<PAGE>
JULY 15, 1997
Supplement to Statement of Additional Information
Dated April 28, 1997 for the following Funds
Delaware-Voyageur Tax-Free Arizona Intermediate Fund
Delaware-Voyageur Tax-Free Arizona Insured Fund
Delaware-Voyageur Tax-Free Arizona Fund
Delaware-Voyageur Tax-Free California Intermediate Fund
Delaware-Voyageur Tax-Free California Fund
Delaware-Voyageur Tax-Free Colorado Intermediate Fund
Delaware-Voyageur Tax-Free Colorado Insured Fund
Delaware-Voyageur Tax-Free Colorado Fund
Delaware-Voyageur Tax-Free Florida Intermediate Fund
Delaware-Voyageur Tax-Free Florida Insured Fund
Delaware-Voyageur Tax-Free Florida Fund
Delaware-Voyageur Tax-Free Idaho Fund
Delaware-Voyageur Tax-Free Iowa Fund
Delaware-Voyageur Tax-Free Kansas Fund
Delaware-Voyageur Tax-Free Minnesota Intermediate Fund
Delaware-Voyageur Minnesota Insured Fund
Delaware-Voyageur Tax-Free Minnesota Fund
Delaware-Voyageur Tax-Free Missouri Insured Fund
Delaware-Voyageur Tax-Free California Insured Fund
Delaware-Voyageur Tax-Free New Mexico Fund
Delaware-Voyageur Tax-Free New York Fund
Delaware-Voyageur Tax-Free North Dakota Fund
Delaware-Voyageur Tax-Free Oregon Insured Fund
Delaware-Voyageur Tax-Free Utah Fund
Delaware-Voyageur Tax-Free Washington Insured Fund
Delaware-Voyageur Tax-Free Wisconsin Fund
The following replaces the average annual total return figures in the
section of the Statement of Additional Information entitled Average Annual Total
Return under Calculation of Performance Data:
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Arizona Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 1.50% 5.47% 12/31/96 0.85% 4.83% 12/31/96 3.69% 4.68%
Period Period Period
3/2/95(1) 6/29/95(1) 5/13/95(1)
through through through
12/31/96 7.91% 10.18% 12/31/96 5.85% 8.41% 12/31/96 8.66% 8.66%
Tax-Free Arizona Insured Fund
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 0.21%(3) 4.08%(3) 12/31/96 (0.66%)(3) 3.31%(3) 12/31/96 2.17% 3.16%
Period Period
3 years 3/10/95(1) 5/26/94(1)
ended through through
12/31/96 3.38%(3) 4.70%(3) 12/31/96 5.41%(3) 7.51%(3) 12/31/96 6.70%(3) 6.70%(3)
5 years
ended
12/31/96 6.46%(3) 7.27%(3)
Period
4/1/91(1)
through
12/31/96 7.34%(3) 8.05%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free California Fund(3)
Class B Class B
Class A Class A Shares Shares
Shares Shares (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
12/31/96 0.33% 4.19% 12/31/96 (0.16%) 3.76%
Period Period
3/3/95(1) 8/23/95(1)
through through
12/31/96 6.53% 8.77% 12/31/96 7.02% 9.88%
Tax-Free California Insured Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 (0.23%) 3.61% 12/31/96 (0.74%) 3.21% 12/31/96 1.47% 2.45%
Period Period
3 years 3/1/94(1) 4/12/95(1)
ended through through
12/31/96 2.85% 4.18% 12/31/96 3.44% 4.40% 12/31/96 5.93% 5.93%
Period
10/15/92(1)
through
12/31/96 5.94% 6.91%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Colorado Fund
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 0.21%(3) 4.07%(3) 12/31/96 (0.72%)(3) 3.24%(3) 12/31/96 2.17% 3.16%
Period Period
3 years 3/22/95(1) 5/6/94(1)
ended through through
12/31/96 3.15%(3) 4.47%(3) 12/31/96 5.21%(3) 7.35%(3) 12/31/96 6.63%(3) 6.63%(3)
5 years
ended
12/31/96 6.62%(3) 7.43%(3)
Period
4/23/87(1)
through
12/31/96 7.74%(3) 8.17%(3)
Tax-Free Florida Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 (0.18%) 3.73% 12/31/96 (0.43%) 3.50% 12/31/96 1.96% 2.94%
Period Period Period
3/2/95(1) 9/15/95(1) 4/22/95(1)
through through through
12/31/96 6.53% 8.78% 12/31/96 3.68% 6.72% 12/31/96 6.96% 6.96%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Florida Insured Fund(3)
Class B Class B
Class A Class A Shares Shares
Shares Shares) (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year
ended ended
12/31/96 (1.00%) 2.89% 12/31/96 (1.53%) 2.39%
Period
3 years 3/11/94(1)
ended through
12/31/96 3.13% 4.45% 12/31/96 4.21% 5.20%
Period
1/1/92(1)
through
12/31/96 6.58% 7.40%
Tax-Free Florida Intermediate Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(4) CDSC) CDSC)(5) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 0.47% 3.33% 12/31/96 0.58% 2.56% 12/31/96 1.37% 2.36%
Period Period Period
5/1/94(1) 9/15/95(1) 3/23/95(1)
through through through
12/31/96 5.01% 6.10% 12/31/96 1.36% 2.87% 12/31/96 5.78% 5.78%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
(4) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 2% if shares are redeemed within two years of purchase;
and (ii) 1% if shares are redeemed during the third year following
purchase. The above figures have been calculated using this new
schedule.
