GREAT HALL
NATIONAL TAX-EXEMPT FUND SUPPLEMENT DATED
MINNESOTA INSURED-TAX-EXEMPT FUND AUGUST 28, 1996 TO
60 South Sixth PROSPECTUS DATED
Minneapolis, Minnesota 55402 DECEMBER 1, 1995
(800) 934-6674
The Board of Directors of Great Hall Investment Funds, Inc. ("Great Hall")
has approved Agreements and Plans of Reorganization pursuant to which the
assets and liabilities of Great Hall National Tax-Exempt Fund, a series of
Great Hall, will be acquired by and in exchange for Class A common shares of
equal value of Voyageur National High Yield Municipal Fund, a newly created
series of Voyageur Mutual Funds, Inc., and the assets and liabilities of Great
Hall Minnesota Insured Tax-Exempt Fund, also a series of Great Hall, will be
acquired by and in exchange for Class A common shares of equal value of
Voyageur Minnesota Insured Fund, a series of Voyageur Insured Funds, Inc. (the
"Reorganizations"). As a result of each Reorganization, each shareholder of
the Great Hall Fund being acquired will become a shareholder of the acquiring
Voyageur Fund and, in exchange for his or her Great Hall Fund shares, will
receive Class A shares of equal value of the acquiring Voyageur Fund. The
Reorganizations are being structured so that no federal or state taxes will be
recognized by the Funds or their shareholders in connection with the
Reorganization and so that no Reorganization costs will be borne by the Funds
or their shareholders.
Consummation of each Reorganization is subject to the satisfaction of
various conditions, including the approval by the shareholders of the Great
Hall Fund being acquired. The shareholder meetings are currently scheduled to
occur in November, 1996, and each Reorganization is expected to close as soon
as practicable following its approval by shareholders.
Each acquiring Voyageur Fund is managed by Voyageur Fund Managers, Inc.
("VFM") and is distributed through Voyageur Fund Distributors, Inc. ("VFD") of
Minneapolis, Minnesota. VFM and VFD are indirect wholly-owned subsidiaries of
Dougherty Financial Group, Inc. ("DFG"). DFG, in turn, is owned approximately
49% by Michael E. Dougherty and 49% by Pohlad Companies, a holding company
owned in equal parts by James O. Pohlad, Robert C. Pohlad and William M.
Pohlad. As of July 31, 1996, VFM and its affiliates served as an investment
adviser to six closed-end investment companies, ten open-end investment
companies (comprised of 33 separate funds) and numerous private accounts, with
combined assets of approximately $11.5 billion. VFM's principal business
address is 90 South Seventh Street, Suite 4400, Minneapolis, Minnesota 55402.
