13F-HR 1 c15020e13fvhr.txt FORM 13F - HOLDING REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2007 Check here if Amendment [ ]: Amendment Number: ------------- This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Voyageur Asset Management Inc Address: 100 South Fifth Street, Suite 2300 Minneapolis, MN 55402 13F File Number: 28-06201 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Kathleen Gorman Title: Chief Compliance Officer Phone: (612) 376-7128 Signature, Place and Date of Signing: /s/ Kathleen Gorman Minneapolis, Minnesota Date: May 07, 2007 ---------------------------------- Kathleen Gorman Report type: (Check only one.): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT List of other Managers Reporting for this Manager: None I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 1157 Form 13F Information Table Value Total: $9,684,975 (in thousands) List of Other Included Managers: 1. Royal Bank of Canada 13F File Number: 28-11396 2. RBC Asset Management 13F File Number: 28-11252 FORM 13F As/of 3/31/2007 Name of Reporting Manager: Voyageur Asset Management Inc.

ASHWORTH INC. Common Stock 04516H101 303 40000 x 1 0 40000 ASPEN TECHNOLOGY INC Common Stock 045327103 1616 124300 x 1 46500 77800 ASSURANT INC Common Stock 04621X108 306 5700 x 1 5700 0 ASTA FUNDING INC Common Stock 046220109 13964 323400 x 1 46400 277000 ASTRONICS CORP Common Stock 046433108 372 21125 x 1 0 21125 AT&T INC Common Stock 00206R102 30943 784756 x 1 345086 439670 AUDIOVOX CORP Common Stock 050757103 957 65000 x 1 0 65000 AUTO DATA PROCESS CV Common Stock 053015103 1360 28100 x 1 28100 0 AUTODESK Common Stock 052769106 69216 1840847 x 1 1460067 380780 AUTOZONE INC. 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Common Stock 294429105 144 3955 x 1 3955 0 EQUITABLE RESOURCES INC Common Stock 294549100 175 3630 x 1 3630 0 ESCO TECHNOLOGIES INC Common Stock 296315104 2981 66500 x 1 0 66500 ESPEY MFG & ELECTRONICS C Common Stock 296650104 766 39000 x 1 0 39000 ESTEE LAUDER Common Stock 518439104 209 4280 x 1 4280 0 EXAR CORPORATION Common Stock 300645108 516 39000 x 1 0 39000 EXCEL MARITIME CARRIERS L Common Stock V3267N107 1068 62000 x 1 0 62000 EXELON CORP Common Stock 30161N101 10352 150657 x 1 76045 74612 EXPEDITORS INTL WASH INC Common Stock 302130109 19752 478034 x 1 258074 219960 EXPONENT INC Common Stock 30214U102 830 41600 x 1 0 41600 EXPRESS SCRIPTS INC. 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Common Stock 886547108 134 2945 x 1 2945 0 TIME WARNER INC Common Stock 887317105 8712 441785 x 1 190295 251490 TITANIUM METALS CORP Common Stock 888339207 91 2545 x 1 2545 0 TJX COS INC NEW Common Stock 872540109 431 15990 x 1 15990 0 TOLLGRADE COMMUNICATIONS Common Stock 889542106 703 56000 x 1 0 56000 TRACTOR SUPPLY COMPANY Common Stock 892356106 32384 628817 x 1 390067 238750 TRC COS INC Common Stock 872625108 525 52000 x 1 0 52000 TREDEGAR CORP Common Stock 894650100 775 34000 x 1 0 34000 TRIAD GUARANTY INC Common Stock 895925105 994 24000 x 1 0 24000 TRIBUNE Common Stock 896047107 77 2400 x 1 2400 0 TRICO BANCSHARES Common Stock 896095106 873 36896 x 1 13300 23596 TRINITY INDUSTRIES INC Common Stock 