SUPPLEMENT
Supplement dated March 6, 1997 to Current Prospectus of VOYAGEUR
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Voyageur Arizona Limited Term Tax Free Fund* Voyageur Minnesota Tax Free Fund*
Voyageur Arizona Insured Tax Free Fund* Voyageur Missouri Insured Tax Free Fund*
Voyageur Arizona Tax Free Fund* Voyageur New Mexico Tax Free Fund*
Voyageur California Limited Term Tax Free Fund* Voyageur New York Tax Free Fund
Voyageur California Insured Tax Free Fund* Voyageur North Dakota Tax Free Fund*
Voyageur California Tax Free Fund* Voyageur Oregon Insured Tax Free Fund*
Voyageur Colorado Limited Term Tax Free Fund* Voyageur Utah Tax Free Fund*
Voyageur Colorado Insured Tax Free Fund* Voyageur Washington Insured Tax Free Fund*
Voyageur Colorado Tax Free Fund* Voyageur Wisconsin Tax Free Fund*
Voyageur Florida Limited Term Tax Free Fund Voyageur National Limited Term Tax Free Fund
Voyageur Florida Insured Tax Free Fund Voyageur National Insured Tax Free Fund
Voyageur Florida Tax Free Fund Voyageur National High Yield Municipal Bond Fund
Voyageur Idaho Tax Free Fund* Voyageur National Tax Free Fund
Voyageur Iowa Tax Free Fund* Voyageur U.S. Government Securities Fund
Voyageur Kansas Tax Free Fund* Voyageur Growth and Income Fund
Voyageur Minnesota High Yield Municipal Bond Fund* Voyageur Growth Stock Fund
Voyageur Minnesota Limited Term Tax Free Fund* Voyageur International Equity Fund
Voyageur Minnesota Insured Fund* Voyageur Aggressive Growth Fund
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Voyageur Fund Managers, Inc. ("Voyageur") serves as investment
adviser for the above-captioned mutual funds ("Voyageur Funds"). On January
15, 1997 Voyageur's parent, Dougherty Financial Group, Inc. ("DFG"), executed
an Agreement and Plan of Merger ("Agreement") with Lincoln National
Corporation ("LNC") pursuant to which LNC would acquire DFG, including the
mutual fund investment advisory business of DFG conducted by Voyageur.
LNC, headquartered in Fort Wayne, Indiana, owns and operates
insurance and investment management businesses, including Delaware Management
Holdings, Inc. ("DMH"). Affiliates of Delaware Management Holdings, Inc.
serve as adviser, distributor and transfer agent for the Delaware Group of
Mutual Funds. The Delaware Group of Mutual Funds, consisting of approximately
$11 billion in assets, includes 38 retail open-end funds and two closed-end
funds.
It is anticipated that certain portfolio managers and marketing
personnel currently serving, or with prior service to, the Voyageur Funds
denoted with an asterisk above (in particular, portfolio managers Beth Howell
and Drew McCullagh) will serve those Funds following the transaction.
Voyageur Funds not so denoted may be managed by personnel of DMH or its
affiliates following the transaction. It has been proposed that certain
Voyageur Funds (National Insured Tax Free Fund, National Limited Term Tax
Free Fund, National Tax Free Fund and International Equity Fund) be
liquidated if the transaction is consummated. In addition, it has been
proposed that Growth and Income Fund be reorganized. Growth and Income Fund
is not part of the LNC acquisition and the reorganization is required to
separate that Fund (which is a series of a corporation containing a number of
Funds) from Funds that are a part of the acquisition.
Consummation of the transaction will cause a change in control of
Voyageur. Under the Investment Company Act of 1940, as amended, this will
result in an "assignment" and automatic termination of the Funds' investment
advisory and distribution agreements with Voyageur. Therefore, the Voyageur
Funds' Board of Directors and Trustees ("Board") have been asked to approve
new investment advisory and distribution agreements containing the same terms
and fees as the current agreements. Such approval was received on February
14, 1997. In connection with this Board approval, the Board called a
shareholder meeting of the Voyageur Funds at which shareholders will vote on
new investment advisory agreements and Board members, among other items.
Shareholders of National Tax Free Fund, National Insured Tax Free Fund,
National Limited Term Tax Free Fund and International Equity Fund will vote
on the proposed liquidation. The shareholder meeting is scheduled for April
11, 1997.
