Filing by Voyageur Tax-Free Funds Pursuant to Rule 425 under the Securities Act
of 1933, Subject Company - Delaware Tax-Free Minnesota Insured Fund, a series of
Voyageur Insured Funds, Commission File No. 811-04973
[Delaware Investments Logo]
August 28, 2006
Dear Shareholder:
I am writing to tell you about a significant change that has been proposed for
Delaware Tax-Free Minnesota Insured Fund. The Board of Trustees of Delaware
Investments(R)Family of Funds has approved a proposal to reorganize Delaware
Tax-Free Minnesota Insured Fund with and into Delaware Tax-Free Minnesota Fund,
subject to shareholder approval. The Board of Trustees responsible for Delaware
Tax-Free Minnesota Fund has also approved the reorganization.
It is anticipated that you will be asked to approve the proposed merger at a
shareholder meeting to be held in late November 2006. Prior to that time, you
will receive a combined prospectus / proxy statement. The statement will explain
your voting rights and provide a discussion of the merger. Any solicitation of
proxies by Delaware Tax-Free Minnesota Insured Fund in connection with this
shareholder meeting will be made only pursuant to separate proxy materials filed
under the federal securities laws. It is anticipated that these proxy materials
will be distributed to the Fund's shareholders in October 2006. There can be no
assurance that the shareholders of the Fund will vote in favor of the proposed
reorganization. We urge you to read the proxy materials carefully when you
receive them, and we remind you that your vote is important.
The investment objectives of Delaware Tax-Free Minnesota Insured Fund and
Delaware Tax-Free Minnesota Fund are the same: to seek high current income
exempt from federal income taxes (including the federal alternative minimum tax)
and from Minnesota state personal income taxes, consistent with preservation of
capital. Each Fund seeks to achieve its investment objectives by investing at
least 80% of its net assets in municipal securities. However, Delaware Tax-Free
Minnesota Insured Fund is required to invest at least 80% of its assets in
insured securities. Therefore, the most significant difference between the Funds
is that Delaware Tax-Free Minnesota Fund is not required to make a specific
allocation to insured securities.
The proposed reorganized fund may potentially benefit by the growth in assets
realized by combining the Funds. A larger fund can potentially realize cost
savings due to economies of scale from the spreading of fixed costs over a
larger asset base, and by reaching, or utilizing to a greater extent,
breakpoints in investment management fees.
Both Funds are currently managed by the same team of portfolio managers, and no
management changes are expected as part of the merger.
Any account options that you may have elected for your current account(s) in
Delaware Tax-Free Minnesota Insured Fund (such as automatic investing plans and
systematic withdrawal plans) will be carried over to Delaware Tax-Free Minnesota
Fund.
If you do not wish to participate in the reorganization, you may exchange your
shares of Delaware Minnesota Tax-Free Fund for shares of any other Delaware
Investments mutual fund.* If you do not wish to exchange into another Delaware
Investments mutual fund, you may liquidate your shares in full. Please keep in
mind that you may be subject to applicable taxes. Please note that liquidations
will be subject to any applicable contingent deferred sales charges (CDSCs);
such fees will not be waived as part of the reorganization.
If you have any questions about these changes or how they will affect your
Delaware Investments account(s), I encourage you to contact your financial
advisor or call our shareholder service center at 800-523-1918. Our service
representatives are available to help you from 8:00 a.m. to 7:00 p.m. EST,
Monday through Friday.
In connection with the proposed Reorganization, Delaware Tax-Free Minnesota
Insured Fund and Voyageur Tax-Free Funds, on behalf of the Delaware Tax-Free
Minnesota Fund, intend to file relevant materials with the U.S. Securities and
Exchange Commission (the "SEC"), including a Form N-14 combined proxy statement
for the Fund and a registration statement for Delaware Tax-Free Minnesota Fund
that will contain a prospectus. Because those documents will contain important
information, the Fund's shareholders are urged to read them carefully when they
become available. When filed with the SEC, those documents will be available
free of charge at the SEC's website, www.sec.gov. The Fund's shareholders will
also be able to obtain copies of these documents and other transaction-related
documents free of charge, when available, by calling Delaware Investments
toll-free at 800-523-1918. The foregoing is not an offer to sell, nor a
solicitation of an offer to buy, shares of any fund, nor is it a solicitation of
any proxy.
