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Performance Over 10 Years 0.0482 0.0412 0.0086 0.0710 0.0276 0.0083 -0.0759 0.0541 0.0116 -0.0041 Annual Total Returns – Class I Shares Performance Over 10 Years 0.0063 0.0446 0.0347 0.0048 0.0654 0.0267 0.0105 -0.0682 0.0449 -0.0047 Annual Total Returns – Class I Shares Performance Over 10 Years 0.0370 0.0466 0.0442 0.0114 0.0001 0.0018 0.0147 0.0110 0.0018 0.0001 Annual Total Returns – Service Class Shares Performance Over 10 Years 0.0393 0.0471 0.0441 0.0115 0.0001 0.0017 0.0146 0.0110 0.0019 0.0002 Annual Total Returns – Service Class Shares Performance Over 10 Years N-1A WILMINGTON FUNDS 2026-08-31 WILMINGTON LARGE-CAP STRATEGY FUND SUMMARY Investment Goal <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve long-term capital appreciation. </div> Fees and Expenses <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy and hold the Fund’s Class I Shares. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus. </div> 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. 50000 Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0025 0 0.0011 0.0036 -0.0011 0.0025 August 31, 2027 Example <div style="margin-top:4pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Example assumes that you invest $10,000 in the Fund’s 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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </div> 26 105 191 445 Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">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 7% of the average value of the portfolio. </div> 0.07 Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a diversified portfolio of U.S. equity (or equity-related) securities of large-cap companies (primarily common stocks). Large-cap companies are companies that have a market capitalization at least equal to that of the smallest company in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index ($2.8 billion as of June 30, 2026), or at least equal to that of the smallest company expected to be included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index after its next scheduled reconstitution. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund’s investment advisor determines the tactical allocation of the Fund’s assets based on forecasts of asset risk and return profiles derived from a combination of fundamental, quantitative and macroeconomic inputs. The tactical allocations may be based on one or more factors, such as economic sector, industry, investment style (e.g., growth or value), market capitalization (e.g., mega-cap or large/midcap), or security valuation measure (e.g., price/earnings ratio). Currently, the investment advisor’s tactical allocation is based primarily on the economic sectors of the Fund’s benchmark index (Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">Once the investment advisor determines the tactical allocations, the sub-advisor uses quantitative models to construct a portfolio by investing in a representative sample of securities having the factor characteristic, or belonging to the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">sector/industry of the benchmark index (or another index of large-capitalization companies) to which the investment advisor has made an allocation, weighted in accordance with that allocation. The return for each component of the portfolio is intended to correlate closely with the return for the corresponding component of the applicable benchmark index. The sub-advisor will use quantitative analytical tools to rebalance the portfolio and to make buy and sell decisions on individual securities. There is no assurance that the sub-advisor’s investment performance will equal or exceed that of the benchmark index. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 25% of its total assets) in one or more particular sectors. As of April 30, 2026, the Fund had a focused investment in the information technology sector. </div> Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a diversified portfolio of U.S. equity (or equity-related) securities of large-cap companies (primarily common stocks). Large-cap companies are companies that have a market capitalization at least equal to that of the smallest company in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index ($2.8 billion as of June 30, 2026), or at least equal to that of the smallest company expected to be included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index after its next scheduled reconstitution. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund’s investment advisor determines the tactical allocation of the Fund’s assets based on forecasts of asset risk and return profiles derived from a combination of fundamental, quantitative and macroeconomic inputs. The tactical allocations may be based on one or more factors, such as economic sector, industry, investment style (e.g., growth or value), market capitalization (e.g., mega-cap or large/midcap), or security valuation measure (e.g., price/earnings ratio). Currently, the investment advisor’s tactical allocation is based primarily on the economic sectors of the Fund’s benchmark index (Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index). </div> All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Asset Allocation Risk</span>. The Advisor’s allocation decisions among various categories of investments may not anticipate market trends successfully. The Advisor may make investment allocations among various market segments that do not perform as expected. The Advisor attempts to identify investment allocations that will provide consistent, quality performance for the Fund, but there is no guarantee that the allocations will produce the desired results. The Fund could underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies and you could lose money on your investment in the Fund as a result of these allocation decisions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Concentration Risk</span>. The risk that the Fund’s concentration in a particular industry will cause the Fund to be more exposed to developments affecting that single industry or industry group than a more broadly diversified fund would be. The Fund could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Information Technology Sector Risk</span>. Securities of information technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Information technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Large Cap Stock Risk</span>. During certain market periods, large capitalization stocks may trail returns from the overall stock market. Large-cap stocks tend to go through cycles, which can last years, of doing better – or worse – than other segments of the stock market or the stock market in general. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes and changes in trade regulation, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Stock Market Risk</span>. 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. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Style/Sector/Factor Risk</span>. Different investment styles and factors tend to shift in and out of favor depending on market conditions and investor sentiment. The Fund’s approach to investing on the basis of sector and/or industry selection, factor selection, or style could cause it to underperform other stock funds that employ a different basis for investing. </td> </tr> </table> 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 I Shares, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">year, with respect to its Class I Shares, and by showing how the Fund’s average annual total returns for 1, 5 and 10 years 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. </div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:9pt;width:70%;border-spacing:0px"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:50%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">Best Quarter</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">21.67%</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">6/30/2020</span></div> <div style="margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">Worst Quarter</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">(19.91)%</span></div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">3/31/2020</span></div> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"></td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 10.17%. </div> Best Quarter 0.2167 2020-06-30 Worst Quarter -0.1991 2020-03-31 total return 2026-06-30 0.1017 Average Annual Total Returns (For the periods ended December 31, 2025) 0.1700 0.1339 0.1431 0.1395 0.1118 0.1252 0.1225 0.1031 0.1152 0.1737 0.1359 0.1459 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON INTERNATIONAL FUND SUMMARY Investment Goal <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund seeks to provide long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities. </div> Fees and Expenses <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">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. 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. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus. </div> 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. 50000 Shareholder Fees (Fees paid directly from your investment) 0.0550 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0078 0.0078 0.0025 0 0.0044 0.0019 0.0003 0.0003 0.0150 0.0100 -0.0039 -0.0014 0.0111 0.0086 August 31, 2027 Example <div style="margin-top:4pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </div> 657 962 1289 2211 88 304 539 1212 Portfolio Turnover <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of the portfolio. </div> 0.34 Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its investment goal by investing, under normal circumstances, at least 80% of the value of its net assets in a diversified portfolio of foreign securities including those domiciled in emerging markets. The Fund may invest in common stocks, preferred shares, depositary receipts, equity-linked instruments of all capitalizations, and exchange-traded funds (“ETFs”). 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. </div> <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its investment goal by investing, under normal circumstances, at least 80% of the value of its net assets in a diversified portfolio of foreign securities including those domiciled in emerging markets. The Fund may invest in common stocks, preferred shares, depositary receipts, equity-linked instruments of all capitalizations, and exchange-traded funds (“ETFs”). 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. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">Subject to the oversight of the Board, Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) seeks to achieve the Fund’s investment goal by retaining Wellington Management Company LLP (“Wellington”) to manage the Fund’s assets. The Advisor also engages Wilmington Trust Investment Advisors, Inc. (“WTIA”) to oversee Wellington, to monitor portfolio risk and, on a discretionary basis, to develop strategic exposure objectives and risk parameters for the Fund based on considerations such as macroeconomic outlook, relative valuation levels and volatility in the markets, market flows and market liquidity, and information relating to business cycles, as well as input from Wellington. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">Based on the strategic exposure objectives and risk parameters established by WTIA, Wellington constructs an actively managed, diversified portfolio of foreign equity securities. Based on the objectives and parameters developed by WTIA, Wellington will allocate and reallocate the portfolio among a selection of independent equity management teams within Wellington. Each team pursues its own investment strategy or style, such as geography/region, growth/value, market capitalization, event-driven, economic sector, industry, or valuation measure. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">In combining equity management teams and strategies, Wellington uses a number of proprietary analytical tools, including market environments analysis, extreme events analysis, stress testing, and simulation analysis. Through the strategy selection process, Wellington seeks to construct a portfolio comprised of a diversified group of long-only equity strategies with differing investment approaches that provides an overall exposure, consistent with WTIA’s exposure objectives and risk parameters, comparable to the broader equity market and that reduces exposure to the risks typically associated with any single investment approach. The underlying Wellington equity management teams have complete discretion and responsibility for security selection and portfolio construction decisions within their respective portions of the Fund’s portfolio within the constraints of the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;"> Fund’s investment goal, strategies and restrictions. The Fund may engage in active and frequent trading as part of its investment strategy. </div> The Fund seeks to achieve its investment goal by investing, under normal circumstances, at least 80% of the value of its net assets in a diversified portfolio of foreign securities including those domiciled in emerging markets. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">Subject to the oversight of the Board, Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) seeks to achieve the Fund’s investment goal by retaining Wellington Management Company LLP (“Wellington”) to manage the Fund’s assets. The Advisor also engages Wilmington Trust Investment Advisors, Inc. (“WTIA”) to oversee Wellington, to monitor portfolio risk and, on a discretionary basis, to develop strategic exposure objectives and risk parameters for the Fund based on considerations such as macroeconomic outlook, relative valuation levels and volatility in the markets, market flows and market liquidity, and information relating to business cycles, as well as input from Wellington. </div> All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Active Trading Risk</span>. 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). </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Asset Allocation Risk</span>. The sub-advisor’s asset allocation decisions among various component strategies of the Fund may not anticipate market trends successfully. The sub-advisor may make investment allocations among various market segments that do not perform as expected. The sub-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. You could lose money on your investment in the Fund as a result of these allocation decisions. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Company Size Risk</span>. The Fund can invest in stocks of companies of all capitalizations. The smaller companies in which the Fund may invest may have unproven track records, a limited product or service base, limited access to capital, and other attributes that can cause their share prices to fluctuate, and they may be more likely to fail than larger companies. Therefore, smaller companies may entail greater risks for investors than larger companies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Country or Sector Risk</span>. Investments in particular sectors or countries may be more volatile than the overall equity or fixed-income markets. Therefore, if the Fund emphasizes one or more industries, economic sectors or countries, it may be more susceptible to financial, market, political or economic events affecting the particular issuers, industries and countries participating in such sectors than funds that do not emphasize particular industries, sectors or countries. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Currency Risk</span>. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-weight:bold">Depositary Receipts Risk</span>. Foreign securities may trade in the form of depositary receipts. Depositary receipts represent an ownership in an underlying security that is held by the depositary. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illi-</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:26.25pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;">quid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Emerging Market Countries Risk</span>. Emerging market securities typically present even greater exposure to the risks described under “Foreign Investing Risk” and may be particularly sensitive to certain economic changes. Emerging market securities are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions may be limited. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Exchange-Traded Funds (“ETFs”) Risk</span>. 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 the 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. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Foreign Investing Risk</span>. Certain types of risk may be more prevalent in foreign equity markets than in the U.S. equity market. 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 in emerging markets, than in the United States. Currency fluctuations may reduce investment gains or add to investment losses. Additionally, management treatment of shareholders, accounting standards and regulatory practice can vary across markets. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Forward Currency Exchange Contract Risk</span>. 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. When used for </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:26.25pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;"> hedging purposes, 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. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Growth Investing Risk</span>. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Information Risk</span>. 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. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Preferred Stocks Risk</span>. Unlike interest payments on debt securities, dividend payments on a preferred stock typically must be declared by the issuer’s board of directors. In addition, in the event an issuer of preferred stock experiences economic difficulties, the issuer’s preferred stock may lose substantial value due to the reduced likelihood that the issuer’s board of directors will declare a dividend and the fact that the preferred stock may be subordinated to other securities of the same issuer. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-weight:bold">Style/Multi-Manager Risk</span>. The Fund maintains a style blend. However, it may underperform when markets favor one style over a prolonged time period. The </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:26.25pt;vertical-align:top;color:#000000;text-align:left;"> </td> <td style="width:0.75pt;"> </td> <td style="vertical-align:top;">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. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Stock Market Risk. </span>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. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:15pt;"> </td> <td style="width:11.25pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"><span style="font-weight:bold">Value Investing Risk</span>. 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. </td> </tr> </table> 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 <div style="margin-top:2pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">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 total returns for 1, 5 and 10 years 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. </div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:9pt;width:70%;border-spacing:0px"> <tr> <td style="width:50%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:50%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:8pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">Best Quarter</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">16.76%</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">6/30/2020</span></div> <div style="margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000;"> </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">Worst Quarter</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">(22.62)%</span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:4.00em;font-size:9pt;font-family:arial narrow;"><span style="font-style:italic">3/31/2020</span></div> <div style="font-size:7pt;margin-top:0pt;margin-bottom:1pt;"> </div> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;"></td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:3%;font-size:9.5pt;font-family:times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 13.90%. The average annual total returns in the table below include the maximum Class A sales charge of 5.50%, which is normally deducted when you purchase shares. </div> Best Quarter 0.1676 2020-06-30 Worst Quarter -0.2262 2020-03-31 total return 2026-06-30 0.1390 The average annual total returns in the table below 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, 2025) 0.3357 0.0672 0.0796 0.3066 0.0564 0.0713 0.2171 0.0513 0.0628 0.2589 0.0527 0.0716 0.3239 0.0791 0.0841 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks a high level of total return consistent with a moderate level of risk.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold and sell the Fund’s Class A Shares and Class I Shares. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span>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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus.</div> 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. 50000 Shareholder Fees (Fees paid directly from your investment) 0.0550 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0025 0 0.0070 0.0045 0.0135 0.0085 -0.0060 -0.0035 0.0075 0.0050 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 622 898 1194 2035 51 236 437 1018 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 12% of the average value of its portfolio.