<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 809064
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 VOYAGEUR INSURED FUNDS
001 B000000 811-4977
001 C000000 6123767129
002 A000000 90 SOUTH SEVENTH STREET STE 4400
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 3
007 C010100 1
007 C020100 VOYAGEUR MINNESOTA INSURED TAX FREE FUND
007 C030100 N
007 C010200 2
007 C020200 VOYAGEUR ARIZONA INSURED TAX FREE FUND
007 C030200 N
007 C010300 3
007 C020300 VOYAGEUR NATIONAL INSURED TAX FREE FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 VOYAGEUR FUND MANAGERS
008 B00AA01 A
008 C00AA01 801-20432
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
008 D04AA01 4115
010 A00AA01 VOYAGEUR FUND DISTRIBUTORS
010 B00AA01 8-37934
010 C01AA01 MINNEAPOLIS
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010 C03AA01 55402
<PAGE> PAGE 2
010 C04AA01 4115
011 A00AA01 VOYAGEUR FUND DISTRIBUTORS
011 B00AA01 8-37934
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4115
012 A00AA01 VOYAGEUR FUND MANAGERS
012 B00AA01 84-01744
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4115
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 DOUGHERTY FINANCIAL GROUP
014 B00AA01 8-21885
015 A00AA01 NORWEST BANK MINNESOTA
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55479
015 E01AA01 X
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019 C00AA00 VOYAGEURFU
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022 B000001 75-1828470
022 C000001 11030
022 D000001 6928
022 A000002 BEAR STEARNS & CO
022 B000002 13-4946705
022 C000002 1971
022 D000002 14473
022 A000003 PAINE WEBBER
022 B000003 13-2638166
022 C000003 10344
<PAGE> PAGE 3
022 D000003 3159
022 A000004 GEORGE K BAUM & COMPANY
022 B000004 44-0522329
022 C000004 5760
022 D000004 7670
022 A000005 PEACOCK HISLOP
022 B000005 86-0591513
022 C000005 10832
022 D000005 0
022 A000006 GOLDMAN SACHS & COMPANY
022 B000006 13-5108800
022 C000006 7458
022 D000006 2911
022 A000007 PRUDENTIAL SECURITIES
022 B000007 22-2347336
022 C000007 1896
022 D000007 6775
022 A000008 MERRILL LYNCH
022 B000008 13-5674085
022 C000008 1971
022 D000008 6480
022 A000009 DAIN BOSWORTH INC
022 B000009 41-0212020
022 C000009 1284
022 D000009 6700
022 A000010 SMITH BARNEY HARRIS UPHAM
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022 C000010 5946
022 D000010 2024
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026 G020000 N
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<PAGE> PAGE 4
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
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054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
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<PAGE> PAGE 5
080 C00AA00 15000
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 L010100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE MARK NERUD
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000809064
<NAME> VOYAGEUR INSURED FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> Voyageur Minnesota Insured Fund
<S> <C>
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<PERIOD-END> DEC-31-1995
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<INVESTMENTS-AT-VALUE> 310,524,272
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<ASSETS-OTHER> 672
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 317,017,370
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,462,299
<TOTAL-LIABILITIES> 1,462,299
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 304,738,759
<SHARES-COMMON-STOCK> 29,399,056
<SHARES-COMMON-PRIOR> 29,727,365
<ACCUMULATED-NII-CURRENT> 4,200
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,669,506)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,481,618
<NET-ASSETS> 315,555,071
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,846,658
<OTHER-INCOME> 0
<EXPENSES-NET> 2,696,770
<NET-INVESTMENT-INCOME> 15,149,888
<REALIZED-GAINS-CURRENT> (7,669,506)
<APPREC-INCREASE-CURRENT> 41,831,089
<NET-CHANGE-FROM-OPS> 49,311,471
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,830,479
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,504,610
<NUMBER-OF-SHARES-REDEEMED> 4,941,929
<SHARES-REINVESTED> 1,109,010
<NET-CHANGE-IN-ASSETS> 29,898,176
