<PAGE>
Consent of Ernst & Young LLP, Independent Auditors
We consent to the references to our firm under the captions "Financial
Highlights" in the Prospectuses and "Financial Statements" in the Statement of
Additional Information and to the incorporation by reference in this
Post-Effective Amendment No. 61 to the Registration Statement (Form N-1A) (No.
2-28871) of Delaware Group Equity Funds III of our reports dated August 4, 2000,
included in the 2000 Annual Reports to shareholders.
/s/ Ernst & Young LLP
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Ernst & Young LLP
Philadelphia, Pennsylvania
August 25, 2000
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Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Group Equity Funds III - Delaware Trend Fund
We have audited the accompanying statement of net assets of Delaware Trend Fund
(the "Fund") as of June 30, 2000, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of the
periods indicated therein. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Delaware Trend Fund at June 30, 2000, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and its financial highlights for each of the periods
indicated therein, in conformity with accounting principles generally accepted
in the United States.
/s/ Ernst & Young LLP
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Ernst & Young LLP
Philadelphia, Pennsylvania
August 4, 2000
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Report of Independent Auditors
To the Shareholders and Board of Trustees
Delaware Group Equity Funds III - Technology and Innovation Fund
We have audited the accompanying statement of net assets of Delaware Technology
and Innovation Fund (the "Fund") as of June 30, 2000, and the related statement
of operations, statement of changes in net assets, and financial highlights for
the period December 29, 1999 (commencement of operations) through June 30, 2000.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Delaware Technology and Innovation Fund at June 30, 2000, and the results of its
operations, the changes in its net assets and its financial highlights for the
period December 29, 1999 (commencement of operations) through June 30, 2000, in
conformity with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
--------------------------------
Ernst & Young LLP
Philadelphia, Pennsylvania
August 4, 2000
<PAGE>
Report of Independent Auditors
To the Shareholders and Board of Trustees
Delaware Group Equity Funds III
We have audited the accompanying statements of net assets of Delaware Group
Equity Funds III (Delaware American Services Fund, Delaware Large Cap Fund, and
Delaware Research Fund) (the "Funds") as of June 30, 2000, and the related
statements of operations, statements of changes in net assets, and financial
highlights for the period December 29, 1999 (commencement of operations) through
June 30, 2000. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2000, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the above listed funds of Delaware Group Equity Funds III at June 30, 2000,
and the results of their operations, the changes in their net assets, and their
financial highlights for the period December 29, 1999 (commencement of
operations) through June 30, 2000, in conformity with accounting principles
generally accepted in the United States.
/s/ Ernst & Young LLP
--------------------------------
Ernst & Young LLP
Philadelphia, Pennsylvania
August 4, 2000
