VOYAGEUR INVESTMENT TRUST
Delaware-Voyageur Tax-Free California Insured Fund
Delaware-Voyageur Tax-Free Florida Fund
Delaware-Voyageur Tax-Free Florida Insured Fund
Delaware-Voyageur Tax-Free Kansas Fund
Delaware-Voyageur Tax-Free Missouri Insured Fund
Delaware-Voyageur Tax-Free New Mexico Fund
Delaware-Voyageur Tax-Free Oregon Insured Fund
Delaware-Voyageur Tax-Free Utah Fund
Delaware-Voyaguer Tax-Free Washington Insured Fund
(the Funds )
Supplement Dated December 31, 1998
to the current Prospectus
At a Shareholders Meeting held on December 4, 1998, the shareholders
of each of the above-listed Funds of Voyageur Investment Trust approved a
number of proposed items, including the reclassification of each Fund's
investment objective from fundamental to non-fundamental. This means
that the Board of Trustees may make changes to a Fund's investment
objective without seeking further shareholder approval. If the Board does
vote to change a Fund's investment objective, shareholders will be
notified before the change is implemented.
At the same meeting, shareholders of the Delaware-Voyageur Tax-Free
California Insured Fund and Delaware-Voyageur Tax-Free Florida Insured
Fund, approved a proposal to change each Fund's policy concerning
diversification of investments from diversified to
non-diversified, as those terms are defined under the federal
securities laws. This means that each of those two state-specific
Funds may now invest a greater portion of its assets in
the securities of a particular issuer. A non-diversified
fund may be subject to greater risk because an adverse effect on a
single issuer could hurt the Fund s performance more than if
the Fund held securities from a greater number of issuers. Each
Fund still must satisfy the diversification requirements of
the Internal Revenue Code.
Lastly, Shareholders approved new Investment Management Agreements
between Delaware Management Company (the "Manager") and each Fund.
Pursuant to the new Investment Management Agreements, beginning January 1,
1999 each of the Delaware- Voyageur Tax-Free Florida, Tax-Free Kansas,
Tax-Free New Mexico and Tax-Free Utah Funds will pay the Manager an annual
fee equal to 0.55% on the first $500 million of assets under management,
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
that Fund s average daily net assets). Breakpoints were added to the fee
rates of the other Funds so that beginning January 1, 1999, the other Funds
will each pay the Manager an annual fee equal to 0.50% on the first $500
million of assets under management, 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 that Fund s average daily
net assets).
