U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Delaware Group Value Fund, Inc.
2005 Market Street
Philadelphia, PA 19103
2. Name of each series or class of funds for which this notice
is filed:
Value Fund A Class
Value Fund B Class
Value Fund C Class
Value Fund Institutional Class
3. Investment Company Act File Number: 811-4997
Securities Act File Number: 33-11419
4. Last day of fiscal year for which this notice is filed:
11/30/95
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:[ ]
6. Date of termination of issuer's declaration under rule
24f-2(a)(1), if applicable: N/A
7. Number and amount of the same class or series which had
been registered under the Securities Act of 1933 other than
pursuant to rule 24f-2 in a prior fiscal year, but which
remained unsold at the beginning of the fiscal year: $0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2: $0.00
9. Number and aggregate sale price of securities sold during
the fiscal year: $62,564,003
10. Number and aggregate sale price of securities sold during
the fiscal year in reliance upon registration pursuant to
rule 24f-2: $62,564,003
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable: $3,765,144
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from item 10):
$ 62,564,003
--------------
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from item 11, if
applicable): + 3,765,144
--------------
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
- 94,032,229
--------------
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing
fees pursuant to rule 24e-2(if applicable):
+ N/A
--------------
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus line (iv)]
(if applicable): N/A
--------------
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation:
x 1/29 of 1%
--------------
(vii) Fee due [line (i) or line (v) multiplied by line
(vi)]: $
==============
13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rules of Informal and Other Procedures (17 CFR
202.3a). [ ]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository: N/A
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
By: /S/ROSEMARY E. MILNER Date: 01/26/96
------------------------ --------
Rosemary E. Milner
Vice President
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Direct Dial: (215) 564-8074
January 24, 1996
Delaware Group Value Fund, Inc.
One Commerce Square
Philadelphia, Pa. 19103
Gentlemen:
You have informed us that, in accordance with
Rule 24f-2 under the Investment Company Act of 1940, as amended,
(the "1940 Act"), Delaware Group Value Fund, Inc. (referred to
herein as the "Company"), a Maryland corporation, intends to file
a Rule 24f-2 Notice with the United States Securities and
Exchange Commission in connection with the sale of shares of the
Value Fund A Class, B Class, C Class and Institutional Class of
the Company.
The Notice will report that during the fiscal year
beginning December l, 1994 and ending November 30, 1995, the
Company sold shares of common stock of the above Series and
Classes with an aggregate public offering price of $62,564,003
pursuant to Rule 24f-2 (not including $3,765,144 of shares issued
in connection with dividend reinvestment plans which are reported
on the Notice for purposes of the fee computation table), and the
Notice will be filed to make definite the registration of the
shares of common stock sold by the Company under the Securities
Act of 1933 (the "1933 Act") pursuant to the Rule during such
period. You have also informed us that all of such shares were
issued in accordance with the provisions relating thereto in the
registration statement of the Company under the 1933 Act as such
registration statement was currently in effect during the period.
We have acted as legal counsel to the Company during
the period of time referred to above and, as such, have reviewed
the Articles of Incorporation, Articles of Amendment and Articles
Supplementary of the Company; the By-Laws; the registration
statements under the 1940 and 1933 Acts and such minutes of the
corporate proceedings and other documents as we deem material to
our opinion.
Based on the foregoing, we are of the opinion that all
of the shares of common stock of the Company described in the
Rule 24f-2 Notice as having been sold pursuant to the Rule during
the period were fully paid, non-assessable and legally issued
shares of common stock of the Company.
We hereby consent to the filing of this opinion with
the United States Securities and Exchange Commission as an
exhibit or accompaniment to the aforementioned Rule 24f-2 Notice
and as an exhibit to the Company's registration statement under
the 1933 Act and to the reference to us in the prospectus of the
Company as legal counsel who have passed upon the legality of the
filing of this opinion with the securities regulatory agencies of
any states or other jurisdictions in which the common stock of
the Company is offered for sale.
Very truly yours,
STRADLEY, RONON, STEVENS & YOUNG, LLP
By: /S/STEVEN M. FELSENSTEIN
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Steven M. Felsenstein
SMF/nlk
1639.1