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THE SECURITY OF AN INSURED WASHINGTON MUNICIPAL BOND FUND LETS PEOPLE SLEEP AT NIGHT

 MINNEAPOLIS, July 7 /PRNewswire/ -- A Minneapolis-based investment management firm, specializing in tax-free municipal bond investments, entered the Washington tax-free municipal bond market this month with an eye to providing a product that conservative Washington investors will like -- an insured municipal bond fund, The Voyageur Washington Insured Tax-Free Fund.
 "We focus on two different aspects of quality -- quality investments and quality people," said John G. Taft, president of The Voyageur Funds, "because quality performs over time." Voyageur Washington Insured Tax Free Fund consists exclusively of municipal bonds issued by the State of Washington or its political subdivisions and is exempt from Federal income tax. Voyageur, an investment firm that specializes in state- specific municipal bond funds, manages funds rated among the top in their investment universes and consistently receives five-star ratings from Morningstar.
 Taft says the company's primary market is the highly conservative investor, who likes to sleep at night. People must like their sleep, because Voyageur's growth has more than tripled the industry's average (136 percent vs. 36 percent) over the year ended 5/31/93 according to Investment Company Institute (ICI) data.
 Municipal bonds are purchased for the Voyageur Washington portfolio only when Kenneth Dawkins and Elizabeth Howell, co-portfolio managers, believe that the municipality, agency or corporation issuing the bonds has the ability to make the bond interest payments on time, every time; thus the emphasis on highly-rated portfolio holdings. The insurance purchased on the bond issuer's ability to do this protects the portfolio and ultimately, the shareholder.
 However, "we have to understand the politics and economy of the state and its cities, demographic trends and the underlying ability of municipal management to meet their obligations," said Howell. Considered by their peers to be "hands-on managers," Dawkins and Howell's experience managing and trading municipal bond portfolios translates into acknowledged skill at buying the best bonds at the best prices.
 Howell trades the bonds herself, shunning her larger counterparts' habits of using traders who are not investment managers. "This way we can better assess the value in the market each time we trade," she said, "and provide Voyageur shareholders with active management." Active to Howell is being in the market every day, making sound transactions, one- by-one, selling and buying to the net gain of the portfolio. "We don't shoot for the highest yield, but the best total return over the long term," she said.
 Voyageur's management is determined to be the best performing, best known state-specific municipal bond management company in the country. Their growth strategy is to focus on regional municipal markets which are underserved by the national fund companies, "where performance requires in-depth knowledge and grass roots attention to detail," said Taft.
 Voyageur has $5.5 billion entrusted to it by pension and profit sharing plans, commercial banks, insurance companies, public and non- profit entities, high net worth individuals and 22 mutual funds, investing in municipal bonds in Arizona, California, Colorado, Florida, Kansas, Minnesota, Missouri, New Mexico, North Dakota, Oregon, Utah and Washington, as well as government bonds and growth stocks.
 -0- 7/7/93
 /CONTACT: Dale Kurtz of Voyageur Funds, 612-373-7000; Lisbeth Wiley Chapman, Ink & Air, 617-455-8837, for Voyageur Funds/


CO: Voyageur Funds ST: Washington IN: FIN SU:

DJ -- NE009 -- 9160 07/07/93 15:27 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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