(5) Beginning June 9, 1997, the CDSC applicable to Class C Shares will be
1.00% if shares are redeemed within 12 months of purchase. The above
figures have been calculated using this new schedule.
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Idaho Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 0.42% 4.34% 12/31/96 (0.23%) 3.73% 12/31/96 2.48% 3.47%
Period Period Period
1/4/95(1) 3/16/95(1) 1/11/95(1)
through through through
12/31/96 8.67% 10.77% 12/31/96 5.43% 7.55% 12/31/96 9.62% 9.62%
Tax-Free Iowa Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 (1.27%) 2.55% 12/31/96 (2.17%) 1.74% 12/31/96 0.57% 1.54%
Period Period
3 years 3/24/95(1) 1/4/95(1)
ended through through
12/31/96 2.27% 3.58% 12/31/96 4.72% 6.88% 12/31/96 10.28% 10.28%
Period
9/1/93(1)
through
12/31/96 2.69% 3.87%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Kansas Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 (0.48%) 3.41% 12/31/96 (1.26%) 2.67% 12/31/96 1.52% 2.51%
Period Period
3 years 4/8/95(1) 4/12/95(1)
ended through through
12/31/96 3.25% 4.57% 12/31/96 4.36% 6.58% 12/31/96 6.26% 6.26%
Period
11/30/92(1)
through
12/31/96 6.02% 7.02%
Tax-Free Minnesota Fund
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 (0.54%) 3.31% 12/31/96 (1.12%)(3) 2.82%(3) 12/31/96 1.65% 2.63%
Period Period
3 years 3/11/95(1) 5/4/94(1)
ended through through
12/31/96 2.91% 4.23% 12/31/96 4.90%(3) 7.01%(3) 12/31/96 6.04% 6.04%
5 years
ended
12/31/96 5.81% 6.62%
10 years
ended
12/31/96 6.72%(3) 7.13%(3)
Period
2/27/84(1)
through
12/31/96 8.70%(3) 9.03%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Minnesota Insured Fund
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 (0.17%) 3.74% 12/31/96 (0.94%)(3) 3.01%(3) 12/31/96 1.98% 2.96%
Period Period
3 years 3/7/95(1) 5/4/94(1)
ended through through
12/31/96 2.63%(3) 3.95%(3) 12/31/96 4.79%(3) 6.89%(3) 12/31/96 5.84%(3) 5.84%(3)
5 years
ended
12/31/96 5.96%(3) 6.77%(3)
Period
5/1/87(1)
through
12/31/96 7.13%(3) 7.55%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year
following purchase; and (iv) 1% if shares are redeemed during the sixth
year following purchase. The above figures have been calculated using
this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Minnesota Intermediate Fund
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC)(3) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 0.64% 3.44% 12/31/96 0.74%(4) 2.72%(4) 12/31/96 1.69% 2.67%
Period Period
3 years 8/15/95(1) 5/4/94(1)
ended through through
12/31/96 3.07%(4) 4.05%(4) 12/31/96 4.08%(4) 4.36%(4) 12/31/96 4.73%(4) 4.73%(4)
5 years
ended
12/31/96 4.74%(4) 5.32%(4)
10 years
ended
12/31/96 5.43%(4) 5.72%(4)
Period
10/27/85(1)
through
12/31/96 5.93%(4) 6.19%(4)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 2% if shares are redeemed within two years of purchase;
and (ii) 1% if shares are redeemed during the third year following
purchase. The above figures have been calculated using this new
schedule.
