NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
Delaware Group Equity Funds IV, Inc. - (the "Company") is registered as a diversified open-end investment
company under the Investment Company Act of 1940, as amended. The Company is organized as a Maryland
Corporation and offers two series, the Delaware DelCap Fund and the Delaware Diversified Growth Fund.
These financial statements and related notes pertain to the Delaware DelCap Fund (the "Fund"). The Fund offers
four classes of shares. The DelCap Fund A Class carries a front-end sales charge of 5.75%. The Delaware
DelCap Fund B Class carries a back-end sales charge. The Delaware DelCap Fund C Class carries a level load
deferred sales charge and Delaware DelCap Fund Institutional Class has no sales charge.
The investment objective of the Fund is to seek long-term capital growth by investing in common stocks and
securities convertible into common stocks of companies that have a demonstrated history of growth and have the
potential to support continued growth.
1. Significant Accounting Policies The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Fund.
Security Valuation - Securities listed on an exchange are valued at the last quoted sales price as of the close of
the NYSE on the valuation date. Securities not traded or securities not listed on an exchange are valued at the
mean of the last quoted bid and asked prices. Money market instruments having less than 60 days to maturity are
valued at amortized cost, which approximates market value. Other securities and assets for which market
quotations are not readily available are valued at fair value as determined in good faith by or under the direction
of the Fund's Board of Directors.
Federal Income Taxes - The Fund intends to continue to qualify as a regulated investment company and make the
requisite distributions to shareholders. Accordingly, no provision for federal income taxes has been made in the