<PAGE>
July 22, 1999
VOYAGEUR INVESTMENT TRUST
Delaware-Voyageur Tax-Free Florida Fund
Delaware-Voyageur Tax-Free Missouri Insured Fund
Delaware-Voyageur Tax-Free Washington Insured Fund
VOYAGEUR MUTUAL FUNDS, INC.
Delaware-Voyageur Tax-Free Arizona Fund
Delaware-Voyageur Tax-Free California Fund
Delaware-Voyageur Minnesota High Yield Municipal Bond Fund
VOYAGEUR TAX FREE FUNDS, INC.
Delaware-Voyageur Tax-Free North Dakota Fund
Supplement to the current Prospectus dated December 29, 1998
(as revised December 30, 1998)
The following revises the fee table and expense example appearing under
Summary of Expenses on pages 4-9 for each Fund listed above:
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF EXPENSES
Delaware-Voyageur Annual Fund Operating Expenses Total Fund Management
Funds (as a Percentage of Average Net Assets) Operating Fees Without
After Fee Waivers and Payment Arrangements Expenses Voluntary
Without Waiver and
Voluntary Payment
Waiver and
Payment
----------------------------------------------------------------
Management Fee 12b-1 Fee Other Expenses Total Fund
Operating
Expenses
- ------------------- ---------------- --------------- --------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Tax-Free Arizona
Class A 0.18%(1) 0.25% 0.32% 0.75%(1) 1.12% 0.55%
Class B 0.18(1) 1.00 0.32 1.50(1) 1.86 0.55
Class C 0.18(1) 1.00 0.32 1.50(1) 1.86 0.55
Tax-Free
California
Class A 0.00%(2) 0.25% 0.25% 0.50%(2) 1.12% 0.55%
Class B 0.00(2) 1.00 0.25 1.25(2) 1.87 0.55
Class C 0.00(2) 1.00 0.25 1.25(2) 1.87 0.55
Tax-Free Florida
Class A 0.15%(2) 0.25% 0.35% 0.75%(2) 1.15% 0.55%
Class B 0.15(2) 1.00 0.35 1.50(2) 1.90 0.55
Class C 0.15(2) 1.00 0.35 1.50(2) 1.90 0.55
Minnesota High
Yield Municipal
Bond Fund
Class A 0.20%(2) 0.25% 0.30% 0.75%(2) 1.10% 0.55%
Class B 0.20(2) 1.00 0.30 1.50(2) 1.85 0.55
Class C 0.20(2) 1.00 0.30 1.50(2) 1.85 0.55
Tax-Free Missouri
Insured
Class A 0.50%(3) 0.25% 0.27% 1.02%(3) N/A N/A
Class B 0.50(3) 1.00 0.27 1.77(3) N/A N/A
Class C 0.50(3) 1.00 0.27 1.77(3) N/A N/A
Tax-Free North Dakota
Class A 0.55%(3) 0.25% 0.40% 1.20%(3) N/A N/A
Class B 0.55(3) 1.00 0.40 1.95(3) N/A N/A
Class C 0.55(3) 1.00 0.40 1.95(3) N/A N/A
Tax-Free
Washington Insured
Class A 0.00%(2) 0.25% 0.35% 0.60%(2) 1.34% 0.50%
Class B 0.00(2) 1.00 0.35 1.35(2) 2.09 0.50
Class C 0.00(2) 1.00 0.35 1.35(2) 2.09 0.50
</TABLE>
<PAGE>
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(1) The Manager has contracted to waive that portion, if any, of the annual
management fees payable by Tax-Free Arizona Fund and to pay that Fund's
expenses to the extent necessary to ensure that the Fund's total operating
expenses (exclusive of taxes, interest expense, brokerage fees and
commissions) do not exceed, on an annualized basis, the amounts noted above
corresponding to the caption "Total Fund Operating Expenses" from July 22,
1999 through June 30, 2000. Prior to July 22, 1999, the Manager's
commitments of waiver and payment were different from those currently in
effect for the Fund. The Annual Operating Expenses for the Fund have been
restated using the current fees and operating expenses that would have been
applicable had they been in effect during the last fiscal year. The Manager
may waive any or all of its fee and may pay certain expenses of the Fund
from time to time. See Expenses under Management of the Funds in the
Prospectus for a discussion of the waivers.
