Mutual Fund Summary Prospectus (497k)
30 August 2013 - 11:10PM
Edgar (US Regulatory)
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SUMMARY PROSPECTUS
August 31, 2013
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WILMINGTON MARYLAND MUNICIPAL BOND FUND
Class/
Ticker
A
ARMRX
I
ARMTX
Before you invest, you may want to review the
Funds Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Funds 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 Funds 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 current income that is exempt from both federal and Maryland state and local income taxes.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold the Funds 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 Funds net asset value. They have no impact on the costs associated with fund operations. Acquired Fund Fees and Expenses are not included in the Funds financial
statements, which provide a clearer picture of a funds 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 $100,000 in the Wilmington Funds. More
information about these and other discounts is available from your financial professional, in the Funds prospectus in the section entitled How are shares priced?.
Shareholder Fees
(Fees paid directly from your investment)
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Class A
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Class
I
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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4.50%
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None
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Maximum Deferred Sales Charge (Load)
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None
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None
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)
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None
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None
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Redemption Fee
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None
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None
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Exchange Fee
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None
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None
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Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
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Class A
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Class
I
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Management Fee
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0.50%
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0.50%
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Distribution and/or Service
(12b-1)
Fees
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0.25%
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None
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Other Expenses
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0.44%
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0.44%
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Acquired Fund Fees and Expenses
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0.01%
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0.01%
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Total Annual Fund Operating Expenses
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1.20%
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0.95%
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Fee Waivers and/or Expense Reimbursements(1)
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(0.24)%
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(0.27)%
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Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement
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0.96%
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0.68%
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(1)
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The Funds 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 Funds Class A Shares and Class I Shares will not exceed 0.95% and 0.67%, respectively
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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 Funds Board of Trustees.
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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 $10,000 in the Funds Class A Shares and Class I Shares for the time periods
indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs and returns may
be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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Expenses assuming redemption
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$
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544
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$
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791
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$
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1,058
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$
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1,819
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Class I
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Expenses assuming redemption
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$
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69
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$
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275
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$
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498
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$
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1,141
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SUMMARY PROSPECTUS / August 31, 2013
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1
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WILMINGTON MARYLAND MUNICIPAL BOND 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 Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 41% of the average value of its portfolio.
Principal Investment Strategies of the Fund
The Fund seeks to achieve its investment goal, under normal circumstances, by investing its net assets so that at least 80% of the income it distributes will be exempt from federal regular income tax and
personal income tax imposed by the State of Maryland and Maryland municipalities. However, the income on these securities may be subject to the federal alternative minimum tax (AMT). The Fund is
non-diversified,
which means it can invest a larger percentage of assets in a small number of issuers. The Fund generally invests in investment grade municipal securities. The Fund seeks to maintain a weighted
average maturity of three to ten years. However, the Fund has no maturity restrictions on individual issues, and the weighted average maturity of the Funds portfolio will vary depending on market conditions.
In selecting securities, the Funds investment advisor focuses on credit analysis, the relative values of different sectors of the
market, geographic diversity and securities with different and potentially advantageous structures. The investment advisor seeks to construct a portfolio with substantially the same interest rate exposure as the Funds benchmark, and does not
select securities based on forecasts of 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 Funds returns include:
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Call Risk.
Issuers of securities may redeem the securities prior to maturity at a price below their current market value.
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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.
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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
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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 securitys price to changes in interest
rates. Generally, the longer the Funds duration, the more sensitive the Fund will be to changes in interest rates.
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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.
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Maryland Investment Risk.
The Fund will be more susceptible to any economic, business, political or other developments which generally affect
securities issued by Maryland issuers. The economy of Maryland is relatively diversified across the service, trade and government sectors, but could be adversely impacted by changes to any of these sectors.
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Non-Diversification
Risk.
The Fund may invest a higher percentage of its assets among fewer issuers of
portfolio securities. This increases the Funds risk by magnifying the impact (positively or negatively) that any one issuer has on the Funds share price and performance.
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Tax Risk.
Failure of a municipal security to meet certain legal requirements may cause the interest received and distributed by the Fund to
shareholders to be taxable.
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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 Funds returns and are meant to provide some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year, with respect to its Class A Shares, and by showing how the
Funds average annual returns for 1, 5 and 10 years compare with those of broad measures of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the
future. The table shows returns for the Funds primary broad-based market index, the Standard & Poors Intermediate Municipal Index, and the Funds secondary broad-based market index, the Barclays Capital 10 Year Municipal Bond
Index (BC10MB). Updated performance information is available at www.wilmingtonfunds.com.
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2
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August 31, 2013 / SUMMARY PROSPECTUS
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WILMINGTON MARYLAND MUNICIPAL BOND FUND
Annual Total Returns Class A Shares
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Best Quarter
6.58%
9/30/2009
Worst Quarter
(3.50)%
12/31/2008
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The Funds Class A Shares total return for the
six-month
period from January 1, 2013 to June 30, 2013 was (3.07)%. The maximum Class A sales charge of 4.50%, 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, 2012)
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1 Year
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5
Years
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10
Years
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Class A Shares
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Return Before Taxes
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(0.74)%
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3.44%
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3.30%
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Return After Taxes on Distributions
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(0.81)%
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3.42%
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3.27%
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Return After Taxes on Distributions and Sale of Fund
Shares
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0.28%
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3.43%
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3.33%
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Class I Shares
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Return Before Taxes
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4.17%
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4.59%
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3.95%
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Standard & Poors Intermediate Municipal Index (reflects
no deduction for fees, expenses or taxes)
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5.34%
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6.12%
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5.14%
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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 (WFMC)
Investment Sub-Advisor
Wilmington Trust Investment Advisors, Inc.
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Portfolio Managers
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Title
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Service Date
(with the Fund)
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Robert F. Collins, CFA
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Administrative Vice President and Director of Tax-Exempt Fixed Income Investments at WFMC
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2012
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Stephen P. Winterstein
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Managing Director and Head of Strategy of Municipal Fixed Income at WFMC
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2012
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Rebecca J. Rogers
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Vice President and Senior Portfolio Manager at WFMC
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2012
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John J. Malloy, Jr.
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Assistant Vice President and Municipal Portfolio Manager at WFMC
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2012
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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.
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Minimum Initial Investment Amount (Class A):*
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$
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1,000
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Minimum Initial Investment Amount (Class I):*
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$
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1,000,000
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Minimum Subsequent Investment Amount:
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$
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25
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*
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Other restrictions may apply. See Purchasing Shares in the Prospectus for further information.
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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 primarily are exempt from regular federal income tax and, for residents of Maryland, state income tax. A portion of these distributions, however, may be subject to Federal AMT. The Fund may also make distributions that are
taxable to you as ordinary income or capital gains.
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SUMMARY PROSPECTUS / August 31, 2013
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3
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WILMINGTON MARYLAND MUNICIPAL 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 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 intermediarys website for more information.
WT MDMB 8.31.13
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4
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August 31, 2013 / SUMMARY PROSPECTUS
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