VOYAGEUR MUTUAL FUNDS III INC /MN/
NSAR-A, 1999-12-23
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<PAGE>      PAGE  1
000 A000000 10/31/1999
000 C000000 0000763749
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 VOYAGEUR MUTUAL FUNDS III, INC.
001 B000000 811-4547
001 C000000 2152552127
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
002 C000000 PA
002 D010000 19103
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 DELAWARE GROWTH STOCK FUND
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 DELAWARE SELECT GROWTH FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C020500 DELAWARE TAX-EFFICIENT EQUITY FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
020 A000001 SMITH BARNEY INCORPORATED
020 B000001 13-1912900
020 C000001    840
020 A000002 MERRILL LYNCH PIERCE
020 B000002 13-5674085
020 C000002    786
020 A000003 MORGAN STANLEY AND CO., INC.
020 B000003 13-2655998
020 C000003    643
020 A000004 ALEX BROWN AND SONS
020 B000004 52-1319768
020 C000004    539
020 A000005 NOMURA SECURITIES
<PAGE>      PAGE  2
020 B000005 13-2642206
020 C000005    509
020 A000006 CREDIT SWISSE FIRST BOSTON
020 B000006 13-5654859
020 C000006    504
020 A000007 BEAR STEARNS AND CO.
020 B000007 13-3299429
020 C000007    410
020 A000008 DONALDSON LUFKIN JENRETTE
020 B000008 13-2741729
020 C000008    404
020 A000009 ALPHA MANAGEMENT
020 C000009    336
020 A000010 LEHMAN BROTHERS, INC.
020 B000010 13-2518466
020 C000010    320
021  000000     5921
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001   3833751
022 D000001    175424
022 A000002 MORGAN GUARANTY
022 C000002   2933394
022 D000002     90860
022 A000003 GOLDMAN SACH & CO.
022 B000003 13-5108880
022 C000003   2605481
022 D000003    225722
022 A000004 LUMMIS AND CO.
022 C000004   2639638
022 D000004         0
022 A000005 CREDIT SWISSE FIRST BOSTON
022 B000005 13-5659485
022 C000005   2358554
022 D000005    184602
022 A000006 MORGAN STANLEY AND CO., INC.
022 B000006 13-2655998
022 C000006   1619537
022 D000006    238864
022 A000007 MERRILL LYNCH PIERCE
022 B000007 13-5674085
022 C000007   1452484
022 D000007    184888
022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
022 C000008    392722
022 D000008    382570
022 A000009 SPEAR LEEDS AND KELLOG
022 B000009 13-5515160
022 C000009    214048
022 D000009    305020
<PAGE>      PAGE  3
022 A000010 DONALDSON LUFKIN JENRETTE
022 B000010 13-2741729
022 C000010    226436
022 D000010    195684
023 C000000   18276045
023 D000000    1983634
024  00AA00 N
027  000000 Y
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<PAGE>      PAGE  4
042 E000100   0
042 F000100   0
042 G000100   0
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062 Q000100   0.0
062 R000100   0.0
070 A010100 Y
070 A020100 Y
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070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
<PAGE>      PAGE  5
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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<PAGE>      PAGE  6
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028 A010300     32777
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<PAGE>      PAGE  7
028 E040300      8311
028 F010300     85029
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028 F030300         0
028 F040300     12885
028 G010300    344073
028 G020300     10434
028 G030300         0
028 G040300     51308
028 H000300    130711
029  000300 Y
030 A000300   2144
030 B000300  5.75
030 C000300  0.00
031 A000300    284
031 B000300      0
032  000300   1860
033  000300      0
042 A000300   0
042 B000300   0
042 C000300 100
042 D000300   0
042 E000300   0
042 F000300   0
042 G000300   0
042 H000300   0
043  000300   1331
044  000300      0
062 A000300 N
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
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062 L000300   0.0
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062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
<PAGE>      PAGE  8
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300    706959
071 B000300    400677
071 C000300    393537
071 D000300  202
072 A000300  6
072 B000300     1196
072 C000300      385
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<PAGE>      PAGE  9
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072 W000300        3
072 X000300     3464
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072 Z000300    -1883
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072BB000300        0
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072CC020300        0
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072DD020300        0
072EE000300    10881
073 A010300   0.0000
073 A020300   0.0000
073 B000300   0.8290
073 C000300   0.0000
074 A000300       51
074 B000300    43259
074 C000300        0
074 D000300        0
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074 F000300   647680
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074 J000300        0
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074 L000300        0
074 M000300    37428
074 N000300   728418
074 O000300    66049
074 P000300        0
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074 R010300        0
074 R020300        0
074 R030300        0
074 R040300      990
074 S000300        0
074 T000300   661379
074 U010300    22836
074 U020300        0
074 V010300    28.90
074 V020300     0.00
074 W000300   0.0000
074 X000300       51
074 Y000300        0
<PAGE>      PAGE  10
075 A000300        0
075 B000300   431043
076  000300     0.00
028 A010500      4014
028 A020500         0
028 A030500         0
028 A040500       966
028 B010500      3873
028 B020500         0
028 B030500         0
028 B040500      1124
028 C010500      3945
028 C020500         0
028 C030500         0
028 C040500       832
028 D010500      2455
028 D020500         0
028 D030500         0
028 D040500      1820
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028 E020500         0
028 E030500         0
028 E040500      2908
028 F010500      2244
028 F020500         0
028 F030500         0
028 F040500      4588
028 G010500     18816
028 G020500         0
028 G030500         0
028 G040500     12238
028 H000500      5655
029  000500 Y
030 A000500    137
030 B000500  6.12
030 C000500  5.75
031 A000500    116
031 B000500      0
032  000500     21
033  000500      0
042 A000500   0
042 B000500   0
042 C000500 100
042 D000500   0
042 E000500   0
042 F000500   0
042 G000500   0
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043  000500    316
044  000500      0
062 A000500 N
<PAGE>      PAGE  11
062 B000500   0.0
062 C000500   0.0
062 D000500   0.0
062 E000500   0.0
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062 O000500   0.0
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070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
<PAGE>      PAGE  12
070 R010500 N
070 R020500 N
071 A000500     52379
071 B000500     40851
071 C000500     86965
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072 C000500      499
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072EE000500        0
073 A010500   0.0000
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073 B000500   0.0000
073 C000500   0.0000
074 A000500        2
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<PAGE>      PAGE  13
074 I000500        0
074 J000500     2235
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076  000500     0.00
SIGNATURE   KENNETH E. CROCKETT, SR.
TITLE       BLUE SKY ADMIN.