(2) The Manager has elected voluntarily to waive that portion, if any, of the
annual management fees payable by the Fund and to pay the Fund's expenses
to the extent necessary to ensure that the Fund's total operating expenses
(exclusive of 12b-1 Plan Expenses, taxes, interest, expenses, brokerage
fees and commissions) do not exceed, on an annualized basis, the amounts
noted above corresponding to the caption "Total Fund Operating Expenses"
from July 22, 1999 through December 31, 1999. Prior to July 22, 1999, the
Manager's commitments of waiver and payment were different from those
currently in effect for the Funds. The Annual Operating Expenses for the
Fund have been restated using the current fees and operating expenses that
would have been applicable had they been in effect during the last fiscal
year. The Manager may waive any or all of its fee and may pay certain
expenses of the Fund from time to time. See Expenses under Management of
the Funds in the Prospectus for a discussion of the waivers.
(3) The Manager had elected voluntarily to waive that portion, if any, of the
annual management fees payable by the Fund and to pay the Fund's expenses
to the extent necessary to ensure that the Fund's total operating expenses
(exclusive of 12b-1 Plan Expenses, taxes, interest, expenses, brokerage
fees and commissions) do not exceed, on an annualized basis, 0.75% of the
average daily net assets of the Fund from January 1, 1999 through July 22,
1999. The Manager has not elected to extend this voluntary waiver. The
Annual Operating Expenses for each Fund have been restated using the
current fees and operating expenses that would have been applicable had
they been in effect during the last fiscal year. The Manager may waive any
or all of its fee and may pay certain expenses of the Fund from time to
time. See Expenses under Management of the Funds in the Prospectus for a
discussion of the waivers.
<PAGE>
The following revises information under the example of expenses on
pages 8-9 for each Fund listed below:
<TABLE>
<CAPTION>
Assuming Redemption Assuming No Redemption
1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
------ ------- ------- -------- ------ ------- ------- --------
Tax-Free Arizona
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A $ 45(1) $61 $ 78 $ 127 $45 $61 $78 $127
Class B 55 77 102 159(2) 15 47 82 159(2)
Class C 25 47 82 179 15 47 82 179
Tax-Free California
Class A 42(1) 53 64 98 42 53 64 98
Class B 53 70 89 130(2) 13 40 69 130(2)
Class C 23 40 69 151 13 40 69 151
Tax-Free Florida
Class A $ 45(1) $61 $ 78 $ 127 $45 $61 $78 $127
Class B 55 77 102 159(2) 15 47 82 159(2)
Class C 25 47 82 179 15 47 82 179
Minnesota High
Yield Municipal Bond
Class A $ 45(1) $61 $ 78 $ 127 $45 $61 $78 $ 127
Class B 55 77 102 159(2) 15 47 82 159(2)
Class C 25 47 82 179 15 47 82 179
Tax-Free Missouri
Insured
Class A $ 48(1) 69 92 158 48 69 92 158
Class B 58 86 116 189(2) 18 56 96 189(2)
Class C 28 56 96 208 18 56 96 208
Tax-Free North Dakota
Class A 49(1) 74 101 178 49 74 101 178
Class B 60 91 125 208(2) 20 61 105 208(2)
Class C 30 61 105 228 20 61 105 227
Tax-Free Washington
Insured
Class A 43(1) 56 70 110 43 6 70 100
Class B 54 73 94 142(2) 14 43 94 142(2)
Class C 24 43 74 162 14 43 74 162
</TABLE>
(1) Generally, no redemption charge is assessed upon redemption of Class A
Shares. Under certain circumstances, however, a Limited CDSC or other CDSC,
which has not been reflected in this calculation, may be imposed on certain
redemptions. See Contingent Deferred Sales Charge for Certain Redemptions
of Class A Shares Purchased at Net Asset Value under Redemption and
Exchange in the Prospectus.
(2) At the end of approximately eight years after purchase, Class B Shares will
be automatically converted into Class A Shares of the same Fund. The
example above assumes conversion of Class B Shares at the end of the eighth
year. However, the conversion may occur as late as three months after the
eighth anniversary of purchase, during which time the higher 12b-1 Plan
fees payable by Class B Shares will continue to be assessed. The ten-year
expense numbers for Class B Shares reflect the expenses of Class B Shares
for years one through eight and the expenses of Class A Shares for years
nine and ten. See Automatic Conversion of Class B Shares under Classes of
Shares in the Prospectus for a description of the automatic conversion
feature.
