DELAWARE GROUP EQUITY FUNDS III INC
NSAR-A, 1999-02-25
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<PAGE>      PAGE  1
000 A000000 12/31/98
000 C000000 0000027937
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001 A000000 DELAWARE GROUP EQUITY FUNDS III, INC.
001 B000000 811-1485
001 C000000 2152552923
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
002 C000000 PA
002 D010000 19103
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020 A000001 ALEX BROWN & SONS
020 B000001 52-1319768
020 C000001     36
020 A000002 MORGAN STANLEY & CO., INC.
020 B000002 13-2655
020 C000002     56
020 A000003 MERRILL LYNCH PIERCE
020 B000003 13-5674085
020 C000003     19
020 A000004 DONALDSON LUFKIN JENRETTE
020 B000004 13-2741729
020 C000004     32
020 A000005 CREDIT SWISSE FIRST BOSTON
020 B000005 13-5659485
020 C000005     26
020 A000006 JEFFERIES & CO., INC.
020 B000006 95-2622900
020 C000006     24
020 A000007 WILLIAM BLAIR & CO.
020 B000007 36-2214610
020 C000007     21
020 A000008 JP MORGAN & CO.
020 B000008 13-3224016
020 C000008     20
020 A000009 BEAR STEARNS & CO.
020 B000009 13-3299429
020 C000009     19
020 A000010 O'NEIL WM
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022 A000003 ROBERTSON & STEPHENS
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022 C000003     16291
022 D000003     10354
022 A000004 GOLDMAN SACHS
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022 C000005     11171
022 D000005      5707
022 A000006 HERZOG HEINE GEDULD
022 B000006 13-1955436
022 C000006      7447
022 D000006      8234
022 A000007 SMITH BARNEY, INC.
022 B000007 13-1912900
022 C000007      6368
022 D000007      8570
022 A000008 ROBERT W. BAIRD
022 B000008 39-6037917
022 C000008      2954
022 D000008      8985
022 A000009 TROSTER, SINGER & CO.
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SIGNATURE   GEORGE M. CHAMBERLAIN, JR.                   
TITLE       SENIOR VP           
 


<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-30-1999
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                      366,444,845
<INVESTMENTS-AT-VALUE>                     597,544,456
<RECEIVABLES>                               13,200,112
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             3,658
<TOTAL-ASSETS>                             610,748,226
<PAYABLE-FOR-SECURITIES>                     1,467,934
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,997,038
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<SENIOR-EQUITY>                             18,553,203
<PAID-IN-CAPITAL-COMMON>                   408,404,769
<SHARES-COMMON-STOCK>                       27,856,304
<SHARES-COMMON-PRIOR>                       25,287,456
<ACCUMULATED-NII-CURRENT>                  (2,116,111)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (19,749,217)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   197,190,611
<NET-ASSETS>                               453,910,465
<DIVIDEND-INCOME>                              977,825
<INTEREST-INCOME>                            1,040,374
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,134,310
<NET-INVESTMENT-INCOME>                    (2,116,111)
<REALIZED-GAINS-CURRENT>                  (11,121,808)
<APPREC-INCREASE-CURRENT>                   37,590,200
<NET-CHANGE-FROM-OPS>                       24,352,281
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                    63,041,468
<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                 30,770,293
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<NET-CHANGE-IN-ASSETS>                    (13,872,984)
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<ACCUMULATED-GAINS-PRIOR>                   74,554,275
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<PER-SHARE-NAV-BEGIN>                            18.55
<PER-SHARE-NII>                                (0.052)
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<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             16.290
<EXPENSE-RATIO>                                   1.43
<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-30-1999
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                      366,444,845
<INVESTMENTS-AT-VALUE>                     597,544,456
<RECEIVABLES>                               13,200,112
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             3,658
<TOTAL-ASSETS>                             610,748,226
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,997,038
<TOTAL-LIABILITIES>                          8,464,972
<SENIOR-EQUITY>                             18,553,203
<PAID-IN-CAPITAL-COMMON>                   408,404,769
<SHARES-COMMON-STOCK>                        4,710,823
<SHARES-COMMON-PRIOR>                        3,978,495
<ACCUMULATED-NII-CURRENT>                  (2,116,111)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (19,749,217)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   197,190,611
<NET-ASSETS>                                73,594,549
<DIVIDEND-INCOME>                              977,825
<INTEREST-INCOME>                            1,040,374
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,134,310
<NET-INVESTMENT-INCOME>                    (2,116,111)
<REALIZED-GAINS-CURRENT>                  (11,121,808)
<APPREC-INCREASE-CURRENT>                   37,590,200
<NET-CHANGE-FROM-OPS>                       24,352,281