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,541,687
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<AVERAGE-NET-ASSETS> 308,423,191
<PER-SHARE-NAV-BEGIN> 9.61
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000809064
<NAME> VOYAGEUR INSURED FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> Voyageur Arizona Insured Tax Free Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 223,725,688
<INVESTMENTS-AT-VALUE> 235,308,171
<RECEIVABLES> 6,547,259
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 989
<TOTAL-ASSETS> 241,856,437
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,153,893
<TOTAL-LIABILITIES> 1,153,893
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234,948,876
<SHARES-COMMON-STOCK> 21,583,888
<SHARES-COMMON-PRIOR> 23,539,981
<ACCUMULATED-NII-CURRENT> 569
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,829,384)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,582,483
<NET-ASSETS> 240,702,544
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,023,608
<OTHER-INCOME> 0
<EXPENSES-NET> 1,629,342
<NET-INVESTMENT-INCOME> 12,394,266
<REALIZED-GAINS-CURRENT> (4,354,009)
<APPREC-INCREASE-CURRENT> 34,718,495
<NET-CHANGE-FROM-OPS> 42,758,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,754,296
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,696,616
<NUMBER-OF-SHARES-REDEEMED> 5,180,376
<SHARES-REINVESTED> 527,667
<NET-CHANGE-IN-ASSETS> 8,641,013
<ACCUMULATED-NII-PRIOR> 360,599
<ACCUMULATED-GAINS-PRIOR> (1,475,375)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,223,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,316,629
<AVERAGE-NET-ASSETS> 242,646,598
<PER-SHARE-NAV-BEGIN> 9.86
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 1.31
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.15
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000809064
<NAME> VOYAGEUR INSURED FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> VOYAGEUR NATIONAL INSURED TAX FREE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 34,854,763
<INVESTMENTS-AT-VALUE> 36,634,087
<RECEIVABLES> 488,821
<ASSETS-OTHER> 302,132
<OTHER-ITEMS-ASSETS> 15,416
<TOTAL-ASSETS> 37,440,456
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 223,348
<TOTAL-LIABILITIES> 223,348
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,199,886
<SHARES-COMMON-STOCK> 3,497,760
<SHARES-COMMON-PRIOR> 3,840,821
<ACCUMULATED-NII-CURRENT> 6,820
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (768,922)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,779,324
<NET-ASSETS> 37,217,108
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,097,242
<OTHER-INCOME> 0
<EXPENSES-NET> 203,730
<NET-INVESTMENT-INCOME> 1,893,512
<REALIZED-GAINS-CURRENT> (768,922)
<APPREC-INCREASE-CURRENT> 5,704,995
<NET-CHANGE-FROM-OPS> 6,829,585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,991,022
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,145,570
<NUMBER-OF-SHARES-REDEEMED> 1,616,488
<SHARES-REINVESTED> 127,857
<NET-CHANGE-IN-ASSETS> 1,433,695
<ACCUMULATED-NII-PRIOR> 98,943
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 423,457
<AVERAGE-NET-ASSETS> 35,876,577
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 1.33
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.64
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
Board of Directors and Shareholders
Voyageur Insured Funds, Inc.:
In planning and performing our audits of the financial statements of Voyageur
Minnesota Insured Fund, Voyageur Arizona Insured Tax Free Fund, and Voyageur
National Insured Tax Free Fund (three funds within Voyageur Insured Funds, Inc.)
for the year ended December 31, 1995, we considered their internal control
structure, including procedures 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 the internal control structure.
The management the Company is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
February 9, 1996
The Fund's fundamental investment policy was changed to require an AAA or Aaa
rating on substantially all portfolio securities AT THE TIME OF INVESTMENT, but
permits holding up to 35% of the Fund's total assets in securities which have
been downgraded below AAA or Aaa (but not below AA or Aa).
