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July 7, 1999
The following replaces information under the heading "Voyageur Funds, Inc. --
Delaware-Voyageur U.S. Government Securities Fund Statements of Changes in Net
Assets" in the EDGAR transmission of the Semi-Annual Report of Voyageur Funds,
Inc. -- Delaware-Voyageur US Government Securities Fund that was filed with the
Securities and Exchange Commission on July 6, 1999 under EDGAR Form Type N-30D.
VOYAGEUR FUNDS, INC. -
DELAWARE - VOYAGEUR
U.S. GOVERNMENT SECURITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED 4/30/99 ENDED
(UNAUDITED) 10/31/98
------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income ............................. $ 2,023,273 $ 4,702,358
Net realized gain (loss) on investments ........... (686,756) 3,881,172
Net change in unrealized appreciation/
depreciation of investments .................... (1,490,536) (988,088)
------------ ------------
Net increase (decrease) in net assets
resulting from operations ...................... (154,019) 7,595,442
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
A Class ........................................ (1,006,203) (2,595,734)
B Class ........................................ (104,351) (131,800)
C Class ........................................ (13,143) (8,993)
Institutional Class ............................ (915,929) (2,047,835)
Net realized gain on investment transactions
A Class ........................................ (242,646) --
B Class ........................................ (26,084) --
C Class ........................................ (2,085) --
Institutional Class ............................ (201,369) --
------------ ------------
(2,511,810) (4,784,362)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
A Class ........................................ 3,443,481 4,805,092
B Class ........................................ 2,192,932 2,925,008
C Class ........................................ 940,585 359,733
Institutional Class ............................ 7,024,953 12,134,993
Net asset value of shares issued upon reinvestment
of dividends from net investment income
and net realized gain on investment transactions
A Class ........................................ 864,381 1,792,342
B Class ........................................ 104,940 90,607
C Class ........................................ 11,300 3,449
Institutional Class ............................ 1,049,058 1,756,212
------------ ------------
15,631,630 23,867,436
------------ ------------
Cost of shares repurchased:
A Class ........................................ (7,062,917) (15,496,863)
B Class ........................................ (955,977) (796,621)
C Class ........................................ (186,884) (125,998)
Institutional Class ............................ (3,968,486) (23,572,475)
------------ ------------
(12,174,264) (39,991,957)
------------ ------------
Increase (decrease) in net assets derived
from capital share transactions ................ 3,457,366 (16,124,521)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS ............. 791,537 (13,313,441)
NET ASSETS:
Beginning of period ............................... 86,883,024 100,196,465
------------ ------------
End of period ..................................... $ 87,674,561 $ 86,883,024
============ ============
See accompanying notes