896522109 107 2545 x 1 2545 0 TRIQUINT SEMICONDUCTOR IN Common Stock 89674K103 2645 529066 x 1 366076 162990 TRIUMPH GROUP INC Common Stock 896818101 775 14000 x 1 0 14000 TSAKOS ENERGY NAVIGATION Common Stock G9108L108 2496 48000 x 1 0 48000 TUESDAY MORNING CORPORATI Common Stock 899035505 742 50000 x 1 0 50000 TXU CORPORATION Common Stock 873168108 1021 15925 x 1 15925 0 TYCO INTERNATIONAL LTD Common Stock 902124106 220 6970 x 1 180 6790 TYLER TECHNOLOGIES INC Common Stock 902252105 3490 274800 x 1 0 274800 U S BANCORP Common Stock 902973304 22646 647572 x 1 306952 340620 UCBH HOLDINGS INC Common Stock 90262T308 1734 93100 x 1 33900 59200 UDR INC Common Stock 902653104 144 4700 x 1 4700 0 ULTIMATE SOFTWARE GROUP I Common Stock 90385D107 733 28000 x 1 0 28000 UNIFIRST CORPORATION Common Stock 904708104 652 17000 x 1 0 17000 UNION BANKSHARES CORP/VA Common Stock 905399101 498 19200 x 1 6750 12450 UNION PACIFIC CORP. Common Stock 907818108 428 4210 x 1 4210 0 UNIT CORP Common Stock 909218109 80 1590 x 1 1590 0 UNITED AMERICA INDEMNITY Common Stock 90933T109 751 32381 x 1 0 32381 UNITED CAPITAL CORP Common Stock 909912107 716 21000 x 1 0 21000 UNITED COMMUNITY FINANCIA Common Stock 909839102 1072 97000 x 1 0 97000 UNITED FIRE & CASUALTY CO Common Stock 910331107 1985 56500 x 1 0 56500 UNITED NATURAL FOODS INC Common Stock 911163103 24774 808538 x 1 544778 263760 UNITED PARCEL SERVICE Common Stock 911312106 2226 31760 x 1 31760 0 UNITED TECH CORP Common Stock 913017109 187351 2882321 x 1 2274071 608250 UNITED WESTERN BANCORP IN Common Stock 913201109 454 19000 x 1 0 19000 UNITEDHEALTH GROUP INC. Common Stock 91324P102 2493 47055 x 1 47055 0 UNITIL CORP Common Stock 913259107 3304 121276 x 1 0 121276 UNIVERSAL ELECTRONICS INC Common Stock 913483103 3761 135000 x 1 0 135000 UNIVERSAL STAINLESS & ALL Common Stock 913837100 9645 203188 x 1 4100 199088 URS CORP Common Stock 903236107 451 10600 x 1 10600 0 US AIRWAYS GROUP INC/NEW Common Stock 90341W108 94 2075 x 1 2075 0 US CONCRETE INC Common Stock 90333L102 6975 891910 x 1 0 891910 US XPRESS ENTERPRISES INC Common Stock 90338N103 518 30000 x 1 0 30000 USA MOBILITY INC Common Stock 90341G103 698 35000 x 1 0 35000 USA TRUCK INC Common Stock 902925106 435 28000 x 1 0 28000 UST INC Common Stock 902911106 178 3065 x 1 3065 0 VALSPAR CORP. Common Stock 920355104 13281 477214 x 1 323424 153790 VARIAN ASSOCIATES INC Common Stock 92220P105 22154 464552 x 1 248802 215750 VCA ANTECH INC Common Stock 918194101 20234 557252 x 1 301802 255450 VELCRO INDUSTRIES NV Common Stock 922571104 1349 78000 x 1 0 78000 VERISIGN INC Common Stock 92343E102 202 8030 x 1 8030 0 VERIZON COMMUNICATIONS Common Stock 92343V104 45362 1196254 x 1 554376 641878 VERTEX PHARMACEUTICALS IN Common Stock 92532F100 106 3795 x 1 3795 0 VF CORPORATION Common Stock 918204108 13289 160850 x 1 70190 90660 VIACOM Common Stock 92553P201 910 22125 x 1 22125 0

