SUMMARY PROSPECTUS

August 31, 2013

as revised October 15, 2013

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

 

 

Class/ Ticker         A GVIEX          I MVIEX

 

Before you invest, you may want to review the Fund’s Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information, and other information about the Fund online at www.wilmingtonfunds.com . You can also get this information at no cost by calling 1.800.836.2211, by sending an email to funds@wilmingtontrust.com , or by asking any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund’s Prospectus and Statement of Additional Information, both dated August 31, 2013, are incorporated by reference into this Summary Prospectus.

Investment Goal

The Fund seeks to provide long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold the Fund’s Class A Shares and Class I Shares. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund’s net asset value. They have no impact on the costs associated with fund operations. Acquired Fund Fees and Expenses are not included in the Fund’s financial statements, which provide a clearer picture of a fund’s actual operating costs. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Wilmington Funds. More information about these and other discounts is available from your financial professional, in the Fund’s prospectus in the section entitled “How are shares priced?”.

Shareholder Fees

(Fees paid directly from your investment)

 

     Class  A      Class  I  

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

     5.50%         None   
Maximum Deferred Sales Charge (Load)      None         None   
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)      None         None   
Redemption Fee      None         None   
Exchange Fee      None         None   

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

     Class  A      Class  I  
Management Fee      1.00%         1.00%   
Distribution and/or Service (12b-1) Fees      0.25%         None     
Other Expenses      0.54%         0.54%   
Acquired Fund Fees and Expenses      0.02%         0.02%   
Total Annual Fund Operating Expenses      1.81%         1.56%   
Fee Waivers and/or Expense Reimbursements(1)      (0.30)%         (0.18)%   
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement       1.51%         1.38%   

 

(1)   The Fund’s Advisor, distributor and shareholder services provider have agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses paid by the Fund’s Class A Shares and Class I Shares will not exceed 1.49% and 1.36%, respectively, not including the effects of acquired fund fees and expenses, taxes or extraordinary expenses. This waiver may be amended or withdrawn after August 31, 2014, or with the agreement of the Fund’s Board of Trustees.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund’s Class A Shares and Class I Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

    1 Year     3 Years     5 Years     10 Years  

Class A

       

Expenses assuming redemption

  $ 695      $ 1,061      $ 1,450      $ 2,536   

Class I

       

Expenses assuming redemption

  $ 140      $ 474      $ 832      $ 1,840   
 

 

SUMMARY PROSPECTUS  /  August 31, 2013 as revised October 15, 2013     1   

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

 

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 72% of the average value of the portfolio.

Principal Investment Strategies of the Fund

The Fund seeks to achieve its investment goal by investing substantially all, but under normal circumstances not less than 80% of the value of its net assets in a diversified portfolio of foreign securities, including common stocks, preferred stocks, convertible securities, emerging markets securities and exchange-traded funds (ETFs). Some of the foreign securities may be from emerging markets. The Fund invests primarily in the equity markets listed in the Morgan Stanley Capital International All Country World Index ex US (“MSCI ACWI ex-US Net”) Index, the benchmark against which the Fund measures the performance of its portfolio. The Fund may also invest in foreign forward currency contracts to achieve allocation strategies. The Advisor seeks to achieve the Fund’s investment goal by allocating the Fund’s assets (in an arrangement known as a multi-manager structure) among a number of sub-advisors with experience in managing international investment strategies. The Advisor engages Wilmington Trust Investment Advisors, Inc. (“WTIA”) to assist in the identification and selection of sub-advisors and in the portfolio construction process.

The Advisor and WTIA utilize a blended style of investing by allocating and reallocating for investment management purposes varying portions of the portfolio among the Fund’s sub-advisors.

Each sub-advisor has complete discretion to invest its portion of the Fund’s assets as it deems appropriate within the constraints of the Fund’s investment goal, strategies and restrictions. A sub-advisor may sell (or close a position in) a security when it determines that a particular security has reached a target price or target yield, or that the reasons for maintaining that position are no longer valid.

Principal Risks of Investing in the Fund

All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund’s returns include:

 

  •  

Asset Allocation Risk . The investment advisor’s asset allocation decisions among various investments may not anticipate market trends successfully. The investment advisor may make less than optimal or poor asset allocation decisions. The investment advisor attempts to identify investment allocations that will provide consistent, quality performance for the Fund, but there is no guarantee that the allocation techniques will produce the

   

desired results. It is possible that the investment advisor will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions.

 

  •  

Currency Risk . Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.

 

  •  

Emerging Market Countries Risk . Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets.

 

  •  

Exchange Traded Funds (ETFs) Risk . An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate up or down, and a Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

 

  •  

Foreign Investing Risks . Economic, political or regulatory conditions may be less favorable, and markets may be less liquid, less transparent and more volatile, in foreign countries, and in particular emerging markets, than in the United States. Currency fluctuations may reduce investment gains or add to investment losses.

 

  •  

Forward Currency Exchange Contract Risk . A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of a loss from a change in value of a currency, but they also limit any potential gains, do not protect against fluctuations in the value of the underlying position and are subject to counterparty risk.

 

  •  

Growth Investing Risk . Due to their relatively high valuations, growth stocks are typically more volatile than value stocks.

 

  •  

Multi-Manager Risk . The investment styles employed by sub-advisors may not be complementary. The multi-manager approach could result in a high level of portfolio turnover, resulting in higher brokerage expenses and increased tax liability from the Fund’s realization of capital gains.

 

  •  

Stock Market Risk . The value of equity securities in the Fund’s portfolio will fluctuate and, as a result, the Fund’s share price may decline suddenly or over a sustained period of time.

