VOYAGEUR FUND MANAGERS INC
13F-E, 1996-02-14
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    12/31/95                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
VOYAGEUR FUND MANAGERS, INC.                                                                                                      
90 SOUTH SEVENTH STREET                                                                                                           
SUITE 4400                                                                                                                        
MINNEAPOLIS                                       MN            55402-4115                                                        
                                                                                                                                  
                                                                                                                                  
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION IN                                                  
THIS  FORM  AND THE  ATTACHMENTS  TO IT IS  TRUE,  CORRECT  AND  COMPLETE  AND I                                                  
UNDERSTAND THAT ALL REQUIRED ITEMS,  STATEMENTS AND SCHEDULES ARE INTEGRAL PARTS                                                  
OF THIS  FORM AND THAT  THE  SUBMISSION  OF ANY  AMENDMENT  REPRESENTS  THAT ALL                                                  
UNAMENDED ITEMS,  STATEMENTS AND SCHEDULES REMAIN TRUE,  CORRECT AND COMPLETE AS                                                  
PREVIOUSLY SUBMITTED.                                                                                                             
                                                                                                                                  
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXHCANGE ACT OF 1934.                                                      
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    TED JESSEN                     VICE PRESIDENT               612-376-7015                                                      
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ TED JESSEN                     MINNEAPOLIS                  MN    02/14/96                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<PAGE>      PAGE   2                                                                                                              
                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
llard Department Store    Common Stock  254063100  4,796,550.00   168,300   x                             35,800    --     132,500
sney Walt Co              Common Stock  254687106  1,833,956.25    31,150   x                             29,850    --       1,300
llar General              Common Stock  256669102          0.00         0   x                                  0    --           0
C Communications                                                                                                                  
REPORT SUMMARY                  4 DATA RECORDS                   0            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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