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 011
   <NAME> DELAWARE GROWTH STOCK FUND A CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                       42,165,346
<INVESTMENTS-AT-VALUE>                      53,932,190
<RECEIVABLES>                                1,980,239
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         (959,831)
<TOTAL-ASSETS>                              54,952,598
<PAYABLE-FOR-SECURITIES>                     1,810,913
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      117,725
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    37,245,521
<SHARES-COMMON-STOCK>                        1,458,669
<SHARES-COMMON-PRIOR>                        1,393,208
<ACCUMULATED-NII-CURRENT>                      196,862
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      3,814,734
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    11,766,844
<NET-ASSETS>                                43,863,862
<DIVIDEND-INCOME>                               66,530
<INTEREST-INCOME>                              512,441
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 383,095
<NET-INVESTMENT-INCOME>                        195,876
<REALIZED-GAINS-CURRENT>                     3,817,493
<APPREC-INCREASE-CURRENT>                  (4,486,001)
<NET-CHANGE-FROM-OPS>                        (472,632)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       78,227
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        107,600
<NUMBER-OF-SHARES-REDEEMED>                    137,731
<SHARES-REINVESTED>                             95,592
<NET-CHANGE-IN-ASSETS>                       (265,685)
<ACCUMULATED-NII-PRIOR>                         87,104
<ACCUMULATED-GAINS-PRIOR>                    3,642,518
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          174,438
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                383,095
<AVERAGE-NET-ASSETS>                        45,023,186
<PER-SHARE-NAV-BEGIN>                           32.550
<PER-SHARE-NII>                                 (.313)
<PER-SHARE-GAIN-APPREC>                           .127
<PER-SHARE-DIVIDEND>                              .057
<PER-SHARE-DISTRIBUTIONS>                        2.237
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             30.070
<EXPENSE-RATIO>                                  1.330



