DELAWARE GROUP EQUITY FUNDS I, INC.
Delaware Balanced Fund (formerly Delaware Fund)
Devon Fund
Supplement to the current Prospectus
The Board of Directors of Delaware Group Equity Funds
I, Inc. (the Company ) unanimously voted, subject to shareholder
approval, to adopt a new Investment Management Agreement between
the Company and Delaware Management Company (the Manager ) for
each Fund listed above.
Under the current Investment Management Agreement for
the Delaware Balanced Fund, that Fund pays the Manager an annual
fee equal to 0.60% on the first $100 million, 0.525% on the next
$150 million, 0.50% on the next $250 million, and 0.475% on
assets over $500 million (all calculated as a percentage of the
Fund's average daily net assets less independent directors
fees). Under the current Investment Management Agreement for the
Devon Fund, that Fund pays the Manager an annual fee equal to
0.60% on the first $500 million and 0.50% on assets over $500
million (all calculated as a percentage of the Fund s average
daily net assets).
Under the proposed Investment Management Agreements,
each Fund will pay the Manager an annual fee equal to 0.65% on
the first $500 million, 0.60% on the next $500 million, 0.55% on
the next $1.5 billion, and 0.50% on assets over $2.5 billion (all
calculated as a percentage of the Fund s average daily net
assets).
Individuals who were shareholders of these Funds on
December 21, 1998 will be asked to approve the proposed
Investment Management Agreement for their Fund at a Joint
Annual/Special Meeting of Shareholders to be held on or about
March 17, 1999. The proposed management fees are expected to
become effective on or about April 1, 1999 if shareholders
approve the proposed Investment Management Agreements.
