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SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
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<EXPENSES-NET> 12,980
<NET-INVESTMENT-INCOME> 15,728
<REALIZED-GAINS-CURRENT> 18,203
<APPREC-INCREASE-CURRENT> 360,430
<NET-CHANGE-FROM-OPS> 394,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,120
<NUMBER-OF-SHARES-REDEEMED> 223
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 2,401,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,136
<AVERAGE-NET-ASSETS> 5,669
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> 0.067
<PER-SHARE-GAIN-APPREC> 1.601
<PER-SHARE-DIVIDEND> 0.008
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000778108
<NAME> DELAWARE GROUP EQUITY FUNDS IV, INC
<SERIES>
<NUMBER> 022
<NAME> CAPITAL APPRECIATION FUND B CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,049,990
<INVESTMENTS-AT-VALUE> 2,410,420
<RECEIVABLES> 12,574
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,005
<TOTAL-ASSETS> 2,423,999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,731
<TOTAL-LIABILITIES> 22,731
<SENIOR-EQUITY> 2,363
<PAID-IN-CAPITAL-COMMON> 2,006,427
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13,845
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 360,430
<NET-ASSETS> 0
<DIVIDEND-INCOME> 16,707
<INTEREST-INCOME> 12,001
<OTHER-INCOME> 0
<EXPENSES-NET> 12,980
<NET-INVESTMENT-INCOME> 15,728
<REALIZED-GAINS-CURRENT> 18,203
<APPREC-INCREASE-CURRENT> 360,430
<NET-CHANGE-FROM-OPS> 394,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,401,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,136
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000778108
<NAME> DELAWARE GROUP EQUITY FUNDS IV, INC
<SERIES>
<NUMBER> 023
<NAME> CAPITAL APPRECIATION FUND C CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,049,990
<INVESTMENTS-AT-VALUE> 2,410,420
<RECEIVABLES> 12,574
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,005
<TOTAL-ASSETS> 2,423,999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,731
<TOTAL-LIABILITIES> 22,731
<SENIOR-EQUITY> 2,363
<PAID-IN-CAPITAL-COMMON> 2,006,427
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13,845
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 360,430
<NET-ASSETS> 0
<DIVIDEND-INCOME> 16,707
<INTEREST-INCOME> 12,001
<OTHER-INCOME> 0
<EXPENSES-NET> 12,980
<NET-INVESTMENT-INCOME> 15,728
<REALIZED-GAINS-CURRENT> 18,203
<APPREC-INCREASE-CURRENT> 360,430
<NET-CHANGE-FROM-OPS> 394,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,401,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,136
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000778108
<NAME> DELAWARE GROUP EQUITY FUNDS IV, INC
<SERIES>
<NUMBER> 024
<NAME> CAPITAL APPRECIATION FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,049,990
<INVESTMENTS-AT-VALUE> 2,410,420
<RECEIVABLES> 12,574
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,005
<TOTAL-ASSETS> 2,423,999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,731
<TOTAL-LIABILITIES> 22,731
<SENIOR-EQUITY> 2,363
<PAID-IN-CAPITAL-COMMON> 2,006,427
<SHARES-COMMON-STOCK> 235,520
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13,845
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 360,430
<NET-ASSETS> 2,393,149
<DIVIDEND-INCOME> 16,707
<INTEREST-INCOME> 12,001
<OTHER-INCOME> 0
<EXPENSES-NET> 12,980
<NET-INVESTMENT-INCOME> 15,728
<REALIZED-GAINS-CURRENT> 18,203
<APPREC-INCREASE-CURRENT> 360,430
<NET-CHANGE-FROM-OPS> 394,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,882
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,000,010
<NUMBER-OF-SHARES-REDEEMED> 223
<SHARES-REINVESTED> 1,882
<NET-CHANGE-IN-ASSETS> 2,401,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,136
<AVERAGE-NET-ASSETS> 2,083,844
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> 0.067
<PER-SHARE-GAIN-APPREC> 1.601
<PER-SHARE-DIVIDEND> 0.008
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds IV, Inc. - DelCap Fund
We have audited the accompanying statement of net assets of
Delaware Group Equity Funds IV, Inc.-DelCap Fund as of September
30, 1997, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of
the two years in the period then ended, and the financial
highlights for each of the periods indicated therein. These
financial statements and financial highlights are the
responsibility of the Fund s management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements and financial highlights. Our procedures
included confirmation of securities owned as of September 30,
1997, by correspondence with the Fund s custodian and brokers. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Delaware Group Equity Funds IV, Inc. -
DelCap Fund at September 30, 1997, the results of its operations
for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein, in
conformity with generally accepted accounting principles.
Philadelphia, Pennsylvania
October 24, 1997
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds IV, Inc. - Capital Appreciation Fund
We have audited the accompanying statement of net assets of
Delaware Group Equity Funds IV, Inc. - Capital Appreciation Fund
as of September 30, 1997, and the related statement of
operations, the statement of changes in net assets, and the
financial highlights for the period December 2, 1996
(commencement of operations) to September 30, 1997. These
financial statements and financial highlights are the
responsibility of the Fund s management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements and financial highlights. Our procedures
included confirmation of securities owned as of September 30,
1997, by correspondence with the Fund s custodian and brokers. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Delaware Group Equity Funds IV, Inc. -
Capital Appreciation Fund at September 30, 1997, and the results
of its operations, the changes in its net assets, and the
financial highlights for the period December 2, 1996
(commencement of operations) to September 30, 1997, in conformity
with generally accepted accounting principles.
Philadelphia, Pennsylvania
October 24, 1997