</div> 0.12 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities that produce dividend income. The Fund’s strategy targets a portfolio level dividend yield of two times the S&amp;P 500 dividend yield and seeks capital appreciation over a multi-year investment horizon principally through investments in U.S. large cap stocks, while maintaining low volatility versus the broader U.S. large-cap equity market. Volatility for purposes of the Fund’s investment objective is measured by beta, standard deviation, and/or down-market capture as compared to the U.S. large-cap equity market as measured by the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index. Although the Fund’s strategy is focused principally on U.S. large cap stocks, the Fund may have holdings of non-U.S. and non-large cap stocks. The strategy also strives to minimize drawdowns during significant negative market environments.</div> <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities that produce dividend income. The Fund’s strategy targets a portfolio level dividend yield of two times the S&amp;P 500 dividend yield and seeks capital appreciation over a multi-year investment horizon principally through investments in U.S. large cap stocks, while maintaining low volatility versus the broader U.S. large-cap equity market. Volatility for purposes of the Fund’s investment objective is measured by beta, standard deviation, and/or down-market capture as compared to the U.S. large-cap equity market as measured by the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index. Although the Fund’s strategy is focused principally on U.S. large cap stocks, the Fund may have holdings of non-U.S. and non-large cap stocks. The strategy also strives to minimize drawdowns during significant negative market environments.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Quantitative and qualitative elements are interwoven throughout the Sub-Advisor’s (Wilmington Trust Investment Advisors, Inc., or “WTIA”) process to identify high-quality, high-dividend paying purchase candidates for the portfolio. Quantitative screening and proprietary modeling defines, narrows, and prioritizes investment candidates for fundamental analysis. Quantitative screening criteria include, but are not limited to: minimum yield screening criteria versus the S&amp;P 500 and dividend safety screening measures such as free cash flow and dividend reduction history. Fundamental analysis is employed to further test the strength of investment candidates’ competitive positioning, financial condition, and alignment of management incentives. The portfolio is constructed based on a bottom-up methodology with a top-down overlay, using a team-based approach to select high-conviction portfolios with limited sector exposures and position sizing consisting of generally 35-55 positions. All positions are continually monitored, with performance measured both on an absolute and relative basis.</div> Under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities that produce dividend income. The Fund’s strategy targets a portfolio level dividend yield of two times the S&amp;P 500 dividend yield and seeks capital appreciation over a multi-year investment horizon principally through investments in U.S. large cap stocks, while maintaining low volatility versus the broader U.S. large-cap equity market. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Dividend Risk</span>. The strategy targets companies that the manager believes have potential for attractive dividends. Performance of the strategy would be impacted to the extent such companies reduce or stop paying dividends. Similarly, the strategy could also be impacted by changes in tax laws which reduce incentives for companies to pay dividends.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Information Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investment Style/Factor Risk</span>. The strategy’s approach to investing on the basis of sector and/or industry selection, factor selection, or style could cause it to underperform other equity strategies that employ a different basis for investing.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Large Cap Stock Risk</span>. During certain market periods, large capitalization dividend-paying value stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles, which can last years, of doing better – or worse – than other segments of the stock market or the stock market in general.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain secu-</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt;">rities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Sector Risk</span>. Investments in particular sectors may be more volatile than the overall equity or fixed-income markets. Therefore, if the Fund emphasizes one or more industries or economic sectors, it may be more susceptible to financial, market, political or economic events affecting the particular issuers and industries participating in such sectors than funds that do not emphasize particular industries or sectors.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Stock Market Risk</span>. 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.</td> </tr> </table> 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 <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The table also shows the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index, which is an additional index with characteristics relevant to the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund changed its investment strategy on August 31, 2017 and on November 17, 2021.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Performance for the periods shown prior to November 17, 2021 is based on prior investment strategies. Updated performance information for the Fund can be obtained by visiting www.wilmingtonfunds.com.</div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">14.39%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">12/31/2022</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid #000000;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">(17.43)%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2020</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 13.64%. The average annual total returns in the table below include the maximum Class A sales charge of 5.50%, which is normally deducted when you purchase shares.</div> Best Quarter 0.1439 2022-12-31 Worst Quarter -0.1743 2020-03-31 total return 2026-06-30 0.1364 The average annual total returns in the table below 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, 2025) 0.1581 0.1015 0.0822 0.1482 0.0918 0.0690 0.1003 0.0779 0.0615 0.0912 0.0865 0.0735 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON GLOBAL ALPHA EQUITIES FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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. 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. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus.</div> 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. 50000 Shareholder Fees (Fees paid directly from your investment) 0.0550 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0115 0.0115 0.0025 0 0.0055 0.0030 0.0001 0.0001 0.0196 0.0146 -0.0046 -0.0021 0.0150 0.0125  August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 694 1089 1509 2675 127 441 777 1728 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio.</div> 0.66 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund invests at least 80%, under normal circumstances, of the value of its net assets in equity securities. The Fund will invest in publicly-traded equity securities, including common stock, preferred stock and depositary receipts, of companies of all market capitalizations. The Fund may invest up to 70% of its assets in the equity securities of non-U.S. issuers, including companies that conduct their principal business activities in emerging markets or whose securities are traded principally on exchanges in emerging markets. The Fund may also invest in exchange-traded funds, futures contracts on broad-based equity indexes and other derivatives. <span style="font-weight: bold;"></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">“<span style="font-weight: bold;">Alpha</span>” refers to the potential for returns that are attributable to active investment judgment, including investment research, manager selection, security selection, asset allocation, portfolio construction, risk management, or other investment techniques, as distinct from returns attributable solely to broad market movements. The term is intended to describe the Fund’s investment concept and does not imply that the Fund will achieve positive returns, outperform any benchmark, or avoid losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) seeks to achieve the Fund’s investment goal by retaining Wellington Management Company LLP (“Wellington”), to manage the Fund’s assets. The Advisor also engages Wilmington Trust Investment Advisors, Inc. (“WTIA”) to oversee Wellington, to monitor portfolio risk and, on a discretionary basis, to develop strategic exposure objectives and risk parameters for the Fund based on considerations such as macroeconomic outlook, relative valuation levels and volatility in the markets, market flows and market liquidity, and information relating to business cycles, as well as input from Wellington.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Based on the strategic exposure objectives and risk parameters established by WTIA, Wellington constructs an actively managed, global and diversified portfolio of equity securities, and implements an index-based hedging strategy in an effort to reduce market exposure, moderate portfolio volatility and limit the severity of portfolio losses in times of market downturns.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Based on the objectives and parameters developed by WTIA, Wellington will allocate and reallocate the portfolio among a selection of independent equity management teams within Wellington. Each team pursues its own investment strategy or style, such as geography/region, growth/value, market capitalization, event-driven, economic sector, industry, or valuation measure.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In combining equity management teams and strategies, Wellington uses a number of proprietary analytical tools,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">including market environments analysis, extreme events analysis, stress testing, and simulation analysis. Through the strategy selection process, Wellington seeks to construct a portfolio comprised of a diversified group of long-only equity strategies with differing investment approaches that provides an overall exposure, consistent with WTIA’s exposure objectives and risk parameters, comparable to the broader equity market and that reduces exposure to the risks typically associated with any single investment approach. The underlying Wellington equity management teams have complete discretion and responsibility for security selection and portfolio construction decisions within their respective portions of the Fund’s portfolio within the constraints of the Fund’s investment goal, strategies and restrictions. The Fund may engage in active and frequent trading as part of its principal investment strategy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Wellington will implement the hedging strategy by investing a portion of the Fund’s net assets in futures contracts on broad-based equity indexes, the constituents of which include the types of securities in which the Fund invests directly, and in cash, cash equivalents and short-term debt instruments to satisfy applicable margin requirements for the Fund’s derivatives positions. The net market exposure (sum of long and synthetic short positions including cash) of the Fund is expected to range generally between 35% to 55% of the net asset value of the Fund, depending on WTIA’s analysis of prevailing market conditions, although the exposure may fall outside of this range. The Fund’s short exposure will be achieved through the use of equity index futures or other derivative exposures. Wellington may also invest in a variety of other derivative instruments, such as swaps, forwards, other futures contracts and options, in order to implement the hedging strategy, to hedge foreign currency risk, and to gain equity-like exposure in certain markets.