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August 31, 2012

 

 

as revised April 15, 2013

 

 

 

Summary

Prospectus

Wilmington Short-Term Corporate Bond Fund

Class A (MVSAX)

Class I (MVSTX)

 

 

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, 2012, as supplemented, are incorporated by reference into this Summary Prospectus.

 

SUMMARY PROSPECTUS

 

August 31, 2012

as revised April 15, 2013

WILMINGTON SHORT-TERM CORPORATE BOND FUND

 

 

Class/ Ticker         A MVSAX         I MVSTX

 

 

Investment Goal

The Fund seeks to provide current income.

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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 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)      1.75%         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      0.50%        0.50%   
Distribution and/or Service (12b-1) Fees      0.25%        None   
Other Expenses      0.44%        0.44%   
Total Annual Fund Operating Expenses      1.19%        0.94%   
Fee Waivers and/or Expense Reimbursements(1)      (0.33 )%      (0.33 )% 
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement      0.86%        0.61%   
*   The expense information in the table has been restated to reflect current fees.

 

(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 0.86% and 0.61%, respectively, not including the effects of taxes or extraordinary expenses. This waiver may be amended or withdrawn after August 31, 2013, 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

   $ 261       $ 514       $ 787       $ 1,564   

Class I

           

Expenses assuming redemption

   $ 62       $ 267       $ 488       $ 1,124   

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 73% of the average value of its portfolio.

 

 

SUMMARY PROSPECTUS  /  August 31, 2012, as revised April 15, 2013     1   

WILMINGTON SHORT-TERM CORPORATE BOND FUND

 

Principal Investment Strategies of the Fund

The Fund seeks to achieve its investment goal by investing primarily in U.S. corporate fixed income securities. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. corporate fixed income securities. The Fund’s investment advisor will select investment grade securities and unrated securities determined to be of comparable quality, but also may invest up to 15% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). The Fund also invests in a range of U.S. government securities, including mortgage and asset-backed securities. For purposes of the Fund’s 80% investment policy, U.S. corporate fixed income securities may include corporate asset-backed securities. The Fund seeks to maintain a weighted average maturity of no more than three years. However, the weighted average maturity of the Fund’s portfolio will vary within a range of zero to three years depending on market conditions.

In selecting securities for the Fund, the investment advisor considers a security’s capital appreciation potential, maturity and yield to maturity. The investment advisor will monitor changing economic conditions and trends, including interest rates, and may sell securities in anticipation of an increase in interest rates or purchase securities in anticipation of a decline in interest rates.

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:

 

  •  

Active Trading Risk . The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and increase the amount of taxes that you pay.

 

  •  

Call Risk . Issuers of securities may redeem the securities prior to maturity at a price below their current market value.

 

  •  

Credit Risk. There is a possibility that issuers of securities in which the Fund invests may default in the payment of interest or principal on the securities when due, which would cause the Fund to lose money.

 

  •  

Interest Rate Risk. The risk posed by the fact that prices of fixed income securities rise and fall inversely in response to interest rate changes. For instance, a rise in interest rate causes a fall in the value of a fixed income

   

securities. In addition, this risk increases with the length of the maturity of the fixed income security. Accordingly, the yield earned by a Fund will vary with changes in interest rates. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed income securities. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security’s price to changes in interest rates. Generally, the longer the Fund’s duration, the more sensitive the Fund will be to changes in interest rates.

 

  •  

Liquidity Risk. The risk that certain securities may be difficult or impossible for a Fund to sell or dispose of at the price at which the Fund has valued the security.

 

  •  

Non-Investment Grade Securities (Junk Bonds) Risk. High-yield bonds, which are rated below investment grade and are typically referred to as junk bonds, are generally more exposed to credit risk than investment grade securities. These securities are generally higher-yielding and higher-risk than investment grade, fixed income securities and are issued by entities whose ability to pay interest and principal on the debt in a timely manner is considered questionable.

 

  •  

Prepayment Risk . The risk that a mortgage-backed or other asset-backed security may be paid off and proceeds delivered to a Fund earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates.

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 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 A 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 a broad measure 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.

 

 

2   August 31, 2012, as revised April 15, 2013   /  SUMMARY PROSPECTUS

WILMINGTON SHORT-TERM CORPORATE BOND FUND

 

Annual Total Returns – Class A Shares

 

LOGO

 

Best Quarter

2.68%

6/30/2009

 

Worst Quarter

(1.10)%

6/30/2004

 

The Fund’s Class A Shares total return for the six-month period from January 1, 2012 to June 30, 2012 was 1.37%. The maximum Class A sales charge of 1.75%, which is normally deducted when you purchase shares, is not reflected in the best quarter/worst quarter returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average Annual Total Returns

(For the periods ended December 31, 2011)

 

    1 Year     5  Years     10 Years
or  Life of
Fund 		 

Class A Shares

                       

Return Before Taxes

    (0.64)%        3.20%        2.84% * 

Return After Taxes on Distributions

    (1.16)%        2.22%        1.88% * 

Return After Taxes on Distributions and Sale of Fund Shares

    (0.38)%        2.16%        1.86% * 

Class I Shares

                       

Return Before Taxes

    1.36%        3.75%        3.27%   

Barclays Capital 1-3 Year Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes)

    1.59%        3.99%        3.63%   

 

*   Class A Shares commenced operations on August 25, 2003.

After-tax performance is presented only for Class A 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-Advisor

Wilmington Trust Investment Advisors, Inc. (“WTIA”)

 

Portfolio Manager   Title   Service Date
(with the Fund)
Wilmer C. Stith III, CFA   Vice President and Portfolio Manager at WTIA   1996
James M. Hannan   Administrative Vice President and Portfolio Manager at WTIA   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, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

 

 

SUMMARY PROSPECTUS  /  August 31, 2012, as revised April 15, 2013     3   

WILMINGTON SHORT-TERM CORPORATE BOND FUND

 

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 inter-

mediary 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 STCB 4.15.13

 

4   August 31, 2012, as revised April 15, 2013   /  SUMMARY PROSPECTUS
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