Mutual Fund Summary Prospectus (497k)
05 Marzo 2014 - 9:33PM
Edgar (US Regulatory)
SUMMARY PROSPECTUS
August 31, 2013
as revised March 5, 2014
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
Class/
Ticker
A
WRAAX
I
WRAIX
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 achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes.
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 $50,000 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)
|
|
|
|
|
|
|
|
|
|
|
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*
|
|
|
2.26%
|
|
|
|
2.26%
|
|
Distribution and/or Service
(12b-1)
Fees
|
|
|
0.25%
|
|
|
|
None
|
|
Other Expenses
|
|
|
|
|
|
|
|
|
Dividend and Interest Expense on Short Positions
|
|
|
0.67%
|
|
|
|
0.67%
|
|
All Remaining Other Expenses
|
|
|
0.88%
|
|
|
|
0.88%
|
|
Acquired Fund Fees and Expenses
|
|
|
0.21%
|
|
|
|
0.21%
|
|
Total Annual Fund Operating Expenses
|
|
|
4.27%
|
|
|
|
4.02%
|
|
Fee Waivers and/or Expense Reimbursements(1)
|
|
|
(1.16)%
|
|
|
|
(1.16)%
|
|
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement
|
|
|
3.11%
|
|
|
|
2.86%
|
|
*
|
|
The management fee has been restated to reflect current fees. Of the 2.26% management fee, the Advisor and Wilmington Trust Investment Advisors, Inc. are entitled to 1.00%. The
remaining 1.26% can be allocated to other sub-advisers that assist in managing the Funds assets.
|
(1)
|
|
The Funds Advisor, distributor and shareholder services provider have agreed to waive their fees and/or reimburse expenses so that total annual fund operating expenses paid
by the Fund's Class A and Class I Shares will not exceed 2.23% and 1.98%, respectively, not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses. This waiver
may be 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 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 investm nt has a 5% return each year and that the Funds operating expenses remain the same. Although your actual
|
|
|
|
|
SUMMARY PROSPECTUS / August 31, 2013, as revised March 5, 2014
|
|
|
1
|
|
WILMINGTON
MULTI-MANAGER
ALTERNATIVES FUND
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
|
|
$
|
847
|
|
|
$
|
1,675
|
|
|
$
|
2,515
|
|
|
$
|
4,671
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses assuming redemption
|
|
$
|
289
|
|
|
$
|
1,118
|
|
|
$
|
1,964
|
|
|
$
|
4,152
|
|
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 367% of the average value of its portfolio.
Principal Investment Strategies of the Fund
The Funds Advisor seeks to achieve the Funds investment goal by allocating the Funds assets (in an arrangement known as a multi-manager structure) among a number of
sub-advisors
with experience in managing alternative or
non-traditional
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.
WTIA determines the Funds asset allocation among the different
sub-advisors.
When making these allocation decis ons, WTIA considers, among other things, the
current macroeconomic outlook, relative valuation levels and volatility in the equity, fixed income and commodities markets, market flows and market liquidity, and information relating to business cycles. The
sub-advisors
may use one or a combination of the following investment strategies:
|
|
|
Commodities: A commodities strategy seeks exposure to the performance of the commodities markets and/or exposure to a long/short strategy that is based
on commodity trends.
|
|
|
|
Convertible Arbitrage: A convertible arbitrage strategy seeks to take advantage of pricing inefficiencies of the embedded option in a convertible bond.
To implement a convertible arbitrage strategy, a
sub-advisor
may purc ase a portfolio of convertible bonds, and hedge a port on of the equity risk, interest rate and credit risk of the bonds by selling the
underlying common stock short.
|
|
|
|
Event-Driven: An event-driven strategy seeks to profit from potential mispricings of securities related to a specific
|
|
corporate or market event, such as mergers, bankruptcies, financial or operational stress, restructurings, asset sales, recapitalizations, spin-offs, litigation, regulatory and legisl tive
changes as well as other types of corporate events.
|
|
|
|
Long-Only: A long-only strategy seeks to profit from investing in securities that are expected to appreciate in value.
|
|
|
|
Long/Short Equity: A long/short equity strategy typically seeks to profit from investing on both the long and short sides of equity market.