(3) Beginning June 9, 1997, the CDSC applicable to Class C Shares will be
1.00% if shares are redeemed within 12 months of purchase. The above
figures have been calculated using this new schedule.
(4) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Missouri Insured Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 (0.48%) 3.39% 12/31/96 (1.02%) 2.92% 12/31/96 1.48% 2.46%
Period Period
3 years 3/12/94(1) 11/11/95(1)
ended through through
12/31/96 2.80% 4.12% 12/31/96 4.10% 5.09% 12/31/96 4.14% 4.14%
Period
11/2/92(1)
through
12/31/96 5.62% 6.59%
Tax-Free New Mexico Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
Period
1 year 1 year 5/7/96(1)
ended ended through
12/31/96 0.25% 4.12% 12/31/96 (0.59%) 3.37% 12/31/96 5.30% 6.30%
Period
3 years 3/3/94(1)
ended through
12/31/96 3.74% 5.06% 12/31/96 3.92% 4.90%
Period
10/5/92(1)
through
12/31/96 6.37% 7.33%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free New York Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 (1.40%) 2.45% 12/31/96 (2.46%) 1.42% 12/31/96 0.46% 1.43%
Period Period
3 years 11/14/94(1) 4/26/95(1)
ended through through
12/31/96 2.11% 3.43% 12/31/96 4.99% 6.31% 12/31/96 3.98% 3.98%
5 years
ended
12/31/96 5.35% 6.15%
Period
11/6/87(1)
through
12/31/96 7.12% 7.57%
Tax-Free North Dakota Fund
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 3.87%(3) (0.04%)(3) 12/31/96 (0.58%)(3) 3.38%(3) 12/31/96 1.82% 2.80%
Period Period
3 years 5/10/94(1) 7/29/95(1)
ended through through
12/31/96 4.98%(3) 3.66%(3) 12/31/96 6.54%(3) 7.56%(3) 12/31/96 6.54%(3) 6.54%(3)
5 years
ended
12/31/96 7.13%(3) 6.32%(3)
Period
4/1/91(1)
through
12/31/96 7.80%(3) 7.09%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Oregon Insured Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 (0.72%) 3.13% 12/31/96 (1.33%) 2.60% 12/31/96 1.38% 2.36%
Period Period
3 years 3/12/94(1) 7/5/95(1)
ended through through
12/31/96 2.86% 4.19% 12/31/96 3.77% 4.76% 12/31/96 5.88% 5.88%
Period
8/1/93(1)
through
12/31/96 3.70% 4.87%
Tax-Free Utah Fund(3)
Class B Class B
Class A Class A Shares Shares
Shares Shares (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC)
1 year 1 year
ended ended
12/31/96 (0.54%) 3.34% 12/31/96 (1.47%) 2.45%
Period
3 years 5/27/95(1)
ended through
12/31/96 3.50% 4.82% 12/31/96 3.24% 5.67%
Period
10/5/92(1)
through
12/31/96 6.83% 7.79%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
Tax-Free Washington Insured Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 year 1 year 1 year
ended ended ended
12/31/96 0.03% 3.96% 12/31/96 (0.65%) 3.31% 12/31/96 2.11% 3.10%
Period Period
3 years 10/24/95(1) 4/21/95(1)
ended through through
12/31/96 3.53% 4.85% 12/31/96 2.29% 5.63% 12/31/96 6.62% 6.62%
Period
8/1/93(1)
through
12/31/96 5.47% 6.66%
Tax-Free Wisconsin Fund(3)
Class B Class B Class C Class C
Class A Class A Shares Shares Shares Shares
Shares Shares (including (excluding (including (excluding
(at offer) (at NAV) CDSC)(2) CDSC) CDSC) CDSC)
1 year 1 year 1 year
ended ended ended
12/31/96 (0.40%) 3.47% 12/31/96 (1.11%) 2.83% 12/31/96 1.74% 2.72%
Period Period
3 years 4/22/95(1) 3/28/95(1)
ended through through
12/31/96 2.44% 3.75% 12/31/96 3.56% 5.85% 12/31/96 6.10% 6.10%
