One Commerce Square
Philadelphia, PA 19103
Delaware Group of Funds
DELAWARE
GROUP
________
1933 Act Rule 497(e)
File No. 33-11419
1940 Act File No. 811-4997
September 3, 1997
Filed via EDGAR (CIK #0000809821)
_________________________________
Securities and Exchange Commission
Document Control
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: File No. 33-11419
DELAWARE GROUP EQUITY FUNDS V, INC.-
RETIREMENT INCOME FUND
_____________________________________
Ladies and Gentlemen:
In accordance with the provisions of Rule 497(e) of the Securities Act
of 1933, submitted electronically via the EDGAR system, please find a
Supplement dated April 30, 1997 (revised September 3, 1997) to be
attached to the Delaware Group Equity Funds V, Inc. - Retirement Income
Fund Prospectus dated January 29, 1997.
Very truly yours,
/s/Michael D. Mabry
Michael D. Mabry
Assistant Vice President/
Assistant Secretary/
Senior Counsel
APRIL 30, 1997
(revised September 3, 1997)
RETIREMENT INCOME FUND
A CLASS/B CLASS/C CLASS
SUPPLEMENT TO PROSPECTUS DATED JANUARY 29, 1997
The following replaces information on page 1 of the Prospectus.
Representatives of Financial Institutions:
Nationwide 800-659-2265
The following supplements the section of the Prospectus entitled Financial
Highlights:
Financial Highlights
The following unaudited financial highlights for Retirement Income Fund
are derived from the unaudited financial statements of Retirement Income
Fund for the period November 30, 1996 (date of initial public offering) through
March 31, 1997. The data should be read in conjunction with the financial
statements and related notes which are included with Delaware Group Equity
Funds V, Inc.'s Statement of Additional Information.
Retirement
Income Fund
A Class
Unaudited
11/30/96(1)
through
3/31/97
Net Asset Value, Beginning of Period . . . . $8.5000
Income From Investment Operations
Net Investment Income. . . . . . 0.0810
Net Gains (Losses) on Securities
(both realized and unrealized) 0.8520
Total From Investment Operations. . . . 0.9330
Less Distributions
Dividends from Net Investment Income . . . . (0.0430)
Distributions from Capital Gains none
Returns of Capital . . . . . . . none
Total Distributions . . . . (0.0430)
Net Asset Value, End of Period . $9.3900
Total Return . . . . . . . . . . 10.89%(2)(3)
Ratios/Supplemental Data
Net Assets, End of Period (000's omitted). . . $1
Ratio of Expenses to Average Daily Net Assets. . . . 1.05%
Ratio of Expenses to Average Daily Net Assets
Prior to Expense Limitation. . 2.46%
Ratio of Net Investment Income to Average
Daily Net Assets . . . . . . . 4.30%
Ratio of Net Investment Income to Average Daily Net Assets
Prior to Expense Limitation. . 2.89%
Portfolio Turnover Rate. . . . . 188%
Average Commission Rate Paid . . $0.060
(1) Date of initial public offering; ratios have been annualized but total
return has not been annualized. Total return for this short of a time period
may not be representative of longer term results.
(2) Does not reflect maximum sales charge of 4.75%, nor the 1% Limited CDSC
that would apply in the event of certain redemptions within 12 months of
purchase for Class A Shares.
(3) Total return reflects the expense limitations and waivers of 12b-1 Plan
fees referenced under Summary of Expenses in the Prospectus.
APRIL 30, 1997
(revised September 3, 1997)
RETIREMENT INCOME FUND
INSTITUTIONAL CLASS
SUPPLEMENT TO PROSPECTUS DATED JANUARY 29, 1997
The following supplements the section of the Prospectus entitled Financial
Highlights:
Financial Highlights
The following unaudited financial highlights for Retirement Income
Fund are derived from the unaudited financial statements of Retirement Income
Fund for the period November 30, 1996 (date of initial public offering)
through March 31, 1997. The data should be read in conjunction with the
financial statements and related notes which are included with Delaware Group
Equity Funds V, Inc.'s Statement of Additional Information.
Retirement Income
Fund
Institutional
Class
Unaudited
11/30/96(1)
through
3/31/97
Net Asset Value, Beginning of Period . . $8.5000
Income From Investment Operations
Net Investment Income. . . . 0.1568
Net Gains (Losses) on Securities
(both realized and unrealized) . . . 0.7662
Total From Investment Operations. 0.9230
Less Distributions
Dividends from Net Investment Income . . (0.0430)
Distributions from Capital Gains . none
Returns of Capital . . . . . none
Total Distributions . (0.0430)
Net Asset Value, End of Period . $9.3800
Total Return . . . . . . . . 10.89%(2)
Ratios/Supplemental Data
Net Assets, End of Period (000's omitted). $2,217
Ratio of Expenses to Average Daily Net Assets. . 0.75%
Ratio of Expenses to Average Daily Net Assets
Prior to Expense Limitation. 2.16%
Ratio of Net Investment Income to Average
Daily Net Assets . . . . 5.18%
Ratio of Net Investment Income to Average Daily Net Assets
Prior to Expense Limitation. 3.77%
Portfolio Turnover Rate. . . 188%
Average Commission Rate Paid $0.060
(1) Date of initial public offering; ratios have been annualized but total
return has not been annualized. Total return for this short of a time period
may not be representative of longer term results.
(2) Total return reflects the expense limitations referenced under Summary of
Expenses in the Prospectus