|
|
|
|
Long/Short Credit, Fixed Income and Distressed Debt: Long/short credit, fixed income, and distressed debt strategies typically focus primarily in debt
securities of domestic and foreign (including emerging market) governments, government-related agencies, and compan es, of all maturities and credit qualities, including corpor te bonds, bank loans and distressed debt, and mortgage-backed
securities. Typical credit related investment strate ies involve a long/short or event-driven style similar to those described above in Event-Driven and Long/Short Equity.
|
|
|
|
Long/Short Foreign Currency: A long/short foreign currency strategy typically seeks to profit from investing in positions on both the long and short
sides of major foreign currencies.
|
|
|
|
Market Neutral: A market neutral strategy seeks to keep exposure to overall market risk very low by combining long and short equity positions. To
implement a market neutral strategy, a
sub-advisor
typically takes long posit ons in stocks that it believes are undervalued and takes short positions in stocks that it believes are overvalued.
|
|
|
|
Merger Arbitrage: A merger arbitrage strategy is a form of an event-driven strategy. A
sub-advisor
implementing
a merger arbitrage strategy typically invests simultan ously in long and short positions in both companies involved in a merger or acquisition. A
sub-advisor
typic lly purchases the stock of the acquired
company and shorts the stock of the acquiring company.
|
|
|
|
Pairs Trading: A pairs trading strategy typically seeks to match a long position with a short position in two securities of the same sector. Certain
securities, often competitors in the same sectors, are some times correl ted in their day to day price movements. If the performa ce link breaks down, i.e. one stock trades up while the other trades down, a
sub-advisor
may sell the outp rforming stock and buy the underperforming one, based on the assumption that the spread between the two would eventually converge.
|
The
sub-advisors
implement the various investment strate ies by investing in a wide variety of
securities and financial instruments available in both U.S. and
non-U.S.
markets. The
sub-advisors
may invest the Funds assets in the following securities and
financial instruments: convertible securities; debt securities of any credit quality and
|
|
|
2
|
|
August 31, 2013, as revised March 5, 2014 / SUMMARY PROSPECTUS
|
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
maturity, including
non-investment
grade securities (junk bonds); derivatives, including commodity-linked derivatives, credit or equity-linked
instruments, forward contracts, futures, options, options on futures, structured notes and swap agreements; equity securities; exchange traded notes (ETNs); investment companies, including exchange-traded funds (ETFs); master
limited partners ips (MLPs); mortgage backed and asset backed secur ties; other pooled investment vehicles; preferred stock; and repurchase agreements. WFMC and WTIA may directly invest a portion of the Funds assets.
Each
sub-advisor
has complete discretion to invest its port on of the Funds assets as it
deems appropriate within the constraints of the Funds 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. The Fund may engage in active and frequent trading as part of its principal investment strategy.
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 prim ry factors that may
reduce the Funds returns include:
|
|
|
Active Trading Risk
.
The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance
and increasing the amount of taxes that you pay).
|
|
|
|
Arbitrage Risk
. The risk that securities purchased pursuant to an arbitrage strategy that intended to take advantage of the perceived
relationship between the value of two securities may not perform as expected.
|
|
|
|
Asset Allocation Risk
. The Advisors asset allocation decisions among various investments and investment strategies, including equity
securities and fixed income securities, may not anticipate market trends successfully. The Advisors allocation decisions may result in returns with a stronger-than-desired correlation to traditional asset classes. The Advisor may make less
than optimal or poor asset allocation decisions. The Advisor attempts to identify investment allocations that will provide cons stent, quality performance for the Fund, but there is no guarantee that the allocation techniques will produce the
desired results. You could lose money on your investm nt in the Fund as a result of these allocation decisions.
|
|
|
|
Commodity-Linked Derivative Investment Risk
. The value of a commodity-linked derivative investment typically is based on the price movements of
a physical commodity (such as heating oil, livestock, or agricultural products), or commodity index, or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value
of these securities will rise or fall in
|
|
|
response to changes in the underlying commodity or related benchmark. To the extent that the Fund invests in such derivative instruments, the Fund will be exposed economically to movements in
commodity prices.
|
|
|
|
Commodity Tax Risk
. The Funds ability to invest in certain instruments such as commodity-linked derivatives may be adversely affected by
changes in legislation, regulations or other legally binding authority. Pursuant to the Internal Revenue Code, the Fund must derive at least 90% of its gross income from qualifying sources to qualify as a regulated investment company. Gains from the
disposition of commodities are not considered qualifying income for this purpose. Additiona ly, the Internal Revenue Service has issued a revenue ruling which holds that income derived from commodity-linked swaps is not qualifying income. As a
result, the Funds ability to directly invest in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. Failure to comply with the restrictions in the Internal Revenue Code and any future
legislation or guidance may cause the Fund to fail to qualify as a regulated investment company which may adversely impact a shareholders return. Altern tively, the Fund may forego those investments which could adversely affect the ability of
the Fund to achieve its investment goal.
