Wilmington Maryland Municipal Bond Fund seeks OK to merge

By Toni Weeks

San Luis Obispo, Calif., Sept. 19 – The board of trustees of Wilmington Funds approved at a meeting on Sept. 18 the merger of the Wilmington Maryland Municipal Bond Fund into the Wilmington Municipal Bond Fund, according to a 497 filing with the Securities and Exchange Commission.

The board said that the proposed merger, which intends to qualify as a tax-free reorganization, would be in the best interests of the funds and their shareholders.

If shareholder approval is obtained at a meeting on Jan. 15, the merger will be completed on Jan. 30.

The acquiring fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital. Under normal circumstances, it invests at least 80% of its net assets in municipal securities that provide interest exempt from federal income tax.

Wilmington, Del.-based Wilmington Funds Management Corp. is the investment adviser.

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