July 31, 1997
DELAWARE GROUP EQUITY FUNDS V, INC.
VALUE FUND
Supplement to Prospectuses dated January 29, 1997
Effective as of the close of business on July 31, 1997, the
name of Value Fund series (the "Fund") will change to Small Cap
Value Fund series and the names of the Value Fund A Class, Value
Fund B Class, Value Fund C Class and Value Fund Institutional
Class will change to Small Cap Value Fund A Class, Small Cap
Value Fund B Class, Small Cap Value Fund C Class and Small Cap
Value Fund Institutional Class, respectively.
The following replaces the fourth paragraph in the section
of the Prospectus entitled Investment Objective and Policy -
Investment Strategy:
While not a fundamental policy, under normal market
conditions the Fund intends to invest at least 65% of its net
assets in securities issued by small cap companies, those
currently having a market capitalization generally of less than
$1.5 billion. As a general matter, small cap companies may have
more limited product lines, markets and financial resources than
large cap companies. In addition, securities of small cap
companies, generally, may trade less frequently (and with a
lesser volume), may be more volatile and may be somewhat less
liquid than securities issued by larger capitalization companies.
The following revises the portfolio manager information in
the section of the Prospectus entitled Management of the Fund:
Christopher S. Beck, Vice President/Senior Portfolio Manager
of Delaware Group Equity Funds V, Inc. ("Equity Funds V, Inc."),
assumed primary responsibility for making day-to-day investment
decisions for the Fund in May 1997. Mr. Beck has been in the
investment business for 16 years, starting with Wilmington Trust
in 1981. Later, he became Director of Research at Cypress
Capital Management in Wilmington and Chief Investment Officer of
the University of Delaware Endowment Fund. Prior to joining the
Delaware Group in May 1997, he managed the small cap value fund
for two years at Pitcairn Trust Company. He holds a BS from the
University of Delaware, an MBA from Lehigh University and is a
CFA charterholder.
In making investment decisions for the Fund, Mr. Beck
regularly consults with Wayne A. Stork, Richard G. Unruh, Jr. and
Andrea Giles. Mr. Stork, Chairman of Delaware Management
Company, Inc.'s and Equity Funds V, Inc.'s Boards of Directors,
is a graduate of Brown University and attended New York
University's Graduate School of Business Administration. Mr.
Stork joined the Delaware Group in 1962 and has served in various
executive capacities at different times within the Delaware
organization. A graduate of Brown University, Mr. Unruh received
his MBA from the University of Pennsylvania's Wharton School and
joined the Delaware Group in 1982 after 19 years of investment
management experience with Kidder, Peabody & Co. Inc. Mr. Unruh
was named an Executive Vice President of Equity Funds V, Inc. in
1994. He is also a member of the Board of Delaware Management
Company, Inc. and was named an Executive Vice President of
Delaware Management Company, Inc. in 1994. Andrea Giles,
Research Analyst for the Fund, holds a BSAD from the
Massachusetts Institute of Technology and an MBA in Finance from
Columbia University. Prior to joining the Delaware Group in
1996, she was an account officer in the Leveraged Capital Group
with Citibank.
