<PAGE> PAGE 1
000 A000000 12/31/1999
000 C000000 0000027937
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 DELAWARE GROUP EQUITY FUNDS III
001 B000000 811-1485
001 C000000 2152552127
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
002 C000000 PA
002 D010000 19103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 DELAWARE TREND FUND
007 C030100 N
007 C010200 2
007 C020200 DELAWARE TECHNOLOGY & INNOVATION FUND
007 C030200 N
007 C010300 3
007 C020300 DELAWARE AMERICAN SERVICES FUND
007 C030300 N
007 C010400 4
007 C020400 DELAWARE LARGE-CAP GROWTH FUND
007 C030400 N
007 C010500 5
007 C020500 DELAWARE RESEARCH FUND
007 C030500 N
020 A000001 EQUITABLE SECURITIES
020 C000001 27
020 A000002 ALEX BROWN & SONS
020 B000002 52-1319768
020 C000002 24
020 A000003 JP MORGAN
020 B000003 13-3224016
020 C000003 22
020 A000004 O'NEIL - WILLIAM
020 B000004 95-2269163
020 C000004 15
020 A000005 SMITH BARNEY
020 B000005 13-1912900
020 C000005 15
<PAGE> PAGE 2
020 A000006 DAIN RAUSCHER
020 B000006 41-0212020
020 C000006 14
020 A000007 FREIDMAN BILLING & RAMSY
020 B000007 52-1630477
020 C000007 14
020 A000008 CANTOR & FITZGERALD
020 B000008 13-3680184
020 C000008 13
020 A000009 MONTGOMERY SECURITIES
020 B000009 94-1701676
020 C000009 9
020 A000010 PRUDENTIAL SECURITIES
020 B000010 22-2347336
020 C000010 9
021 000000 162
022 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001 23242
022 D000001 36234
022 A000002 ROBERTSON & STEPHENS
022 B000002 94-2524501
022 C000002 22364
022 D000002 30630
022 A000003 ALEX BROWN & SONS
022 B000003 52-1319768
022 C000003 40007
022 D000003 10950
022 A000004 CREDIT SWISSE FRST BOSTON
022 B000004 13-5659485
022 C000004 22208
022 D000004 13091
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 14307
022 D000005 9766
022 A000006 DONALDSON LUFKIN & JENRETTE
022 B000006 13-2741729
022 C000006 14474
022 D000006 4563
022 A000007 DILLION READ
022 C000007 1503
022 D000007 14681
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 12232
022 D000008 3386
022 A000009 KNIGHT SECURITIES
022 C000009 6478
022 D000009 8106
022 A000010 PRUDENTIAL SECURITIES
<PAGE> PAGE 3
022 B000010 22-2347336
022 C000010 10550
022 D000010 3748
023 C000000 7923141
023 D000000 225826
024 00AA00 N
027 000000 Y
077 A000000 Y
077 Q010000 Y
028 A010100 33101
028 A020100 0
028 A030100 0
028 A040100 36381
028 B010100 37393
028 B020100 44961
028 B030100 0
028 B040100 39480
028 C010100 42825
028 C020100 9
028 C030100 0
028 C040100 36278
028 D010100 66494
028 D020100 0
028 D030100 0
028 D040100 32220
028 E010100 75511
028 E020100 0
028 E030100 0
028 E040100 46455
028 F010100 61868
028 F020100 58948
028 F030100 0
028 F040100 38243
028 G010100 317192
028 G020100 103918
028 G030100 0
028 G040100 229057
028 H000100 206164
029 000100 Y
030 A000100 510
030 B000100 5.75
030 C000100 0.00
031 A000100 78
031 B000100 0
032 000100 432
033 000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
<PAGE> PAGE 4
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 1341
044 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
<PAGE> PAGE 5
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 319316
071 B000100 269603
071 C000100 717716
071 D000100 38
072 A000100 6
072 B000100 1576
072 C000100 345
072 D000100 0
072 E000100 0
072 F000100 2810
072 G000100 0
072 H000100 149
072 I000100 878
072 J000100 11
072 K000100 0
072 L000100 104
072 M000100 4
072 N000100 38
072 O000100 32
072 P000100 0
072 Q000100 0
072 R000100 9
072 S000100 12
072 T000100 1341
072 U000100 0
072 V000100 0
072 W000100 45
072 X000100 5433
072 Y000100 0
072 Z000100 -3509
072AA000100 136461
072BB000100 19622
072CC010100 191366
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 111372
073 A010100 0.0000
073 A020100 0.0000
073 B000100 2.6800
073 C000100 0.0000
074 A000100 88
074 B000100 70034
<PAGE> PAGE 6
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 990394
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 260
074 K000100 0
074 L000100 3389
074 M000100 0
074 N000100 1064165
074 O000100 613
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2524
074 S000100 0
074 T000100 1061028
074 U010100 29986
074 U020100 14250
074 V010100 24.13
074 V020100 0.00
074 W000100 0.0000
074 X000100 43800
074 Y000100 0
075 A000100 0
075 B000100 765480
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 0
<PAGE> PAGE 7
028 F010200 2117
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 2117
028 G020200 0
028 G030200 0
028 G040200 0
028 H000200 117
029 000200 Y
030 A000200 1
030 B000200 5.75
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 1
033 000200 0
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
<PAGE> PAGE 8
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 617
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 1
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 0
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
<PAGE> PAGE 9
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 0
072 Y000200 0
072 Z000200 0
