<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 809872
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 MUTUAL FUNDS II
001 B000000 811-4989
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 1
007 C010100 1
007 C020100 VOYAGEUR COLORADO TAX FREE FUND
007 C030100 N
007 C010200 2
007 C010300 3
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
010 C02AA01 MN
010 C03AA01 55402
010 C04AA01 4115
011 A00AA01 VOYAGEUR FUND DISTRIBUTORS
011 B00AA01 8-37934
011 C01AA01 MINNEAPOLIS
<PAGE> PAGE 2
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 LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 DOUGHERTY FINANCIAL GROUP, INC.
014 B00AA01 8-21885
015 A00AA01 NORWEST BANK MINNESOTA NA
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55479
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 39
019 C00AA00 VOYAGEURFU
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 PIPER JAFFRAY
022 B000001 41-0953246
022 C000001 29252
022 D000001 16850
022 A000002 HANIFAN IMHOFF
022 B000002 84-0503513
022 C000002 23643
022 D000002 1060
022 A000003 GK BAUM
022 B000003 44-0522329
022 C000003 12808
022 D000003 10013
022 A000004 KEMPER CAPITAL MARKETS
022 B000004 34-1542819
022 C000004 0
<PAGE> PAGE 3
022 D000004 16677
022 A000005 KIRKPATRICK PETTIS SMITH POLIAN
022 B000005 47-0301070
022 C000005 8055
022 D000005 5573
022 A000006 ZIEGLER SECURITIES
022 B000006 39-0727640
022 C000006 13303
022 D000006 0
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007 12500
022 D000007 0
022 A000008 DAIN BOSWORTH
022 B000008 41-0212020
022 C000008 5058
022 D000008 4905
022 A000009 FIRST ALBANY
022 B000009 14-1391446
022 C000009 0
022 D000009 10014
022 A000010 WILLIAM R HOUGH
022 B000010 59-2246010
022 C000010 3733
022 D000010 3967
023 C000000 131640
023 D000000 120273
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
<PAGE> PAGE 4
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 RELIANCE INSURANCE
080 C00AA00 15000
081 A00AA00 Y
081 B00AA00 51
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 5
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 2481
028 A020100 1112
028 A030100 0
028 A040100 5205
028 B010100 2692
028 B020100 1089
028 B030100 0
028 B040100 4557
028 C010100 2164
028 C020100 1091
028 C030100 0
028 C040100 7123
028 D010100 2397
028 D020100 1083
028 D030100 0
028 D040100 4884
028 E010100 2488
028 E020100 1086
028 E030100 0
028 E040100 4301
028 F010100 2238
028 F020100 6
028 F030100 0
028 F040100 8778
028 G010100 14459
028 G020100 5467
028 G030100 0
028 G040100 34848
028 H000100 12345
029 000100 Y
030 A000100 719
030 B000100 3.75
030 C000100 0.00
031 A000100 116
031 B000100 0
032 000100 603
033 000100 0
034 000100 Y
035 000100 2
036 A000100 Y
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
<PAGE> PAGE 6
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 93
042 D000100 7
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 983
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 Y
<PAGE> PAGE 7
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.1
062 M000100 0.0
062 N000100 0.0
062 O000100 100.4
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 21.8
064 A000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
<PAGE> PAGE 8
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 317919
071 B000100 337619
071 C000100 383803
071 D000100 83
072 A000100 12
072 B000100 23055
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1945
072 G000100 441
072 H000100 0
072 I000100 0
072 J000100 54
072 K000100 91
072 L000100 0
072 M000100 23
072 N000100 24
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 26
072 S000100 12
072 T000100 983
072 U000100 0
072 V000100 0
072 W000100 28
072 X000100 3627
072 Y000100 697
072 Z000100 20125
072AA000100 0
072BB000100 9220
072CC010100 61037
072CC020100 0
072DD010100 20438
072DD020100 33
072EE000100 0
073 A010100 0.5500
073 A020100 0.4500
073 B000100 0.0000
073 C000100 0.0000
<PAGE> PAGE 9
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 397605
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 3537
074 M000100 0
074 N000100 401142
074 O000100 3575
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2066
074 S000100 0
074 T000100 395501
074 U010100 36003054
074 U020100 95610
074 V010100 10.90
074 V020100 10.90
074 W000100 0.0000
074 X000100 13715
074 Y000100 0
075 A000100 0
075 B000100 389105
076 000100 0.00
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> 0000809872
<NAME> VOYAGEUR MUTUAL FUNDS II, INC.
<SERIES>
<NUMBER> 1
<NAME> VOYAGEUR COLORADO 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> 381,709,777
<INVESTMENTS-AT-VALUE> 397,604,644
<RECEIVABLES> 3,537,025
<ASSETS-OTHER> 464
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 401,142,133
<PAYABLE-FOR-SECURITIES> 3,575,119
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,065,977
<TOTAL-LIABILITIES> 5,641,096
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 388,993,611
<SHARES-COMMON-STOCK> 36,276,968
<SHARES-COMMON-PRIOR> 37,219,659
<ACCUMULATED-NII-CURRENT> 18,456
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,405,897)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,894,867
<NET-ASSETS> 395,501,037
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,054,355
<OTHER-INCOME> 0
<EXPENSES-NET> 2,929,819
<NET-INVESTMENT-INCOME> 20,124,536
<REALIZED-GAINS-CURRENT> (9,220,493)
<APPREC-INCREASE-CURRENT> 61,036,568
<NET-CHANGE-FROM-OPS> 71,940,611
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20,491,396
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,881,137
<NUMBER-OF-SHARES-REDEEMED> 6,121,461
<SHARES-REINVESTED> 1,297,633
<NET-CHANGE-IN-ASSETS> (10,550,581)
<ACCUMULATED-NII-PRIOR> 385,316
<ACCUMULATED-GAINS-PRIOR> (185,404)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,944,802
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,627,159
<AVERAGE-NET-ASSETS> 389,104,783
<PER-SHARE-NAV-BEGIN> 9.53
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> 0.55
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.90
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Voyageur Mutual Funds II, Inc.:
In planning and performing our audit of the financial statements of Voyageur
Colorado Tax Free Fund, Inc., a fund within Voyageur Mutual Funds, II, Inc., for
the year ended December 31, 1995, we considered its 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 of Voyageur Mutual Funds II, Inc. 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 a material weakness 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
