NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999
Delaware Group Equity Funds V, 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 four series: the Small Cap Value Fund, the Retirement Income Fund, the Mid-Cap Value
Fund, and the Small Cap Contrarian Fund. These financial statements and related notes pertain to the Mid-Cap
Value Equity (the "Fund"). The Fund offers two classes of shares. The Mid-Cap Value Equity A Class carries a
front-end sales charge of 5.75%. As of May 31, 1999 only the A Class and Institutional Class have commenced
The objective of the Fund is to provide long-term capital appreciation.
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 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 financial
statements. Income and capital gain distributions are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
Class Accounting- Investment income, common expenses and realized and u