VAM INSTITUTIONAL FUNDS INC
NSAR-B, 1998-09-09
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<PAGE>      PAGE  1
000 B000000 08/03/98
000 C000000 0000763746
000 D000000 N 000 E000000 NC 000 F000000 Y 000 G000000 N 000 H000000 N 000
I000000 3.0 000 J000000 A
001 A000000 VAM INSTITUTIONAL FUNDS, INC.
001 B000000 811-04546
001 C000000 6123764027
002 A000000 90 SOUTH SEVENTH STREET SUITE 4300
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
002 D020000 4115
003  000000 N
004  000000 Y
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  9
007 C010100  1
007 C020100 VAM GLOBAL FIXED INCOME FUND
007 C030100 Y
007 C010200  2
007 C020200 VAM SHORT DURATION TOTAL RETURN FUND
007 C030200 Y
007 C010300  3
007 C020300 VAM INTERMEDIATE DURATION TOTAL RETURN FUND
007 C030300 Y
007 C010400  4
007 C020400 VAM CORE TOTAL RETURN FUND
007 C030400 Y
007 C010500  5
007 C020500 VAM MIDCAP STOCK FUND
007 C030500 Y
007 C010600  6
007 C020600 VAM GROWTH STOCK FUND
007 C030600 Y
007 C010700  7
007 C020700 SEGALL BRYANT & HAMILL GROWTH AND INCOME FUND
007 C030700 Y
007 C010800  8
007 C020800 VAM FINANCIAL INSTITUTIONS INTERMED DURATION
007 C030800 Y
007 C010900  9
007 C020900 VAM FINANCIAL INSTITUTIONS CORE PORTFOLIO
007 C030900 Y
007 C011000 10
<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  19
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066 C000700 N
066 D000700 N
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066 F000700 N
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070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
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070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
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<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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008 A000801 MARQUETTE TRUST COMPANY
008 B000801 A
008 C000801 801-20432
008 D010801 MINNEAPOLIS
008 D020801 MN
008 D030801 55402
008 A000802 VOYAGEUR ASSET MANAGEMENT LLC
008 B000802 S
008 C000802 801-20432
008 D010802 MINNEAPOLIS
008 D020802 MN
008 D030802 55402
008 D040802 4115
015 A000801 MARQUETTE TRUST COMPANY
015 B000801 C
015 C010801 MINNEAPOLIS
015 C020801 MN
015 C030801 55480
015 C040801 1000
015 E010801 X
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<PAGE>      PAGE  22
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039  000800 N
040  000800 N
045  000800 Y
046  000800 Y
047  000800 Y
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048 I020800 0.000
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048 K020800 0.000
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050  000800 N
051  000800 Y
052  000800 N
<PAGE>      PAGE  23
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053 B000800 Y
055 A000800 N
055 B000800 N
056  000800 N
057  000800 N
058 A000800 N
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060 B000800 Y
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062 O000800   0.0
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064 B000800 N
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070 C020800 N
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070 D020800 N
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070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 Y
<PAGE>      PAGE  24
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070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
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<PAGE>      PAGE  25
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008 A000901 MARQUETTE TRUST COMPANY
008 B000901 A
008 C000901 801-20432
008 D010901 MINNEAPOLIS
008 D020901 MN
<PAGE>      PAGE  26
008 D030901 55402
008 A000902 VOYAGEUR ASSET MANAGEMENT LLC
008 B000902 S
008 C000902 801-20432
008 D010902 MINNEAPOLIS
008 D020902 MN
008 D030902 55402
008 D040902 4115
015 A000901 MARQUETTE TRUST COMPANY
015 B000901 C
015 C010901 MINNEAPOLIS
015 C020901 MN
015 C030901 55480
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015 E010901 X
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037  000900 N
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039  000900 N
040  000900 N
045  000900 Y
046  000900 Y
047  000900 Y
<PAGE>      PAGE  27
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048 A010900        0
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048 I010900        0
048 I020900 0.000
048 J010900        0
048 J020900 0.000
048 K010900        0
048 K020900 0.000
049  000900 N
050  000900 N
051  000900 Y
052  000900 N
053 A000900 Y
053 B000900 Y
055 A000900 N
055 B000900 N
056  000900 N
057  000900 N
058 A000900 N
059  000900 Y
060 A000900 Y
060 B000900 Y
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062 A000900 Y
062 B000900   0.0
062 C000900   0.0
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062 E000900   0.0
062 F000900   0.0
062 G000900   0.0
062 H000900   0.0
062 I000900   0.0
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062 K000900   0.0
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<PAGE>      PAGE  28
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062 O000900   0.0
062 P000900   0.0
062 Q000900   0.0
062 R000900   0.0
063 A000900   0
063 B000900  0.0
064 A000900 N
064 B000900 N
066 A000900 N
067  000900 N
068 A000900 N
068 B000900 N
069  000900 N
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
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070 Q020900 N
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<PAGE>      PAGE  29
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<PAGE>      PAGE  30
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SIGNATURE   TOM ABOOD
TITLE       SECRETARY


