UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                                  FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                             INVESTMENT COMPANIES


Investment Company Act File Number:       811-4547

Exact Name of Registrant as
Specified in Charter:                     Voyageur Mutual Funds III

Address of principal executive offices:   2005 Market Street
                                          Philadelphia, PA 19103

Name and address of agent for service:    Richelle S. Maestro
                                          2005 Market Street
                                          Philadelphia, PA 19103

Registrant's telephone number:            (800) 523-1918

Date of fiscal year end:                  April 30

Date of reporting period:                 July 1, 2004 - June 30, 2005

================================================================================
ITEM 1. PROXY VOTING RECORD.
================================================================================
========================= DELAWARE SELECT GROWTH FUND ==========================


ACCENTURE LTD BERMUDA

Ticker:       ACN            Security ID:  G1150G111
Meeting Date: FEB 2, 2005    Meeting Type: Annual
Record Date:  DEC 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joe W. Forehand           For       For        Management
1.2   Elect  Director Blythe J. Mcgarvie        For       For        Management
1.3   Elect  Director Sir Mark Moody-Stuart     For       For        Management
2     Approval Of Bye-Law Amendments To         For       For        Management
      Relocate Into The Bye-Laws Existing
      Contractual Restrictions Applicable To
      Class A Common Shares Of Partners And
      Former Partners Beneficially Owned By
      Them Prior To Accenture S Initial Public
      Offering.
3     Ratify Auditors                           For       For        Management


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AFFILIATED MANAGERS GROUP, INC.

Ticker:       AMG            Security ID:  008252108
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Richard Floor              For       Withhold   Management
1.2   Elect Director Sean M. Healey             For       Withhold   Management
1.3   Elect Director Harold J. Meyerman         For       For        Management
1.4   Elect Director William  J. Nutt           For       Withhold   Management
1.5   Elect Director Robert C. Puff, Jr.        For       For        Management
1.6   Elect Director Rita M. Rodriguez          For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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AMDOCS LIMITED

Ticker:       DOX            Security ID:  G02602103
Meeting Date: JAN 20, 2005   Meeting Type: Annual
Record Date:  NOV 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bruce K. Anderson         For       For        Management
1.2   Elect  Director Adrian Gardner            For       For        Management
1.3   Elect  Director Dov Baharav               For       For        Management
1.4   Elect  Director Julian A. Brodsky         For       For        Management
1.5   Elect  Director Charles E. Foster         For       For        Management
1.6   Elect  Director Eli Gelman                For       For        Management
1.7   Elect  Director James S. Kahan            For       For        Management
1.8   Elect  Director Nehemia Lemelbaum         For       For        Management
1.9   Elect  Director John T. Mclennan          For       For        Management
1.10  Elect  Director Robert A. Minicucci       For       For        Management
1.11  Elect  Director Simon Olswang             For       For        Management
1.12  Elect  Director Mario Segal               For       For        Management
2     Approval Of Consolidated Financial        For       For        Management
      Statements For Fiscal Year 2004.
3     Ratification And Approval Of Ernst &      For       For        Management
      Young Llp And Authorization Of Audit
      Committee Of Board To Fix Remuneration.


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AMERITRADE HOLDINGS CORP.

Ticker:       AMTD           Security ID:  03074K100
Meeting Date: FEB 16, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director J. Joe  Ricketts           For       For        Management
1.2   Elect Director Dan W. Cook III            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       Against    Management


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ANALOG DEVICES, INC.

Ticker:       ADI            Security ID:  032654105
Meeting Date: MAR 8, 2005    Meeting Type: Annual
Record Date:  JAN 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John L. Doyle             For       For        Management
1.2   Elect  Director Christine King            For       For        Management
1.3   Elect  Director Ray Stata                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   For        Shareholder


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ANIMAS CORP.

