<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V
<SERIES>
<NUMBER> 044
<NAME> DELAWARE SMALL-CAP CONTRARIAN FUND INSTITUTIONAL
CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 2,051,744
<INVESTMENTS-AT-VALUE> 2,212,099
<RECEIVABLES> 116,852
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,334,951
<PAYABLE-FOR-SECURITIES> 65,565
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,710
<TOTAL-LIABILITIES> 90,275
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,169,199
<SHARES-COMMON-STOCK> 255,556
<SHARES-COMMON-PRIOR> 235,295
<ACCUMULATED-NII-CURRENT> 13,825
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (104,703)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 166,355
<NET-ASSETS> 2,244,667
<DIVIDEND-INCOME> 22,973
<INTEREST-INCOME> 5,442
<OTHER-INCOME> 0
<EXPENSES-NET> 8,127
<NET-INVESTMENT-INCOME> 20,288
<REALIZED-GAINS-CURRENT> (104,642)
<APPREC-INCREASE-CURRENT> 228,083
<NET-CHANGE-FROM-OPS> 143,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31,765
<DISTRIBUTIONS-OF-GAINS> 137,412
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 143,733
<ACCUMULATED-NII-PRIOR> 25,302
<ACCUMULATED-GAINS-PRIOR> 137,532
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,838
<AVERAGE-NET-ASSETS> 2,167,999
<PER-SHARE-NAV-BEGIN> 8.930
<PER-SHARE-NII> 0.128
<PER-SHARE-GAIN-APPREC> 0.441
<PER-SHARE-DIVIDEND> (0.135)
<PER-SHARE-DISTRIBUTIONS> (0.584)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.780
<EXPENSE-RATIO> 0.750
</TABLE>