|
|
|
|
Convertible Securities Risk
. Convertible securities are subject to the risks typically associated with debt secur ties, such as interest rate
risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may be forced to conv rt a convertible security before it otherwise would
choose to do so, which may decrease the Funds return.
|
|
|
|
Counterparty Risk
. When the Fund invests in financial instruments that involve counterparties, the Fund is exposed to risks associated with the
credit quality of the counterparty or the ability of the counterparty to pay the Fund. Such instruments can provide exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments. The
Funds use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty
defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.
|
|
|
|
Credit Default Swap Risk
.
The Fund may enter into credit default swap agreements. A credit default swap agreement is an agreement between
two parties: a buyer of credit protection and a seller of credit protection. The Fund may be either the buyer of credit protection against a designated event of default, restructuring or other credit related event (each a Credit Event)
or the seller of credit protection in a credit default swap. The buyer in a credit
|
|
|
|
|
|
SUMMARY PROSPECTUS / August 31, 2013, as revised March 5, 2014
|
|
|
3
|
|
WILMINGTON
MULTI-MANAGER
ALTERNATIVES FUND
|
|
default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the swap agreement. If no Credit Event occurs, the seller of credit protection will have
received a fixed rate of income throughout the term of the swap agreement. If a Credit Event occurs, the seller of credit protection must pay the buyer of credit protection the full notional value of the reference obligation either through physical
settlement or cash settlement. If no Credit Event occurs, the buyer of credit protection will have made a series of periodic payments through the term of the swap agreement. However, if a Credit Event occurs, the buyer of credit protection will
receive the full notional value of the refere ce obligation either through physical settlement or cash settlement from the seller of credit protection. A credit default swap may involve greater risks than if the Fund invested directly in the
underlying reference obligations. For example, a credit default swap may increase the Funds credit risk because it has exposure to both the issuer of the underlying reference obligation and the counterparty to the credit default swap. In
addition, credit default swap agreements may be difficult to value depending on whether an active market exists for the credit default swaps in which the Fund invests.
|
|
|
|
Credit Risk
. There is a possibility that issuers of secur ties in which the Fund (and any Underlying Fund) invests may default in the payment of
interest or principal on the securities when due, which would cause the Fund to lose money.
|
|
|
|
Derivative Securities Risk
. The risk that the Funds use of derivatives will cause losses (1) due to the unexpected effect of market
movements on a derivatives price, (2) because the derivatives do not perform as anticipated, (3) because the derivatives are not correlated with the performance of other investments which they are used to hedge; or (4) if the
Fund is unable to liquidate a position because of an illiquid secondary market.
|
|
|
|
Distressed Securities Risk
. The Funds investment in distressed securities may involve a higher degree of credit risk, price volatility and
liquidity risk. These instruments, which involve loans, loan participations, bonds, notes, and
non-performing
and
sub-performing
mortgage loans, typically are unrated,
lower-rated, in default or close to default. Valuing such instruments may be difficult and the Fund may lose all of its investment.
|
|
|
|
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 goals, strategies, and policies. The price of an ETF can fluct ate 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 ETFs shares may trade above or below their net asset value; (ii) an active trading
|
|
|
market for an ETFs shares may not develop or be maint ined; or (iii) trading of an ETFs shares may be halted if the listing exchanges officials deem such action approp
iate, 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.
|
|
|
|
Exchange Traded Notes (ETNs) Risk
. The value of ETNs, which combine features of ETFs and bonds, depends on the performance of the index or other
asset underlying the ETN and the creditworthiness of the ETNs issuer. Unlike ETFs, ETNs are not structured as investment companies and, unlike bonds, they may have no periodic interest payments. ETNs are not secured by any collateral.
|
|
|
|
Event-Driven Trading Risk
. Event-driven trading involves the risk that the special situation may not occur as anticipated, in which case the
Fund may realize losses.
|
|
|
|
Foreign Investing
Risk
. Economic, political or regul tory 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 forw rd 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 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.
|
|
|
|
Information Risk.