Period
9/1/93(1)
through
12/31/96 2.82% 4.01%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
The following replaces cumulative total return figures in the section
of the Statement of Additional Information entitled Cumulative Total Return
under Calculation of Performance Data:
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Arizona Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.21%) 12/31/96 (1.65%) 2.35% 12/31/96 1.44% 2.44%
6 months 6 months 6 months
ended ended ended
12/31/96 1.56% 12/31/96 1.20% 5.20% 12/31/96 4.27% 5.27%
9 months 9 months 9 months
ended ended ended
12/31/96 3.24% 12/31/96 2.80% 6.80% 12/31/96 5.72% 6.72%
1 year 1 year 1 year
ended ended ended
12/31/96 1.50% 12/31/96 0.85% 4.83% 12/31/96 3.69% 4.68%
Period Period Period
3/2/95(1) 6/29/95(1) 5/13/95(1)
through through through
12/31/96 14.99% 12/31/96 8.96% 12.96% 12/31/96 14.56% 14.56%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Arizona Insured Fund
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.41%)(3) 12/31/96 (1.70%)(3) 2.30%(3) 12/31/96 1.30% 2.30%
6 months 6 months 6 months
ended ended ended
12/31/96 1.05%(3) 12/31/96 0.61%(3) 4.61%(3) 12/31/96 3.58% 4.58%
9 months 9 months 9 months
ended ended ended
12/31/96 1.63%(3) 12/31/96 0.89%(3) 4.89%(3) 12/31/96 3.92% 4.92%
1 year 1 year 1 year
ended ended ended
12/31/96 0.21%(3) 12/31/96 (0.66%)(3) (3.31%)(3) 12/31/96 2.17% 3.16%
Period Period
3 years 3/10/95(1) 5/26/94(1)
ended through through
12/31/96 10.48%(3) 12/31/96 10.03%(3) 14.03%(3) 12/31/96 18.39%(3) 18.39%(3)
5 years
ended
12/31/96 36.76%(3)
Period
4/1/91(1)
through
12/31/96 50.27%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
California Tax-Free Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (0.92%) 12/31/96 (1.30%) 2.70% 12/31/96 1.66% 2.66%
6 months 6 months 6 months
ended ended ended
12/31/96 1.89% 12/31/96 1.64% 5.64% 12/31/96 4.42% 5.42%
Period
9 months 9 months 4/9/96(3)
ended ended through
12/31/96 2.49% 12/31/96 2.13% 6.13% 12/31/96 6.58% 7.58%
1 year 1 year
ended ended
12/31/96 0.33% 12/31/96 (0.16%) 3.76%
Period Period
3/3/95(1) 8/23/95(1)
through through
12/31/96 12.30% 12/31/96 9.65% 13.65%
Tax-Free California Insured Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
3 months 3 months 3 months
ended ended ended
12/31/96 (1.16%) 12/31/96 (1.44%) 2.56% 12/31/96 1.01% 2.01%
6 months 6 months 6 months
ended ended ended
12/31/96 1.42% 12/31/96 1.18% 5.18% 12/31/96 3.62% 4.62%
9 months 9 months 9 months
ended ended ended
12/31/96 1.82% 12/31/96 1.47% 5.47% 12/31/96 3.81% 4.81%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.23%) 12/31/96 (0.74%) 3.21% 12/31/96 1.47% 2.45%
Period Period
3 years 3/1/94(1) 4/12/95(1)
ended through through
12/31/96 8.80% 12/31/96 10.05% 13.00% 12/31/96 10.43% 10.43%
Period
10/15/92(1)
through
12/31/96 27.52%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Colorado Fund
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.57%)(3) 12/31/96 (1.89%)(3) 2.11%(3) 12/31/96 1.11% 2.11%
6 months 6 months 6 months
ended ended ended
12/31/96 1.18%(3) 12/31/96 0.70%(3) 4.70%(3) 12/31/96 3.59% 4.59%
9 months 9 months 9 months
ended ended ended
