<PAGE> PAGE 1
000 B000000 04/30/95
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 3
007 C010100 1
007 C020100 VOYAGEUR GROWTH STOCK FUND
007 C030100 N
007 C010200 2
007 C020200 VOYAGEUR AGGRESSIVE STOCK FUND
007 C030200 N
007 C010300 3
007 C020300 VOYAGEUR INTERNATIONAL EQUITY FUND
007 C030300 N
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
008 A00AA02 MURRAY JOHNSONE LIMITED (INTL FUND SERIES 3)
008 B00AA02 S
008 C00AA02 801-34926
008 D01AA02 GLASGOW
008 D05AA02 SCOTLAND
008 D06AA02 G1 2PX
008 A00AA03 GEORGE D BJURMAN (AGGR FUND SERIES 2)
<PAGE> PAGE 2
008 B00AA03 S
008 C00AA03 801-06776
008 D01AA03 LOS ANGELES
008 D02AA03 CA
008 D03AA03 90067
010 A00AA01 VOYAGEUR FUND DISTRIBUTORS
010 B00AA01 8-37934
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
011 A00AA01 VOYAGEUR FUND DISTRIBUTORS
011 B00AA01 8-37934
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
012 A00AA01 VOYAGEUR FUND MANAGERS
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
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019 A00AA00 Y
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019 C00AA00 VOYAGEURFU
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022 B000001 13-5674085
022 C000001 818
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<PAGE> PAGE 3
022 A000002 MORGAN STANLEY & COMPANY
022 B000002 13-2655998
022 C000002 931
022 D000002 2194
022 A000003 BEAR STEARNS & CO
022 B000003 13-4946705
022 C000003 1958
022 D000003 1038
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 739
022 D000004 687
022 A000005 GORDON HASKETT
022 B000005 06-1095324
022 C000005 844
022 D000005 0
022 A000006 INSTINET
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022 C000006 596
022 D000006 155
022 A000007 SMITH NEW COURT SECURITES
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022 A000009 BRIDGE TRADING
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022 C000009 110
022 D000009 97
022 A000010 S. G. WARBURG
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022 C000010 77
022 D000010 57
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE MARK NERUD
TITLE FUND ACCTG MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> VOYAGEUR AGGRESSIVE GROWTH FUND
<S> <C>
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<NET-INVESTMENT-INCOME> (19,985)
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