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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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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 22
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<PAGE> PAGE 23
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070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
070 K010500 Y
070 K020500 Y
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070 L020500 N
070 M010500 N
070 M020500 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> VOYAGEUR FLORIDA INSURED 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> 235,230,708
<INVESTMENTS-AT-VALUE> 247,437,810
<RECEIVABLES> 4,267,285
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 20,052
<TOTAL-ASSETS> 251,725,147
<PAYABLE-FOR-SECURITIES> 4,219,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,266,567
<TOTAL-LIABILITIES> 6,485,817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,805,537
<SHARES-COMMON-STOCK> 22,417,011
<SHARES-COMMON-PRIOR> 25,393,802
<ACCUMULATED-NII-CURRENT> 69,987
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,843,296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,207,102
<NET-ASSETS> 245,239,330
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,154,310
<OTHER-INCOME> 0
<EXPENSES-NET> 1,230,660
<NET-INVESTMENT-INCOME> 12,923,650
<REALIZED-GAINS-CURRENT> (10,106,237)
<APPREC-INCREASE-CURRENT> 44,984,832
<NET-CHANGE-FROM-OPS> 47,802,245
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,311,715
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,642,650
<NUMBER-OF-SHARES-REDEEMED> 4,967,755
<SHARES-REINVESTED> 348,314
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<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
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</LEGEND>
<CIK> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
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<NUMBER> 2
<NAME> VOYAGEUR CALIFORNIA INSURED TAX FREE FUND
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<TABLE> <S> <C>
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<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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 6
<NAME> VOYAGEUR KANSAS TAX FREE FUND
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<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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> VOYAGEUR MISSOURI INSURED TAX FREE FUND
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<AVERAGE-NET-ASSETS> 50,043,031
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</TABLE>
<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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 7
<NAME> VOYAGEUR NEW MEXICO TAX FREE FUND
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 4
<NAME> VOYAGEUR OREGON INSURED TAX FREE FUND
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<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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 8
<NAME> VOYAGEUR UTAH TAX FREE FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
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</LEGEND>
<CIK> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
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<NUMBER> 5
<NAME> VOYAGEUR WASHINGTON INSURED TAX FREE FUND
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</TABLE>
<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> 0000879342
<NAME> VOYAGEUR INVESTMENT TRUST
<SERIES>
<NUMBER> 9
<NAME> VOYAGEUR FLORIDA TAX FREE FUND
<S> <C>
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<OTHER-INCOME> 0
<EXPENSES-NET> 7,032
<NET-INVESTMENT-INCOME> 116,021
<REALIZED-GAINS-CURRENT> 8,195
<APPREC-INCREASE-CURRENT> 215,286
<NET-CHANGE-FROM-OPS> 339,502
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 115,983
<DISTRIBUTIONS-OF-GAINS> 8,195
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 724,530
<NUMBER-OF-SHARES-REDEEMED> 307,874
<SHARES-REINVESTED> 5,714
<NET-CHANGE-IN-ASSETS> 4,530,962
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,177
<AVERAGE-NET-ASSETS> 2,644,236
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 0.75
<PER-SHARE-DIVIDEND> 0.47
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 0.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Voyageur Investment Trust:
In planning and performing our audit of the financial statements of Voyageur
California Insured Tax Free Fund, Voyageur Florida Insured Tax Free Fund,
Florida Tax Free Fund, Voyageur Kansas Tax Free Fund, Voyageur Missouri Insured
Tax Free Fund, Voyageur New Mexico Tax Free Fund, Voyageur Oregon Insured Tax
Free Fund, Voyageur Utah Tax Free Fund, and Voyageur Washington Insured Tax Free
Fund (funds within Voyageur Investment Trust) for the period ended December 31,
1995, we considered the 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 Investment Trust is responsible for establishing and
maintaining a system of internal accounting control. 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 the 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 material weaknesses 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
The below listed Funds' investment policy was changed to require an AAA or Aaa
rating on substantially all portfolio securities AT THE TIME OF INVESTMENT, but
permits holding up to 35% of the Fund's total assets in securities which have
been downgraded below AAA or Aaa (but not below AA or Aa).
VOYAGEUR FLORIDA INSURED TAX FREE FUND
VOYAGEUR CALIFORNIA INSURED TAX FREE FUND
VOYAGEUR MISSOURI INSURED TAX FREE FUND
VOYAGEUR OREGON INSURED TAX FREE FUND
VOYAGEUR WASHINGTON INSURED TAX FREE FUND