12/31/96 2.00%(3) 12/31/96 1.33%(3) 5.33%(3) 12/31/96 4.29% 5.29%
1 year 1 year 1 year
ended ended ended
12/31/96 0.21%(3) 12/31/96 (0.72%)(3) 3.24%(3) 12/31/96 2.17% 3.16%
Period Period
3 years 3/22/95(1) 5/6/94(1)
ended through through
12/31/96 9.77%(3) 12/31/96 9.46%(3) 13.46%(3) 12/31/96 18.61%(3) 18.61%(3)
5 years
ended
12/31/96 37.75%(3)
Period
4/23/87(1)
through
12/31/96 106.06%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Florida Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.27%) 12/31/96 (1.57%) 2.43% 12/31/96 1.35% 2.35%
6 months 6 months 6 months
ended ended ended
12/31/96 1.56% 12/31/96 1.44% 5.44% 12/31/96 4.16% 5.16%
9 months 9 months 9 months
ended ended ended
12/31/96 2.24% 12/31/96 2.04% 6.04% 12/31/96 4.77% 5.77%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.18%) 12/31/96 (0.43%) 3.50% 12/31/96 1.98% 2.96%
Period Period Period
3/2/95(1) 9/15/95(1) 4/22/95(1)
through through through
12/31/96 12.32% 12/31/96 4.79% 8.79% 12/31/96 12.12% 12.12%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Florida Insured Fund(3)
Class B Class B
Class A Shares Shares
Shares (including (excluding
(at offer) CDSC)(2) CDSC)
<S> <C> <C> <C> <C>
3 months 3 months
ended ended
12/31/96 (1.46%) 12/31/96 (1.78%) 2.22%
6 months 6 months
ended ended
12/31/96 1.27% 12/31/96 1.07% 5.07%
9 months 9 months
ended ended
12/31/96 1.59% 12/31/96 1.25% 5.25%
1 year 1 year
ended ended
12/31/96 (1.00%) 12/31/96 (1.53%) 2.39%
Period
3 years 3/11/94(1)
ended through
12/31/96 9.67% 12/31/96 12.30% 15.30%
Period
1/1/92(1)
through
12/31/96 37.55%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase;
(ii) 3% if shares are redeemed during the third or fourth year
following purchase; (iii) 2% if shares are redeemed during the fifth
year following purchase; and (iv) 1% if shares are redeemed during the
sixth year following purchase. The above figures have been calculated
using this new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Florida Intermediate Fund(2)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(3) CDSC) CDSC)(4) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (0.97%) 12/31/96 (0.49%) 1.51% 12/31/96 0.49% 1.49%
6 months 6 months 6 months
ended ended ended
12/31/96 0.55% 12/31/96 0.88% 2.88% 12/31/96 1.81% 2.81%
9 months 9 months 9 months
ended ended ended
12/31/96 1.10% 12/31/96 1.25% 3.25% 12/31/96 2.12% 3.12%
1 year 1 year 1 year
ended ended ended
12/31/96 0.47% 12/31/96 0.58% 2.56% 12/31/96 1.37% 2.36%
Period Period Period
5/1/94(1) 9/15/95(1) 3/23/95(1)
through through through
12/31/96 13.95% 12/31/96 1.76% 3.73% 12/31/96 10.50% 10.50%
</TABLE>
(1) Date of initial public offering.
(2) Reflects voluntary waivers in effect during the period(s).
(3) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 2% if shares are redeemed within two years of purchase;
and (ii) 1% if shares are redeemed during the third year following
purchase. The above figures have been calculated using this new
schedule.
(4) Beginning June 9, 1997, the CDSC applicable to Class C Shares will be
1.00% if shares are redeemed within 12 months of purchase. The above
figures have been calculated using this new schedule.