When the quantitative analytical tools (Tools) and information and data (Data) used in managing the
Fund prove to be incorrect or incomplete, any investment decisions made in reliance on the Tools and Data may not produce the desired results and the Fund may realize losses.
|
|
|
|
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 security. 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 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.
|
|
|
|
4
|
|
August 31, 2013, as revised March 5, 2014 / SUMMARY PROSPECTUS
|
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
|
|
|
Leverage Risk
.
The risk associated with securities transa tions or practices that multiply small market movements into larger changes in
value. The Fund derives subs antially all of its commodities exposure from its investm nt in derivatives and other financial instruments that provide leveraged exposure. The Funds investment in these instruments generally requires a small
investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Because such instruments are an integral part of the Funds investment
strategy, the use of such instruments may expose the Fund to potentially dramatic losses or gains in the value of its portfolio. The cost of investing in such instruments generally increases as interest rates increase, which will lower the
Funds return.
|
|
|
|
Liquidity Risk
. The risk that certain securities or other instruments, such as derivatives, may be difficult or impossible for a Fund to sell or
dispose of at the price at which the Fund has valued the security.
|
|
|
|
MLPs Risk
. Investing in MLPs entails risks related to fluctuations in energy prices, decreases in the supply of, or demand for, energy
commodities, decreases in demand for MLPs in rising interest rate environments, unique tax consequences due to the partnership structure and potentially limited liquidity.
|
|
|
|
Mortgage-Backed and Asset-Backed Securities Risk
.
Through its investments in mortgage-backed securities, the Fund may have some
exposure to subprime loans, as well as to the mortgage and credit markets generally. Subprime loans, which are loans made to borrowers with weakened credit histories, have had in many cases higher default rates than loans that meet government
underwriting requirements. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the
originator or any other affiliated entities, and the amount and quality of any credit enhancement of the securities.
|
|
|
|
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 Funds realization of capital gains.
|
|
|
|
Natural Resources Risk
. Investments in companies that own or develop natural resources (e.g., exploring, mini g, refining), or supply
goods and services to such companies (e.g., drilling, processing, transporting, fabr cating) expose the Fund to the greater volatility of the markets for these companies products, and to internat onal economic, political and regulatory
influences that frequently affect the operation of these companies.
|
|
|
|
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.
|
|
|
|
Options and Futures Risk
. When options are purchased over the counter, the Fund bears the risk that the counter-party that wrote the option will
be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its position. The risks associated with futures include: the potential
inability to terminate or sell a position, the lack of a liquid secondary market for the Funds position and the risk that the count rparty to the transaction will not meet its obligations.
|
|
|
|
OTC Trading Risk
.
Certain of the derivatives in which the Fund may invest, including swap agreements, may be traded (and privately
negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty risk
with respect to such derivatives contracts.
|
|
|
|
Preferred Stocks Risk
. Unlike interest payments on debt securities, dividend payments on a preferred stock typic lly must be declared by the
issuers board of directors. In addition, in the event an issuer of preferred stock experie ces economic difficulties, the issuers preferred stock may lose substantial value due to the reduced likelihood that the issuers board of
directors will declare a dividend and the fact that the preferred stock may be subordinated to other securities of the same issuer.
|
|
|
|
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.
|
|
|
|
Repurchase Agreements Risk
. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its
obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.
|
|
|
|
Short Sale Risk
.
Short selling a security involves selling a borrowed security with the expectation that the value of the security will
decline, so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may
rise, thereby increasing the price at which the security must be purc ased. Government actions also may affect the Funds ability to engage in short selling.
|
|
|
|
|
|
SUMMARY PROSPECTUS / August 31, 2013, as revised March 5, 2014
|
|
|
5
|
|
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
|
|
|
Stock Market Risk
. The value of equity securities in the Funds portfolio will fluctuate and, as a result, the Funds share price may
decline suddenly or over a sustained period of time.
|
|
|
|
Structured Note Risk
.
The value of these notes will rise or fall in response to changes in the underlying commodity or related index.
These notes expose the Fund to movements in commodity prices. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. These notes are often leveraged, increasing
the volatility of each notes market value relative to changes in the underlying commodity, commodity futures cont act or commodity index. Therefore, at the maturity of the note, the Fund may receive more or less principal than it originally
invested. The Fund might receive interest payments on the note that are more or less than the stated coupon interest payments.
|
|
|
|
Swap Agreement Risk
.
