEEMED> 524,572
<SHARES-REINVESTED> 326,621
<NET-CHANGE-IN-ASSETS> 12,186,931
<ACCUMULATED-NII-PRIOR> 1,545,561
<ACCUMULATED-GAINS-PRIOR> 2,669,241
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 402,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 454,691
<AVERAGE-NET-ASSETS> 67,360,332
<PER-SHARE-NAV-BEGIN> 15.500
<PER-SHARE-NII> 0.530
<PER-SHARE-GAIN-APPREC> 1.765
<PER-SHARE-DIVIDEND> 0.500
<PER-SHARE-DISTRIBUTIONS> 0.655
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.640
<EXPENSE-RATIO> 0.68
<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> 005
<NAME> MONEY MARKET SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 26,611,388
<INVESTMENTS-AT-VALUE> 26,611,388
<RECEIVABLES> 67,942
<ASSETS-OTHER> 245
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,679,575
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201,021
<TOTAL-LIABILITIES> 201,021
<SENIOR-EQUITY> 26,479
<PAID-IN-CAPITAL-COMMON> 26,452,075
<SHARES-COMMON-STOCK> 2,647,855
<SHARES-COMMON-PRIOR> 1,633,818
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 26,478,554
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,210,520
<OTHER-INCOME> 0
<EXPENSES-NET> 136,553
<NET-INVESTMENT-INCOME> 1,073,967
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,073,967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,073,967
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,752,644
<NUMBER-OF-SHARES-REDEEMED> 4,846,004
<SHARES-REINVESTED> 107,397
<NET-CHANGE-IN-ASSETS> 10,140,372
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,155
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136,553
<AVERAGE-NET-ASSETS> 22,271,443
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.482
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.482
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.61
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 65,917,902
<INVESTMENTS-AT-VALUE> 79,369,197
<RECEIVABLES> 826,747
<ASSETS-OTHER> 1,368
<OTHER-ITEMS-ASSETS> 164,017
<TOTAL-ASSETS> 80,361,329
<PAYABLE-FOR-SECURITIES> 367,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93,031
<TOTAL-LIABILITIES> 460,853
<SENIOR-EQUITY> 50,296
<PAID-IN-CAPITAL-COMMON> 61,940,675
<SHARES-COMMON-STOCK> 5,029,575
<SHARES-COMMON-PRIOR> 3,840,882
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,458,210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,451,295
<NET-ASSETS> 79,900,476
<DIVIDEND-INCOME> 132,136
<INTEREST-INCOME> 335,492
<OTHER-INCOME> 0
<EXPENSES-NET> 539,390
<NET-INVESTMENT-INCOME> (71,762)
<REALIZED-GAINS-CURRENT> 4,627,563
<APPREC-INCREASE-CURRENT> 3,704,225
<NET-CHANGE-FROM-OPS> 8,260,026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 270,847
<DISTRIBUTIONS-OF-GAINS> 4,585,059
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,535,822
<NUMBER-OF-SHARES-REDEEMED> 694,724
<SHARES-REINVESTED> 347,595
<NET-CHANGE-IN-ASSETS> 21,777,887
<ACCUMULATED-NII-PRIOR> 266,670
<ACCUMULATED-GAINS-PRIOR> 4,491,645
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 505,739
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 553,725
<AVERAGE-NET-ASSETS> 67,658,882
<PER-SHARE-NAV-BEGIN> 15.130
<PER-SHARE-NII> (0.015)
<PER-SHARE-GAIN-APPREC> 2.030
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 1.185
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.890
<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> 007
<NAME> INTERNATIONAL EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 111,149,841
<INVESTMENTS-AT-VALUE> 130,758,688
<RECEIVABLES> 642,742
<ASSETS-OTHER> 535,137
<OTHER-ITEMS-ASSETS> 1,130,427
<TOTAL-ASSETS> 133,066,994
<PAYABLE-FOR-SECURITIES> 1,330,815
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 308,462
<TOTAL-LIABILITIES> 1,639,277
<SENIOR-EQUITY> 86,968
<PAID-IN-CAPITAL-COMMON> 107,217,309
<SHARES-COMMON-STOCK> 8,696,840
<SHARES-COMMON-PRIOR> 6,217,817
<ACCUMULATED-NII-CURRENT> 4,557,033
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (546,213)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,112,620
<NET-ASSETS> 131,427,717
<DIVIDEND-INCOME> 3,190,237
<INTEREST-INCOME> 391,569
<OTHER-INCOME> 0
<EXPENSES-NET> 818,276
<NET-INVESTMENT-INCOME> 2,763,530
<REALIZED-GAINS-CURRENT> 1,560,830
<APPREC-INCREASE-CURRENT> 14,667,391
<NET-CHANGE-FROM-OPS> 18,991,751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,695,399
<DISTRIBUTIONS-OF-GAINS> 725,191
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,717,039
<NUMBER-OF-SHARES-REDEEMED> 503,590
<SHARES-REINVESTED> 265,574
<NET-CHANGE-IN-ASSETS> 49,879,678
<ACCUMULATED-NII-PRIOR> 2,405,240
<ACCUMULATED-GAINS-PRIOR> 701,810
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768,150
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 936,034
<AVERAGE-NET-ASSETS> 102,724,572
<PER-SHARE-NAV-BEGIN> 13.120
<PER-SHARE-NII> 0.557
<PER-SHARE-GAIN-APPREC> 1.966
<PER-SHARE-DIVIDEND> 0.420
<PER-SHARE-DISTRIBUTIONS> 0.113
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.110
