DELAWARE GROUP EQUITY FUNDS III INC
NSAR-A, 1998-02-27
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<PAGE>      PAGE  1
000 A000000 12/31/97
000 C000000 0000027937
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001 A000000 DELAWARE GROUP EQUITY FUNDS III, INC.
001 B000000 811-1485
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002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
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020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001     69
020 A000002 JANNEY MONTGOMERY SCOTT, INC.
020 B000002 23-0731260
020 C000002     44
020 A000003 ALEX BROWN & SONS
020 B000003 53-1319768
020 C000003     37
020 A000004 MORGAN STANLEY CO.
020 B000004 13-2655998
020 C000004     36
020 A000005 GERARD, KLAUER & MATTISON & CO.
020 C000005     27
020 A000006 FIRST BOSTON CORP.
020 B000006 13-5659485
020 C000006     22
020 A000007 MONTGOMERY SECURITIES
020 B000007 94-1701676
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020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
020 B000008 13-5674085
020 C000008     19
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009     18
020 A000010 NEUBERGER AND BERMAN
020 B000010 13-5521910
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022 C000003     20235
022 D000003      9277
022 A000004 ROBERSTON AND STEPHENS
022 B000004 94-2524501
022 C000004     11611
022 D000004     16710
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022 B000005 95-2622900
022 C000005      3637
022 D000005     23958
022 A000006 HERZOG HEINE GEDULD
022 B000006 13-1955436
022 C000006      9330
022 D000006     17661
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022 B000007 13-2655998
022 C000007     15512
022 D000007      6638
022 A000008 LEHMAN BROTHERS, INC.
022 B000008 13-2518466
022 C000008      9858
022 D000008     12060
022 A000009 OPPENHEIMER & CO.
022 B000009 13-2798343
022 C000009      9434
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022 A000010 SMITH BARNEY & CO.
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SIGNATURE   ROSEMARY E. MILNER                           
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III, INC.
<SERIES>
   <NUMBER> 01
   <NAME> TREND FUND A CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                      492,490,106
<INVESTMENTS-AT-VALUE>                     663,402,441
<RECEIVABLES>                               18,516,429
<ASSETS-OTHER>                                     950
<OTHER-ITEMS-ASSETS>                         8,343,293
<TOTAL-ASSETS>                             690,263,113
<PAYABLE-FOR-SECURITIES>                    10,072,890
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   35,170,480
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<SENIOR-EQUITY>                             19,111,220
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<ACCUMULATED-NII-CURRENT>                  (2,320,011)
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<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   170,912,335
<NET-ASSETS>                               492,300,343
<DIVIDEND-INCOME>                            1,021,165
<INTEREST-INCOME>                            1,378,031
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<NET-INVESTMENT-INCOME>                    (2,320,011)
<REALIZED-GAINS-CURRENT>                    39,736,146
<APPREC-INCREASE-CURRENT>                   49,742,416
<NET-CHANGE-FROM-OPS>                       87,158,551
<EQUALIZATION>                                       0
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<EXPENSE-RATIO>                                  1.330
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III, INC.
<SERIES>
   <NUMBER> 02                                                  
   <NAME> TREND FUND B CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                      492,490,106
<INVESTMENTS-AT-VALUE>                     663,402,441
<RECEIVABLES>                               18,516,429
<ASSETS-OTHER>                                     950
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<DIVIDEND-INCOME>                            1,021,165
<INTEREST-INCOME>                            1,378,031
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<NET-CHANGE-FROM-OPS>                       87,158,551
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III, INC.
<SERIES>
   <NUMBER> 03                                                  
   <NAME> TREND FUND C CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               DEC-31-1997
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<INVESTMENTS-AT-VALUE>                     663,402,441
<RECEIVABLES>                               18,516,429
<ASSETS-OTHER>                                     950
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<TOTAL-ASSETS>                             690,263,113
<PAYABLE-FOR-SECURITIES>                    10,072,890
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   35,170,480
<TOTAL-LIABILITIES>                         45,243,370
<SENIOR-EQUITY>                             19,111,220
<PAID-IN-CAPITAL-COMMON>                   452,263,682
<SHARES-COMMON-STOCK>                          838,828
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<ACCUMULATED-NII-CURRENT>                  (2,320,011)
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<ACCUMULATED-NET-GAINS>                      5,052,517
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   170,912,335
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<INTEREST-INCOME>                            1,378,031
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<EXPENSES-NET>                               4,719,207
<NET-INVESTMENT-INCOME>                    (2,320,011)
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<NET-CHANGE-FROM-OPS>                       87,158,551
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OTHER>                                0
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<PER-SHARE-NII>                                (0.121)
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<EXPENSE-RATIO>                                  2.080
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III, INC.
<SERIES>
   <NUMBER> 04                                                  
   <NAME> TREND FUND INSTITUTIONAL CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-END>                               DEC-31-1997
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<SENIOR-EQUITY>                             19,111,220
<PAID-IN-CAPITAL-COMMON>                   452,263,682
<SHARES-COMMON-STOCK>                        4,164,068
<SHARES-COMMON-PRIOR>                        7,097,441
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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