<TABLE> <S> <C>

<ARTICLE>           6
<LEGEND>
         The schedule contains summary financial information extracted from the
statement of assets and liabilities, statement of operations, statement of
changes in net assets and the financial highlights and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK>                0000763746
<NAME>               VAM Institutional Funds, Inc.
<SERIES>
   <NUMBER>          6
   <NAME>            VAM Midcap Stock Fund
       
<S>                                                                           <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>         6
<LEGEND>
         The schedule contains summary financial information extracted from the
statement of assets and liabilities, statement of operations, statement of
changes in net assets and the financial highlights and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK>               0000763746
<NAME>              VAM Institutional Funds, Inc.
<SERIES>
   <NUMBER>          8
   <NAME>            VAM Financial Institutions Intermediate Duration Portfolio
       
<S>                                                                          <C>
<PERIOD-TYPE>                                                                    YEAR
<FISCAL-YEAR-END>                                                              Oct-31-1998
<PERIOD-START>                                                                 Nov-01-1997
<PERIOD-END>                                                                   Aug-03-1998
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<TOTAL-ASSETS>                                                                      0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>                     6
<LEGEND>
         The schedule contains summary financial information extracted from the
statement of assets and liabilities, statement of operations, statement of
changes in net assets and the financial highlights and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK>               0000763746
<NAME>              VAM Institutional Funds, Inc.
<SERIES>
   <NUMBER>                    9
   <NAME>                      VAM Financial Institutions Core Portfolio
                                  
<S>                                                                       <C>
<PERIOD-TYPE>                                                                6-MOS
<FISCAL-YEAR-END>                                                          Oct-31-1998
<PERIOD-START>                                                             Nov-01-1997
<PERIOD-END>                                                              Aug-03-1998
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<ACCUMULATED-NII-CURRENT>                                                      0
<OVERDISTRIBUTION-NII>                                                         0
<ACCUMULATED-NET-GAINS>                                                        0
<OVERDISTRIBUTION-GAINS>                                                       0
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<APPREC-INCREASE-CURRENT>                                                  (784,730)
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<EQUALIZATION>                                                                 0
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<DISTRIBUTIONS-OF-GAINS>                                                   1,747,014
<DISTRIBUTIONS-OTHER>                                                          0
<NUMBER-OF-SHARES-SOLD>                                                     284,084
<NUMBER-OF-SHARES-REDEEMED>                                                6,006,938
<SHARES-REINVESTED>                                                          73,505
<NET-CHANGE-IN-ASSETS>                                                    (57,650,018)
<ACCUMULATED-NII-PRIOR>                                                        0
<ACCUMULATED-GAINS-PRIOR>                                                   533,484
<OVERDISTRIB-NII-PRIOR>                                                        0
<OVERDIST-NET-GAINS-PRIOR>                                                     0
<GROSS-ADVISORY-FEES>                                                        18,684
<INTEREST-EXPENSE>                                                             0
<GROSS-EXPENSE>                                                             122,877
<AVERAGE-NET-ASSETS>                                                       52,014,016
<PER-SHARE-NAV-BEGIN>                                                        10.20
<PER-SHARE-NII>                                                               0.40
<PER-SHARE-GAIN-APPREC>                                                       0.10
<PER-SHARE-DIVIDEND>                                                          0.40
<PER-SHARE-DISTRIBUTIONS>                                                     9.41
<RETURNS-OF-CAPITAL>                                                          0.00
<PER-SHARE-NAV-END>                                                           0.00
<EXPENSE-RATIO>                                                              0.350
<AVG-DEBT-OUTSTANDING>                                                         0
<AVG-DEBT-PER-SHARE>                                                           0
        

</TABLE>


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