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                    10,391,839
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        575,690
<NUMBER-OF-SHARES-REDEEMED>                    509,455
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<NET-CHANGE-IN-ASSETS>                    (13,872,984)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   74,554,275
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                        64,591,690
<PER-SHARE-NAV-BEGIN>                            17.96
<PER-SHARE-NII>                                (0.105)
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<PER-SHARE-DIVIDEND>                             0.000
<PER-SHARE-DISTRIBUTIONS>                        2.600
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             15.620
<EXPENSE-RATIO>                                   2.16
<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-30-1999
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                      366,444,845
<INVESTMENTS-AT-VALUE>                     597,544,456
<RECEIVABLES>                               13,200,112
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             3,658
<TOTAL-ASSETS>                             610,748,226
<PAYABLE-FOR-SECURITIES>                     1,467,934
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,997,038
<TOTAL-LIABILITIES>                          8,464,972
<SENIOR-EQUITY>                             18,553,203
<PAID-IN-CAPITAL-COMMON>                   408,404,769
<SHARES-COMMON-STOCK>                          960,717
<SHARES-COMMON-PRIOR>                          784,688
<ACCUMULATED-NII-CURRENT>                  (2,116,111)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (19,749,217)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   197,190,611
<NET-ASSETS>                                15,213,142
<DIVIDEND-INCOME>                              977,825
<INTEREST-INCOME>                            1,040,374
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,134,310
<NET-INVESTMENT-INCOME>                    (2,116,111)
<REALIZED-GAINS-CURRENT>                  (11,121,808)
<APPREC-INCREASE-CURRENT>                   37,590,200
<NET-CHANGE-FROM-OPS>                       24,352,281
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     2,060,334
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        306,777
<NUMBER-OF-SHARES-REDEEMED>                    270,034
<SHARES-REINVESTED>                            139,286
<NET-CHANGE-IN-ASSETS>                    (13,872,984)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   74,554,275
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        2,026,173
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,134,310
<AVERAGE-NET-ASSETS>                        13,398,558
<PER-SHARE-NAV-BEGIN>                            18.17
<PER-SHARE-NII>                                (0.105)
<PER-SHARE-GAIN-APPREC>                          0.375
<PER-SHARE-DIVIDEND>                             0.000
<PER-SHARE-DISTRIBUTIONS>                        2.600
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             15.840
<EXPENSE-RATIO>                                   2.16
<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-30-1999
<PERIOD-END>                               DEC-31-1998
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<INVESTMENTS-AT-VALUE>                     597,544,456
<RECEIVABLES>                               13,200,112
<ASSETS-OTHER>                                       0
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<SENIOR-EQUITY>                             18,553,203
<PAID-IN-CAPITAL-COMMON>                   408,404,769
<SHARES-COMMON-STOCK>                        3,578,562
<SHARES-COMMON-PRIOR>                        3,247,438
<ACCUMULATED-NII-CURRENT>                  (2,116,111)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (19,749,217)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   197,190,611
<NET-ASSETS>                                59,565,099
<DIVIDEND-INCOME>                              977,825
<INTEREST-INCOME>                            1,040,374
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,134,310
<NET-INVESTMENT-INCOME>                    (2,116,111)
<REALIZED-GAINS-CURRENT>                  (11,121,808)
<APPREC-INCREASE-CURRENT>                   37,590,200
<NET-CHANGE-FROM-OPS>                       24,352,281
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     7,688,043
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        867,589
<NUMBER-OF-SHARES-REDEEMED>                  1,054,877
<SHARES-REINVESTED>                            518,412
<NET-CHANGE-IN-ASSETS>                    (13,872,984)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   74,554,275
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                        52,314,316
<PER-SHARE-NAV-BEGIN>                            18.87
<PER-SHARE-NII>                                (0.032)
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<PER-SHARE-DISTRIBUTIONS>                        2.600
<RETURNS-OF-CAPITAL>                             0.000
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<EXPENSE-RATIO>                                   1.16
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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