We thank you for your confidence in Delaware Investments, and we look forward to
continuing to play an important part in your financial plan.
Sincerely,
/s/Patrick P. Coyne
Patrick P. Coyne
Chairman
Delaware Investments(R)Family of Funds
Delaware Investments is the marketing name of Delaware Management Holdings, Inc.
and its subsidiaries. Retail mutual fund advisory services are provided by
Delaware Management Company, a series of Delaware Management Business Trust
(DMBT). DMBT is a registered investment advisor and a subsidiary of Delaware
Management Holdings, Inc.
* When exchanging Class B and Class C shares of one fund for the same class of
shares in other funds, your new shares will be subject to the same contingent
deferred sales charge as the shares you originally purchased. The holding period
for the contingent deferred sales charge will also remain the same, with the
amount of time you held your original shares being credited toward the holding
period of your new shares. You don't pay sales charges on shares that you
acquired through the reinvestment of dividends. You may have to pay taxes on
your exchange. When you exchange shares, you are purchasing shares in another
fund so you should be sure to get a copy of the fund's prospectus and read it
carefully before buying shares through an exchange.
(824)
Filing by Voyageur Tax-Free Funds Pursuant to Rule 425 under the Securities Act
of 1933, Subject Company - Delaware Tax-Free Minnesota Insured Fund, a series of
Voyageur Insured Funds, Commission File No. 811-04973
Dear Financial Advisor,
The letter below is being mailed to your clients who are shareholders of
Delaware Tax-Free Minnesota Insured Fund. As the letter explains, the Board of
Trustees of Voyageur Insured Funds has approved a proposal that the Fund be
reorganized into Delaware Tax-Free Minnesota Fund. The reorganization requires
shareholder approval, which will be sought at a shareholder meeting to be held
later this year. It is anticipated that your clients will receive their proxy
materials in the middle of October.
In addition to the letter, your clients will receive overview materials (also
enclosed) that describe the proposed reorganization in more detail. For more
information about the proposal, contact your regional wholesaler, who can
explain the reorganization and provide a detailed comparison of the two Funds.
The Delaware Investments dealer services team is also available to help you.
They can be reached at 800 362-7500.
[Delaware Investments Logo]
August 28, 2006
Dear Shareholder:
I am writing to tell you about a significant change that has been proposed for
Delaware Tax-Free Minnesota Insured Fund. The Board of Trustees of Delaware
Investments(R)Family of Funds has approved a proposal to reorganize Delaware
Tax-Free Minnesota Insured Fund with and into Delaware Tax-Free Minnesota Fund,
subject to shareholder approval. The Board of Trustees responsible for Delaware
Tax-Free Minnesota Fund has also approved the reorganization.
It is anticipated that you will be asked to approve the proposed merger at a
shareholder meeting to be held in late November 2006. Prior to that time, you
will receive a combined prospectus / proxy statement. The statement will explain
your voting rights and provide a discussion of the merger. Any solicitation of
proxies by Delaware Tax-Free Minnesota Insured Fund in connection with this
shareholder meeting will be made only pursuant to separate proxy materials filed
under the federal securities laws. It is anticipated that these proxy materials
will be distributed to the Fund's shareholders in October 2006. There can be no
assurance that the shareholders of the Fund will vote in favor of the proposed
reorganization. We urge you to read the proxy materials carefully when you
receive them, and we remind you that your vote is important.