Ticker:       PUMP           Security ID:  03525Y105
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Graeme Crothall           For       Withhold   Management
1.2   Elect  Director David Joseph              For       For        Management
1.3   Elect  Director A. Peter Parsons          For       For        Management
2     Ratify Auditors                           For       For        Management


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BED BATH & BEYOND INC.

Ticker:       BBBY           Security ID:  075896100
Meeting Date: JUL 1, 2004    Meeting Type: Annual
Record Date:  MAY 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Warren Eisenberg          For       For        Management
1.2   Elect  Director Victoria A. Morrison      For       For        Management
1.3   Elect  Director Stanley Barshay           For       For        Management
1.4   Elect  Director Fran Stoller              For       For        Management
1.5   Elect  Director Jordan Heller             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Glass Ceiling                             Against   Against    Shareholder
5     Adopt Retention Ratio for Executives      Against   For        Shareholder


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BED BATH & BEYOND INC.

Ticker:       BBBY           Security ID:  075896100
Meeting Date: JUN 30, 2005   Meeting Type: Annual
Record Date:  MAY 5, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Leonard Feinstein         For       For        Management
1.2   Elect  Director Robert Kaplan             For       For        Management
1.3   Elect  Director Dean S. Adler             For       For        Management
1.4   Elect  Director Jordan Heller             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt ILO-based Code of Conduct           Against   For        Shareholder
4     Review/Limit Executive Compensation       Against   For        Shareholder
5     Declassify the Board of Directors         Against   For        Shareholder


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BROADCOM CORP.

Ticker:       BRCM           Security ID:  111320107
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George L. Farinsky        For       Withhold   Management
1.2   Elect  Director John Major                For       Withhold   Management
1.3   Elect  Director Scott A. McGregor         For       For        Management
1.4   Elect  Director Alan E. Ross              For       For        Management
1.5   Elect  Director Henry Samueli, Ph.D.      For       For        Management
1.6   Elect  Director Robert E. Switz           For       Withhold   Management
1.7   Elect  Director Werner F. Wolfen          For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Link Executive Compensation to Social and Against   For        Shareholder
      Financial Issues


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CAPITALSOURCE, INC

Ticker:       CSE            Security ID:  14055X102
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frederick W. Eubank, II    For       Withhold   Management
1.2   Elect Director Jason M. Fish              For       For        Management
1.3   Elect Director Timothy M. Hurd            For       For        Management
1.4   Elect Director Dennis P. Lockhart         For       For        Management


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CERTEGY INC

Ticker:       CEY            Security ID:  156880106
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles T. Doyle          For       For        Management
1.2   Elect  Director Kenneth A. Guenther       For       For        Management
1.3   Elect  Director Keith W. Hughes           For       For        Management
2     Ratify Auditors                           For       For        Management


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CHARLES SCHWAB CORP., THE

Ticker:       SCH            Security ID:  808513105
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank C. Herringer         For       For        Management
1.2   Elect Director Stephen T. McLin           For       Withhold   Management
1.3   Elect Director Charles R. Schwab          For       For        Management
1.4   Elect Director Roger O. Walther           For       For        Management
1.5   Elect Director Robert N. Wilson           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder


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CHESAPEAKE ENERGY CORP.

Ticker:       CHK            Security ID:  165167107
Meeting Date: JUN 10, 2005   Meeting Type: Annual
Record Date:  APR 26, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Aubrey K. McClendon       For       For        Management
1.2   Elect  Director Donald L. Nickles         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Approve Stock Option Plan                 For       Against    Management


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CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 18, 2004   Meeting Type: Annual
Record Date:  SEP 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carol A. Bartz            For       For        Management
1.2   Elect  Director M. Michele Burns          For       For        Management
1.3   Elect  Director Larry R. Carter           For       For        Management
1.4   Elect  Director John T. Chambers          For       For        Management
1.5   Elect  Director Dr. James F. Gibbons      For       For        Management
1.6   Elect  Director Dr. John L. Hennessy      For       For        Management
1.7   Elect  Director Roderick C. McGeary       For       For        Management
1.8   Elect  Director James C. Morgan           For       For        Management
1.9   Elect  Director John P. Morgridge         For       For        Management
1.10  Elect  Director Donald T. Valentine       For       For        Management
1.11  Elect  Director Steven M. West            For       For        Management
1.12  Elect  Director Jerry Yang                For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Pay Disparity                   Against   Against    Shareholder


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CITY NATIONAL CORP.

