<PAGE> PAGE 1
000 B000000 04/30/94
000 C000000 763749
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 VOYAGEUR MUTUAL FUNDS III
001 B000000 811-4547
001 C000000 6123767129
002 A000000 90 SOUTH SEVENTH STREET #4400
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 VOYAGEUR GROWTH STOCK FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 VOYAGEUR FUND MANAGERS
008 B00AA01 A
008 C00AA01 801-20432
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
010 A00AA01 VOYAGEUR FUND DISTRIBUTERS
010 B00AA01 8-37934
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
011 A00AA01 VOYAGEUR FUND DISTRIBUTERS
011 B00AA01 8-37934
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
012 A00AA01 VOYAGEUR FUND MANAGERS
<PAGE> PAGE 2
012 B00AA01 84-01744
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 DOUGHERTY DAWKINS STRAND & BIGELOW
014 B00AA01 8-21885
015 A00AA01 NORWEST BANK, N.A.
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55402
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 28
019 C00AA00 VOYAGEURFU
020 A000001 PIPER JAFFRAY & HOPWOOD
020 B000001 41-0953246
020 C000001 9
020 A000002 KIDDER-PEABODY
020 B000002 13-5650440
020 C000002 6
020 A000003 FIRST NATIONAL BANK BOSTON
020 B000003 04-2472499
020 C000003 5
020 A000004 BEAR STEARNS & CO
020 B000004 13-4946705
020 C000004 5
020 A000005 GOLDMAN SACHS & CO
020 B000005 13-5108880
020 C000005 3
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 2
020 A000007 STANDARD & POORS
020 B000007 13-2671951
020 C000007 2
020 A000008 ROBERT BAIRD & CO
020 B000008 39-6027917
020 C000008 1
020 A000009 DAIN BOSWORTH INC
020 B000009 41-0212020
020 C000009 1
020 A000010 DONALDSON JUFKIN & JENRETTE
020 B000010 13-2741729
020 C000010 1
021 000000 35
<PAGE> PAGE 3
022 A000001 FIRST NATIONAL BANK BOSTON
022 B000001 04-2472499
022 C000001 976
022 D000001 4124
022 A000002 PIPER JAFFRAY & HOPWOOD
022 B000002 41-0953246
022 C000002 2341
022 D000002 1280
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 3573
022 D000003 0
022 A000004 KIDDER-PEABODY
022 B000004 13-5650440
022 C000004 1170
022 D000004 2167
022 A000005 NATWEST BANK
022 B000005 11-0773597
022 C000005 1477
022 D000005 1185
022 A000006 BEAR STEARNS & CO
022 B000006 13-4946705
022 C000006 2164
022 D000006 0
022 A000007 GOLDMAN SACHS & CO
022 B000007 13-5108880
022 C000007 965
022 D000007 645
022 A000008 ROBERT BAIRD & CO
022 B000008 39-6027917
022 C000008 1449
022 D000008 0
022 A000009 STANDARD & POORS
022 B000009 13-2671951
022 C000009 273
022 D000009 1031
022 A000010 CARROLL MCENTEE
022 B000010 13-2650272
022 C000010 984
022 D000010 296
023 C000000 17140
023 D000000 15285
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<PAGE> PAGE 4
025 D00AA09 0
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025 D00AA11 0
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025 D00AA18 0
025 D00AA19 0
025 D00AA20 0
025 D00AA21 0
025 D00AA22 0
025 D00AA23 0
025 D00AA24 0
026 A000000 N
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026 G010000 N
026 G020000 N
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028 E04AA00 1221
028 F01AA00 400
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028 F04AA00 672
028 G01AA00 3619
<PAGE> PAGE 5
028 G02AA00 374
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028 G04AA00 6881
028 H00AA00 1021
029 00AA00 Y
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030 B00AA00 4.75
030 C00AA00 0.25
031 A00AA00 14
031 B00AA00 0
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033 00AA00 0
034 00AA00 N
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036 B00AA00 0
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045 00AA00 Y
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047 00AA00 Y
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048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
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048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
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<PAGE> PAGE 6
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
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058 B00AA00 N
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058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
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061 00AA00 1000
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062 F00AA00 0.0
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062 H00AA00 0.0
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062 K00AA00 0.0
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<PAGE> PAGE 7
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
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067 00AA00 N
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068 B00AA00 N
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070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
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070 J02AA00 N
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070 N01AA00 N
070 N02AA00 N
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070 O02AA00 N
070 P01AA00 N
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<PAGE> PAGE 8
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
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071 B00AA00 9443
071 C00AA00 27654
071 D00AA00 34
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073 A01AA00 0.0600
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<PAGE> PAGE 9
074 G00AA00 0
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074 U01AA00 1628
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074 V02AA00 0.00
074 W00AA00 0.0000
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077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
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080 A00AA00 RELIANCE NATIONAL
080 C00AA00 10425
081 A00AA00 Y
081 B00AA00 25
<PAGE> PAGE 10
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
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085 A00AA00 Y
085 B00AA00 N
086 A010000 0
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086 C020000 0
086 D010000 0
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SIGNATURE MARK NERUD
TITLE FUND ACCTG MANAGER