</div> The Fund invests at least 80%, under normal circumstances, of the value of its net assets in equity securities. The Fund will invest in publicly-traded equity securities, including common stock, preferred stock and depositary receipts, of companies of all market capitalizations. The Fund may invest up to 70% of its assets in the equity securities of non-U.S. issuers, including companies that conduct their principal business activities in emerging markets or whose securities are traded principally on exchanges in emerging markets. The Fund may also invest in exchange-traded funds, futures contracts on broad-based equity indexes and other derivatives. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Trading Risk</span>. 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).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Asset Allocation Risk</span>. The sub-advisor’s asset allocation decisions among various equity investment strategies may not anticipate market trends successfully. The sub-advisor may make investment allocations among various market segments that do not perform as expected. The sub-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. You could lose money on your investment in the Fund as a result of these allocation decisions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Company Size Risk</span>. The smaller companies in which the Fund may invest may have unproven track records, a</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">limited product or service base, limited access to capital, and other attributes that can cause their share prices to fluctuate, and they may be more likely to fail than larger companies. Therefore, smaller companies may entail greater risks for investors than larger companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Correlation Risk</span>. The effectiveness of the Fund’s futures hedging program may be reduced if the Fund’s equity positions do not sufficiently correlate to the indices underlying its futures positions.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Counterparty Risk</span>. 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 the Fund actually purchasing those securities or investments. The Fund’s 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Country or Sector Risk</span>. Investments in particular sectors or countries may be more volatile than the overall equity or fixed-income markets. Therefore, if the Fund emphasizes one or more industries, economic sectors or countries, it may be more susceptible to financial, market, political or economic events affecting the particular issuers, industries and countries participating in such sectors than funds that do not emphasize particular industries, sectors or countries.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Currency Risk</span>. Securities denominated in foreign currencies may be adversely affected by changes in currency rates and by substantial currency conversion costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Depositary Receipts Risk</span>. Foreign securities may trade in the form of depositary receipts. Depositary receipts represent an ownership in an underlying security that is held by the depositary. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivative Securities Risk</span>. The risk that the Fund’s use of derivatives will cause losses (1) due to the unexpected effect of market movements on a derivative’s 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; (4) if the Fund is unable to liquidate a position because of an illiquid secondary market or (5) because the other party to the derivative fails to make required payments (counterparty risk).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Tax Risk</span>. Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund’s taxable income or gains, and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy. To the extent that the Fund uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Fund may not realize the intended benefits. There is also the risk that during adverse market conditions, an instrument which would usually operate as a hedge provides no hedging benefits at all. The Fund’s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Emerging Market Countries Risk</span>. Emerging market securities typically present even greater exposure to the risks described under “Foreign Investing Risk” and may be particularly sensitive to certain economic changes. Emerging market securities are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions may be limited.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Event-Driven Trading Risk</span>. Event-driven trading involves the risk that the special situation may not occur as anticipated, in which case the Fund may realize losses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Exchange-Traded Funds (“ETFs”) Risk</span>. 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 the 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</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investing Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Forward Currency Exchange Contract Risk</span>. 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. When used for hedging purposes, 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Growth Investing Risk</span>. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Information Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk</span>. The risk associated with securities transactions or practices that multiply small market movements into larger changes in value. The Fund derives substantially all of its short exposure from its investment in derivatives and other financial instruments that provide leveraged exposure, such as futures contracts. The Fund’s 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 Fund’s 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 Fund’s return.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk</span>. The risk that certain securities or other instruments, such as derivatives, may be difficult or impossible for the Fund to sell or dispose of at the price at which the Fund has valued the security.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Multi-Manager Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Natural Resources Risk</span>. Investments in companies that own or develop natural resources (e.g., exploring, mining, refining), or supply goods and services to such companies (e.g., drilling, processing, transporting, fabricating), expose the Fund to the greater volatility of the markets for these companies’ products, and to international economic, political and regulatory influences that frequently affect the operation of these companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Options and Futures Risk</span>. When options are purchased over the counter, the Fund bears the risk that the counterparty 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 Fund’s position and the risk that the counterparty to the transaction will not meet its obligations.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Over-the-Counter (“OTC”) Trading Risk</span>. Certain of the derivatives in which the Fund may invest, including</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Preferred Stocks Risk</span>. Unlike interest payments on debt securities, dividend payments on a preferred stock typically must be declared by the issuer’s board of directors. In addition, in the event an issuer of preferred stock experiences economic difficulties, the issuer’s preferred stock may lose substantial value due to the reduced likelihood that the issuer’s board of directors will declare a dividend and the fact that the preferred stock may be subordinated to other securities of the same issuer.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Stock Market Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Swap Agreement Risk</span>. 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 agreement counterparty. Under certain market conditions, swap agreements also may be considered to be illiquid. In addition, the Fund may enter into swap agreements that involve a limited number of counterparties, which may increase the Fund’s 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 FCM’s bankruptcy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Valuation Risk</span>. The risk that the Fund has valued certain of its securities at a higher price than it can sell them.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Value Investing Risk</span>. 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.</td> </tr> </table> 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 <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The returns presented for the Fund for periods prior to January 31, 2017 were achieved when the Fund had a different investment goal and different, though similar, investment strategy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The table also shows the HFRX Equity Hedge Fund Index, which is an additional index with characteristics relevant to the Fund. 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.</div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 8pt;"> <td style="vertical-align: bottom; white-space: nowrap;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 9pt;"><span style="font-style: italic;">6.25%</span><br/><span style="font-size: 9pt;"><span style="font-style: italic;">12/31/2022</span></span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid #000000;"> </div> </td> <td rowspan="2" style="vertical-align: bottom;"> </td> <td rowspan="2" style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">(9.71)%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2020</span></div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 3.48%. For Class A Shares, the average annual total returns in the table below include the maximum Class A sales charge of 5.50%, which is normally deducted when you purchase shares.