Ticker:       CYN            Security ID:  178566105
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Bloch          For       For        Management
1.2   Elect  Director Bram Goldsmith            For       For        Management
1.3   Elect  Director Robert H. Tuttle          For       For        Management
1.4   Elect  Director Kenneth Ziffren           For       For        Management
2     Ratify Auditors                           For       For        Management


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CONCEPTUS, INC.

Ticker:       CPTS           Security ID:  206016107
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael A. Baker          For       For        Management
1.2   Elect  Director M.-Helene Plais-Cotrel    For       For        Management
1.3   Elect  Director Peter L. Wilson           For       For        Management
2     Ratify Auditors                           For       For        Management


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CORILLIAN CORP

Ticker:       CORI           Security ID:  218725109
Meeting Date: MAY 9, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert G. Barrett         For       For        Management
1.2   Elect  Director Alex P. Hart              For       For        Management
1.3   Elect  Director Tyree B. Miller           For       For        Management
1.4   Elect  Director James R. Stojak           For       For        Management
2     Ratify Auditors                           For       For        Management


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CORNING INC.

Ticker:       GLW            Security ID:  219350105
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John Seely Brown           For       For        Management
1.2   Elect Director Gordon Gund                For       For        Management
1.3   Elect Director John M. Hennessy           For       For        Management
1.4   Elect Director H. Onno Ruding             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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CV THERAPEUTICS INC.

Ticker:       CVTX           Security ID:  126667104
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Santo J. Costa            For       For        Management
1.2   Elect  Director John Groom                For       For        Management
1.3   Elect  Director Barbara J. McNeil, M.D.,  For       For        Management
      Ph.D.
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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DOLLAR GENERAL CORP.

Ticker:       DG             Security ID:  256669102
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David L. Bere             For       For        Management
1.2   Elect  Director Dennis C. Bottorff        For       For        Management
1.3   Elect  Director Barbara L. Bowles         For       For        Management
1.4   Elect  Director James L. Clayton          For       For        Management
1.5   Elect  Director Reginald D. Dickson       For       For        Management
1.6   Elect  Director E. Gordon Gee             For       For        Management
1.7   Elect  Director Barbara M. Knuckles       For       For        Management
1.8   Elect  Director David A. Perdue           For       For        Management
1.9   Elect  Director J. Neal Purcell           For       For        Management
1.10  Elect  Director James D. Robbins          For       For        Management
1.11  Elect  Director David M. Wilds            For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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E.I. DU PONT DE NEMOURS & CO.

Ticker:       DD             Security ID:  263534109
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alain J.P. Belda           For       For        Management
1.2   Elect Director Richard H. Brown           For       For        Management
1.3   Elect Director Curtis J. Crawford         For       For        Management
1.4   Elect Director John T. Dillon             For       For        Management
1.5   Elect Director Louisa C. Duemling         For       For        Management
1.6   Elect Director Charles O. Holliday, Jr.   For       For        Management
1.7   Elect Director Lois D. Juliber            For       For        Management
1.8   Elect Director Masahisa Naitoh            For       For        Management
1.9   Elect Director William K. Reilly          For       For        Management
1.10  Elect Director H. Rodney Sharp, III       For       For        Management
1.11  Elect Director Charles M. Vest            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Government Service of Employees Against   Against    Shareholder
4     Implement ILO Code of Conduct             Against   Against    Shareholder
5     Executive Compensation                    Against   Against    Shareholder
6     Eliminate Animal Testing                  Against   Against    Shareholder
7     Report on Genetically Modified Organisms  Against   Against    Shareholder
8     Performance- Based/Indexed Options        Against   Against    Shareholder
9     Report on PFOA Chemical Remediation       Against   Against    Shareholder