VIGNETTE CORPORATION Common Stock 926734401 854 46000 x 1 0 46000 VITRAN CORPORATION Common Stock 92850E107 745 38000 x 1 0 38000 VODAFONE GROUP PLC - ADR Common Stock 92857W209 11 424 x 1 424 0 VSE CORP Common Stock 918284100 138 3350 x 1 0 3350 VULCAN MATERIALS COMPANY Common Stock 929160109 405 3480 x 1 3480 0 WABTEC CORPORATION Common Stock 929740108 3011 87300 x 1 34200 53100 WACHOVIA CORP Common Stock 929903102 11943 216940 x 1 97530 119410 WAL MART STORES Common Stock 931142103 4041 86075 x 1 86075 0 WALGREEN CO Common Stock 931422109 152303 3318870 x 1 2653020 665850 WALTER INDUSTRIES INC Common Stock 93317Q105 38 1525 x 1 1525 0 WASTE INDUSTRIES USA INC Common Stock 941057101 934 34000 x 1 0 34000 WASTE MANAGEMENT INC Common Stock 94106L109 583 16950 x 1 16950 0 WATERS CORPORATION Common Stock 941848103 208 3585 x 1 3585 0 WATTS WATER TECHNOLOGIES Common Stock 942749102 3054 80300 x 1 29600 50700 WCA WASTE Common Stock 92926K103 775 102000 x 1 0 102000 WCI COMMUNITIES INC Common Stock 92923C104 766 35900 x 1 0 35900 WEBEX COMMUNICATIONS INC Common Stock 94767L109 16674 293241 x 1 204851 88390 WELLPOINT INC Common Stock 94973V107 102142 1259459 x 1 917409 342050 WELLS FARGO COMPANY Common Stock 949746101 15028 436484 x 1 214420 222064 WELLSFORD REAL PROPERTIES Common Stock 950240200 694 89000 x 1 0 89000 WENDY'S INTERNATIONAL INC Common Stock 950590109 50 1605 x 1 1605 0 WESCO INTERNATIONAL INC Common Stock 95082P105 104 1655 x 1 1655 0 WEST PHARMACEUTICAL SERVI Common Stock 955306105 17429 375384 x 1 258044 117340 WESTERN DIGITAL CORP Common Stock 958102105 130 7715 x 1 7715 0 WESTERN UNION Common Stock 959802109 277 12600 x 1 12600 0 WESTWOOD ONE IN Common Stock 961815107 516 75080 x 1 0 75080 WEYCO GROUP INC Common Stock 962149100 868 33400 x 1 0 33400 WHITE ELECTRONIC DESIGNS Common Stock 963801105 646 97000 x 1 0 97000 WHOLE FOODS MKT INC Common Stock 966837106 539 12024 x 1 12024 0 WILLIAMS COMPANIES INC Common Stock 969457100 449 15770 x 1 15770 0 WILLIAMS-SONOMA INC. Common Stock 969904101 118 3320 x 1 3320 0 WILLIS LEASE FINANCE CORP Common Stock 970646105 688 68000 x 1 0 68000 WIND RIVER SYSTEMS Common Stock 973149107 6869 691073 x 1 479293 211780 WINDSTREAM CORPORATION Common Stock 97381W104 544 37037 x 1 37037 0 WINTRUST FINANCIAL CORPOR Common Stock 97650W108 8158 182870 x 1 127020 55850 WORLD FUEL SERVICES CORP Common Stock 981475106 2341 50600 x 1 19300 31300 WRIGLEY WM JR CO Common Stock 982526105 904 17755 x 1 17755 0 WYETH Common Stock 983024100 25583 511360 x 1 240080 271280 WYNN RESORTS LTD Common Stock 983134107 164 1725 x 1 1725 0 XILINX INC Common Stock 983919101 308 11980 x 1 11980 0 XM SATELLITE Common Stock 983759101 168 13005 x 1 13005 0 XTO ENERGY INC Common Stock 98385X106 697 12718 x 1 12718 0 YAHOO! INC Common Stock 984332106 1539 49200 x 1 49200 0 YOUNG INNOVATIONS INC Common Stock 987520103 10990 403738 x 1 181834 221904 YUM! BRANDS INC Common Stock 988498101 554 9590 x 1 9590 0 ZEBRA TECHNOLOGIES CORP C Common Stock 989207105 19331 500679 x 1 348081 152598 ZIMMER HOLDINGS INC Common Stock 98956P102 890 10425 x 1 10425 0 ZIONS BANCORPORATION Common Stock 989701107 16636 196832 x 1 103032 93800 ZIPREALTY INC Common Stock 98974V107 566 80000 x 1 0 80000 ZUMIEZ INC Common Stock 989817101 17700 441177 x 1 238197 202980

Total number of issuers: = 1157 Total fair market value = 9,648,975.00

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