</div> Best Quarter 0.0625 2022-12-31 Worst Quarter -0.0971 2020-03-31 total return 2026-06-30 0.0348 For Class A Shares, the average annual total returns in the table below 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, 2025) 0.0913 0.0544 0.0477 0.0909 0.0512 0.0444 0.0544 0.0419 0.0372 0.0290 0.0401 0.0391 0.2234 0.1119 0.1171 0.1006 0.0661 0.0475 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON REAL ASSET FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to achieve long-term preservation of capital with current income.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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. 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. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus.</div> 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. 50000 Shareholder Fees (Fees paid directly from your investment) 0.0550 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0051 0.0051 0.0025 0 0.0042 0.0017 0.0017 0.0017 0.0135 0.0085 -0.0036 -0.0011 0.0099 0.0074 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 645 921 1216 2055 76 260 461 1039 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7% of the average value of the portfolio.</div> 0.07 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund, under normal circumstances, invests at least 80% of the value of its net assets in “real return” assets consisting of (i) global inflation-protected debt securities, (ii) global real-estate related securities, and (iii) commodity/natural resource-related securities. Global inflation-protected debt securities may include foreign government securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund considers a company to be a real estate company if at least 50% of its assets, gross income or net profits is derived from (i) development, ownership, leasing, financing, construction, management or sale of real estate or (ii) products and services that are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund will invest in real estate companies, such as real estate investment trusts (“REITs”) that own property and mortgage REITs that make construction and development loans or invest in mortgage pools, or companies whose products and services relate to the real estate industry. The Fund may invest its assets in equity, debt or convertible securities of companies whose products and services are related to the real estate industry or in securities whose products and services are related to the real estate industry.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In order to gain exposure to the commodities markets without investing directly in physical commodities, the Fund can invest in investment companies, exchange-traded funds (“ETFs”), futures contracts, forward currency exchange contracts, currency futures and swap agreements. The Fund’s anticipated use of futures contracts, forward currency exchange contracts, currency futures and swap agreements may at times be substantial.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) seeks to achieve the Fund’s investment goal by retaining sub-advisors to manage the Fund’s assets. The Advisor determines the overall tactical allocation for the Fund, and engages Wilmington Trust Investment Advisors, Inc. (“WTIA”) as the Fund’s principal Sub-Advisor, to allocate and reallocate assets of the Fund among the Fund’s sub-advisors. WTIA may invest directly in cash or cash equivalents and repurchase agreements secured by U.S. Government securities. The Fund may also invest in common stocks, preferred stocks and convertible securities of issuers in commodity-related industries to gain exposure to the commodities markets. The Fund may also invest in master limited partnerships (“MLPs”) indirectly through other investment vehicles, such as open-end investment companies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s principal Sub-Advisor, WTIA, determines the Fund’s asset allocation among the “real return” assets. WTIA anticipates allocating approximately up to 80% of the Fund’s assets in inflation-protected debt securities, up to 80% of the Fund’s assets in real estate-related securities and up to 60% of the Fund’s assets in commodity/natural resource-related securities. The allocations and/or actual holdings will vary from time to time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a multi-manager strategy in which the principal Sub-Advisor, WTIA, allocates and reallocates varying portions of the Fund’s assets among sub-advisors, or invests directly (up to 80% of the Fund’s net assets) in ETFs or other instruments in pursuit of the Fund’s investment strategies. Subject to the supervision of the Advisor, each sub-advisor acts independently from the others and utilizes its own distinct investment style in buying and selling securities within the constraints of the Fund’s investment goal, strategies and restrictions. The Fund may invest in securities of small-cap companies and may invest up to 55% of its assets in foreign securities. The Fund may engage in active and frequent trading as part of its principal investment strategy.</div> The Fund, under normal circumstances, invests at least 80% of the value of its net assets in “real return” assets consisting of (i) global inflation-protected debt securities, (ii) global real-estate related securities, and (iii) commodity/natural resource-related securities. Global inflation-protected debt securities may include foreign government securities. The Fund, under normal circumstances, invests at least 80% of the value of its net assets in “real return” assets consisting of (i) global inflation-protected debt securities, (ii) global real-estate related securities, and (iii) commodity/natural resource-related securities. Global inflation-protected debt securities may include foreign government securities. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund considers a company to be a real estate company if at least 50% of its assets, gross income or net profits is derived from (i) development, ownership, leasing, financing, construction, management or sale of real estate or (ii) products and services that are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions which issue or service mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund will invest in real estate companies, such as real estate investment trusts (“REITs”) that own property and mortgage REITs that make construction and development loans or invest in mortgage pools, or companies whose products and services relate to the real estate industry. The Fund may invest its assets in equity, debt or convertible securities of companies whose products and services are related to the real estate industry or in securities whose products and services are related to the real estate industry.</div> All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Trading Risk</span>. 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).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Asset Allocation Risk</span>. WTIA’s asset allocation decisions among various component strategies of the Fund may not anticipate market trends successfully. WTIA may make investment allocations among various market segments that do not perform as expected. WTIA 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 also possible that WTIA or another sub-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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Call Risk</span>. Issuers of callable securities may redeem the securities prior to maturity at a price below their current market value.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Commodity-Related Risk</span>. Investments in commodities expose the Fund to the greater volatility of the commodity markets, to commodity-specific risks (weather, disease, supply/demand imbalances), and to international economic, political and regulatory influences that frequently affect the commodities markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Commodity Tax Risk</span>. The Fund’s 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 of 1986, as amended, 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. Additionally, 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 Fund’s 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 of 1986, as amended, and any future legislation or guidance may cause the Fund to fail to qualify as a regulated investment company which may adversely impact a shareholder’s return. Alternatively, the Fund may forego those investments which could adversely affect the ability of the Fund to achieve its investment goal.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Company Size Risk</span>. The smaller companies in which the Fund may invest may have unproven track records, a limited product or service base, limited access to capital, and other attributes that can cause their share prices to fluctuate, and they may be more likely to fail than larger companies. Therefore, smaller companies may entail greater risks for investors than larger companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk</span>. There is a possibility that issuers of securities 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. Underlying Funds that invest in floating rate bank loans (through loan participations or assignments) expose the Fund to both lender and borrower risk, as well as to the potential of a lack of liquidity in the market for floating rate loans.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivative Securities Risk</span>. The risk that the Fund’s use of derivatives will cause losses (1) due to the unexpected effect of market movements on a derivative’s 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Derivatives Tax Risk</span>. Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund’s taxable income or gains, and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt;">the Fund to change its investment strategy. To the extent that the Fund uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Fund may not realize the intended benefits. There is also the risk that during adverse market conditions, an instrument which would usually operate as a hedge provides no hedging benefits at all. The Fund’s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Exchange-Traded Funds (“ETFs”) Risk</span>. 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 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Foreign Investing Risk</span>. 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. In addition, the Fund will be subject to the risk that the issuer of foreign government securities or the governmental authorities that control the repayment of the debt may be unwilling to repay the principal or interest when due.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Forward Currency Exchange Contract Risk</span>. 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. When used for hedging purposes, 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Futures Contracts Risk</span>. The successful use of futures contracts will depend upon the investment manager’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">(i) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (ii) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited; (iv) the inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (v) if the Fund has insufficient cash, it may have to sell portfolio investments to meet daily variation margin requirements, and the Fund may have to sell such investments at a time when it may be disadvantageous to do so.