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EDUCATE INC

Ticker:       EEEE           Security ID:  28138P100
Meeting Date: JUN 6, 2005    Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Douglas Becker            For       Withhold   Management
1.2   Elect  Director Laurence Berg             For       Withhold   Management
1.3   Elect  Director Michael F. Devine, III    For       For        Management
1.4   Elect  Director Michael Gross             For       Withhold   Management
1.5   Elect  Director R.C. Hoehn-Saric          For       Withhold   Management
1.6   Elect  Director David Hornbeck            For       For        Management
1.7   Elect  Director Cheryl Gordon Krongard    For       For        Management
1.8   Elect  Director Aaron Stone               For       Withhold   Management
1.9   Elect  Director Raul Yzaguirre            For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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EMC CORP.

Ticker:       EMC            Security ID:  268648102
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Cronin          For       For        Management
1.2   Elect Director W. Paul Fitzgerald         For       Withhold   Management
1.3   Elect Director Joseph M. Tucci            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Performance- Based/Indexed Options        Against   For        Shareholder
5     Creation of an Independent Audit          Against   Against    Shareholder
      Committee


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FIRST HORIZON PHARMACEUTICAL

Ticker:       FHRX           Security ID:  32051K106
Meeting Date: MAY 31, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Pierre Lapalme            For       For        Management
1.2   Elect  Director William J. Robinson       For       For        Management
1.3   Elect  Director Patrick J. Zenner         For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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FISHER SCIENTIFIC INTERNATIONAL INC.

Ticker:       FSH            Security ID:  338032204
Meeting Date: AUG 2, 2004    Meeting Type: Annual
Record Date:  MAY 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition
2.1   Elect  Director Michael D. Dingman        For       For        Management
2.2   Elect  Director Charles A. Sanders M.D.   For       For        Management
3     Ratify Auditors                           For       For        Management
4     Adjourn Meeting                           For       Against    Management


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FISHER SCIENTIFIC INTERNATIONAL INC.

Ticker:       FSH            Security ID:  338032204
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rosanne F. Coppola         For       For        Management
1.2   Elect Director Bruce L. Koepfgen          For       For        Management
1.3   Elect Director Paul M. Meister            For       For        Management
1.4   Elect Director W. Clayton Stephens        For       For        Management
1.5   Elect Director Richard W. Vieser          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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HURON CONSULTING GROUP, INC.

Ticker:       HURN           Security ID:  447462102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George E. Massaro         For       For        Management
1.2   Elect  Director Paul G. Yovovich          For       For        Management
2     Ratify Auditors                           For       For        Management


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INVITROGEN CORP.

Ticker:       IVGN           Security ID:  46185R100
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Balakrishnan S. Iyer      For       For        Management
1.2   Elect  Director Ronald A. Matricaria      For       For        Management
1.3   Elect  Director W. Ann Reynolds, Ph.D.    For       For        Management
1.4   Elect  Director Jay M. Short, Ph.D.       For       For        Management
2     Ratify Auditors                           For       For        Management


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JACK HENRY & ASSOCIATES, INC.

Ticker:       JKHY           Security ID:  426281101
Meeting Date: OCT 26, 2004   Meeting Type: Annual
Record Date:  SEP 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Henry                  For       For        Management
1.2   Elect  Director J. Hall                   For       For        Management
1.3   Elect  Director M. Henry                  For       For        Management
1.4   Elect  Director J. Ellis                  For       For        Management
1.5   Elect  Director B. George                 For       For        Management
1.6   Elect  Director J. Maliekel               For       For        Management
1.7   Elect  Director C. Curry                  For       For        Management


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JUNIPER NETWORKS, INC.

