Delaware-Voyageur Tax-Free Arizona Fund
Delaware-Voyageur Tax-Free California Fund
Delaware-Voyageur Tax-Free Colorado Fund
Delaware-Voyageur Tax-Free Idaho Fund
Delaware-Voyageur Tax-Free Iowa Fund
Delaware-Voyageur Tax-Free Minnesota Fund
Delaware-Voyageur Tax-Free Minnesota Intermediate Fund
Delaware-Voyageur Tax-Free New York Fund
Delaware-Voyageur Tax-Free North Dakota Fund
Delaware-Voyageur Tax-Free Wisconsin Fund
Supplement Dated October 15, 1998
to the current Prospectus
The Board of Directors voted, subject to shareholder
approval, to adopt a new Investment Management Agreement
between Delaware Management Company (the "Manager") and each
Fund noted above.
Under the current Investment Management Agreement for
each Fund, except for Delaware-Voyageur Tax-Free Minnesota
Intermediate Fund, the Fund pays the Manager an annual fee
equal to 0.50% of the Fund's average daily net assets. Under
the proposed Investment Management Agreement, each Fund, other
than Delaware-Voyageur Tax-Free Minnesota Intermediate Fund,
will pay the Manager an annual fee equal to 0.55% on the first
$500 million, 0.50% on the next $500 million, 0.45% on the
next $1.5 billion, and 0.425% on assets over $2.5 billion (all
calculated as a percentage of the Fund's average daily net
assets).
Under the current Investment Management Agreement for
Delaware-Voyageur Tax-Free Minnesota Intermediate Fund, the
Fund pays the Manager an annual fee equal to 0.40% of the
Fund's average daily net assets. Under the proposed
Investment Management Agreement, Delaware-Voyageur Tax-Free
Minnesota Intermediate Fund will pay the Manager an annual fee
equal to 0.50% on the first $500 million, 0.475% on the next
$500 million, 0.45% on the next $1.5 billion, and 0.425% on
assets over $2.5 billion (all calculated as a percentage of
the Fund's average daily net assets).
Individuals who are shareholders of these Funds will be
asked to approve the proposed Investment Management Agreement
at a Joint Annual Meeting of Shareholders to be held in March,
1999. The proposed management fee will become effective
immediately after shareholders approve the proposed Investment
Management Agreement.