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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
063 B000500 8.0
064 A000500 N
066 A000500 N
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068 A000500 N
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070 B010500 N
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070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
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070 Q010500 N
070 Q020500 N
070 R010500 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
070 A010600 Y
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070 M010600 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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SIGNATURE MARK NERUD
TITLE MANAGER
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REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
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<CIK> 0000906236
<NAME> VOYAGEUR MUTUAL FUNDS, INC.
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<NAME> VOYAGEUR IOWA TAX FREE FUND
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<CIK> 0000906236
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<SERIES>
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<LEGEND>
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</LEGEND>
<CIK> 0000906236
<NAME> VOYAGEUR MUTUAL FUNDS, INC.
<SERIES>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
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</LEGEND>
<CIK> 0000906236
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<SERIES>
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<EXPENSE-RATIO> 0.70
<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 ANNUAL
REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000906236
<NAME> VOYAGEUR MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> VOYAGEUR NATIONAL TAX FREE FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> SEP-08-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,256,455
<INVESTMENTS-AT-VALUE> 1,310,866
<RECEIVABLES> 20,201
<ASSETS-OTHER> 157,349
<OTHER-ITEMS-ASSETS> 20,569
<TOTAL-ASSETS> 1,508,985
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,344
<TOTAL-LIABILITIES> 29,344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,424,140
<SHARES-COMMON-STOCK> 141,205
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,090
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,411
<NET-ASSETS> 1,479,641
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,490
<OTHER-INCOME> 0
<EXPENSES-NET> 1,487
<NET-INVESTMENT-INCOME> 19,003
<REALIZED-GAINS-CURRENT> 12,234
<APPREC-INCREASE-CURRENT> 54,411
<NET-CHANGE-FROM-OPS> 85,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,382
<DISTRIBUTIONS-OF-GAINS> 12,234
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 236,166
<NUMBER-OF-SHARES-REDEEMED> 96,110
<SHARES-REINVESTED> 1,149
<NET-CHANGE-IN-ASSETS> 1,479,641
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,882
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,564
<AVERAGE-NET-ASSETS> 1,207,599
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> 0.18
<PER-SHARE-DISTRIBUTIONS> 0.10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Voyageur Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of Voyageur
Iowa Tax Free Fund, National Tax Free Fund, Arizona Tax Free Fund, California
Tax Free Fund, Idaho Tax Free Fund, and Voyageur Wisconsin Tax Free Fund (funds
within Voyageur Mutual Funds, Inc., for the period ended December 31, 1995) we
considered their 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 Mutual Funds, Inc. 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 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 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
