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SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN
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<SHARES-COMMON-STOCK> 1,101,298
<SHARES-COMMON-PRIOR> 803,005
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,425,026)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,375,370
<NET-ASSETS> 21,814,777
<DIVIDEND-INCOME> 4,395,877
<INTEREST-INCOME> 963,102
<OTHER-INCOME> 0
<EXPENSES-NET> 5,724,599
<NET-INVESTMENT-INCOME> (365,620)
<REALIZED-GAINS-CURRENT> (2,414,924)
<APPREC-INCREASE-CURRENT> (7,767,421)
<NET-CHANGE-FROM-OPS> (10,547,965)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,307
<DISTRIBUTIONS-OF-GAINS> 100,864
<DISTRIBUTIONS-OTHER> 82,446
<NUMBER-OF-SHARES-SOLD> 1,232,443
<NUMBER-OF-SHARES-REDEEMED> 662,081
<SHARES-REINVESTED> 10,550
<NET-CHANGE-IN-ASSETS> 88,170,157
<ACCUMULATED-NII-PRIOR> 95,710
<ACCUMULATED-GAINS-PRIOR> 3,307,406
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,124,651
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,008,303
<AVERAGE-NET-ASSETS> 17,456,834
<PER-SHARE-NAV-BEGIN> 20.140
<PER-SHARE-NII> 0.109
<PER-SHARE-GAIN-APPREC> (0.109)
<PER-SHARE-DIVIDEND> 0.057
<PER-SHARE-DISTRIBUTIONS> 0.190
<RETURNS-OF-CAPITAL> 0.083
<PER-SHARE-NAV-END> 19.810
<EXPENSE-RATIO> 1.070
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds I, Inc.
In planning and performing our audits of the financial statements
of Delaware Group Equity Funds I, Inc. (the "Funds") for the year
ended October 31, 1999, we considered its 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 of the
internal control components does not reduce to a relatively low
level the risk that misstatement caused by error 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, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
Philadelphia, Pennsylvania
December 3, 1999
