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SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 312,036
<NET-ASSETS> 10,090
<DIVIDEND-INCOME> 32,202
<INTEREST-INCOME> 18,800
<OTHER-INCOME> 0
<EXPENSES-NET> 34,629
<NET-INVESTMENT-INCOME> 16,373
<REALIZED-GAINS-CURRENT> 486,713
<APPREC-INCREASE-CURRENT> 182,987
<NET-CHANGE-FROM-OPS> 686,073
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 107
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 369
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> 8,657,430
<ACCUMULATED-NII-PRIOR> 15,956
<ACCUMULATED-GAINS-PRIOR> (36,812)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,016
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,644
<AVERAGE-NET-ASSETS> 10,979
<PER-SHARE-NAV-BEGIN> 8.990
<PER-SHARE-NII> 0.036
<PER-SHARE-GAIN-APPREC> 1.354
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.300
<EXPENSE-RATIO> 0.750
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000778108
<NAME> DELAWARE GROUP EQUITY FUNDS IV, INC.
<SERIES>
<NUMBER> 023
<NAME> DELAWARE DIVERSIFIED GROWTH B CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000778108
<NAME> DELAWARE GROUP EQUITY FUNDS IV, INC.
<SERIES>
<NUMBER> 024
<NAME> DELAWARE DIVERSIFIED GROWTH C CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 0
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000778108
<NAME> DELAWARE GROUP EQUITY FUNDS IV, INC.
<SERIES>
<NUMBER> 022
<NAME> DELAWARE DIVERSIFIED GROWTH INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 10,600,736
<INVESTMENTS-AT-VALUE> 10,912,772
<RECEIVABLES> 206,874
<ASSETS-OTHER> 900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,120,546
<PAYABLE-FOR-SECURITIES> 206,860
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,694
<TOTAL-LIABILITIES> 224,554
<SENIOR-EQUITY> 10,578
<PAID-IN-CAPITAL-COMMON> 10,111,082
<SHARES-COMMON-STOCK> 1,056,782
<SHARES-COMMON-PRIOR> 247,790
<ACCUMULATED-NII-CURRENT> 12,399
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 449,897
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 312,036
<NET-ASSETS> 10,885,902
<DIVIDEND-INCOME> 32,202
<INTEREST-INCOME> 18,800
<OTHER-INCOME> 0
<EXPENSES-NET> 34,629
<NET-INVESTMENT-INCOME> 16,373
<REALIZED-GAINS-CURRENT> 486,713
<APPREC-INCREASE-CURRENT> 182,987
<NET-CHANGE-FROM-OPS> 686,073
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,823
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 806,946
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2,046
<NET-CHANGE-IN-ASSETS> 8,657,430
<ACCUMULATED-NII-PRIOR> 15,956
<ACCUMULATED-GAINS-PRIOR> (36,812)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,016
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,644
<AVERAGE-NET-ASSETS> 4,600,285
<PER-SHARE-NAV-BEGIN> 8.990
<PER-SHARE-NII> 0.036
<PER-SHARE-GAIN-APPREC> 1.354
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.300
<EXPENSE-RATIO> 0.750
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds IV, Inc.
In planning and performing our audits of the financial statements
of Delaware Group EquityFunds IV, Inc. (the "Funds") for the year
ended September 30, 1999, we considered their internalcontrol,
including control activities for safeguarding securities, in
order to determine our auditingprocedures for the purpose of
expressing our opinions on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. Infulfilling this responsibility,
estimates and judgments by management are required to assess
theexpected benefits and related costs of controls. Generally,
controls that are relevant to an auditpertain to the entity's
objective of preparing financial statements for external purposes
that arefairly presented in conformity with generally accepted
accounting principles. Those controlsinclude the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that itmay become inadequate because of changes in
conditions or that the effectiveness of the designand operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal controlthat might be material
weaknesses under standards established by the American Institute
ofCertified Public Accountants. A material weakness is a
condition in which the design oroperation of one or more specific
internal control components does not reduce to a relatively
lowlevel the risk that errors or fraud in amounts that would be
material in relation to the financialstatements being audited may
occur and not be detected within a timely period by employees
inthe normal course of performing their assigned functions.
However, we noted no mattersinvolving internal control and its
operation, including controls for safeguarding securities, thatwe
consider to be material weaknesses as defined above at September
30, 1999.
This report is intended solely for the information and use of the
board of directors andmanagement of Delaware Group Equity Funds
IV, Inc. and the Securities and ExchangeCommission and is not
intended to be and should not be used by anyone other than
thesespecified parties.
Philadelphia, Pennsylvania
November 8, 1999