 

 

2   August 31, 2013 as revised October 15, 2013  /  SUMMARY PROSPECTUS

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

 

 

  •  

Value Investing Risk . Due to their relatively low valuations, value stocks are typically less volatile than growth stocks and therefore may lag behind growth stocks in an up market.

As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance Information

The returns presented for the Fund reflect the performance of a former series of WT Mutual Fund also known as Wilmington Multi-Manager International Fund (the “Predecessor Fund”). The Fund has adopted the performance of the Predecessor Fund as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund have substantially similar investment goals and strategies.

The bar chart and table immediately following show the variability of the Fund’s returns and are meant to provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year, with respect to its Class I Shares, and by showing how the Fund’s average annual returns for 1, 5 and 10 years or the life of the Fund compare with those of broad measures of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.wilmingtonfunds.com.

Annual Total Returns – Class I Shares

 

LOGO

 

Best Quarter

25.70%

6/30/2009

 

Worst Quarter

(22.28)%

12/31/2008

 

 

The Fund’s Class I Shares total return for the six-month period from January 1, 2013 to June 30, 2013 was (1.10)%. The average annual total returns in the table below do include the maximum Class A sales charge of 5.50%, which is normally deducted when you purchase shares.

Average Annual Total Returns

(For the periods ended December 31, 2012)

 

    1  Year     5  Years     10  Years
or Life of
Fund 		 

Class I Shares

                       

Return Before Taxes

    15.47%        (3.97 )%      8.22%   

Return After Taxes on Distributions

    15.38%        (4.13 )%      7.37%   

Return After Taxes on Distributions and Sale of Fund Shares

    10.65%        (3.20 )%      7.25%   

Class A Shares

                       

Return Before Taxes

    8.95%        (5.27 )%      1.40% * 

MSCI ACWI ex-US Net Index (reflects no deductions for fees, expenses or taxes)

    16.83%        (2.89 )%      9.74%   

 

*   Class A Shares commenced operations on December 20, 2005.

After-tax performance is presented only for Class I Shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds Fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.

Management of the Fund

Investment Advisor

Wilmington Funds Management Corporation

Investment Sub-Advisors

Wilmington Trust Investment Advisors, Inc. (“WTIA”), Baring International Investment Limited (“Barings”), Dimensional Fund Advisors LP (“Dimensional”), LSV Asset Management (“LSV”), Northern Cross LLC (“Northern Cross”), Oberweis Asset Management, Inc. (“Oberweis”), and Parametric Portfolio Associates LLC (“Parametric”).

 

Portfolio Managers   Title   Service Date
(with the Fund)
Thomas R. Pierce, CFA   Chief Investment Strategist at WTIA   2012
George Chen, CFA, CIPM   Vice President and Research Analyst at WTIA   2012
 

 

SUMMARY PROSPECTUS  /  August 31, 2013 as revised October 15, 2013     3   

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

 

Portfolio Managers   Title   Service Date
(with the Fund)
Clement K. Miller, CFA   Administrative Vice President at WTIA   2012
David Bertocchi, CFA   Divisional Director at Barings   2009
Jonathan Greenhill   Equity Investment Manager at Barings   2011
Tom Mann, CFA   Equity Investment Manager at Barings   2012
Karen E. Umland, CFA   Vice President and Senior Portfolio Manager at Dimensional   2012
Joseph H. Chi, CFA   Co-Head of Portfolio Management and Senior Portfolio Manager at Dimensional   2012
Jed S. Fogdall   Co-Head of Portfolio Management and Senior Portfolio Manager at Dimensional   2012
Henry F. Gray   Vice President and
Head of Global Equity Trading at Dimensional 		  2012
Puneet Mansharamani, CFA   Partner and Senior Quantitative Analyst at LSV   2006
Josef Lakonishok   Partner, Chief Executive Officer and Chief Investment Officer
at LSV 		  2005
Menno Vermeulen, CFA   Partner and Senior Quantitative Analyst at LSV   2005
Howard Appleby, CFA   Principal at Northern Cross   2012
Jean-Francois Ducrest   Principal at Northern Cross   2012
James LaTorre, CFA   Principal at Northern Cross   2012
Edward E. Wendell, Jr.   Principal at Northern Cross   2012
Ralf Scherschmidt  

Principal and Portfolio

Manager at Oberweis

  2013
David M. Stein, Ph.D.   Chief Investment Officer at Parametric   2012
Thomas C. Seto   Director of Portfolio Management and Portfolio Manager at Parametric   2012

Purchase and Sale of Fund Shares

Requests to purchase or redeem Fund Shares are processed on each day that the New York Stock Exchange (“NYSE”) is open for business. You may purchase or redeem Shares by contacting the Fund at 1-800-836-2211. If you invest through a financial intermediary, please contact that intermediary regarding purchase and redemption procedures.

 

Minimum Initial Investment Amount (Class A):*    $ 1,000   
Minimum Initial Investment Amount (Class I):*    $ 1,000,000   
Minimum Subsequent Investment Amount:    $ 25   

 

*   Other restrictions may apply. See “Purchasing Shares” in the Prospectus for further information.

The minimum initial and subsequent investment amounts may be waived or lowered from time to time.

Tax Information

The distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions generally will be taxed when withdrawn from the tax-deferred account.

Additional Payments to Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies (such as the Advisor) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary’s website for more information.

 

 

WT MMIF 10.15.13

 

4   August 31, 2013 as revised October 15, 2013  /  SUMMARY PROSPECTUS
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