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 2117
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 622
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 57
074 M000200 0
074 N000200 2796
074 O000200 617
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 0
074 S000200 0
074 T000200 2179
074 U010200 21
074 U020200 0
074 V010200 8.52
074 V020200 0.00
074 W000200 0.0000
074 X000200 67
074 Y000200 0
075 A000200 0
<PAGE> PAGE 10
075 B000200 1044
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 2017
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 2017
028 G020300 0
028 G030300 0
028 G040300 0
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
062 A000300 N
062 B000300 0.0
<PAGE> PAGE 11
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
<PAGE> PAGE 12
070 R020300 N
071 A000300 831
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 1
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 0
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 0
072 Y000300 0
072 Z000300 0
072AA000300 0
072BB000300 0
072CC010300 39
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 2006
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 870
074 G000300 0
074 H000300 0
074 I000300 0
<PAGE> PAGE 13
074 J000300 0
074 K000300 0
074 L000300 11
074 M000300 0
074 N000300 2887
074 O000300 831
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 2056
074 U010300 237
074 U020300 0
074 V010300 8.67
074 V020300 0.00
074 W000300 0.0000
074 X000300 7
074 Y000300 0
075 A000300 0
075 B000300 2025
076 000300 0.00
028 A010400 0
028 A020400 0
028 A030400 0
028 A040400 0
028 B010400 0
028 B020400 0
028 B030400 0
028 B040400 0
028 C010400 0
028 C020400 0
028 C030400 0
028 C040400 0
028 D010400 0
028 D020400 0
028 D030400 0
028 D040400 0
028 E010400 0
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 2007
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 2007
028 G020400 0
028 G030400 0
<PAGE> PAGE 14
028 G040400 0
028 H000400 7
029 000400 Y
030 A000400 0
030 B000400 5.75
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
<PAGE> PAGE 15
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 259
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 1
072 B000400 0
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 0
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 0
<PAGE> PAGE 16
072 Y000400 0
072 Z000400 0
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 2007
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 264
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 2271
074 O000400 259
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 2012
074 U010400 1
074 U020400 0
074 V010400 8.52
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 1003
076 000400 0.00
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
<PAGE> PAGE 17
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 2000
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 2000
028 G020500 0
028 G030500 0
028 G040500 0
028 H000500 2000
029 000500 Y
030 A000500 0
030 B000500 5.75
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
<PAGE> PAGE 18
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 1993
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 1
072 B000500 0
<PAGE> PAGE 19
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 0
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 0
072 Y000500 0
072 Z000500 0
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 2000
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 2008
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 0
074 N000500 4008
074 O000500 1993
074 P000500 0
<PAGE> PAGE 20
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 2015
074 U010500 235
074 U020500 0
074 V010500 8.56
074 V020500 0.00
074 W000500 0.0000
074 X000500 4
074 Y000500 0
075 A000500 0
075 B000500 1006
076 000500 0.00
SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 011
<NAME> DELAWARE TREND FUND A CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 612,145,250
<INVESTMENTS-AT-VALUE> 1,060,427,776
<RECEIVABLES> 3,648,163
<ASSETS-OTHER> 88,531
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,064,164,470
<PAYABLE-FOR-SECURITIES> 612,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,523,847
<TOTAL-LIABILITIES> 3,136,818
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 575,317,731
<SHARES-COMMON-STOCK> 29,985,989
<SHARES-COMMON-PRIOR> 25,680,284
<ACCUMULATED-NII-CURRENT> (3,509,247)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,936,642
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 448,282,526
<NET-ASSETS> 723,532,470
<DIVIDEND-INCOME> 344,525
<INTEREST-INCOME> 1,579,429
<OTHER-INCOME> 0
<EXPENSES-NET> 5,433,201
<NET-INVESTMENT-INCOME> (3,509,247)
<REALIZED-GAINS-CURRENT> 116,839,107
<APPREC-INCREASE-CURRENT> 191,366,267
<NET-CHANGE-FROM-OPS> 304,696,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 78,621,705
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,277,572
<NUMBER-OF-SHARES-REDEEMED> 9,656,294
<SHARES-REINVESTED> 3,684,427