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 012
   <NAME> DELAWARE GROWTH STOCK FUND B CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                       42,165,346
<INVESTMENTS-AT-VALUE>                      53,932,190
<RECEIVABLES>                                1,980,239
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         (959,831)
<TOTAL-ASSETS>                              54,952,598
<PAYABLE-FOR-SECURITIES>                     1,810,913
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      117,725
<TOTAL-LIABILITIES>                          1,928,637
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    37,245,521
<SHARES-COMMON-STOCK>                          191,220
<SHARES-COMMON-PRIOR>                          140,997
<ACCUMULATED-NII-CURRENT>                      196,862
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      3,814,734
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    11,766,844
<NET-ASSETS>                                 5,561,089
<DIVIDEND-INCOME>                               66,530
<INTEREST-INCOME>                              512,441
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 383,095
<NET-INVESTMENT-INCOME>                        195,876
<REALIZED-GAINS-CURRENT>                     3,817,493
<APPREC-INCREASE-CURRENT>                  (4,486,001)
<NET-CHANGE-FROM-OPS>                        (472,632)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         56,521
<NUMBER-OF-SHARES-REDEEMED>                     16,278
<SHARES-REINVESTED>                              9,980
<NET-CHANGE-IN-ASSETS>                       (265,685)
<ACCUMULATED-NII-PRIOR>                         87,104
<ACCUMULATED-GAINS-PRIOR>                    3,642,518
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          174,438
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                383,095
<AVERAGE-NET-ASSETS>                         4,938,643
<PER-SHARE-NAV-BEGIN>                           31.610
<PER-SHARE-NII>                                 (.335)
<PER-SHARE-GAIN-APPREC>                           .042
<PER-SHARE-DIVIDEND>                              .000
<PER-SHARE-DISTRIBUTIONS>                        2.237
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             29.080
<EXPENSE-RATIO>                                  2.080



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 013
   <NAME> DELAWARE GROWTH STOCK FUND C CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                       42,165,346
<INVESTMENTS-AT-VALUE>                      53,932,190
<RECEIVABLES>                                1,980,239
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         (959,831)
<TOTAL-ASSETS>                              54,952,598
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      117,725
<TOTAL-LIABILITIES>                          1,928,637
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    37,245,521
<SHARES-COMMON-STOCK>                           58,635
<SHARES-COMMON-PRIOR>                           51,620
<ACCUMULATED-NII-CURRENT>                      196,862
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      3,814,734
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    11,766,844
<NET-ASSETS>                                 1,705,030
<DIVIDEND-INCOME>                               66,530
<INTEREST-INCOME>                              512,441
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 383,095
<NET-INVESTMENT-INCOME>                        195,876
<REALIZED-GAINS-CURRENT>                     3,817,493
<APPREC-INCREASE-CURRENT>                  (4,486,001)
<NET-CHANGE-FROM-OPS>                        (472,632)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         10,969
<NUMBER-OF-SHARES-REDEEMED>                      7,891
<SHARES-REINVESTED>                              3,938
<NET-CHANGE-IN-ASSETS>                       (265,685)
<ACCUMULATED-NII-PRIOR>                         87,104
<ACCUMULATED-GAINS-PRIOR>                    3,642,518
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          174,438
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                383,095
<AVERAGE-NET-ASSETS>                         1,740,765
<PER-SHARE-NAV-BEGIN>                           31.600
<PER-SHARE-NII>                                 (.315)
<PER-SHARE-GAIN-APPREC>                           .032
<PER-SHARE-DIVIDEND>                              .000
<PER-SHARE-DISTRIBUTIONS>                        2.237
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             29.080
<EXPENSE-RATIO>                                  2.080