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Idaho Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.20%) 12/31/96 (1.55%) 2.45% 12/31/96 1.39% 2.39%
6 months 6 months 6 months
ended ended ended
12/31/96 1.30% 12/31/96 0.86% 4.86% 12/31/96 3.73% 4.73%
9 months 9 months 9 months
ended ended ended
12/31/96 2.17% 12/31/96 1.72% 5.72% 12/31/96 4.53% 5.53%
1 year 1 year 1 year
ended ended ended
12/31/96 0.42% 12/31/96 (0.23%) 3.73% 12/31/96 2.48% 3.47%
Period Period Period
1/4/95(1) 3/16/95(1) 1/11/95(1)
through through through
12/31/96 18.00% 12/31/96 9.97% 13.97% 12/31/96 19.85% 19.85%
Tax-Free Iowa Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
3 months 3 months 3 months
ended ended ended
12/31/96 (1.31%) 12/31/96 (1.75%) 2.25% 12/31/96 1.23% 2.23%
6 months 6 months 6 months
ended ended ended
12/31/96 2.04% 12/31/96 1.52% 5.52% 12/31/96 4.45% 5.45%
9 months 9 months 9 months
ended ended ended
12/31/96 2.59% 12/31/96 1.90% 5.90% 12/31/96 4.77% 5.77%
1 year 1 year 1 year
ended ended ended
12/31/96 (1.27%) 12/31/96 (2.17%) 1.74% 12/31/96 0.57% 1.54%
Period Period
3 years 3/24/95(1) 1/4/95(1)
ended through through
12/31/96 6.97% 12/31/96 8.53% 12.53% 12/31/96 21.52% 21.52%
Period
9/1/93(1)
through
12/31/96 9.25%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Kansas Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.68%) 12/31/96 (2.01%) 1.99% 12/31/96 0.98% 1.98%
6 months 6 months 6 months
ended ended ended
12/31/96 0.96% 12/31/96 0.48% 4.48% 12/31/96 3.34% 4.34%
9 months 9 months 9 months
ended ended ended
12/31/96 1.83% 12/31/96 1.30% 5.30% 12/31/96 4.10% 5.10%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.48%) 12/31/96 (1.26%) 2.67% 12/31/96 1.52% 2.51%
Period Period
3 years 4/8/95(1) 4/12/95(1)
ended through through
12/31/96 10.08% 12/31/96 7.69% 11.69% 12/31/96 11.02% 11.02%
Period
11/30/92(1)
through
12/31/96 26.99%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Minnesota Fund
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.54%) 12/31/96 (1.82%)(3) 2.18%(3) 12/31/96 1.15% 2.15%
6 months 6 months 6 months
ended ended ended
12/31/96 1.03% 12/31/96 0.66%(3) 4.66%(3) 12/31/96 3.67% 4.67%
9 months 9 months 9 months
ended ended ended
12/31/96 1.51% 12/31/96 1.06%(3) 5.06%(3) 12/31/96 3.94% 4.94%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.54%) 12/31/96 (1.12%)(3) 2.82%(3) 12/31/96 1.65% 2.63%
Period Period
3 years 3/11/95(1) 5/4/94(1)
ended through through
12/31/96 8.98% 12/31/96 9.06%(3) 13.06%(3) 12/31/96 16.91% 16.91%
5 years
ended
12/31/96 32.60%
10 years
ended
12/31/96 91.65%(3)
Period
2/27/84(1)
through
12/31/96 192.11%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this
new schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Minnesota Insured Fund
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.40%) 12/31/96 (1.79%)(3) 2.21%(3) 12/31/96 1.30% 2.30%
6 months 6 months 6 months
ended ended ended
12/31/96 0.88% 12/31/96 0.33%(3) 4.33%(3) 12/31/96 1.30% 2.30%
9 months 9 months 9 months
ended ended ended
12/31/96 1.35% 12/31/96 0.64%(3) 4.64%(3) 12/31/96 3.67% 4.67%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.17%) 12/31/96 (0.94%)(3) 3.01%(3) 12/31/96 1.98% 2.96%
Period Period
3 years 3/7/95(1) 5/4/94(1)
ended through through
12/31/96 8.11%(3) 2/31/96 8.90%(3) 12.90%(3) 12/31/96 16.33%(3) 16.33%(3)
5 years
ended
12/31/96 33.60%(3)
Period
5/1/87(1)
through
12/31/96 94.61%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Minnesota Intermediate Fund
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(3) CDSC) CDSC)(4) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.00%) 12/31/96 (0.36%)(2) 1.64%(2) 12/31/96 0.64% 1.64%
6 months 6 months 6 months
ended ended ended
12/31/96 0.47% 12/31/96 0.89%(2) 2.89%(2) 12/31/96 1.97% 2.97%
9 months 9 months 9 months
ended ended ended
12/31/96 0.73% 12/31/96 0.99%(2) 2.99%(2) 12/31/96 1.92% 2.92%
1 year 1 year 1 year
ended ended ended
12/31/96 0.64% 12/31/96 0.74%(2) 2.72%(2) 12/31/96 1.69% 2.67%
Period Period
3 years 8/15/95(1) 5/4/94(1)
ended through through
12/31/96 9.51%(2) 12/31/96 4.08%(2) 6.08%(2) 12/31/96 13.11%(2) 13.11%(2)
5 years
ended
12/31/96 26.03%(2)
10 years
ended
12/31/96 69.87%(2)
Period
10/27/85(1)
through
12/31/96 90.37%(2)
</TABLE>
(1) Date of initial public offering.
