SUPPLEMENT
[GRAPHIC OMITTED]
Supplement dated July 25, 1996 to Prospectus dated September 1, 1995
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VOYAGEUR GROWTH AND INCOME FUND
VOYAGEUR GROWTH STOCK FUND
VOYAGEUR INTERNATIONAL EQUITY FUND
VOYAGEUR AGGRESSIVE GROWTH FUND
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1. The Prospectus dated September 1, 1995 is hereby amended to notify
investors that on May 14, 1996 the Board of Directors of Voyageur
International Equity Fund approved replacing Murray Johnstone
International, Ltd. as sub-adviser to the Voyageur International Equity
Fund with Voyageur International Asset Managers Ltd. ("Voyageur
International"), Edinburgh, Scotland, an affiliate of Voyageur Fund
Managers, Inc., the Fund's investment adviser. Murray Johnstone will
continue to act as the Fund's sub-adviser until such time as sub- advisory
arrangements with Voyageur International are approved by Fund shareholders
at a meeting to be called by the Board of Directors.
2. The second sentence in the first paragraph under the heading "How to
Purchase Shares--Class A Shares--Front End Sales Charge Alternative--Waiver
of Sales Charges" on page 19 of the Prospectus is amended to add the
following parenthetical after clause (9): "(The Funds may be available
through a broker-dealer which charges a transaction fee for purchases and
sales.)"