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 014
   <NAME> DELAWARE GROWTH STOCK FUND INSTITUTIONAL CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                       42,165,346
<INVESTMENTS-AT-VALUE>                      53,932,190
<RECEIVABLES>                                1,980,239
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         (959,831)
<TOTAL-ASSETS>                              54,952,598
<PAYABLE-FOR-SECURITIES>                     1,810,913
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      117,725
<TOTAL-LIABILITIES>                          1,928,637
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    37,245,521
<SHARES-COMMON-STOCK>                           62,450
<SHARES-COMMON-PRIOR>                           56,627
<ACCUMULATED-NII-CURRENT>                      196,862
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      3,814,734
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    11,766,844
<NET-ASSETS>                                 1,893,980
<DIVIDEND-INCOME>                               66,530
<INTEREST-INCOME>                              512,441
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 383,095
<NET-INVESTMENT-INCOME>                        195,876
<REALIZED-GAINS-CURRENT>                     3,817,493
<APPREC-INCREASE-CURRENT>                  (4,486,001)
<NET-CHANGE-FROM-OPS>                        (472,632)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        7,891
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         15,525
<NUMBER-OF-SHARES-REDEEMED>                     14,094
<SHARES-REINVESTED>                              4,392
<NET-CHANGE-IN-ASSETS>                       (265,685)
<ACCUMULATED-NII-PRIOR>                         87,104
<ACCUMULATED-GAINS-PRIOR>                    3,642,518
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          174,438
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                383,095
<AVERAGE-NET-ASSETS>                         1,987,919
<PER-SHARE-NAV-BEGIN>                           32.840
<PER-SHARE-NII>                                 (.308)
<PER-SHARE-GAIN-APPREC>                           .017
<PER-SHARE-DIVIDEND>                              .135
<PER-SHARE-DISTRIBUTIONS>                        2.237
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             30.330
<EXPENSE-RATIO>                                  1.080



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 031
   <NAME> DELAWARE SELECT GROWTH FUND A CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                      587,939,232
<INVESTMENTS-AT-VALUE>                     690,939,232
<RECEIVABLES>                               37,427,791
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            51,426
<TOTAL-ASSETS>                             728,418,449
<PAYABLE-FOR-SECURITIES>                    66,049,338
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      990,421
<TOTAL-LIABILITIES>                          67,03,759
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   538,505,114
<SHARES-COMMON-STOCK>                        9,109,271
<SHARES-COMMON-PRIOR>                        5,242,870
<ACCUMULATED-NII-CURRENT>                  (1,882,435)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     21,356,883
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   103,399,128
<NET-ASSETS>                               270,315,737
<DIVIDEND-INCOME>                              385,328
<INTEREST-INCOME>                            1,196,127
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,463,890
<NET-INVESTMENT-INCOME>                    (1,882,435)
<REALIZED-GAINS-CURRENT>                    22,200,772
<APPREC-INCREASE-CURRENT>                   59,605,741
<NET-CHANGE-FROM-OPS>                       79,924,078
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     4,827,987
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,813,831
<NUMBER-OF-SHARES-REDEEMED>                  1,123,457
<SHARES-REINVESTED>                            176,027
<NET-CHANGE-IN-ASSETS>                     372,242,668
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   10,037,297
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,539,089
<INTEREST-EXPENSE>                               1,379
<GROSS-EXPENSE>                              3,463,890
<AVERAGE-NET-ASSETS>                       188,385,077
<PER-SHARE-NAV-BEGIN>                           25.910
<PER-SHARE-NII>                                 (.004)
<PER-SHARE-GAIN-APPREC>                          4.593
<PER-SHARE-DIVIDEND>                              .000
<PER-SHARE-DISTRIBUTIONS>                         .829
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             29.670
<EXPENSE-RATIO>                                  1.210