<NET-CHANGE-IN-ASSETS> 385,376,871
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,469,303
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,809,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,462,483
<AVERAGE-NET-ASSETS> 548,529,249
<PER-SHARE-NAV-BEGIN> 19.630
<PER-SHARE-NII> (0.084)
<PER-SHARE-GAIN-APPREC> 7.564
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.980
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 24.130
<EXPENSE-RATIO> 1.330
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 012
<NAME> DELAWARE TREND FUND B CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 612,145,250
<INVESTMENTS-AT-VALUE> 1,060,427,776
<RECEIVABLES> 3,648,163
<ASSETS-OTHER> 88,531
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,064,164,470
<PAYABLE-FOR-SECURITIES> 612,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,523,847
<TOTAL-LIABILITIES> 3,136,818
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 575,317,731
<SHARES-COMMON-STOCK> 6,622,020
<SHARES-COMMON-PRIOR> 4,610,560
<ACCUMULATED-NII-CURRENT> (3,509,247)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,936,642
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 448,282,526
<NET-ASSETS> 150,983,146
<DIVIDEND-INCOME> 344,525
<INTEREST-INCOME> 1,579,429
<OTHER-INCOME> 0
<EXPENSES-NET> 5,433,201
<NET-INVESTMENT-INCOME> (3,509,247)
<REALIZED-GAINS-CURRENT> 116,839,107
<APPREC-INCREASE-CURRENT> 191,366,267
<NET-CHANGE-FROM-OPS> 304,696,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 15,747,094
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,800,364
<NUMBER-OF-SHARES-REDEEMED> 535,502
<SHARES-REINVESTED> 746,598
<NET-CHANGE-IN-ASSETS> 385,376,871
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,469,303
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,809,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,462,483
<AVERAGE-NET-ASSETS> 102,025,586
<PER-SHARE-NAV-BEGIN> 18.750
<PER-SHARE-NII> (0.152)
<PER-SHARE-GAIN-APPREC> 7.182
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.980
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.800
<EXPENSE-RATIO> 2.050
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 013
<NAME> DELAWARE TREND FUND C CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 612,145,250
<INVESTMENTS-AT-VALUE> 1,060,427,776
<RECEIVABLES> 3,648,163
<ASSETS-OTHER> 88,531
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,064,164,470
<PAYABLE-FOR-SECURITIES> 612,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,523,847
<TOTAL-LIABILITIES> 3,136,818
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 575,317,731
<SHARES-COMMON-STOCK> 1,680,694
<SHARES-COMMON-PRIOR> 1,081,936
<ACCUMULATED-NII-CURRENT> (3,509,247)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,936,642
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 448,282,526
<NET-ASSETS> 38,929,819
<DIVIDEND-INCOME> 344,525
<INTEREST-INCOME> 1,579,429
<OTHER-INCOME> 0
<EXPENSES-NET> 5,433,201
<NET-INVESTMENT-INCOME> (3,509,247)
<REALIZED-GAINS-CURRENT> 116,839,107
<APPREC-INCREASE-CURRENT> 191,366,267
<NET-CHANGE-FROM-OPS> 304,696,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,776,202
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 819,775
<NUMBER-OF-SHARES-REDEEMED> 394,143
<SHARES-REINVESTED> 173,126
<NET-CHANGE-IN-ASSETS> 385,376,871
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,469,303
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,809,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,462,483
<AVERAGE-NET-ASSETS> 25,137,027
<PER-SHARE-NAV-BEGIN> 19.010
<PER-SHARE-NII> (0.152)
<PER-SHARE-GAIN-APPREC> 7.282
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.980
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 23.160
<EXPENSE-RATIO> 2.050
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 014
<NAME> DELAWARE TREND FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 612,145,250
<INVESTMENTS-AT-VALUE> 1,060,427,776
<RECEIVABLES> 3,648,163
<ASSETS-OTHER> 88,531
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,064,164,470
<PAYABLE-FOR-SECURITIES> 612,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,523,847
<TOTAL-LIABILITIES> 3,136,818
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 575,317,731
<SHARES-COMMON-STOCK> 5,947,452
<SHARES-COMMON-PRIOR> 3,217,932
<ACCUMULATED-NII-CURRENT> (3,509,247)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,936,642
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 448,282,526
<NET-ASSETS> 147,582,217
<DIVIDEND-INCOME> 344,525
<INTEREST-INCOME> 1,579,429
<OTHER-INCOME> 0
<EXPENSES-NET> 5,433,201
<NET-INVESTMENT-INCOME> (3,509,247)
<REALIZED-GAINS-CURRENT> 116,839,107
<APPREC-INCREASE-CURRENT> 191,366,267
<NET-CHANGE-FROM-OPS> 304,696,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13,226,767
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,888,854
<NUMBER-OF-SHARES-REDEEMED> 798,283
<SHARES-REINVESTED> 638,949
<NET-CHANGE-IN-ASSETS> 385,376,871
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35,469,303
