<PAGE> PAGE 1
000 A000000 12/31/95
000 C000000 819799
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 FUNDS, INC
001 B000000 811-5267
001 C000000 6123767129
002 A000000 90 SOUTH SEVENTH ST
002 B000000 MPLS
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 US GOVERNMENT SECURITIES 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 MPLS
008 D02AA01 MN
008 D03AA01 55402
008 D04AA01 4115
010 A00AA01 VOYAGEUR FUND DISTRIBUTERS
010 B00AA01 8-37934
010 C01AA01 MPLS
010 C02AA01 MN
010 C03AA01 55402
010 C04AA01 4115
011 A00AA01 VOYAGEUR FUND DISTRIBUTERS
011 B00AA01 8-37934
011 C01AA01 MPLS
<PAGE> PAGE 2
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4115
012 A00AA01 VOYAGEUR FUND MANAGERS
012 B00AA01 84-01744
012 C01AA01 MPLS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4115
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 MPLS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 DOUGHERTY FINANCIAL GROUP, INC.
014 B00AA01 8-21885
015 A00AA01 NORWEST BANK MN, NA
015 B00AA01 C
015 C01AA01 MPLS
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 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 63324
022 D000001 116705
022 A000002 MERRILL LYNCH
022 B000002 13-5674085
022 C000002 30916
022 D000002 1273
022 A000003 SALOMAN BROTHERS
022 B000003 13-4268012
022 C000003 13999
022 D000003 13762
022 A000004 YAMAICHI INTERNATIONAL TOKYO
022 B000004 13-5659656
022 C000004 6494
<PAGE> PAGE 3
022 D000004 6457
022 A000005 NATWEST BANK
022 B000005 11-0773597
022 C000005 12473
022 D000005 334
022 A000006 HARRIS NESBITT
022 B000006 13-2620737
022 C000006 0
022 D000006 1727
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 152763
023 D000000 164014
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
028 A01AA00 1370
028 A02AA00 428
028 A03AA00 0
028 A04AA00 3839
028 B01AA00 2860
028 B02AA00 420
028 B03AA00 0
028 B04AA00 1301
028 C01AA00 3076
028 C02AA00 415
028 C03AA00 0
028 C04AA00 740
028 D01AA00 2118
<PAGE> PAGE 4
028 D02AA00 416
028 D03AA00 0
028 D04AA00 1197
028 E01AA00 1831
028 E02AA00 399
028 E03AA00 0
028 E04AA00 876
028 F01AA00 1256
028 F02AA00 2
028 F03AA00 0
028 F04AA00 1963
028 G01AA00 12512
028 G02AA00 2080
028 G03AA00 0
028 G04AA00 9917
028 H00AA00 11955
029 00AA00 Y
030 A00AA00 82
030 B00AA00 4.75
030 C00AA00 0.00
031 A00AA00 10
031 B00AA00 0
032 00AA00 72
033 00AA00 0
034 00AA00 Y
035 00AA00 0
036 A00AA00 N
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 100
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 164
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.500
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
<PAGE> PAGE 5
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
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
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
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 Y
062 B00AA00 0.0
<PAGE> PAGE 6
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 55.1
062 N00AA00 44.6
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 8.8
064 A00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
<PAGE> PAGE 7
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 88076
071 B00AA00 124526
071 C00AA00 127131
071 D00AA00 69
072 A00AA00 6
072 B00AA00 4483
072 C00AA00 0
072 D00AA00 0
072 E00AA00 0
072 F00AA00 322
072 G00AA00 94
072 H00AA00 0
072 I00AA00 0
072 J00AA00 15
072 K00AA00 14
072 L00AA00 0
072 M00AA00 3
072 N00AA00 21
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 14
072 S00AA00 10
072 T00AA00 164
072 U00AA00 0
072 V00AA00 0
072 W00AA00 16
072 X00AA00 673
072 Y00AA00 1
072 Z00AA00 3811
072AA00AA00 3058
072BB00AA00 0
072CC01AA00 1145
072CC02AA00 0
072DD01AA00 2106
072DD02AA00 1494
072EE00AA00 0
073 A01AA00 0.2900
073 A02AA00 0.2900
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
<PAGE> PAGE 8
074 B00AA00 0
074 C00AA00 0
074 D00AA00 120164
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 1280
074 M00AA00 0
074 N00AA00 121444
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 901
074 S00AA00 0
074 T00AA00 120543
074 U01AA00 6966672
074 U02AA00 4151248
074 V01AA00 10.73
074 V02AA00 10.74
074 W00AA00 0.0000
074 X00AA00 3796
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 127633
076 00AA00 0.00
077 A000000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
<PAGE> PAGE 9
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> 0000819799
<NAME> VOYAGEUR FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> Voyageur U.S. Government Securities Fund
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 113,630,676
<INVESTMENTS-AT-VALUE> 120,164,062
<RECEIVABLES> 1,280,381
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,444,443
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 901,448
<TOTAL-LIABILITIES> 901,448
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,543,443
<SHARES-COMMON-STOCK> 11,231,082
<SHARES-COMMON-PRIOR> 12,599,179
<ACCUMULATED-NII-CURRENT> 171,582
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,705,416)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,533,386
<NET-ASSETS> 120,542,995
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,482,886
<OTHER-INCOME> 0
<EXPENSES-NET> 671,764
<NET-INVESTMENT-INCOME> 3,811,122
<REALIZED-GAINS-CURRENT> 3,058,328
<APPREC-INCREASE-CURRENT> 1,145,421
<NET-CHANGE-FROM-OPS> 8,014,871
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,618,007
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,202,047
<NUMBER-OF-SHARES-REDEEMED> 2,770,574
<SHARES-REINVESTED> 200,430
<NET-CHANGE-IN-ASSETS> (10,146,936)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,763,744)
<OVERDISTRIB-NII-PRIOR> (21,533)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 321,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 672,636
<AVERAGE-NET-ASSETS> 127,633,338
<PER-SHARE-NAV-BEGIN> 10.37
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
