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002 B000000 MINNEAPOLIS
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008 D01AA01 MINNEAPOLIS
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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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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> 0000918945
<NAME> VOYAGEUR INVESTMENT TRUST II
<SERIES>
<NUMBER> 1
<NAME> Voyageur Florida Limited Term 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> 821,038
<INVESTMENTS-AT-VALUE> 854,931
<RECEIVABLES> 12,296
<ASSETS-OTHER> 123,605
<OTHER-ITEMS-ASSETS> 30,714
<TOTAL-ASSETS> 1,021,546
<PAYABLE-FOR-SECURITIES> 49,683
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,149
<TOTAL-LIABILITIES> 67,832
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 912,144
<SHARES-COMMON-STOCK> 90,350
<SHARES-COMMON-PRIOR> 61,408
<ACCUMULATED-NII-CURRENT> 7,677
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,893
<NET-ASSETS> 953,714
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 32,584
<OTHER-INCOME> 0
<EXPENSES-NET> 4,611
<NET-INVESTMENT-INCOME> 27,973
<REALIZED-GAINS-CURRENT> 2,938
<APPREC-INCREASE-CURRENT> 56,693
<NET-CHANGE-FROM-OPS> 87,604
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30,637
<DISTRIBUTIONS-OF-GAINS> 2,938
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,494
<NUMBER-OF-SHARES-REDEEMED> 70,115
<SHARES-REINVESTED> 1,563
<NET-CHANGE-IN-ASSETS> 361,495
<ACCUMULATED-NII-PRIOR> 4,101
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,665
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31,141
<AVERAGE-NET-ASSETS> 667,278
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0.49
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</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Voyageur Investment Trust II:
In planning and performing our audit of the financial statements of Voyageur
Florida Limited Term Tax Free Fund (a fund within Voyageur Investment Trust II)
for the year ended December 31, 1995, we considered its 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 II 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 a material weakness 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
