VOYAGEUR FUNDS INC
NSAR-A, 1997-07-01
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<PAGE>      PAGE  1
000 A000000 04/30/97
000 C000000 0000819799
000 D000000 N
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000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 VOYAGEUR FUNDS, INC.
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002 A000000 90 SOUTH SEVENTH STREET STE 4400
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
002 D020000 4115
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004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
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007 C010100  1
007 C020100 VOYAGEUR U. S. GOVERNMENT SECURITIES FUND
007 C030100 N
007 C010200  2
007 C020200 VFI SHORT DURATION PORTFOLIO
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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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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028 D010400        28
028 D020400        18
028 D030400         0
028 D040400         0
028 E010400        18
028 E020400        18
028 E030400         0
028 E040400         0
028 F010400        22
028 F020400        19
028 F030400         0
028 F040400         0
028 G010400      5124
028 G020400       107
028 G030400         0
028 G040400         3
028 H000400         0
029  000400 N
030 A000400      0
030 B000400  0.00
030 C000400  0.00
031 A000400      0
031 B000400      0
032  000400      0
033  000400      0
034  000400 N
035  000400      0
036 B000400      0
037  000400 N
038  000400      0
039  000400 N
040  000400 N
041  000400 N
042 A000400   0
042 B000400   0
042 C000400   0
<PAGE>      PAGE  20
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400   0
043  000400      0
044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.200
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
058 A000400 N
059  000400 Y
060 A000400 N
060 B000400 Y
061  000400   100000
062 A000400 Y
062 B000400   0.0
062 C000400  11.6
062 D000400   0.0
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   2.0
062 M000400   6.7
<PAGE>      PAGE  21
062 N000400  79.5
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  8.4
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
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    112641
071 B000400    111678
<PAGE>      PAGE  22
071 C000400     41947
071 D000400  266
072 A000400  6
072 B000400     1549
072 C000400        0
072 D000400        0
072 E000400        0
072 F000400       45
072 G000400        0
072 H000400        0
072 I000400       11
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       31
072 X000400       88
072 Y000400       10
072 Z000400     1471
072AA000400        0
072BB000400       63
072CC010400        0
072CC020400      655
072DD010400     1471
072DD020400        0
072EE000400        0
073 A010400   0.3300
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400     6189
074 D000400    39275
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400      327
074 L000400       16
<PAGE>      PAGE  23
074 M000400        0
074 N000400    45807
074 O000400        0
074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400      263
074 S000400        0
074 T000400    45544
074 U010400  4606431
074 U020400        0
074 V010400     9.89
074 V020400     0.00
074 W000400   0.0000
074 X000400       32
074 Y000400        0
075 A000400        0
075 B000400    44712
076  000400     0.00
SIGNATURE   KEN LARSEN                                   
TITLE       TREASURER           
 



<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> 0000819799
<NAME> VOYAGEUR FUNDS, INC.
<SERIES>
   <NUMBER> 1
   <NAME> VOYAGEUR U.S. GOVERNMENT SECURITIES FUND
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                      113,192,881
<INVESTMENTS-AT-VALUE>                     112,926,279
<RECEIVABLES>                                1,410,774
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         1,787,591
<TOTAL-ASSETS>                             116,124,644
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      221,075
<TOTAL-LIABILITIES>                            221,075
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   122,365,221
<SHARES-COMMON-STOCK>                       11,402,286
<SHARES-COMMON-PRIOR>                       11,374,656
<ACCUMULATED-NII-CURRENT>                       87,650
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     (6,282,700)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (266,602)
<NET-ASSETS>                               115,903,569
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            4,048,903
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 581,372
<NET-INVESTMENT-INCOME>                      3,467,531
<REALIZED-GAINS-CURRENT>                       259,838
<APPREC-INCREASE-CURRENT>                   (2,522,173)
<NET-CHANGE-FROM-OPS>                        1,205,196
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    3,597,310
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,355,607
<NUMBER-OF-SHARES-REDEEMED>                  1,583,246
<SHARES-REINVESTED>                            255,269
<NET-CHANGE-IN-ASSETS>                      (2,052,640)
<ACCUMULATED-NII-PRIOR>                        217,429
<ACCUMULATED-GAINS-PRIOR>                   (6,542,538)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          295,281
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                624,722
<AVERAGE-NET-ASSETS>                       119,191,973
<PER-SHARE-NAV-BEGIN>                            10.37
<PER-SHARE-NII>                                   0.30
<PER-SHARE-GAIN-APPREC>                          (0.20)
<PER-SHARE-DIVIDEND>                              0.31
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.16
<EXPENSE-RATIO>                                  0.970
<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> 0000819799
<NAME> VOYAGEUR FUNDS, INC.
<SERIES>
   <NUMBER> 3
   <NAME> VFI INTERMEDIATE DURATION PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                       30,268,040
<INVESTMENTS-AT-VALUE>                      30,317,809
<RECEIVABLES>                                  270,212
<ASSETS-OTHER>                                  15,818
<OTHER-ITEMS-ASSETS>                             6,052
<TOTAL-ASSETS>                              30,609,891
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      163,932
<TOTAL-LIABILITIES>                            163,932
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    30,662,439
<SHARES-COMMON-STOCK>                        3,066,567
<SHARES-COMMON-PRIOR>                        3,066,213
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (266,249)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        49,769
<NET-ASSETS>                                30,445,959
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              996,915
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  53,082
<NET-INVESTMENT-INCOME>                        943,833
<REALIZED-GAINS-CURRENT>                       (84,323)
<APPREC-INCREASE-CURRENT>                     (184,993)
<NET-CHANGE-FROM-OPS>                          674,517
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      943,833
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                354
<NET-CHANGE-IN-ASSETS>                        (265,782)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (181,926)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           30,332
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 68,082
<AVERAGE-NET-ASSETS>                        30,611,526
<PER-SHARE-NAV-BEGIN>                            10.02
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                          (0.09)
<PER-SHARE-DIVIDEND>                              0.31
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               9.93
<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> 0000819799
<NAME> VOYAGEUR FUNDS, INC.
<SERIES>
   <NUMBER> 4
   <NAME> VFI CORE PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                       45,568,900
<INVESTMENTS-AT-VALUE>                      45,464,281
<RECEIVABLES>                                  326,602
<ASSETS-OTHER>                                  10,406
<OTHER-ITEMS-ASSETS>                             6,052
<TOTAL-ASSETS>                              45,807,341
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      263,196
<TOTAL-LIABILITIES>                            263,196
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    45,912,437
<SHARES-COMMON-STOCK>                        4,606,431
<SHARES-COMMON-PRIOR>                        4,089,020
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (263,673)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (104,619)
<NET-ASSETS>                                45,544,145
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            1,548,888
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  77,573
<NET-INVESTMENT-INCOME>                      1,471,315
<REALIZED-GAINS-CURRENT>                       (63,050)
<APPREC-INCREASE-CURRENT>                     (655,227)
<NET-CHANGE-FROM-OPS>                          753,038
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    1,471,315
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        507,004
<NUMBER-OF-SHARES-REDEEMED>                        297
<SHARES-REINVESTED>                             10,704
<NET-CHANGE-IN-ASSETS>                       4,509,567
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (200,623)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           44,327
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 87,573
<AVERAGE-NET-ASSETS>                        44,712,347
<PER-SHARE-NAV-BEGIN>                            10.04
<PER-SHARE-NII>                                   0.33
<PER-SHARE-GAIN-APPREC>                          (0.15)
<PER-SHARE-DIVIDEND>                              0.33
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               9.89
<EXPENSE-RATIO>                                  0.350
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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