Ticker:       JNPR           Security ID:  48203R104
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William R. Hearst III     For       For        Management
1.2   Elect  Director Kenneth Goldman           For       For        Management
1.3   Elect  Director Frank Marshall            For       For        Management
2     Ratify Auditors                           For       For        Management


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LEHMAN BROTHERS HOLDINGS INC.

Ticker:       LEH            Security ID:  524908100
Meeting Date: APR 5, 2005    Meeting Type: Annual
Record Date:  FEB 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael L. Ainslie        For       For        Management
1.2   Elect  Director John F. Akers             For       For        Management
1.3   Elect  Director Richard S. Fuld, Jr.      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Limit Executive Compensation              Against   Against    Shareholder


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LOWE'S COMPANIES, INC.

Ticker:       LOW            Security ID:  548661107
Meeting Date: MAY 27, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert A. Ingram           For       For        Management
1.2   Elect Director Richard K. Lochridge       For       For        Management
1.3   Elect Director Robert L. Johnson          For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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MANPOWER INC.

Ticker:       MAN            Security ID:  56418H100
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Thomas Bouchard        For       For        Management
1.2   Elect  Director Rozanne L. Ridgway        For       For        Management
1.3   Elect  Director Edward J. Zore            For       For        Management
2     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
3     Amend Omnibus Stock Plan                  For       For        Management


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MARRIOTT INTERNATIONAL INC. (NEW)

Ticker:       MAR            Security ID:  571903202
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.W. Marriott, Jr.        For       For        Management
1.2   Elect  Director Debra L. Lee              For       For        Management
1.3   Elect  Director George Munoz              For       For        Management
1.4   Elect  Director William J. Shaw           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management
4     Declassify the Board of Directors         Against   For        Shareholder
5     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


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MARTEN TRANSPORT, LTD.

Ticker:       MRTN           Security ID:  573075108
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Randolph L. Marten        For       Withhold   Management
1.2   Elect  Director Larry B. Hagness          For       Withhold   Management
1.3   Elect  Director Thomas J. Winkel          For       For        Management
1.4   Elect  Director Jerry M. Bauer            For       Withhold   Management
1.5   Elect  Director Christine K. Marten       For       Withhold   Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Ratify Auditors                           For       For        Management


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MCDONALD'S CORP.

Ticker:       MCD            Security ID:  580135101
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Hall Adams, Jr.            For       For        Management
1.2   Elect Director Cary D. McMillan           For       For        Management
1.3   Elect Director Michael J. Roberts         For       For        Management
1.4   Elect Director James A. Skinner           For       For        Management
1.5   Elect Director Anne-Marie Slaughter       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Genetically Modified Organisms  Against   Against    Shareholder


- --------------------------------------------------------------------------------

MEDICIS PHARMACEUTICAL CORP.

Ticker:       MRX            Security ID:  584690309
Meeting Date: NOV 17, 2004   Meeting Type: Annual
Record Date:  OCT 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Jonah Shacknai             For       For        Management
1.2   Elect Director Michael A. Pietrangelo     For       For        Management
1.3   Elect Director Lottie H. Shackelford      For       For        Management
2     Approve Stock Option Plan                 For       For        Management
3     Ratify Auditors                           For       For        Management


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MICREL, INC.

Ticker:       MCRL           Security ID:  594793101
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Raymond D. Zinn           For       For        Management
1.2   Elect  Director Warren H. Muller          For       For        Management
1.3   Elect  Director George Kelly              For       Withhold   Management
1.4   Elect  Director Donald H. Livingstone     For       Withhold   Management
1.5   Elect  Director David W. Conrath          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management


- --------------------------------------------------------------------------------

NEKTAR THERAPEUTICS

Ticker:       NKTR           Security ID:  640268108
Meeting Date: JUN 2, 2005    Meeting Type: Annual
Record Date:  APR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael A. Brown          For       For        Management
1.2   Elect  Director Ajit S. Gill              For       For        Management
1.3   Elect  Director Joseph J. Krivulka        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NETWORK APPLIANCE, INC.