The investment objectives of Delaware Tax-Free Minnesota Insured Fund and
Delaware Tax-Free Minnesota Fund are the same: to seek high current income
exempt from federal income taxes (including the federal alternative minimum tax)
and from Minnesota state personal income taxes, consistent with preservation of
capital. Each Fund seeks to achieve its investment objectives by investing at
least 80% of its net assets in municipal securities. However, Delaware Tax-Free
Minnesota Insured Fund is required to invest at least 80% of its assets in
insured securities. Therefore, the most significant difference between the Funds
is that Delaware Tax-Free Minnesota Fund is not required to make a specific
allocation to insured securities.
The proposed reorganized fund may potentially benefit by the growth in assets
realized by combining the Funds. A larger fund can potentially realize cost
savings due to economies of scale from the spreading of fixed costs over a
larger asset base, and by reaching, or utilizing to a greater extent,
breakpoints in investment management fees.
Both Funds are currently managed by the same team of portfolio managers, and no
management changes are expected as part of the merger.
Any account options that you may have elected for your current account(s) in
Delaware Tax-Free Minnesota Insured Fund (such as automatic investing plans and
systematic withdrawal plans) will be carried over to Delaware Tax-Free Minnesota
Fund.
If you do not wish to participate in the reorganization, you may exchange your
shares of Delaware Minnesota Tax-Free Fund for shares of any other Delaware
Investments mutual fund.* If you do not wish to exchange into another Delaware
Investments mutual fund, you may liquidate your shares in full. Please keep in
mind you may be subject to applicable taxes. Please note that liquidations will
be subject to any applicable contingent deferred sales charges (CDSCs); such
fees will not be waived as part of the reorganization.
If you have any questions about these changes or how they will affect your
Delaware Investments account(s), I encourage you to contact your financial
advisor or call our shareholder service center at 800-523-1918. Our service
representatives are available to help you from 8:00 a.m. to 7:00 p.m. EST,
Monday through Friday.
In connection with the proposed Reorganization, Delaware Tax-Free Minnesota
Insured Fund and Voyageur Tax-Free Funds, on behalf of the Delaware Tax-Free
Minnesota Fund, intend to file relevant materials with the U.S. Securities and
Exchange Commission (the "SEC"), including a Form N-14 combined proxy statement
for the Fund and a registration statement for Delaware Tax-Free Minnesota Fund
that will contain a prospectus. Because those documents will contain important
information, the Fund's shareholders are urged to read them carefully when they
become available. When filed with the SEC, those documents will be available
free of charge at the SEC's website, www.sec.gov. The Fund's shareholders will
also be able to obtain copies of these documents and other transaction-related
documents free of charge, when available, by calling Delaware Investments
toll-free at 800-523-1918. The foregoing is not an offer to sell, nor a
solicitation of an offer to buy, shares of any fund, nor is it a solicitation of
any proxy.
We thank you for your confidence in Delaware Investments, and we look forward to
continuing to play an important part in your financial plan.
Sincerely,
/s/Patrick P. Coyne
Patrick P. Coyne
Chairman
Delaware Investments(R)Family of Funds
Delaware Investments is the marketing name of Delaware Management Holdings, Inc.
and its subsidiaries. Retail mutual fund advisory services are provided by
Delaware Management Company, a series of Delaware Management Business Trust
(DMBT). DMBT is a registered investment advisor and a subsidiary of Delaware
Management Holdings, Inc.
* When exchanging Class B and Class C shares of one fund for the same class of
shares in other funds, your new shares will be subject to the same contingent
deferred sales charge as the shares you originally purchased. The holding period
for the contingent deferred sales charge will also remain the same, with the
amount of time you held your original shares being credited toward the holding
period of your new shares. You don't pay sales charges on shares that you
acquired through the reinvestment of dividends. You may have to pay taxes on
your exchange. When you exchange shares, you are purchasing shares in another
fund so you should be sure to get a copy of the fund's prospectus and read it
carefully before buying shares through an exchange.
(825)