With respect to an uncleared swap (
i.e.
, negotiated bilaterally and traded OTC between the two
parties), the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreem nt counterparty. Under certain market conditions, swap agreements also may be
considered to be illiquid. In addit on, the Fund may enter into swap agreements that involve a limited number of counterparties, which may increase the Funds exposure to counterparty credit risk. Further, there is a risk that no suitable
counterparties are willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment goal. In the case of a cleared swap (
i.e.
, transacted through a futures
commission merchant (an FCM) and cleared through a clearinghouse that serves as a central counterparty (
e.g.
, certain credit default swaps)), there is also a risk of loss by the fund of the margin deposits posted with the FCM in
the event of the FCMs bankruptcy and whether the Fund has an open position in the swap contract.
|
|
|
|
Underlying Funds Risk
. The investment performance of the Fund is affected by the investment performance of the Underlying Funds in which
it invests. The ability of the Fund to achieve its investment goal depends on the ability of the Underlying Funds to meet their investment goals and on the decisions of WFMC, as investment advisor, regarding the allocation of the Funds assets
among the Underlying Funds. There can be no assurance that the investment goal of the Fund or any Underlying Fund will be achieved. Through its investments in Underlying Funds, the Fund is subject to the risks of the Underlying Funds
investments. Certain of the risks of the Underlying Funds investments are described above. In addition, both the Fund and the Underlying Funds in which it invests bear fees and expenses, so investment in the Fund may be subject to certain
duplicate expenses. The Advisor is subject to certain conflicts of interest in choosing the Underlying Funds in which the Fund may invest.
|
|
|
|
Valuation Risk
. The risk that the Fund has valued certain of its securities at a higher price than it can sell them.
|
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 (FDIC) or any other government agency.
Performance Information
No performance
information is available for the Fund because it has not yet completed a full calendar year of operations. In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication
of the risks of an investment in the Fund by comparing the Funds performa ce with a broad measure of market performance and by showing changes in the Funds performance from year to year. Updated performance information will be available
at www.wilmingtonfunds.com
Management of the Fund
Investment Advisor
Wilmington Funds
Management Corporation
Investment
Sub-Advisors
Wilmington Trust Investment Advisors, Inc. (WTIA), Acuity Capital Management, LLC (Acuity), Calypso Capital
Management, LP (Calypso), Parametric Risk Advisers (Parametric RA) and P/E Global LLC (PE Global).
|
|
|
|
|
Portfolio Managers
|
|
Title
|
|
Service Date
(with the Fund)
|
Thomas R. Pierce, CFA
|
|
Chief Investment Strategist at WTIA
|
|
2012
|
Greg Silberman, CA (SA), CFA
|
|
Vice President at WTIA
|
|
2012
|
Joshua A. Savadove, CFA, CAIA
|
|
Vice President at WTIA
|
|
2012
|
David J. Harris
|
|
Managing Member and Portfolio Manager at Acuity
|
|
2012
|
Howard M. Needle
|
|
Managing Member and Portfolio Manager at Acuity
|
|
2012
|
Casey Gard
|
|
Managing Partner and Portfolio Manager at Calypso
|
|
2012
|
Ken Everding
|
|
Managing Director and Portfolio Manager at Parametric RA
|
|
2012
|
Jonathan Orseck
|
|
Managing Director and Portfolio Manager at Parametric RA
|
|
2012
|
Warren S. Naphtal
|
|
Chief Investment Officer at PE Global
|
|
2013
|
J. Richard Zecher, PhD
|
|
Strategist and Risk Manager at PE Global
|
|
2013
|
|
|
|
6
|
|
August 31, 2013, as revised March 5, 2014 / SUMMARY PROSPECTUS
|
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
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 dist ibutions 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
intermediarys website for more information.
|
|
|
|
|
SUMMARY PROSPECTUS / August 31, 2013, as revised March 5, 2014
|
|
|
7
|
|
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND
|
|
|
8
|
|
August 31, 2013, as revised March 5, 2014 / SUMMARY PROSPECTUS
|
WT ALT 1.31.14
Grafico Azioni A C M Income (NYSE:ACG)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni A C M Income (NYSE:ACG)
Storico
Da Set 2023 a Set 2024
Notizie in Tempo Reale relative a Alliancebernstein Income Fund (Borsa di New York (NYSE)): 0 articoli recenti
Più Wilmington Funds Articoli Notizie