Ticker:       NTAP           Security ID:  64120L104
Meeting Date: SEP 2, 2004    Meeting Type: Annual
Record Date:  JUL 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel J. Warmenhoven     For       For        Management
1.2   Elect  Director Donald T. Valentine       For       For        Management
1.3   Elect  Director Carol A. Bartz            For       For        Management
1.4   Elect  Director Mark Leslie               For       For        Management
1.5   Elect  Director Nicholas G. Moore         For       For        Management
1.6   Elect  Director Sachio Semmoto            For       For        Management
1.7   Elect  Director George T. Shaheen         For       For        Management
1.8   Elect  Director Robert T. Wall            For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NORDSTROM, INC.

Ticker:       JWN            Security ID:  655664100
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Phyllis J. Campbell       For       For        Management
1.2   Elect  Director Enrique Hernandez, Jr.    For       For        Management
1.3   Elect  Director Jeanne P. Jackson         For       For        Management
1.4   Elect  Director Robert G. Miller          For       For        Management
1.5   Elect  Director Blake W. Nordstrom        For       For        Management
1.6   Elect  Director Bruce A. Nordstrom        For       For        Management
1.7   Elect  Director John N. Nordstrom         For       For        Management
1.8   Elect  Director Alfred E. Osborne, Jr.,   For       For        Management
      Ph.D.
1.9   Elect  Director Alison A. Winter          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NORTHERN TRUST CORP.

Ticker:       NTRS           Security ID:  665859104
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Duane L. Burnham          For       For        Management
1.2   Elect  Director Susan Crown               For       For        Management
1.3   Elect  Director Robert A. Helman          For       For        Management
1.4   Elect  Director Dipak C. Jain             For       For        Management
1.5   Elect  Director Arthur L. Kelly           For       For        Management
1.6   Elect  Director Robert C. McCormack       For       For        Management
1.7   Elect  Director Edward J. Mooney          For       For        Management
1.8   Elect  Director William A. Osborn         For       For        Management
1.9   Elect  Director John W. Rowe              For       Withhold   Management
1.10  Elect  Director Harold B. Smith           For       For        Management
1.11  Elect  Director William D. Smithburg      For       For        Management
1.12  Elect  Director Charles A. Tribbett III   For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NUVELO, INC.

Ticker:       NUVO           Security ID:  67072M301
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mary K. Pendergast        For       For        Management
1.2   Elect  Director Dr. George B. Rathmann,   For       For        Management
      Ph.D.
2     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PARTNERRE LTD (FRM. PARTNERRE HOLDINGS LTD. )

Ticker:       PRE            Security ID:  G6852T105
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Judith Hanratty           For       For        Management
1.2   Elect  Director Remy Sautter              For       For        Management
1.3   Elect  Director Patrick A. Thiele         For       For        Management
1.4   Elect  Director Jurgen Zech               For       For        Management
2     To Approve The Partnerre Ltd. 2005        For       For        Management
      Employee Equity Plan And The Reservation
      Of 1,000,000 Additional Common Shares For
      Issuance Under The 2005 Employee Equity
      Plan.
3     To Approve An Increase In The Authorized  For       For        Management
      Share Capital Of The Company From
      Us$150,000,000 To Us$200,000,000 By The
      Creation Of 50,000,000 Undesignated
      Shares Par Value Us$1.00 Per Share.
4     Ratify Auditors                           For       For        Management
5     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

PEPSICO, INC.