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,809,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,462,483
<AVERAGE-NET-ASSETS> 89,788,139
<PER-SHARE-NAV-BEGIN> 20.080
<PER-SHARE-NII> (0.055)
<PER-SHARE-GAIN-APPREC> 7.765
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.980
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 24.810
<EXPENSE-RATIO> 1.050
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 021
<NAME> DELAWARE TECHNOLOGY & INNOVATION FUND A CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 616,916
<INVESTMENTS-AT-VALUE> 622,088
<RECEIVABLES> 57,083
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,117,231
<TOTAL-ASSETS> 2,796,402
<PAYABLE-FOR-SECURITIES> 616,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 616,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,174,314
<SHARES-COMMON-STOCK> 20,480
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,172
<NET-ASSETS> 174,512
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,172
<NET-CHANGE-FROM-OPS> 5,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,480
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,179,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 41,876
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.520
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 022
<NAME> DELAWARE TECHNOLOGY & INNOVATION FUND B CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 616,916
<INVESTMENTS-AT-VALUE> 622,088
<RECEIVABLES> 57,083
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,117,231
<TOTAL-ASSETS> 2,796,402
<PAYABLE-FOR-SECURITIES> 616,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 616,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,174,314
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,172
<NET-ASSETS> 9
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,172
<NET-CHANGE-FROM-OPS> 5,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,179,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 9
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.520
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 023
<NAME> DELAWARE TECHNOLOGY & INNOVATION FUND C CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 616,916
<INVESTMENTS-AT-VALUE> 622,088
<RECEIVABLES> 57,083
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,117,231
<TOTAL-ASSETS> 2,796,402
<PAYABLE-FOR-SECURITIES> 616,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 616,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,174,314
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,172
<NET-ASSETS> 9
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,172
<NET-CHANGE-FROM-OPS> 5,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,179,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 9
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.520
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 024
<NAME> DELAWARE TECHNOLOGY & INNOVATION FUND INSTITUTIONAL
CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 616,916
<INVESTMENTS-AT-VALUE> 622,088
<RECEIVABLES> 57,083
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,117,231
<TOTAL-ASSETS> 2,796,402
<PAYABLE-FOR-SECURITIES> 616,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 616,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,174,314
<SHARES-COMMON-STOCK> 235,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,172
<NET-ASSETS> 2,004,956
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,172
<NET-CHANGE-FROM-OPS> 5,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<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> 2,179,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,001,744
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.520
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 031
<NAME> DELAWARE AMERICAN SERVICES FUND A CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 830,651
<INVESTMENTS-AT-VALUE> 870,050
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,016,913
<TOTAL-ASSETS> 2,886,963
<PAYABLE-FOR-SECURITIES> 830,651
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 830,651
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,016,913
<SHARES-COMMON-STOCK> 1,954
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,399
<NET-ASSETS> 2,039,370
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 39,399
<NET-CHANGE-FROM-OPS> 39,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,995
<NUMBER-OF-SHARES-REDEEMED> 41
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,056,312
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 2,182
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.170
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.670
<EXPENSE-RATIO> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 032
<NAME> DELAWARE AMERICAN SERVICES FUND B CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 032
<NAME> DELAWARE AMERICAN SERVICES FUND C CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 034
