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<PAGE> PAGE 2
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 4.4
062 M000400 2.4
062 N000400 93.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
064 A000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
<PAGE> PAGE 22
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 151614
071 B000400 112941
071 C000400 37158
071 D000400 303
072 A000400 6
072 B000400 1367
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 41
072 G000400 0
072 H000400 0
072 I000400 20
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 0
072 U000400 1
072 V000400 0
072 W000400 10
072 X000400 72
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072 Z000400 1295
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072DD010400 1296
<PAGE> PAGE 23
072DD020400 0
072EE000400 0
073 A010400 0.3700
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1
074 B000400 0
074 C000400 149
074 D000400 39008
074 E000400 0
074 F000400 0
074 G000400 0
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074 I000400 0
074 J000400 0
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074 N000400 41266
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074 Q000400 0
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074 R030400 0
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074 S000400 0
074 T000400 41035
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SIGNATURE KEN LARSEN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This 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> 0000819799
<NAME> Voyageur Funds, Inc.
<SERIES>
<NUMBER> 1
<NAME> Voyageur U.S. Government Securities Fund
<S> <C>
<PERIOD-TYPE> Other
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Jul-01-1996
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 114,624,732
<INVESTMENTS-AT-VALUE> 116,880,303
<RECEIVABLES> 8,486,033
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 431,280
<TOTAL-LIABILITIES> 7,410,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,025,747
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<SHARES-COMMON-PRIOR> 11,036,144
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<ACCUMULATED-NET-GAINS> (6,542,538)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 117,956,209
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,633,012
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<EXPENSES-NET> 373,629
<NET-INVESTMENT-INCOME> 2,259,383
<REALIZED-GAINS-CURRENT> 936,151
<APPREC-INCREASE-CURRENT> 1,370,635
<NET-CHANGE-FROM-OPS> 4,566,169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,261,643
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<NUMBER-OF-SHARES-REDEEMED> 936,251
<SHARES-REINVESTED> 152,447
<NET-CHANGE-IN-ASSETS> 5,822,669
<ACCUMULATED-NII-PRIOR> 219,689
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 374,523
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<PER-SHARE-NAV-BEGIN> 10.16
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This 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> 0000819799
<NAME> Voyageur Funds, Inc.
<SERIES>
<NUMBER> 2
<NAME> VFI Short Duration Portfolio
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Nov-01-1995
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 28,940,146
<INVESTMENTS-AT-VALUE> 28,992,475
<RECEIVABLES> 200,441
<ASSETS-OTHER> 975
<OTHER-ITEMS-ASSETS> 6,825
<TOTAL-ASSETS> 29,200,716
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 149,007
<TOTAL-LIABILITIES> 149,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,998,348
<SHARES-COMMON-STOCK> 2,899,996
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,032
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,329
<NET-ASSETS> 29,051,709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 990,992
<OTHER-INCOME> 0
<EXPENSES-NET> 61,362
<NET-INVESTMENT-INCOME> 929,630
<REALIZED-GAINS-CURRENT> 1,032
<APPREC-INCREASE-CURRENT> 52,329
<NET-CHANGE-FROM-OPS> 982,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 930,240
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,060,177
<NUMBER-OF-SHARES-REDEEMED> 160,773
<SHARES-REINVESTED> 592
<NET-CHANGE-IN-ASSETS> 29,051,709
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61,362
<AVERAGE-NET-ASSETS> 29,432,796
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.32
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<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> 0.004
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This 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> 0000819799
<NAME> Voyageur Funds, Inc.
<SERIES>
<NUMBER> 3
<NAME> VFI Intermediate Duration Portfolio
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Nov-01-1995
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 30,326,115
<INVESTMENTS-AT-VALUE> 30,560,877
<RECEIVABLES> 308,882
<ASSETS-OTHER> 77
<OTHER-ITEMS-ASSETS> 6,825
<TOTAL-ASSETS> 30,876,661
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 164,920
<TOTAL-LIABILITIES> 164,920
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,658,905
<SHARES-COMMON-STOCK> 3,066,213
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (181,926)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 234,762
<NET-ASSETS> 30,711,741
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,093,636
<OTHER-INCOME> 0
<EXPENSES-NET> 63,410
<NET-INVESTMENT-INCOME> 1,030,226
<REALIZED-GAINS-CURRENT> (181,926)
<APPREC-INCREASE-CURRENT> 234,762
<NET-CHANGE-FROM-OPS> 1,083,062
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,030,836
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,076,520
<NUMBER-OF-SHARES-REDEEMED> 10,341
<SHARES-REINVESTED> 34
<NET-CHANGE-IN-ASSETS> 30,711,741
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,410
<AVERAGE-NET-ASSETS> 30,418,317
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.34
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> 0.004
<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
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> 0000819799
<NAME> Voyageur Funds, Inc.
<SERIES>
<NUMBER> 4
<NAME> VFI Core Portfolio
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Nov-01-1995
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 40,391,339
<INVESTMENTS-AT-VALUE> 40,941,947
<RECEIVABLES> 316,745
<ASSETS-OTHER> 914
<OTHER-ITEMS-ASSETS> 6,825
<TOTAL-ASSETS> 41,266,431
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231,853
<TOTAL-LIABILITIES> 231,853
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,684,593
<SHARES-COMMON-STOCK> 4,089,020
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (200,623)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 550,608
<NET-ASSETS> 41,034,578
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,366,514
<OTHER-INCOME> 0
<EXPENSES-NET> 71,391
<NET-INVESTMENT-INCOME> 1,295,123
<REALIZED-GAINS-CURRENT> (200,623)
<APPREC-INCREASE-CURRENT> 550,608
<NET-CHANGE-FROM-OPS> 1,645,108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,295,733
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,090,115
<NUMBER-OF-SHARES-REDEEMED> 9,126
<SHARES-REINVESTED> 8,031
<NET-CHANGE-IN-ASSETS> 41,034,578
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,795
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 71,391
<AVERAGE-NET-ASSETS> 34,276,713
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0.004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Voyageur U.S. Government Securities Fund:
In planning and performing our audit of the financial statements of Voyageur
U.S. Government Securities Fund for the four-months ended October 31, 1996, 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, and not to provide assurance on the internal control structure.
The management of Voyageur U.S. Government Securities Fund 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 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 6, 1996
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Voyageur Funds, Inc.:
In planning and performing our audits of the financial statements of Voyageur
Financial Institutions (VFI) Core Portfolio, VFI Intermediate Duration Portfolio
and VFI Short Duration Portfolio, funds within Voyageur Funds, Inc. for the
period from March 27, 1996 (commencement of operations) to October 31, 1996, 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, and not to provide assurance on the internal control structure.
The management of VFI Core Portfolio, VFI Intermediate Duration Portfolio and
VFI Short Duration Portfolio 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 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 6, 1996