<EXPENSE-RATIO> 0.80
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 20,700,491
<INVESTMENTS-AT-VALUE> 23,656,151
<RECEIVABLES> 41,897
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,511
<TOTAL-ASSETS> 23,712,559
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,819
<TOTAL-LIABILITIES> 29,819
<SENIOR-EQUITY> 16,335
<PAID-IN-CAPITAL-COMMON> 18,843,714
<SHARES-COMMON-STOCK> 7,633,488
<SHARES-COMMON-PRIOR> 956,504
<ACCUMULATED-NII-CURRENT> 200,162
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,666,869
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,955,660
<NET-ASSETS> 23,682,740
<DIVIDEND-INCOME> 255,415
<INTEREST-INCOME> 69,542
<OTHER-INCOME> 0
<EXPENSES-NET> 124,433
<NET-INVESTMENT-INCOME> 200,524
<REALIZED-GAINS-CURRENT> 1,671,243
<APPREC-INCREASE-CURRENT> 1,737,511
<NET-CHANGE-FROM-OPS> 3,609,278
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 182,035
<DISTRIBUTIONS-OF-GAINS> 455,088
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 795,391
<NUMBER-OF-SHARES-REDEEMED> 172,909
<SHARES-REINVESTED> 54,502
<NET-CHANGE-IN-ASSETS> 11,753,430
<ACCUMULATED-NII-PRIOR> 181,687
<ACCUMULATED-GAINS-PRIOR> 450,700
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,746
<AVERAGE-NET-ASSETS> 15,606,951
<PER-SHARE-NAV-BEGIN> 12.470
<PER-SHARE-NII> 0.113
<PER-SHARE-GAIN-APPREC> 2.547
<PER-SHARE-DIVIDEND> 0.180
<PER-SHARE-DISTRIBUTIONS> 0.450
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.500
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 52,083,726
<INVESTMENTS-AT-VALUE> 56,233,639
<RECEIVABLES> 383,220
<ASSETS-OTHER> 40,993
<OTHER-ITEMS-ASSETS> 15
<TOTAL-ASSETS> 56,657,867
<PAYABLE-FOR-SECURITIES> 151,841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,533
<TOTAL-LIABILITIES> 234,374
<SENIOR-EQUITY> 38,742
<PAID-IN-CAPITAL-COMMON> 51,398,741
<SHARES-COMMON-STOCK> 3,874,180
<SHARES-COMMON-PRIOR> 1,462,978
<ACCUMULATED-NII-CURRENT> 180,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 655,476
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,149,913
<NET-ASSETS> 56,423,493
<DIVIDEND-INCOME> 134,603
<INTEREST-INCOME> 313,916
<OTHER-INCOME> 0
<EXPENSES-NET> 262,860
<NET-INVESTMENT-INCOME> 185,659
<REALIZED-GAINS-CURRENT> 661,923
<APPREC-INCREASE-CURRENT> 1,635,650
<NET-CHANGE-FROM-OPS> 2,483,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57,059
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,395,485
<NUMBER-OF-SHARES-REDEEMED> 1,086,091
<SHARES-REINVESTED> 101,808
<NET-CHANGE-IN-ASSETS> 35,913,829
<ACCUMULATED-NII-PRIOR> 126,741
<ACCUMULATED-GAINS-PRIOR> 1,164,921
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247,520
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 304,879
<AVERAGE-NET-ASSETS> 33,039,217
<PER-SHARE-NAV-BEGIN> 14.020
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 1.380
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.800
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.560
<EXPENSE-RATIO> 0.80
<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> 010
<NAME> GLOBAL BOND SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 8,516,272
<INVESTMENTS-AT-VALUE> 8,769,768
<RECEIVABLES> 282,711
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 446,954
<TOTAL-ASSETS> 9,499,433
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,166
<TOTAL-LIABILITIES> 40,166
<SENIOR-EQUITY> 8,644
<PAID-IN-CAPITAL-COMMON> 9,002,172
<SHARES-COMMON-STOCK> 864,446
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 111,705
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 83,530
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 264,767
<NET-ASSETS> 9,470,818
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 259,357
<OTHER-INCOME> 0
<EXPENSES-NET> 28,171
<NET-INVESTMENT-INCOME> 231,186
<REALIZED-GAINS-CURRENT> 83,530
<APPREC-INCREASE-CURRENT> 264,767
<NET-CHANGE-FROM-OPS> 579,483
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 119,481
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 876,461
<NUMBER-OF-SHARES-REDEEMED> 23,197
<SHARES-REINVESTED> 11,182
<NET-CHANGE-IN-ASSETS> 9,470,818
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,503
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,077
<AVERAGE-NET-ASSETS> 5,321,283
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.339
<PER-SHARE-GAIN-APPREC> 0.831
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.960
<EXPENSE-RATIO> 0.800
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 Delaware Group Premium Fund, Inc. (comprising,
respectively, the Equity/Income Series, High Yield Series,
Capital Reserve Series, Multiple Strategy Series, Growth Series,
International Equity Series, Emerging Growth Series, Value
Series, Money Market Series, and Global Bond Series) (the "Fund")
for the year ended December 31, 1996, 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, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
February 12, 1997
