Eldredge to Head Municipal Bond Area at Voyageur

Business Wire, March 19, 1996

MINNEAPOLIS--(BUSINESS WIRE)--March 19, 1996--Voyageur Fund Managers Inc. announced today that Steven P. Eldredge will head the municipal bond portfolio management area of the Voyageur Companies.

Eldredge assumes responsibility for all of the municipal bond management activities for the Voyageur family of 30 tax free municipal bond mutual funds and for Voyageur's institutionally managed municipal bond portfolios.

Eldredge joined Voyageur Fund Managers in July 1995 as a senior vice president and tax exempt portfolio manager. In addition to his new responsibilities, Eldredge will continue to manage eight tax exempt Voyageur Funds. Prior to joining Voyageur, he was with the ABT family of funds of Palm Beach, Florida, where he was chief operating officer and the primary municipal bond portfolio manager. Eldredge has specialized in tax exempt fixed income securities since 1978.

Voyageur is a Minneapolis based investment firm with nearly $9 billion in assets under management.

CONTACT: Voyageur Fund Distributors Inc.

Frank C. Tonnemaker, President, 612/376-7059

Jane M. Wyatt, Chief Investment Officer, 612/376-7063

Dale L. Kurtz, Vice President and Director of

Marketing, 612/376-7049