Delaware Investments: National Muni Fund to acquire Arizona Muni Fund

By Marisa Wong

Madison, Wis., Nov. 19 - The board of trustees and directors of Delaware Investments National Municipal Income Fund and Delaware Investments Arizona Municipal Income Fund, Inc. announced it will approve a proposal for the reorganization of the Arizona Muni Fund into the National Muni Fund.

Under the reorganization, the National Muni Fund would acquire substantially all of the Arizona Muni Fund's assets in exchange for newly issued shares, and the Arizona Muni Fund would subsequently be liquidated and dissolved.

Common shares of Arizona Muni Fund would be exchanged for National Muni Fund common shares based on the relative net asset value of each fund's stock.

Each fund's board will submit proposals for the reorganization to shareholders at a special meeting expected to take place on Feb. 25.

Each fund is a closed-end fund managed by Delaware Management Co., a series of Delaware Management Business Trust. The objective of the National Muni Fund is to provide current income exempt from regular federal income tax to preserve capital. The objective of the Arizona Muni Fund is to provide current income exempt from federal income tax and from the personal income tax of Arizona to preserve capital.

As of Sept. 30, the total assets of the National Muni Fund and Arizona Muni Fund were about $33.1 million and $42.7 million, respectively.

Delaware Investments, a member of Macquarie Group, is a diversified asset management firm based in Philadelphia.

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