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SIGNATURE GEORGE M. CHAMBERLAIN, JR.
TITLE SR. VP/SECRETARY
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,509,606
<SHARES-COMMON-STOCK> 5,998,714
<SHARES-COMMON-PRIOR> 2,757,834
<ACCUMULATED-NII-CURRENT> 95,710
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,307,406
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 120,506,379
<DIVIDEND-INCOME> 2,420,599
<INTEREST-INCOME> 640,387
<OTHER-INCOME> 0
<EXPENSES-NET> 2,498,038
<NET-INVESTMENT-INCOME> 562,948
<REALIZED-GAINS-CURRENT> 3,276,905
<APPREC-INCREASE-CURRENT> 16,771,911
<NET-CHANGE-FROM-OPS> 20,611,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 433,935
<DISTRIBUTIONS-OF-GAINS> 3,129,258
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,207,557
<NUMBER-OF-SHARES-REDEEMED> 1,157,460
<SHARES-REINVESTED> 190,783
<NET-CHANGE-IN-ASSETS> 144,411,727
<ACCUMULATED-NII-PRIOR> 59,952
<ACCUMULATED-GAINS-PRIOR> 5,741,625
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 951,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,676,179
<AVERAGE-NET-ASSETS> 83,318,377
<PER-SHARE-NAV-BEGIN> 17.860
<PER-SHARE-NII> 0.121
<PER-SHARE-GAIN-APPREC> 3.249
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 1.030
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.090
<EXPENSE-RATIO> 1.300
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027801
<NAME> DELAWARE GROUP EQUITY FUNDS I, INC.
<SERIES>
<NUMBER> 022
<NAME> DEVON FUND B CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 208,319,558
<INVESTMENTS-AT-VALUE> 234,462,349
<RECEIVABLES> 1,628,253
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,062
<TOTAL-ASSETS> 236,122,664
<PAYABLE-FOR-SECURITIES> 1,648,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 418,446
<TOTAL-LIABILITIES> 2,067,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,509,606
<SHARES-COMMON-STOCK> 4,151,088
<SHARES-COMMON-PRIOR> 1,615,428
<ACCUMULATED-NII-CURRENT> 95,710
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,307,406
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,142,791
<NET-ASSETS> 82,927,066
<DIVIDEND-INCOME> 2,420,599
<INTEREST-INCOME> 640,387
<OTHER-INCOME> 0
<EXPENSES-NET> 2,498,038
<NET-INVESTMENT-INCOME> 562,948
<REALIZED-GAINS-CURRENT> 3,276,905
<APPREC-INCREASE-CURRENT> 16,771,911
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,778
<DISTRIBUTIONS-OF-GAINS> 1,831,176
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,771,835
<NUMBER-OF-SHARES-REDEEMED> 334,582
<SHARES-REINVESTED> 98,407
<NET-CHANGE-IN-ASSETS> 144,411,727
<ACCUMULATED-NII-PRIOR> 59,952
<ACCUMULATED-GAINS-PRIOR> 5,741,625
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 951,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,676,179
<AVERAGE-NET-ASSETS> 54,828,209
<PER-SHARE-NAV-BEGIN> 17.800
<PER-SHARE-NII> (0.002)
<PER-SHARE-GAIN-APPREC> 3.222
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 1.030
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.980
<EXPENSE-RATIO> 2.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027801
<NAME> DELAWARE GROUP EQUITY FUNDS I, INC.
<SERIES>
<NUMBER> 023
<NAME> DEVON FUND C CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 208,319,558
<INVESTMENTS-AT-VALUE> 234,462,349
<RECEIVABLES> 1,628,253
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,062
<TOTAL-ASSETS> 236,122,664
<PAYABLE-FOR-SECURITIES> 1,648,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 418,446
<TOTAL-LIABILITIES> 2,067,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,509,606
<SHARES-COMMON-STOCK> 1,009,093
<SHARES-COMMON-PRIOR> 330,385
<ACCUMULATED-NII-CURRENT> 95,710
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,307,406
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,142,791
<NET-ASSETS> 20,140,558
<DIVIDEND-INCOME> 2,420,599
<INTEREST-INCOME> 640,387
<OTHER-INCOME> 0
<EXPENSES-NET> 2,498,038
<NET-INVESTMENT-INCOME> 562,948
<REALIZED-GAINS-CURRENT> 3,276,905
<APPREC-INCREASE-CURRENT> 16,771,911
<NET-CHANGE-FROM-OPS> 20,611,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,847
<DISTRIBUTIONS-OF-GAINS> 396,243
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 795,063
<NUMBER-OF-SHARES-REDEEMED> 138,159
<SHARES-REINVESTED> 21,804
<NET-CHANGE-IN-ASSETS> 144,411,727
<ACCUMULATED-NII-PRIOR> 59,952
<ACCUMULATED-GAINS-PRIOR> 5,741,625
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 951,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,676,179
<AVERAGE-NET-ASSETS> 12,976,579
<PER-SHARE-NAV-BEGIN> 17.790
<PER-SHARE-NII> (0.002)
<PER-SHARE-GAIN-APPREC> 3.212
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 1.030
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.960
<EXPENSE-RATIO> 2.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027801
<NAME> DELAWARE GROUP EQUITY FUNDS I, INC.
<SERIES>
<NUMBER> 024
<NAME> DEVON FUND INST CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 208,319,558
<INVESTMENTS-AT-VALUE> 234,462,349
<RECEIVABLES> 1,628,253
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,062
<TOTAL-ASSETS> 236,122,664
<PAYABLE-FOR-SECURITIES> 1,648,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 418,446
<TOTAL-LIABILITIES> 2,067,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,509,606
<SHARES-COMMON-STOCK> 520,386
<SHARES-COMMON-PRIOR> 320,696
<ACCUMULATED-NII-CURRENT> 95,710
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,307,406
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,142,791
<NET-ASSETS> 10,481,510
<DIVIDEND-INCOME> 2,420,599
<INTEREST-INCOME> 640,387
<OTHER-INCOME> 0
<EXPENSES-NET> 2,498,038
<NET-INVESTMENT-INCOME> 562,948
<REALIZED-GAINS-CURRENT> 3,276,905
<APPREC-INCREASE-CURRENT> 16,771,911
<NET-CHANGE-FROM-OPS> 20,611,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 71,629
<DISTRIBUTIONS-OF-GAINS> 354,447
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 497,905
<NUMBER-OF-SHARES-REDEEMED> 321,665
<SHARES-REINVESTED> 23,450
<NET-CHANGE-IN-ASSETS> 144,411,727
<ACCUMULATED-NII-PRIOR> 59,952
<ACCUMULATED-GAINS-PRIOR> 5,741,625
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 951,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,676,179
<AVERAGE-NET-ASSETS> 7,458,774
<PER-SHARE-NAV-BEGIN> 17.930
<PER-SHARE-NII> 0.134
<PER-SHARE-GAIN-APPREC> 3.281
<PER-SHARE-DIVIDEND> 0.175
<PER-SHARE-DISTRIBUTIONS> 1.030
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.140
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds I, Inc.
In planning and performing our audit of the financial statements of
Delaware Group Equity Funds I, Inc. (the "Funds") for the year ended
October 31, 1998, we considered their 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 specific internal control
components does not reduce to a relatively low level the risk that
errors 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 October 31, 1998.
This report is intended solely for the information and use of the
board of directors and management of the Funds and the Securities and
Exchange Commission.
Philadelphia, Pennsylvania
December 4, 1998
