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020 A000001 DILLON, READ & CO., INC.
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020 C000001 31
020 A000002 LEHMAN BROTHERS, INC.
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020 C000002 27
020 A000003 BEAR STEARNS & CO.
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020 C000003 22
020 A000004 H.D. VEST INVESTMENT SECURITIES, INC.
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020 A000005 CAPEL (JAMES) INC.
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020 A000006 HERZOG, HEINE, GEGULD, INC.
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020 A000010 DEANWITTER REYNOLDS, INC.
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022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
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</TABLE>
Supplementary Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Value Fund, Inc.
In planning and performing our audit of the financial statements of
Delaware Group Value Fund, Inc. (the "Fund") for the year ended
November 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 November 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
January 5, 1996