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation-Indexed Securities Risk</span>. Because of the inflation-adjustment feature, inflation-indexed securities typically have lower yields than conventional fixed-rate bonds. The value of inflation-indexed, fixed income securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of an inflation-indexed security. Interest payments on inflation-indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. The amounts of the income distributions from an inflation-indexed security are likely to fluctuate considerably more than the income distribution amounts of a conventional bond. The Fund may also experience a loss on an inflation-indexed security if there is deflation. If inflation is lower than expected during the period the Fund holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. The Fund’s investment in inflation-indexed securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Inflation-Indexed Securities Tax Risk</span>. Any increase in the principal amount of an inflation-indexed security may be included for tax purposes in the Fund’s gross income, even though no cash attributable to such gross income has been received by the Fund. In such event, the Fund may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by the Fund may cause amounts previously distributed by the Fund in the taxable year as income to be recharacterized as a return of capital.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk</span>. 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 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Leverage Risk</span>. The risk associated with securities transactions or practices that multiply small market movements into larger changes in value. The Fund derives substantially all of its commodities exposure from its investment in derivatives and other financial instruments that provide leveraged exposure. The Fund’s 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 Fund’s 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 Fund’s return.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Master Limited Partnerships (“MLPs”) Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed and Asset-Backed Securities Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Multi-Manager Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Natural Resources Risk</span>. Investments in companies that own or develop natural resources (e.g., exploring, mining, refining), or supply goods and services to such companies (e.g., drilling, processing, transporting, fabricating) expose the Fund to the greater volatility of the markets for these companies’ products, and to international economic, political and regulatory influences that frequently affect the operation of these companies.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Real Estate-Related Risk</span>. Investments in real estate (generally REITs) expose the Fund to the risks of owning real estate directly, such as market-specific conditions (economic, supply/demand imbalances), creditworthiness of the issuer, quality of property management, and changing interest rates. Investing in REITs and REIT-</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt;">like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Stock Market Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Structured Note Risk</span>. 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 note’s market value relative to changes in the underlying commodity, commodity futures contract 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Swap Agreement Risk</span>. With respect to an uncleared swap (<span style="font-style: italic;">i.e.</span>, 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 agreement counterparty. Under certain market conditions, swap agreements also may be considered to be illiquid. In addition, the Fund may enter into swap agreements that involve a limited number of counterparties, which may increase the Fund’s 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 (<span style="font-style: italic;">i.e.</span>, transacted through a futures commission merchant (an “FCM”) and cleared through a clearinghouse that serves as a central counterparty (<span style="font-style: italic;">e.g.</span>, 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 FCM’s bankruptcy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Underlying Funds’ Risk</span>. 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</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">ability of the Underlying Funds to meet their investment goals and on the decisions of WTIA, as the Fund’s principal Sub-Advisor, regarding the allocation of the Fund’s 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. WTIA is subject to certain conflicts of interest in choosing the Underlying Funds in which the Fund may invest.</td> </tr> </table> 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 <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 total returns for 1, 5 and 10 years compare with those of broad measures of market performance. The table also shows the Real Asset Blended Index and the Bloomberg Commodity Index, which are additional indices with characteristics relevant to the Fund. 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.</div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 50%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 49%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">10.69%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2019</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid #000000;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">(21.48)%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2020</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 11.48%. For Class A Shares, the average annual total returns in the table below include the maximum Class A sales charge of 5.50%, which is normally deducted when you purchase shares.</div> Best Quarter 0.1069 2019-03-31 Worst Quarter -0.2148 2020-03-31 total return 2026-06-30 0.1148 For Class A Shares, the average annual total returns in the table below 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, 2025) 0.1284 0.0588 0.0500 0.0982 0.0359 0.0344 0.0767 0.0358 0.0325 0.0638 0.0443 0.0414 0.2234 0.1119 0.1171 0.0730 -0.0036 0.0201 0.1577 0.1063 0.0572 0.1325 0.0605 0.0528 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON BROAD MARKET BOND FUND SUMMARY Investment Goal The Fund seeks to provide current income and secondarily, capital growth. Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus.</div> 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. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0450 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0025 0 0.0036 0.0011 0.0106 0.0056 -0.0038 -0.0013 0.0068 0.0043 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 516 736 973 1653 44 166 300 689 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 26% of the average value of its portfolio.</div> 0.26 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to achieve its investment goal by investing primarily in U.S. investment grade corporate and government fixed income securities, including mortgage and asset backed securities. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in fixed income securities. The Fund’s investment advisor will generally select investment grade fixed income securities and unrated securities determined to be of comparable quality, but also may invest up to 5% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). The Fund seeks to maintain a dollar-weighted average maturity of four to ten years. However, the dollar-weighted average maturity of the Fund’s investments will vary depending on market conditions.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">“<span style="font-weight: bold;">Broad Market</span>” refers to the broad fixed income universe from which the Fund may select investments, rather than to any single fixed income sector, issuer type, maturity range, duration profile, credit quality, or investment style. The broad fixed income universe may include, among others, U.S. Government obligations, corporate debt securities, mortgage-backed securities, asset-backed securities, municipal securities, and other debt obligations. The term is intended to describe the breadth of the Fund’s eligible fixed income opportunity set and does not require exposure to all segments of that universe at any given time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In selecting securities for the Fund, the investment advisor considers a security’s credit quality, 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 decrease in interest rates.</div> The Fund seeks to achieve its investment goal by investing primarily in U.S. investment grade corporate and government fixed income securities, including mortgage and asset backed securities.The Fund’s investment advisor will generally select investment grade fixed income securities and unrated securities determined to be of comparable quality, but also may invest up to 5% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). The Fund seeks to maintain a dollar-weighted average maturity of four to ten years. However, the dollar-weighted average maturity of the Fund’s investments will vary depending on market conditions.“<span style="font-weight: bold;">Broad Market</span>” refers to the broad fixed income universe from which the Fund may select investments, rather than to any single fixed income sector, issuer type, maturity range, duration profile, credit quality, or investment style. The broad fixed income universe may include, among others, U.S. Government obligations, corporate debt securities, mortgage-backed securities, asset-backed securities, municipal securities, and other debt obligations. The term is intended to describe the breadth of the Fund’s eligible fixed income opportunity set and does not require exposure to all segments of that universe at any given time. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in fixed income securities. The Fund’s investment advisor will generally select investment grade fixed income securities and unrated securities determined to be of comparable quality, but also may invest up to 5% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). The Fund seeks to maintain a dollar-weighted average maturity of four to ten years. However, the dollar-weighted average maturity of the Fund’s investments will vary depending on market conditions. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Active Trading Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Call Risk</span>. Issuers of securities may redeem the securities prior to maturity at a price below their current market value.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Changing Fixed Income Market Conditions Risk</span>. Interest rates have changed due to changes in Federal Reserve Bank (FRB) monetary policy actions, as well as the monetary policy responses of other central banks around the world. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk</span>. 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</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 27pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt;">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.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Mortgage-Backed and Asset-Backed Securities Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Non-Investment Grade Securities (Junk Bonds) Risk</span>. 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</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">income securities and are issued by entities whose ability to pay interest and principal on the debt in a timely manner is considered questionable.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk</span>. 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.</td> </tr> </table> 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 <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 total returns for 1, 5 and 10 years 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.</div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">6.49%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">12/31/2023</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid #000000;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">(5.49)%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2022</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 0.41%. For Class A Shares the average annual total returns in the table below include the maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares.</div> Best Quarter 0.0649 2023-12-31 Worst Quarter -0.0549 2022-03-31 total return 2026-06-30 0.0041 For Class A Shares the average annual total returns in the table below include the maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares. Average Annual Total Returns (For the periods ended December 31, 2025) 0.0681 -0.0026 0.0197 0.0520 -0.0144 0.0086 0.0401 -0.0071 0.0103 0.0179 -0.0148 0.0116 0.0730 -0.0036 0.0201 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON MUNICIPAL BOND FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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. 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. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus.</div> 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. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0450 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0025 0 0.0040 0.0015 0.0110 0.0060 -0.0038 -0.0013 0.0072 0.0047 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 520 748 994 1697 48 179 322 738 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of the portfolio.</div> 0.12 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets in municipal securities that provide interest exempt from federal income tax. However, the income on these securities may be subject to the federal alternative minimum tax (“AMT”). The Fund may invest up to 20% of its assets in other types of fixed income securities that provide income that is subject to federal income tax. Additionally, the Fund may invest in exchange-traded funds (“ETFs”). The Fund generally invests in securities rated in the top four categories by a rating agency such as Moody’s Investors Service, Inc. (“Moody’s”) or Standard &amp; Poor’s Corporation (“S&amp;P”) or if unrated, determined by the investment advisor to be of comparable quality, but also may invest up to 10% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). 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 Fund’s portfolio will vary depending on market conditions.</div> <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund invests at least 80% of the value of its net assets in municipal securities that provide interest exempt from federal income tax. However, the income on these securities may be subject to the federal alternative minimum tax (“AMT”). The Fund may invest up to 20% of its assets in other types of fixed income securities that provide income that is subject to federal income tax. Additionally, the Fund may invest in exchange-traded funds (“ETFs”). The Fund generally invests in securities rated in the top four categories by a rating agency such as Moody’s Investors Service, Inc. (“Moody’s”) or Standard &amp; Poor’s Corporation (“S&amp;P”) or if unrated, determined by the investment advisor to be of comparable quality, but also may invest up to 10% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). 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 Fund’s portfolio will vary depending on market conditions.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund may invest more than 25% of its assets in securities relating to one political subdivision, such as any state or U.S. territory. The Fund may focus its investments in sectors of the municipal securities market, such as healthcare or housing. There are no limitations on the Fund’s investment in any one of the three general categories of municipal obligations: general obligation bonds, special revenue bonds and private activity bonds.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In selecting securities, the Fund’s 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 Standard &amp; Poor’s Investment Grade Intermediate Municipal Bond Index, and does not select securities based on forecasts of interest rates.</div> Under normal circumstances, the Fund invests at least 80% of the value of its net assets in municipal securities that provide interest exempt from federal income tax. However, the income on these securities may be subject to the federal alternative minimum tax (“AMT”). The Fund may invest up to 20% of its assets in other types of fixed income securities that provide income that is subject to federal income tax. Additionally, the Fund may invest in exchange-traded funds (“ETFs”). The Fund generally invests in securities rated in the top four categories by a rating agency such as Moody’s Investors Service, Inc. (“Moody’s”) or Standard &amp; Poor’s Corporation (“S&amp;P”) or if unrated, determined by the investment advisor to be of comparable quality, but also may invest up to 10% of the Fund’s total assets in lower-rated debt securities (“junk bonds”). 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 Fund’s portfolio will vary depending on market conditions. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Alternative Minimum Tax Risk</span>. Although the interest received from municipal securities generally is exempt from federal income tax, the Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in the Fund could cause noncorporate shareholders to be subject to (or result in an increased liability under) the federal alternative minimum tax.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Call Risk</span>. Issuers of callable securities may redeem the securities prior to maturity at a price below their current market value.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Changing Fixed Income Market Conditions Risk</span>. Interest rates have changed due to changes in Federal Reserve Bank (FRB) monetary policy actions, as well as the monetary policy responses of other central banks around the world. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Exchange-Traded Funds (“ETFs”) Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk</span>. 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 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Municipal Securities Risk</span>. The Fund will likely be impacted by events tied to the overall municipal securities markets. Those markets can be volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Further, a fund that invests in the securities of a particular bond market sector (e.g., healthcare, housing or one political subdivision) is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not make such sector investments. It is possible that economic, business or political developments or other changes affecting one security in the sector will affect other securities in that sector in the same manner, thereby increasing the risk of such investments.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Non-Investment Grade Securities (Junk Bonds) Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Prepayment Risk</span>. The risk that certain municipal securities may be paid off and proceeds delivered to a Fund earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Tax Risk</span>. 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, which could result in a decline in the security’s, and therefore the Fund’s, value.</td> </tr> </table> 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 <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The table also shows the Standard &amp; Poor’s Intermediate Municipal Bond Index and the Standard &amp; Poor’s Municipal Bond Investment Grade Intermediate Index, which are additional indices with characteristics relevant to the Fund. 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.</div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">6.53%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">12/31/2023</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid #000000;"> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">(6.07)%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2022</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 1.20%. For Class A Shares the average annual total returns in the table below include the maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares.</div> Best Quarter 0.0653 2023-12-31 Worst Quarter -0.0607 2022-03-31 total return 2026-06-30 0.0120 For Class A Shares the average annual total returns in the table below include the maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares. Average Annual Total Returns (For the periods ended December 31, 2025) 0.0482 0.0082 0.0183 0.0479 0.0080 0.0174 0.0394 0.0112 0.0187 -0.0009 -0.0036 0.0110 0.0377 0.0084 0.0227 0.0550 0.0120 0.0242 0.0555 0.0113 0.0234 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON NEW YORK MUNICIPAL BOND FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> 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 and in the Fund’s prospectus in the section entitled “How are shares priced?” on page 76 of this prospectus.</div> 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. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0450 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0025 0 0.0104 0.0079 0.0174 0.0124 -0.0093 -0.0068 0.0081 0.0056 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 529 887 1268 2336 57 326 616 1440 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 8% of the average value of its portfolio.</div> 0.08 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 New York and New York municipalities. However, the income on these securities may be subject to the federal alternative minimum tax (“AMT”). 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 Fund’s portfolio will vary depending on market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In selecting securities, the Fund’s 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">investment advisor seeks to construct a portfolio with substantially the same interest rate exposure as the Standard &amp; Poor’s Investment Grade Intermediate Municipal Bond Index, and does not select securities based on forecasts of interest rates.