<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 0000763746
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 9
007 C010100 1
007 C020100 VAM GLOBAL FIXED INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 VAM SHORT DURATION TOTAL RETURN FUND
007 C030200 N
007 C010300 3
007 C020300 VAM INTERMEDIATE DURATION TOTAL RETURN FUND
007 C030300 N
007 C010400 4
007 C020400 VAM CORE TOTAL RETURN FUND
007 C030400 N
007 C010500 5
007 C020500 VAM MIDCAP STOCK FUND
007 C030500 N
007 C010600 6
007 C020600 VAM GROWTH STOCK FUND
007 C030600 N
007 C010700 7
007 C020700 SEGALL BRYANT & HAMILL GROWTH AND INCOME FUND
007 C030700 N
007 C010800 8
007 C020800 VAM FINANCIAL INSTITUTIONS INTERMED DURATION
007 C030800 N
007 C010900 9
007 C020900 VAM FINANCIAL INSTITUTIONS CORE PORTFOLIO
007 C030900 N
010 A00AA01 VOYAGEUR ASSET MANAGEMENT LLC
<PAGE> PAGE 2
010 B00AA01 8-37934
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
010 C04AA01 4115
011 A00AA01 DOUGHERTY SUMMIT SECURITIES LLC
011 B00AA01 8-21885
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4115
012 A00AA01 VOYAGEUR ASSET MANAGEMENT LLC
012 B00AA01 84-01744
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4115
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 DOUGHERTY SUMMIT SECURITIES LLC
014 B00AA01 8-21885
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 9
019 C00AA00 VOYAGEURFU
020 A000001 BEAR STEARNS & COMPANY
020 B000001 13-4946705
020 C000001 6986
020 A000002 COWEN & COMPANY
020 B000002 13-5616116
020 C000002 2497
020 A000003 WEEDEN
020 C000003 1611
020 A000004 MERRILL LYNCH
020 B000004 13-5674085
020 C000004 1547
020 A000005 ITG INC
020 C000005 975
020 A000006 SANFORD C BERSTEIN
020 C000006 399
020 A000007 CLEARY GULL
020 C000007 322
020 A000008 WILLIAM BLAIR
020 B000008 36-2214610
020 C000008 313
020 A000009 INSTINET
020 B000009 13-2596491
020 C000009 255
020 A000010 GOLDMAN SACHS
<PAGE> PAGE 3
020 B000010 13-5108880
020 C000010 54
021 000000 14989
022 A000001 GOLDMAN SACHS & COMPANY
022 B000001 13-5108880
022 C000001 10789
022 D000001 3712
022 A000002 MERRILL LYNCH
022 B000002 13-5674085
022 C000002 8238
022 D000002 6195
022 A000003 SALOMAN BROTHERS
022 B000003 13-4268012
022 C000003 5444
022 D000003 6462
022 A000004 BEAR STEARNS & COMPANY
022 B000004 13-4946705
022 C000004 2822
022 D000004 5253
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 0
022 D000005 5543
022 A000006 FHLMC
022 B000006 52-0904874
022 C000006 0
022 D000006 3318
022 A000007 J.P. MORGAN
022 B000007 13-554
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
VAM Institutional Funds, Inc.:
In planning and performing our audit of the financial statements of Segall
Bryant & Hamill Growth and Income Fund (a fund within VAM Institutional Funds,
Inc.) for the year ended April 30, 1998, we considered its internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of VAM Institutional Funds, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and its
operation, including controls for safeguarding securities, that we consider to
be a material weakness as defined above as of April 30, 1998.