<NAME> DELAWARE AMERICAN SERVICES FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 830,651
<INVESTMENTS-AT-VALUE> 870,050
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,016,913
<TOTAL-ASSETS> 2,886,963
<PAYABLE-FOR-SECURITIES> 830,651
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 830,651
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,016,913
<SHARES-COMMON-STOCK> 235,925
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,399
<NET-ASSETS> 2,039,370
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 39,399
<NET-CHANGE-FROM-OPS> 39,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<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> 2,056,312
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 2,022,381
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.170
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.670
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 041
<NAME> DELAWARE LARGE CAP GROWTH FUND A CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 259,177
<INVESTMENTS-AT-VALUE> 264,213
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,006,517
<TOTAL-ASSETS> 2,270,730
<PAYABLE-FOR-SECURITIES> 259,177
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 259,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,006,517
<SHARES-COMMON-STOCK> 765
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,036
<NET-ASSETS> 6,520
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,036
<NET-CHANGE-FROM-OPS> 5,036
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 765
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,001,553
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,636
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.520
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 042
<NAME> DELAWARE LARGE CAP GROWTH FUND B CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 043
<NAME> DELAWARE LARGE CAP GROWTH FUND C CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<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> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 259,177
<INVESTMENTS-AT-VALUE> 264,213
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,006,517
<TOTAL-ASSETS> 2,270,730
<PAYABLE-FOR-SECURITIES> 259,177
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 259,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,006,517
<SHARES-COMMON-STOCK> 235,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,036
<NET-ASSETS> 2,005,033
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 5,036
<NET-CHANGE-FROM-OPS> 5,036
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<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> 2,001,553
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,001,660
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.520
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 051
<NAME> DELAWARE RESEARCH FUND A CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,993,229
<INVESTMENTS-AT-VALUE> 2,007,978
<RECEIVABLES> 500
<ASSETS-OTHER> 2,000,017
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,008,495
<PAYABLE-FOR-SECURITIES> 1,993,230
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,993,230
<SENIOR-EQUITY> 20,005
<PAID-IN-CAPITAL-COMMON> 1,980,512
<SHARES-COMMON-STOCK> 60
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,749
<NET-ASSETS> 510
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 14,749
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 00
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,015,266
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 134
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.060
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.560
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 052
<NAME> DELAWARE RESEARCH FUND B CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 053
<NAME> DELAWARE RESEARCH FUND C CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000027937
<NAME> DELAWARE GROUP EQUITY FUNDS III
<SERIES>
<NUMBER> 054
<NAME> DELAWARE RESEARCH FUND INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> DEC-28-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,993,229
<INVESTMENTS-AT-VALUE> 2,007,978
<RECEIVABLES> 500
<ASSETS-OTHER> 2,000,017
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,008,495
<PAYABLE-FOR-SECURITIES> 1,993,230
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,993,230
<SENIOR-EQUITY> 20,005
<PAID-IN-CAPITAL-COMMON> 1,980,512
<SHARES-COMMON-STOCK> 235,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,749
<NET-ASSETS> 2,014,756
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 14,749
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 00
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,295
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,015,266
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,006,247
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.060
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.560
<EXPENSE-RATIO> 0.000
</TABLE>
