<PAGE> PAGE 1
000 A000000 05/31/1999
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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUESKY ADMIN.
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<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
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<NAME> SMALL CAP CONTRARIAN FUND A CLASS
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<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
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<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
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<NAME> SMALL CAP CONTRARIAN FUND C CLASS
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<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
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<NAME> SMALL CAP CONTRARIAN INSTITUTIONAL CLASS
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