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SIGNATURE ROSEMARY E. MILNER
TITLE VICE PRESIDENT
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 347,441
<NET-ASSETS> 2,763,060
<DIVIDEND-INCOME> 59,665
<INTEREST-INCOME> 90,289
<OTHER-INCOME> 0
<EXPENSES-NET> 18,035
<NET-INVESTMENT-INCOME> 131,919
<REALIZED-GAINS-CURRENT> 284,110
<APPREC-INCREASE-CURRENT> 347,441
<NET-CHANGE-FROM-OPS> 763,470
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,118
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,295
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1,137
<NET-CHANGE-IN-ASSETS> 2,771,743
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,939
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,185
<AVERAGE-NET-ASSETS> 2,374,334
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.558
<PER-SHARE-GAIN-APPREC> 2.675
<PER-SHARE-DIVIDEND> 0.043
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.690
<EXPENSE-RATIO> 0.750
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds V, Inc.
In planning and performing our audits of the financial
statements of Delaware Group Equity Funds V, Inc. (the "Funds")
for the year ended November 30, 1997, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures 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. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity s objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more
of the internal control components 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 and its operation, including
controls for safeguarding securities, that we consider to be
material weaknesses as defined above at November 30, 1997.
This report is intended solely for the information and use of
the board of directors and management of Delaware Equity Funds
V, Inc. and the Securities and Exchange Commission.
Philadelphia, Pennsylvania
January 5, 1998