(2) Reflects voluntary waivers in effect during the period(s).
(3) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 2% if shares are redeemed within two years of purchase; and
(ii) 1% if shares are redeemed during the third year following purchase.
The above figures have been calculated using this new schedule.
(4) Beginning June 9, 1997, the CDSC applicable to Class C Shares will be
1.00% if shares are redeemed within 12 months of purchase. The above
figures have been calculated using this new schedule.
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Missouri Insured Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.37%) 12/31/96 (1.67%) 2.33% 12/31/96 1.28% 2.28%
6 months 6 months 6 months
ended ended ended
12/31/96 1.41% 12/31/96 1.01% 5.01% 12/31/96 3.78% 4.78%
9 months 9 months 9 months
ended ended ended
12/31/96 1.80% 12/31/96 1.46% 5.46% 12/31/96 4.13% 5.13%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.48%) 12/31/96 (1.02%) 2.92% 12/31/96 1.48% 2.46%
Period Period
3 years 3/12/94(1) 11/11/95(1)
ended through through
12/31/96 8.64% 12/31/96 11.96% 14.96% 12/31/96 4.73% 4.73%
Period
11/2/92(1)
through
12/31/96 25.55%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free New Mexico Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.62%) 12/31/96 (1.94%) 2.06% 12/31/96 1.04% 2.04%
6 months 6 months 6 months
ended ended ended
12/31/96 1.17% 12/31/96 0.63% 4.63% 12/31/96 3.65% 4.65%
Period
9 months 9 months 5/7/96(1)
ended ended through
12/31/96 2.14% 12/31/96 1.56% 5.56% 12/31/96 5.30% 6.30%
1 year 1 year
ended ended
12/31/96 0.25% 12/31/96 (0.59%) 3.37%
Period
3 years 3/3/94(1)
ended through
12/31/96 11.65% 12/31/96 11.51% 14.51%
Period
10/5/92(1)
through
12/31/96 29.92%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free New York Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (2.61%) 12/31/96 (3.04%) 0.94% 12/31/96 (0.05%) 0.95%
6 months 6 months 6 months
ended ended ended
12/31/96 (0.97%) 12/31/96 (1.59%) 2.41% 12/31/96 1.42% 2.42%
9 months 9 months 9 months
ended ended ended
12/31/96 (0.37%) 12/31/96 (1.23%) 2.74% 12/31/96 1.75% 2.75%
1 year 1 year 1 year
ended ended ended
12/31/96 (1.40%) 12/31/96 (2.46%) 1.42% 12/31/96 0.46% 1.43%
Period Period
3 years 11/14/94(1) 4/26/95(1)
ended through through
12/31/96 6.45% 12/31/96 10.93% 13.93% 12/31/96 6.79% 6.79%
5 years
ended
12/31/96 29.75%
Period
11/6/87(1)
through
12/31/96 87.64%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free North Dakota Fund
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.61%)(3) 12/31/96 (1.88%)(3) 2.12%(3) 12/31/96 1.01% 2.01%
6 months 6 months 6 months
ended ended ended
12/31/96 0.79%(3) 12/31/96 0.43%(3) 4.43%(3) 12/31/96 3.10% 4.10%
9 months 9 months 9 months
ended ended ended
12/31/96 1.46%(3) 12/31/96 1.08%(3) 5.08%(3) 12/31/96 3.74% 4.74%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.04%)(3) 12/31/96 (0.58%)(3) 3.38%(3) 12/31/96 1.82% 2.80%
Period Period
3 years 5/10/94(1) 7/29/95(1)
ended through through
12/31/96 11.37%(3) 12/31/96 18.27%(3) 21.27%(3) 12/31/96 9.46%(3) 9.46%(3)
5 years
ended
12/31/96 35.86%(3)
Period
4/1/91(1)
through
12/31/96 48.30%(3)
