<PAGE> PAGE 1
000 B000000 09/30/95
000 C000000 0000778108
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001 A000000 DELAWARE GROUP DELCAP FUND, INC.
001 B000000 811-4413
001 C000000 2157512926
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
002 C000000 PA
002 D010000 19103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 CONCEPT I SERIES
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007 C010300 3
007 C010400 4
007 C010500 5
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007 C010800 8
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020 A000001 MONTGOMERY SECURITIES
020 B000001 94-1701676
020 C000001 139
020 A000002 ROBERTSON, STEPHENS & COMPANY, L.P.
020 B000002 94-2524501
020 C000002 55
020 A000003 ALEX BROWN & SONS, INC.
020 B000003 52-0256630
020 C000003 46
020 A000004 PIPER JAFFRAY, INC.
020 B000004 41-0953246
020 C000004 42
020 A000005 HAMBRECHT & QUIST, INC.
020 B000005 94-2856935
020 C000005 41
020 A000006 MORGAN (J.P.) SECURITIES, INC.
020 B000006 13-3224016
<PAGE> PAGE 2
020 C000006 37
020 A000007 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000007 13-2998183
020 C000007 32
020 A000008 CLEARY, GULL, REILAND & MCDEVITT, INC.
020 B000008 39-1567700
020 C000008 31
020 A000009 LEHMAN BROTHERS, INC.
020 B000009 13-2518466
020 C000009 29
020 A000010 ROBINSON-HUMPHREY COMPANY, INC.
020 B000010 58-1472560
020 C000010 26
021 000000 900
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 52374
022 D000001 26018
022 A000002 MORGAN STANLEY & COMPANY, INC.
022 B000002 13-2655998
022 C000002 50718
022 D000002 12926
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 21002
022 D000003 23449
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 21630
022 D000004 16007
022 A000005 NEEDHAM & COMPANY, INC.
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022 C000005 4878
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022 A000006 ALEX BROWN & SONS, INC.
022 B000006 52-0256630
022 C000006 12399
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022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007 21159
022 D000007 8287
022 A000008 SMITH BARNEY SHEARSON, INC.
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022 C000008 19359
022 D000008 3919
022 A000009 TROSTER SINGER
022 B000009 13-5515160
022 C000009 290
022 D000009 17511
022 A000010 SALOMON BROTHERS, INC.
<PAGE> PAGE 3
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022 D000010 852
023 C000000 318618
023 D000000 283999
027 000000 Y
077 A000000 Y
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY, INC.
080 B00AA00 GULF INSURANCE COMPANY
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SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
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<INVESTMENTS-AT-VALUE> 1,012,943,088
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<OTHER-ITEMS-ASSETS> 135,726
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</TABLE>
Supplementary Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group DelCap Fund - Concept I Series
In planning and performing our audit of the financial statements of
Delaware Group DelCap Fund - Concept
I Series (the Fund ) for the year ended September 30, 1995, we
considered its 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 September 30,
1995.
This report is intended solely for the information and use of
management and the Securities and Exchange
Commission.
Ernst & Young LLP
Philadelphia, Pennsylvania
November 3, 1995