Ticker:       PEP            Security ID:  713448108
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John F. Akers             For       For        Management
1.2   Elect  Director Robert E. Allen           For       For        Management
1.3   Elect  Director Ray L. Hunt               For       For        Management
1.4   Elect  Director Arthur C. Martinez        For       For        Management
1.5   Elect  Director Indra K. Nooyi            For       For        Management
1.6   Elect  Director Steven S Reinemund        For       For        Management
1.7   Elect  Director Sharon P. Rockefeller     For       For        Management
1.8   Elect  Director James J. Schiro           For       For        Management
1.9   Elect  Director Franklin A. Thomas        For       For        Management
1.10  Elect  Director Cynthia M. Trudell        For       For        Management
1.11  Elect  Director Solomon D. Trujillo       For       For        Management
1.12  Elect  Director Daniel Vasella            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Corporate Political             Against   Against    Shareholder
      Contributions


- --------------------------------------------------------------------------------

PETSMART

Ticker:       PETM           Security ID:  716768106
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director L.A. Del Santo            For       For        Management
1.2   Elect  Director P.L. Francis              For       For        Management
1.3   Elect  Director G.P. Josefowicz           For       For        Management
1.4   Elect  Director R.K. Lochridge            For       For        Management
1.5   Elect  Director A.I. Khalifa              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management


- --------------------------------------------------------------------------------

PROTEIN DESIGN LABS, INC.

Ticker:       PDLI           Security ID:  74369L103
Meeting Date: JUN 8, 2005    Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jon S. Saxe, Esq.         For       Withhold   Management
1.2   Elect  Director L. Patrick Gage, Ph.D.    For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Change Company Name                       For       For        Management
5     Ratify Auditors                           For       For        Management
6     Adjourn Meeting                           For       Against    Management


- --------------------------------------------------------------------------------

RADIAN GROUP INC.

Ticker:       RDN            Security ID:  750236101
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David C. Carney           For       For        Management
1.2   Elect  Director Howard B. Culang          For       For        Management
1.3   Elect  Director Stephen T. Hopkins        For       For        Management
1.4   Elect  Director Sanford A. Ibrahim        For       For        Management
1.5   Elect  Director James W. Jennings         For       For        Management
1.6   Elect  Director Roy J. Kasmar             For       For        Management
1.7   Elect  Director Ronald W. Moore           For       For        Management
1.8   Elect  Director Jan Nicholson             For       For        Management
1.9   Elect  Director Robert W. Richards        For       For        Management
1.10  Elect  Director Anthony W. Schweiger      For       For        Management
1.11  Elect  Director Herbert Wender            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

RED HAT, INC.

Ticker:       RHAT           Security ID:  756577102
Meeting Date: SEP 21, 2004   Meeting Type: Annual
Record Date:  JUL 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gen. H. Hugh Shelton      For       For        Management
1.2   Elect  Director Eugene J. Mcdonald        For       For        Management
1.3   Elect  Director Matthew J. Szulik         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

ROYAL CARIBBEAN CRUISES  LTD.

Ticker:       RCL            Security ID:  V7780T103
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Laura Laviada             For       For        Management
1.2   Elect  Director Eyal Ofer                 For       For        Management
1.3   Elect  Director William K. Reilly         For       For        Management
1.4   Elect  Director Arne A. Wilhelmsen        For       For        Management
2     Ratification Of Appointment Of            For       For        Management
      Pricewaterhousecoopers Llp As The Company
      S Independent Registered Accounting Firm
      For 2005.


- --------------------------------------------------------------------------------

STAPLES, INC.

Ticker:       SPLS           Security ID:  855030102
Meeting Date: JUN 13, 2005   Meeting Type: Annual
Record Date:  APR 19, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Brenda C. Barnes          For       For        Management
1.2   Elect  Director Mary Elizabeth Burton     For       For        Management
1.3   Elect  Director Richard J. Currie         For       For        Management
1.4   Elect  Director Rowland T. Moriarty       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management
4     Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote


- --------------------------------------------------------------------------------