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 032
   <NAME> DELAWARE SELECT GROWTH FUND B CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                      587,939,232
<INVESTMENTS-AT-VALUE>                     690,939,232
<RECEIVABLES>                               37,427,791
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            51,426
<TOTAL-ASSETS>                             728,418,449
<PAYABLE-FOR-SECURITIES>                    66,049,338
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      990,421
<TOTAL-LIABILITIES>                          67,03,759
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   538,505,114
<SHARES-COMMON-STOCK>                        9,485,337
<SHARES-COMMON-PRIOR>                        4,133,364
<ACCUMULATED-NII-CURRENT>                  (1,882,435)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     21,356,883
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   103,399,128
<NET-ASSETS>                               270,111,007
<DIVIDEND-INCOME>                              385,328
<INTEREST-INCOME>                            1,196,127
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,463,890
<NET-INVESTMENT-INCOME>                    (1,882,435)
<REALIZED-GAINS-CURRENT>                    22,200,772
<APPREC-INCREASE-CURRENT>                   59,605,741
<NET-CHANGE-FROM-OPS>                       79,924,078
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     4,108,837
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,539,017
<NUMBER-OF-SHARES-REDEEMED>                    342,224
<SHARES-REINVESTED>                            155,180
<NET-CHANGE-IN-ASSETS>                     372,242,668
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   10,037,297
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,539,089
<INTEREST-EXPENSE>                               1,379
<GROSS-EXPENSE>                              3,463,890
<AVERAGE-NET-ASSETS>                       165,723,981
<PER-SHARE-NAV-BEGIN>                           24.990
<PER-SHARE-NII>                                 (.004)
<PER-SHARE-GAIN-APPREC>                          4.323
<PER-SHARE-DIVIDEND>                              .000
<PER-SHARE-DISTRIBUTIONS>                         .829
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             28.480
<EXPENSE-RATIO>                                  1.960



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 033
   <NAME> DELAWARE SELECT GROWTH FUND C CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                      587,939,232
<INVESTMENTS-AT-VALUE>                     690,939,232
<RECEIVABLES>                               37,427,791
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            51,426
<TOTAL-ASSETS>                             728,418,449
<PAYABLE-FOR-SECURITIES>                    66,049,338
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      990,421
<TOTAL-LIABILITIES>                          67,03,759
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   538,505,114
<SHARES-COMMON-STOCK>                        3,389,411
<SHARES-COMMON-PRIOR>                        1,303,157
<ACCUMULATED-NII-CURRENT>                  (1,882,435)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     21,356,883
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   103,399,128
<NET-ASSETS>                                95,502,650
<DIVIDEND-INCOME>                              385,328
<INTEREST-INCOME>                            1,196,127
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,463,890
<NET-INVESTMENT-INCOME>                    (1,882,435)
<REALIZED-GAINS-CURRENT>                    22,200,772
<APPREC-INCREASE-CURRENT>                   59,605,741
<NET-CHANGE-FROM-OPS>                       79,924,078
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     1,338,981
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,179,370
<NUMBER-OF-SHARES-REDEEMED>                    144,199
<SHARES-REINVESTED>                             51,083
<NET-CHANGE-IN-ASSETS>                     372,242,668
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   10,037,297
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,539,089
<INTEREST-EXPENSE>                               1,379
<GROSS-EXPENSE>                              3,463,890
<AVERAGE-NET-ASSETS>                        55,661,985
<PER-SHARE-NAV-BEGIN>                           24.740
<PER-SHARE-NII>                                 (.004)
<PER-SHARE-GAIN-APPREC>                          4.273
<PER-SHARE-DIVIDEND>                              .000
<PER-SHARE-DISTRIBUTIONS>                         .829
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             28.180
<EXPENSE-RATIO>                                  1.960



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 034
   <NAME> DELAWARE SELECT GROWTH FUND INSTITUTIONAL CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                      587,939,232
<INVESTMENTS-AT-VALUE>                     690,939,232
<RECEIVABLES>                               37,427,791
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            51,426
<TOTAL-ASSETS>                             728,418,449
<PAYABLE-FOR-SECURITIES>                    66,049,338
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      990,421
<TOTAL-LIABILITIES>                          67,03,759
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   538,505,114
<SHARES-COMMON-STOCK>                          851,531
<SHARES-COMMON-PRIOR>                          680,572
<ACCUMULATED-NII-CURRENT>                  (1,882,435)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     21,356,883
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   103,399,128
<NET-ASSETS>                                25,449,296
<DIVIDEND-INCOME>                              385,328
<INTEREST-INCOME>                            1,196,127
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               3,463,890
<NET-INVESTMENT-INCOME>                    (1,882,435)
<REALIZED-GAINS-CURRENT>                    22,200,772
<APPREC-INCREASE-CURRENT>                   59,605,741
<NET-CHANGE-FROM-OPS>                       79,924,078
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       605,381
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        457,853
<NUMBER-OF-SHARES-REDEEMED>                    309,790
<SHARES-REINVESTED>                             22,896
<NET-CHANGE-IN-ASSETS>                     372,242,668
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   10,037,297
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,539,089
<INTEREST-EXPENSE>                               1,379
<GROSS-EXPENSE>                              3,463,890
<AVERAGE-NET-ASSETS>                        21,271,777
<PER-SHARE-NAV-BEGIN>                           26.060
<PER-SHARE-NII>                                 (.001)
<PER-SHARE-GAIN-APPREC>                          4.660
<PER-SHARE-DIVIDEND>                              .000
<PER-SHARE-DISTRIBUTIONS>                         .829
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                             28.890
<EXPENSE-RATIO>                                   .960