This report is intended solely for the use of management, the Board of
Directors, and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 5, 1998
<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> Apr-30-1998
<INVESTMENTS-AT-COST> 59,415,030
<INVESTMENTS-AT-VALUE> 60,184,597
<RECEIVABLES> 548,745
<ASSETS-OTHER> 4,153
<OTHER-ITEMS-ASSETS> 4,595
<TOTAL-ASSETS> 60,742,090
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 422,077
<TOTAL-LIABILITIES> 422,077
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,286,678
<SHARES-COMMON-STOCK> 5,940,108
<SHARES-COMMON-PRIOR> 5,650,836
<ACCUMULATED-NII-CURRENT> 2,230
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 261,538
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 769,567
<NET-ASSETS> 60,320,013
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,833,759
<OTHER-INCOME> 0
<EXPENSES-NET> 102,351
<NET-INVESTMENT-INCOME> 1,731,408
<REALIZED-GAINS-CURRENT> 261,474
<APPREC-INCREASE-CURRENT> (15,163)
<NET-CHANGE-FROM-OPS> 1,977,719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,731,408
<DISTRIBUTIONS-OF-GAINS> 533,420
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 284,084
<NUMBER-OF-SHARES-REDEEMED> 50,895
<SHARES-REINVESTED> 57,570
<NET-CHANGE-IN-ASSETS> 2,669,995
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 533,484
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,125
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104,923
<AVERAGE-NET-ASSETS> 58,985,546
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.350
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1998
<PERIOD-START> Nov-01-1997
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 32,966,390
<INVESTMENTS-AT-VALUE> 33,182,553
<RECEIVABLES> 317,123
<ASSETS-OTHER> 9,852
<OTHER-ITEMS-ASSETS> 4,595
<TOTAL-ASSETS> 33,514,123
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 240,514
<TOTAL-LIABILITIES> 240,514
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,135,647
<SHARES-COMMON-STOCK> 3,315,291
<SHARES-COMMON-PRIOR> 3,480,610
<ACCUMULATED-NII-CURRENT> 2,230
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (79,030)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 214,762
<NET-ASSETS> 33,273,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,031,367
<OTHER-INCOME> 0
<EXPENSES-NET> 57,899
<NET-INVESTMENT-INCOME> 973,468
<REALIZED-GAINS-CURRENT> 44,268
<APPREC-INCREASE-CURRENT> (49,823)
<NET-CHANGE-FROM-OPS> 967,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 973,468
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,872
<NUMBER-OF-SHARES-REDEEMED> 206,430
<SHARES-REINVESTED> 10,726
<NET-CHANGE-IN-ASSETS> (1,648,360)
<ACCUMULATED-NII-PRIOR> 1,487
<ACCUMULATED-GAINS-PRIOR> (123,298)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,801
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67,739
<AVERAGE-NET-ASSETS> 33,350,191
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0.350
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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> 5
<NAME> VAM Midcap Stock Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1998
<PERIOD-START> Nov-01-1997
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 730,932
<INVESTMENTS-AT-VALUE> 849,676
<RECEIVABLES> 128
<ASSETS-OTHER> 145,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 994,804
<PAYABLE-FOR-SECURITIES> 64,716
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,295
<TOTAL-LIABILITIES> 68,011
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 762,719
<SHARES-COMMON-STOCK> 74,527
<SHARES-COMMON-PRIOR> 66,414
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45,330
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 118,744
<NET-ASSETS> 926,793
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,347
<OTHER-INCOME> 0
<EXPENSES-NET> 3,500
<NET-INVESTMENT-INCOME> (667)
<REALIZED-GAINS-CURRENT> 45,518
<APPREC-INCREASE-CURRENT> 138,124
<NET-CHANGE-FROM-OPS> 182,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,110
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 282,975
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (188)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,694
<AVERAGE-NET-ASSETS> 707,328
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.75
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.44
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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> 7
<NAME> Segall Bryant & Hamill Growth and Income Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-START> May-01-1997
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 5,368,941
<INVESTMENTS-AT-VALUE> 6,681,618
<RECEIVABLES> 3,863
<ASSETS-OTHER> 379,599
<OTHER-ITEMS-ASSETS> 14,890
<TOTAL-ASSETS> 7,079,970
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,503
<TOTAL-LIABILITIES> 16,503
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,484,313
<SHARES-COMMON-STOCK> 512,082
<SHARES-COMMON-PRIOR> 429,830
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 266,477
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,312,677
<NET-ASSETS> 7,063,467
<DIVIDEND-INCOME> 54,761
<INTEREST-INCOME> 32,419
<OTHER-INCOME> 0
<EXPENSES-NET> 103,593
<NET-INVESTMENT-INCOME> (16,413)
<REALIZED-GAINS-CURRENT> 770,537
<APPREC-INCREASE-CURRENT> 800,826
<NET-CHANGE-FROM-OPS> 1,554,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,030
<DISTRIBUTIONS-OF-GAINS> 685,903
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127,913
<NUMBER-OF-SHARES-REDEEMED> 102,278
<SHARES-REINVESTED> 56,617
<NET-CHANGE-IN-ASSETS> 1,885,938
<ACCUMULATED-NII-PRIOR> 23,030
<ACCUMULATED-GAINS-PRIOR> 511,851
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44,267
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,972
<AVERAGE-NET-ASSETS> 5,906,795
<PER-SHARE-NAV-BEGIN> 12.05
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 3.48
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 1.47
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.79
<EXPENSE-RATIO> 1.750
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
