<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 044
<NAME> DELAWARE LARGE-CAP GROWTH FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 2,530,364
<INVESTMENTS-AT-VALUE> 2,645,039
<RECEIVABLES> 486
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,218
<TOTAL-ASSETS> 2,649,743
<PAYABLE-FOR-SECURITIES> 139,806
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,701
<TOTAL-LIABILITIES> 151,507
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,036,650
<SHARES-COMMON-STOCK> 235,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 316,932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,675
<NET-ASSETS> 2,457,992
<DIVIDEND-INCOME> 1,095
<INTEREST-INCOME> 37,728
<OTHER-INCOME> 0
<EXPENSES-NET> 8,844
<NET-INVESTMENT-INCOME> 29,979
<REALIZED-GAINS-CURRENT> 316,932
<APPREC-INCREASE-CURRENT> 114,675
<NET-CHANGE-FROM-OPS> 461,586
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,295
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,498,236
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,665
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,424
<AVERAGE-NET-ASSETS> 2,331,904
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.127
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<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.450
<EXPENSE-RATIO> 0.750
</TABLE>