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Oregon Insured Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.59%) 12/31/96 (1.90%) 2.10% 12/31/96 1.15% 2.15%
6 months 6 months 6 months
ended ended ended
12/31/96 1.45% 12/31/96 1.06% 5.06% 12/31/96 3.94% 4.94%
9 months 9 months 9 months
ended ended ended
12/31/96 1.67% 12/31/96 1.24% 5.24% 12/31/96 4.12% 5.12%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.72%) 12/31/96 (1.33%) 2.60% 12/31/96 1.38% 2.36%
Period Period
3 years 3/12/94(1) 7/7/95(1)
ended through through
12/31/96 8.83% 12/31/96 10.94% 13.94% 12/31/96 8.87% 8.87%
Period
8/1/93(1)
through
12/31/96 13.23%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
Cumulative Total Return
Tax-Free Utah Fund(3)
Class B Class B
Class A Shares Shares
Shares (including (excluding
(at offer) CDSC)(2) CDSC)
3 months 3 months
ended ended
12/31/96 (1.57%) 12/31/96 (2.01%) 1.99%
6 months 6 months
ended ended
12/31/96 0.71% 12/31/96 0.09% 4.09%
9 months 9 months
ended ended
12/31/96 1.25% 12/31/96 0.54% 4.54%
1 year 1 year
ended ended
12/31/96 (0.54%) 12/31/96 (1.47%) 2.45%
Period
3 years 5/27/95(1)
ended through
12/31/96 10.88% 12/31/96 5.23% 9.23%
Period
10/5/92(1)
through
12/31/96 32.39%
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Washington Insured Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.50%) 12/31/96 (1.83%) 2.18% 12/31/96 1.25% 2.25%
6 months 6 months 6 months
ended ended ended
12/31/96 1.34% 12/31/96 0.99% 4.99% 12/31/96 3.92% 4.92%
9 months 9 months 9 months
ended ended ended
12/31/96 2.18% 12/31/96 1.55% 5.55% 12/31/96 4.42% 5.42%
1 year 1 year 1 year
ended ended ended
12/31/96 0.03% 12/31/96 (0.65%) 3.31% 12/31/96 2.11% 3.10%
Period Period
3 years 10/24/95(1) 4/21/95(1)
ended through through
12/31/96 10.97% 12/31/96 2.73% 6.73% 12/31/96 11.51% 11.51%
Period
8/1/93(1)
through
12/31/96 19.99%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
<PAGE>
<TABLE>
<CAPTION>
Cumulative Total Return
Tax-Free Wisconsin Fund(3)
Class B Class B Class C Class C
Class A Shares Shares Shares Shares
Shares (including (excluding (including (excluding
(at offer) CDSC)(2) CDSC) CDSC) CDSC)
<S> <C> <C> <C> <C> <C> <C> <C>
3 months 3 months 3 months
ended ended ended
12/31/96 (1.26%) 12/31/96 (1.69%) 2.31% 12/31/96 1.28% 2.28%
6 months 6 months 6 months
ended ended ended
12/31/96 0.88% 12/31/96 0.41% 4.41% 12/31/96 3.43% 4.43%
9 months 9 months 9 months
ended ended ended
12/31/96 1.37% 12/31/96 0.74% 4.74% 12/31/96 3.70% 4.70%
1 year 1 year 1 year
ended ended ended
12/31/96 (0.40%) 12/31/96 (1.11%) 2.83% 12/31/96 1.74% 2.72%
Period Period
3 years 4/22/95(1) 3/28/95(1)
ended through through
12/31/96 7.50% 12/31/96 6.12% 10.12% 12/31/96 11.02% 11.02%
Period
9/1/93(1)
through
12/31/96 9.72%
</TABLE>
(1) Date of initial public offering.
(2) Beginning June 9, 1997, the CDSC schedule for Class B Shares changed as
follows: (i) 4% if shares are redeemed within two years of purchase; (ii)
3% if shares are redeemed during the third or fourth year following
purchase; (iii) 2% if shares are redeemed during the fifth year following
purchase; and (iv) 1% if shares are redeemed during the sixth year
following purchase. The above figures have been calculated using this new
schedule.
(3) Reflects voluntary waivers in effect during the period(s).