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:       HOT            Security ID:  85590A203
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charlene Barshefsky        For       For        Management
1.2   Elect Director Jean-Marc Chapus           For       For        Management
1.3   Elect Director Bruce W. Duncan            For       For        Management
1.4   Elect Director Steven J. Heyer            For       For        Management
1.5   Elect Director Eric Hippeau               For       For        Management
1.6   Elect Director Steven Quazzo              For       For        Management
1.7   Elect Director Thomas O. Ryder            For       For        Management
1.8   Elect Director Barry S. Sternlicht        For       For        Management
1.9   Elect Director Daniel W. Yih              For       For        Management
1.10  Elect Director Kneeland C. Youngblood     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Provide for Confidential Voting           Against   For        Shareholder
5     Expense Stock Options                     Against   For        Shareholder


- --------------------------------------------------------------------------------

WESTCORP, INC

Ticker:       WES            Security ID:  957907108
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Judith M. Bardwick        For       For        Management
1.2   Elect  Director Robert T. Barnum          For       For        Management
1.3   Elect  Director James R. Dowlan           For       For        Management
1.4   Elect  Director Duane A. Nelles           For       For        Management
1.5   Elect  Director Ernest S. Rady            For       For        Management
1.6   Elect  Director Harry M. Rady             For       For        Management
1.7   Elect  Director Charles E. Scribner       For       For        Management
1.8   Elect  Director Thomas A. Wolfe           For       For        Management
2     Change Company Name                       For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WILLIAMS-SONOMA, INC.

Ticker:       WSM            Security ID:  969904101
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W. Howard Lester          For       For        Management
1.2   Elect  Director Edward A. Mueller         For       For        Management
1.3   Elect  Director Sanjiv Ahuja              For       For        Management
1.4   Elect  Director Adrian D.P. Bellamy       For       For        Management
1.5   Elect  Director Patrick J. Connolly       For       For        Management
1.6   Elect  Director Adrian T. Dillon          For       For        Management
1.7   Elect  Director Jeanne P. Jackson         For       For        Management
1.8   Elect  Director Michael R. Lynch          For       For        Management
1.9   Elect  Director Richard T. Robertson      For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

WYETH

Ticker:       WYE            Security ID:  983024100
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Carrion        For       For        Management
1.2   Elect  Director Robert Essner             For       For        Management
1.3   Elect  Director John D. Feerick           For       For        Management
1.4   Elect  Director Frances D. Fergusson      For       For        Management
1.5   Elect  Director Robert Langer             For       For        Management
1.6   Elect  Director John P. Mascotte          For       For        Management
1.7   Elect  Director Mary Lake Polan           For       For        Management
1.8   Elect  Director Ivan G. Seidenberg        For       For        Management
1.9   Elect  Director Walter V. Shipley         For       For        Management
1.10  Elect  Director John R. Torell III        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Review and Report on Drug Reimportation   Against   For        Shareholder
      Policy
5     Separate Chairman and CEO Positions       Against   For        Shareholder
6     Report on Political Contributions         Against   Against    Shareholder
7     Discontinue Promotion of Premarin and     Against   Against    Shareholder
      Report on Animal Testing


- --------------------------------------------------------------------------------

XILINX, INC.

Ticker:       XLNX           Security ID:  983919101
Meeting Date: AUG 5, 2004    Meeting Type: Annual
Record Date:  JUN 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Willem P. Roelandts       For       For        Management
1.2   Elect  Director John L. Doyle             For       For        Management
1.3   Elect  Director Jerald G. Fishman         For       For        Management
1.4   Elect  Director Philip T. Gianos          For       For        Management
1.5   Elect  Director Harold E. Hughes, Jr.     For       For        Management
1.6   Elect  Director William G. Howard, Jr.    For       For        Management
1.7   Elect  Director Richard W. Sevcik         For       For        Management
1.8   Elect  Director Elizabeth Vanderslice     For       For        Management
2     Ratify Auditors                           For       For        Management


================================================================================

                                    SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

VOYAGEUR MUTUAL FUNDS III


By:    Jude T. Driscoll
       ------------------------
Name:  Jude T. Driscoll
Title: Chairman/President/
       Chief Executive Officer
Date:  August 29, 2005