<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 22
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073 A010400 0.0000
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<PAGE> PAGE 23
075 A000400 0
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SIGNATURE MARK NERUD
TITLE FUND ACCTG MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
<NUMBER> 1
<NAME> VOYAGEUR GROWTH STOCK FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 20,163,899
<INVESTMENTS-AT-VALUE> 24,650,750
<RECEIVABLES> 42,451
<ASSETS-OTHER> 644,261
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,337,462
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,085
<TOTAL-LIABILITIES> 9,085
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,549,808
<SHARES-COMMON-STOCK> 1,133,590
<SHARES-COMMON-PRIOR> 1,188,057
<ACCUMULATED-NII-CURRENT> 94,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,197,009
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,486,861
<NET-ASSETS> 25,328,377
<DIVIDEND-INCOME> 272,323
<INTEREST-INCOME> 6,501
<OTHER-INCOME> 0
<EXPENSES-NET> 221,344
<NET-INVESTMENT-INCOME> 57,480
<REALIZED-GAINS-CURRENT> 1,254,702
<APPREC-INCREASE-CURRENT> 1,487,919
<NET-CHANGE-FROM-OPS> 2,800,101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 113,913
<NUMBER-OF-SHARES-REDEEMED> 168,380
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,676,973
<ACCUMULATED-NII-PRIOR> 37,219
<ACCUMULATED-GAINS-PRIOR> (57,694)
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<GROSS-EXPENSE> 228,109
<AVERAGE-NET-ASSETS> 24,347,333
<PER-SHARE-NAV-BEGIN> 19.91
<PER-SHARE-NII> .05
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
<NUMBER> 2
<NAME> VOYAGEUR AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 2,977,854
<INVESTMENTS-AT-VALUE> 3,402,859
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<TOTAL-ASSETS> 3,640,678
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,387
<TOTAL-LIABILITIES> 168,212
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,913,520
<SHARES-COMMON-STOCK> 284,374
<SHARES-COMMON-PRIOR> 222,795
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 11,666
<ACCUMULATED-NET-GAINS> 145,607
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 425,005
<NET-ASSETS> 3,472,466
<DIVIDEND-INCOME> 11,984
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 26,465
<NET-INVESTMENT-INCOME> (14,481)
<REALIZED-GAINS-CURRENT> 268,780
<APPREC-INCREASE-CURRENT> 160,851
<NET-CHANGE-FROM-OPS> 415,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84,069
<NUMBER-OF-SHARES-REDEEMED> 22,490
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,155,446
<ACCUMULATED-NII-PRIOR> 2,815
<ACCUMULATED-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 2,945,580
<PER-SHARE-NAV-BEGIN> 10.40
<PER-SHARE-NII> (.05)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
<NUMBER> 3
<NAME> VOYAGEUR INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 2,137,024
<INVESTMENTS-AT-VALUE> 2,057,225
<RECEIVABLES> 10,183
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<TOTAL-ASSETS> 2,231,943
<PAYABLE-FOR-SECURITIES> 25,176
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 46,449
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,270,249
<SHARES-COMMON-STOCK> 234,940
<SHARES-COMMON-PRIOR> 215,404
<ACCUMULATED-NII-CURRENT> 8,775
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13,965)
<ACCUM-APPREC-OR-DEPREC> (79,565)
<NET-ASSETS> 2,185,494
<DIVIDEND-INCOME> 26,367
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 21,733
<NET-INVESTMENT-INCOME> 4,634
<REALIZED-GAINS-CURRENT> 46,809
<APPREC-INCREASE-CURRENT> (80,436)
<NET-CHANGE-FROM-OPS> (28,993)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,761
<NUMBER-OF-SHARES-REDEEMED> 14,225
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 156,544
<ACCUMULATED-NII-PRIOR> 4,141
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 60,774
<GROSS-ADVISORY-FEES> 10,825
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,564
<AVERAGE-NET-ASSETS> 2,148,480
<PER-SHARE-NAV-BEGIN> 9.42
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
<NUMBER> 4
<NAME> VOYAGEUR GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> SEP-07-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 2,130,964
<INVESTMENTS-AT-VALUE> 2,104,340
<RECEIVABLES> 98
<ASSETS-OTHER> 463,242
<OTHER-ITEMS-ASSETS> 30,841
<TOTAL-ASSETS> 2,598,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,484
<TOTAL-LIABILITIES> 31,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,594,019
<SHARES-COMMON-STOCK> 259,525
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (358)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (26,624)
<NET-ASSETS> 2,567,037
<DIVIDEND-INCOME> 862
<INTEREST-INCOME> 3,426
<OTHER-INCOME> 0
<EXPENSES-NET> 4,646
<NET-INVESTMENT-INCOME> (358)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (26,624)
<NET-CHANGE-FROM-OPS> (26,982)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 263,011
<NUMBER-OF-SHARES-REDEEMED> 3,486
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,567,037
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,948
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,182
<AVERAGE-NET-ASSETS> 1,768,319
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT 77Q1(e)
VOYAGEUR GROWTH STOCK FUND
a Series of
VOYAGEUR MUTUAL FUNDS III, INC.
An Annual meeting of the Growth Stock Fund shareholders was held on August
18, 1995. The Fund's shareholders approved an amended Investment Advisory
Agreement between the Fund and Voyageur Fund Managers, Inc.
Pursuant to Sub-Item 77Q.1(e) of Form NSAR, the Amended Investment Advisory
Agreement, effective September 1, 1995, was filed as Exhibit No. 5.1 to Post
Effective Amendment No.25 to Form N-1A of Voyageur Mutual Funds III, Inc., on
September 1, 1995, File Nos. 2-95928 and 811-4547, and is incorporated herein by
reference.
