M&A - DELAWARE GROUP TAX FREE FUND

Form Type: 497K

Filing Date: 2025-04-21

Corporate Action: Acquisition

Type: New

Accession Number: 000113743925000377

Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent of Delaware Management Company, and Nomura Holding America Inc. announced their agreement for Nomura to acquire Macquarie Asset Management's US and European public investments asset management business. The transaction is to be completed by the end of October 2025, pending regulatory approvals. Closing will result in the automatic termination of each Fund’s investment advisory agreement with DMC, necessitating new agreements for board approval. Investors should consult tax professionals regarding the investment implications. This Supplement is dated April 21, 2025.

Form Type: 497K

Filing Date: 2025-04-21

Corporate Action: Acquisition

Type: New

Accession Number: 000113743925000379

Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company (DMC), along with certain affiliates and Nomura Holding America Inc. (Nomura), announced an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. This transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of October 2025. The transaction will automatically terminate each Fund’s investment advisory agreement with DMC under the Investment Company Act of 1940. Subsequently, the Funds' Board of Trustees will be asked to approve new investment advisory and sub-advisory agreements. If these are approved, they will take effect upon the transaction's closing.

Form Type: 497

Filing Date: 2025-03-17

Corporate Action: Merger

Type: Update

Accession Number: 000113743925000217

Filing Summary: A Proxy Statement/Prospectus was issued in conjunction with a Special Meeting of Shareholders for Macquarie Tax-Free Arizona Fund (the Acquired Fund) scheduled for May 6, 2025. The meeting aims to get shareholder approval for a reorganization plan which involves the merger of the Acquired Fund with Macquarie Tax-Free USA Fund (formerly Delaware Tax-Free USA Fund), referred to as the Acquiring Fund. Approval will result in the acquisition of substantially all assets of the Acquired Fund in exchange for shares of the Acquiring Fund and the subsequent complete liquidation and dissolution of the Acquired Fund. The Board of Trustees of the Acquired Trust has already given unanimous approval for the reorganization, asserting it as beneficial for shareholders. Following the merger, shareholders will receive shares of the Acquiring Fund of equivalent value without facing sales charges. The reorganization is anticipated to close around June 6, 2025, contingent upon obtaining shareholder approval. Costs associated with the reorganization are estimated between $215,882 and $268,426, with specific contributions from each fund also detailed. The Proxy materials also emphasize the tax-free nature of the reorganization, alongside potential implications and voting procedures for shareholders.

Form Type: N-14

Filing Date: 2025-02-14

Corporate Action: Merger

Type: New

Accession Number: 000113743925000085

Filing Summary: The proposed merger involves the reorganization of Macquarie Tax-Free Arizona Fund (the 'Acquired Fund') into Macquarie Tax-Free USA Fund (the 'Acquiring Fund'). This comes as part of a Plan approved by the Boards of Trustees, with a Special Meeting of Shareholders scheduled for May 6, 2025, where approval is sought for this merger. If shareholders approve, the merger will take place on or around June 6, 2025, leading to the complete liquidation and dissolution of the Acquired Fund. Acquired Fund shareholders will exchange their shares for shares of the Acquiring Fund, valued at equal aggregate net asset value, and will incur no sales charges on this exchange. The Boards believe this merger is in the best interests of the Funds due to shared objectives and risks, potential economies of scale, and favorable performance metrics of the Acquiring Fund compared to the Acquired Fund. Moreover, the Acquiring Fund will manage the assets post-merger without diluting shareholder interests.