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 051
   <NAME> DELAWARE TAX-EFFICIENT EQUITY FUND A CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                       80,792,136
<INVESTMENTS-AT-VALUE>                      87,880,124
<RECEIVABLES>                                2,625,081
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              90,505,205
<PAYABLE-FOR-SECURITIES>                       946,259
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      689,559
<TOTAL-LIABILITIES>                          1,635,818
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    89,202,921
<SHARES-COMMON-STOCK>                        3,406,470
<SHARES-COMMON-PRIOR>                        3,383,873
<ACCUMULATED-NII-CURRENT>                    (172,668)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (7,248,854)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     7,087,988
<NET-ASSETS>                                37,055,737
<DIVIDEND-INCOME>                              498,954
<INTEREST-INCOME>                              123,442
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 795,064
<NET-INVESTMENT-INCOME>                      (172,668)
<REALIZED-GAINS-CURRENT>                   (3,904,998)
<APPREC-INCREASE-CURRENT>                  (3,314,175)
<NET-CHANGE-FROM-OPS>                      (7,391,841)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,654,659
<NUMBER-OF-SHARES-REDEEMED>                  5,657,457
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (812,810)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                  (3,343,856)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          348,230
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                797,150
<AVERAGE-NET-ASSETS>                        39,903,132
<PER-SHARE-NAV-BEGIN>                           11.790
<PER-SHARE-NII>                                  0.003
<PER-SHARE-GAIN-APPREC>                        (0.843)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             10.950
<EXPENSE-RATIO>                                  1.450


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 052
   <NAME> DELAWARE TAX-EFFICIENT EQUITY FUND B CLASS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                       80,792,136
<INVESTMENTS-AT-VALUE>                      87,880,124
<RECEIVABLES>                                2,625,081
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              90,505,205
<PAYABLE-FOR-SECURITIES>                       946,259
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      689,559
<TOTAL-LIABILITIES>                          1,635,818
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    89,202,921
<SHARES-COMMON-STOCK>                        3,280,263
<SHARES-COMMON-PRIOR>                        3,724,282
<ACCUMULATED-NII-CURRENT>                    (172,668)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (7,248,854)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     7,087,988
<NET-ASSETS>                                40,153,869
<DIVIDEND-INCOME>                              498,954
<INTEREST-INCOME>                              123,442
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 795,064
<NET-INVESTMENT-INCOME>                      (172,668)
<REALIZED-GAINS-CURRENT>                   (3,904,998)
<APPREC-INCREASE-CURRENT>                  (3,314,175)
<NET-CHANGE-FROM-OPS>                      (7,391,841)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      9,744,162
<NUMBER-OF-SHARES-REDEEMED>                  4,514,837
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (812,810)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                  (3,343,856)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          348,230
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                797,150
<AVERAGE-NET-ASSETS>                        40,735,803
<PER-SHARE-NAV-BEGIN>                           11.650
<PER-SHARE-NII>                                (0.039)
<PER-SHARE-GAIN-APPREC>                        (0.831)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             10.780
<EXPENSE-RATIO>                                  2.200


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 053
   <NAME> DELAWARE TAX-EFFICIENT EQUITY FUND C CLASS

<S>                             <C>
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000763749
<NAME> VOYAGEUR MUTUAL FUNDS III, INC.
<SERIES>
   <NUMBER> 054
   <NAME> DELAWARE TAX-EFFICIENT EQUITY FUND INSTITUTIONAL
CLASS

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