<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> 12-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 5,934,241
<INVESTMENTS-AT-VALUE> 5,836,402
<RECEIVABLES> 12,533
<ASSETS-OTHER> 2,679
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,851,614
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,725
<TOTAL-LIABILITIES> 32,725
<SENIOR-EQUITY> 6,126,145
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 662,966
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 205,148
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (414,565)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (97,839)
<NET-ASSETS> 5,473,102
<DIVIDEND-INCOME> 221,975
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<OTHER-INCOME> 0
<EXPENSES-NET> 20,393
<NET-INVESTMENT-INCOME> 205,148
<REALIZED-GAINS-CURRENT> (414,565)
<APPREC-INCREASE-CURRENT> (97,839)
<NET-CHANGE-FROM-OPS> (307,256)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 919,106
<NUMBER-OF-SHARES-REDEEMED> 256,140
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,818,889
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 5,105,939
<PER-SHARE-NAV-BEGIN> 8.500
<PER-SHARE-NII> 0.394
<PER-SHARE-GAIN-APPREC> (0.634)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.260
<EXPENSE-RATIO> 0.750
</TABLE>
