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SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN
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<EXPENSES-NET> 22,412
<NET-INVESTMENT-INCOME> 134,014
<REALIZED-GAINS-CURRENT> 30,708
<APPREC-INCREASE-CURRENT> (79,700)
<NET-CHANGE-FROM-OPS> 85,022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 173,404
<DISTRIBUTIONS-OF-GAINS> 107,679
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 30,854
<NET-CHANGE-IN-ASSETS> 83,742
<ACCUMULATED-NII-PRIOR> 162,737
<ACCUMULATED-GAINS-PRIOR> 108,532
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,509
<AVERAGE-NET-ASSETS> 2,985,027
<PER-SHARE-NAV-BEGIN> 10.150
<PER-SHARE-NII> 0.431
<PER-SHARE-GAIN-APPREC> (0.156)
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.385
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.420
<EXPENSE-RATIO> 0.750
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 031
<NAME> DELAWARE MID-CAP VALUE FUND A CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 2,036,025
<INVESTMENTS-AT-VALUE> 1,909,774
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 888
<TOTAL-ASSETS> 1,923,404
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,306
<TOTAL-LIABILITIES> 32,306
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,000,005
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 17,083
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 261
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (126,251)
<NET-ASSETS> 8
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<INTEREST-INCOME> 3,765
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<NET-INVESTMENT-INCOME> 17,083
<REALIZED-GAINS-CURRENT> 261
<APPREC-INCREASE-CURRENT> (126,251)
<NET-CHANGE-FROM-OPS> (108,907)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 508
<NUMBER-OF-SHARES-REDEEMED> 512
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,891,098
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 24,681
<AVERAGE-NET-ASSETS> 8
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.073
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 032
<NAME> DELAWARE MID-CAP VALUE FUND B CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 033
<NAME> DELAWARE MID-CAP VALUE FUND C CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 0
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<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 034
<NAME> DELAWARE MID-CAP VALUE FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 2,036,025
<INVESTMENTS-AT-VALUE> 1,909,774
<RECEIVABLES> 12,742
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 888
<TOTAL-ASSETS> 1,923,404
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,306
<TOTAL-LIABILITIES> 32,306
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,000,005
<SHARES-COMMON-STOCK> 235,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 17,083
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 261
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (126,251)
<NET-ASSETS> 1,891,090
<DIVIDEND-INCOME> 27,145
<INTEREST-INCOME> 3,765
<OTHER-INCOME> 0
<EXPENSES-NET> 13,827
<NET-INVESTMENT-INCOME> 17,083
<REALIZED-GAINS-CURRENT> 261
<APPREC-INCREASE-CURRENT> (126,251)
<NET-CHANGE-FROM-OPS> (108,907)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,000,009
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,891,098
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,681
<AVERAGE-NET-ASSETS> 2,008,754
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.073
<PER-SHARE-GAIN-APPREC> (0.533)
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.040
<EXPENSE-RATIO> 0.750
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 041
<NAME> DELAWARE SMALL CAP CONTRARIAN FUND A CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 2,173,831
<INVESTMENTS-AT-VALUE> 2,112,103
<RECEIVABLES> 22,702
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,593
<TOTAL-ASSETS> 2,136,398
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 35,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,000,017
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 25,302
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 137,352
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (61,728)
<NET-ASSETS> 9
<DIVIDEND-INCOME> 33,680
<INTEREST-INCOME> 6,449
<OTHER-INCOME> 0
<EXPENSES-NET> 14,827
<NET-INVESTMENT-INCOME> 25,302
<REALIZED-GAINS-CURRENT> 137,352
<APPREC-INCREASE-CURRENT> (61,728)
<NET-CHANGE-FROM-OPS> 100,926
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57
<NUMBER-OF-SHARES-REDEEMED> 56
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,100,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 35,478
<AVERAGE-NET-ASSETS> 19
<PER-SHARE-NAV-BEGIN> 0.000
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<PER-SHARE-GAIN-APPREC> 0.000
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<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 042
<NAME> DELAWARE SMALL CAP CONTRARIAN FUND B CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 043
<NAME> DELAWARE SMALL CAP CONTRARIAN FUND C CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
<NUMBER> 044
<NAME> DELAWARE SMALL CAP CONTRARIAN FUND INSTITUTIONAL
CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 2,173,831
<INVESTMENTS-AT-VALUE> 2,112,103
<RECEIVABLES> 22,702
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,593
<TOTAL-ASSETS> 2,136,398
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,455
<TOTAL-LIABILITIES> 35,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,000,017
<SHARES-COMMON-STOCK> 235,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 25,302
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 137,352
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (61,728)
<NET-ASSETS> 2,100,934
<DIVIDEND-INCOME> 33,680
<INTEREST-INCOME> 6,449
<OTHER-INCOME> 0
<EXPENSES-NET> 14,827
<NET-INVESTMENT-INCOME> 25,302
<REALIZED-GAINS-CURRENT> 137,352
<APPREC-INCREASE-CURRENT> (61,728)
<NET-CHANGE-FROM-OPS> 100,926
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 85,022
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,295
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,100,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 35,478
<AVERAGE-NET-ASSETS> 2,149,713
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.104
<PER-SHARE-GAIN-APPREC> 0.326
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.930
<EXPENSE-RATIO> 0.800
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees
Delaware Group Equity Funds V
In planning and performing our audits of the financial
statements of Delaware Group Equity Funds V (the "Funds") for
the year ended November 30, 1999, 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
fraud 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 misstatement caused by error
or fraud 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 internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at November
30, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of the Funds, and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
Philadelphia, Pennsylvania
January 7, 2000