</div> <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 New York and New York municipalities. However, the income on these securities may be subject to the federal alternative minimum tax (“AMT”). 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 Fund’s portfolio will vary depending on market conditions.</div> 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 New York and New York municipalities. However, the income on these securities may be subject to the federal alternative minimum tax (“AMT”). 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 Fund’s portfolio will vary depending on market conditions. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Alternative Minimum Tax Risk</span>. Although the interest received from municipal securities generally is exempt from federal income tax, the Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in the Fund could cause noncorporate shareholders to be subject to (or result in an increased liability under) the federal alternative minimum tax.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Call Risk</span>. Issuers of callable securities may redeem the securities prior to maturity at a price below their current market value.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Changing Fixed Income Market Conditions Risk</span>. Interest rates have changed due to changes in Federal Reserve Bank (FRB) monetary policy actions, as well as the monetary policy responses of other central banks around the world. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk</span>. The risk posed by the fact that prices of fixed income securities rise and fall inversely in response to interest rates 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 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Liquidity Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Municipal Securities Risk</span>. The Fund will likely be impacted by events tied to the overall municipal securities markets. Those markets can be volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Further, a fund that invests in the securities of a particular bond market sector (e.g., healthcare, housing or one political subdivision) is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not make such sector investments. It is possible that economic, business or political developments or other changes affecting one security in the sector will affect other securities in that sector in the same manner.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">New York Investment Risk</span>. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by New York issuers. The economy of New York state is large and diverse, from agriculture, manufacturing and high technology in upstate counties to advertising, finance and banking in New York City. Any major changes to the financial conditions of New York City, however, would ultimately have an effect on the state.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Tax Risk</span>. 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, which could result in a decline in the security’s, and therefore the Fund’s, value.</td> </tr> </table> 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 <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The table also shows the Standard &amp; Poor’s Intermediate Municipal Bond Index and the Standard &amp; Poor’s Intermediate Term New York AMT-Free Municipal Bond Index, which are additional indices with characteristics relevant to the Fund. 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.</div> 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 total returns for 1, 5 and 10 years 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. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">6.30%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">12/31/2023</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid #000000;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">(5.76)%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2022</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Class I Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 0.89%. For Class A Shares, the average annual total returns in the table below include the maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares.</div> Best Quarter 0.0630 2023-12-31 Worst Quarter -0.0576 2022-03-31 total return 2026-06-30 0.0089 For Class A Shares, the average annual total returns in the table below include the maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares. Average Annual Total Returns (For the periods ended December 31, 2025) 0.0446 0.0067 0.0159 0.0444 0.0065 0.0147 0.0359 0.0095 0.0162 -0.0048 -0.0050 0.0086 0.0377 0.0084 0.0227 0.0550 0.0120 0.0242 0.0450 0.0135 0.0212 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-advantaged account, such as an individual retirement account or a 401(k) plan. WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide current income while maintaining liquidity and stability of principal.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy and hold the Fund’s Preferred Institutional Class Shares, Institutional Class Shares, Select Class Shares, Administrative Class Shares and Service Class Shares. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0015 0.0015 0.0015 0 0 0 0.0025 0.0025 0.0006 0.0016 0.0031 0.0031 0.0031 0.0021 0.0031 0.0046 0.0071 0.0071 -0.0005 -0.0006 -0.0014 -0.0011 -0.0005 0.0016 0.0025 0.0032 0.0060 0.0066 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Example assumes that you invest $10,000 in the Fund’s Preferred Institutional Class Shares, Institutional Class Shares, Select Class Shares, Administrative Class Shares, and Service Class 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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 16 63 113 263 26 94 168 387 33 133 244 566 61 216 384 872 67 222 390 878 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund operates as a “Government Money Market Fund,” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. This means that the Fund invests at least 99.5% of its total assets in (1) U.S. government securities, (2) repurchase agreements that are collateralized fully by U.S. government securities or cash, (3) cash, and/or (4) other money market mutual funds that operate as Government Money Market Funds. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. A U.S. government security generally means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. While the Board of Trustees may elect to impose a fee upon the sale of your shares, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In selecting securities for the Fund, the investment advisor considers factors such as current yield, the anticipated level of interest rates, and the maturity of the instrument relative to the maturity of the entire Fund. In addition, the Fund may purchase only securities that meet certain SEC requirements relating to maturity, diversification and credit quality, and must meet certain SEC requirements relating to portfolio liquidity. Under these requirements, the Fund’s securities must have remaining maturities of 397 calendar days or less, and the Fund must have a dollar-weighted average maturity of 60 calendar days or less and a dollar-weighted average life of 120 calendar days or less.</div> Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. A U.S. government security generally means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States. In selecting securities for the Fund, the investment advisor considers factors such as current yield, the anticipated level of interest rates, and the maturity of the instrument relative to the maturity of the entire Fund. In addition, the Fund may purchase only securities that meet certain SEC requirements relating to maturity, diversification and credit quality, and must meet certain SEC requirements relating to portfolio liquidity. Under these requirements, the Fund’s securities must have remaining maturities of 397 calendar days or less, and the Fund must have a dollar-weighted average maturity of 60 calendar days or less and a dollar-weighted average life of 120 calendar days or less. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account, is not a deposit of M&amp;T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor is not required to reimburse the Fund for losses, and you should not expect that the investment advisor will provide financial support to the Fund at any time, including during periods of market stress. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Changing Fixed Income Market Conditions Risk</span>. Interest rates have changed due to changes in Federal</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt;">Reserve Bank (FRB) monetary policy actions, as well as the monetary policy responses of other central banks around the world. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk</span>. 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. A decline in interest rates may cause issuers to prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower or negative yields, which may cause a decline in its income. A low interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and could impair the Fund’s ability to maintain a stable NAV. Recent and potential future changes in government policy may affect interest rates, which may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its investment objective. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investments in Other Money Market Mutual Funds Risk</span>. To the extent that the Fund invests in shares of other money market mutual funds, its performance is directly tied to the performance of such other funds. If one of these other money market mutual funds fails to meet its objective, the Fund’s performance could be negatively affected. In addition, Fund shareholders will pay a proportionate share of the fees and expenses of such other money market mutual funds (including applicable management, administration and custodian fees) as well as the Fund’s direct expenses. Any such other money market mutual fund will not charge any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Repurchase Agreements Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government Securities Risk</span>. Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Even if a security is backed by the U.S. Treasury or the full faith and credit of the United States, such guarantee applies only to the timely payment of interest and principal. Neither the U.S. government nor its agencies guarantees the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of U.S. government securities.</td> </tr> </table> Performance Information <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 Service Class, and by showing the Fund’s average annual total returns for 1, 5 and 10 years. The table shows returns for the Fund’s indexes, the iMoneyNet, Inc. Government and Agency Retail Average and the iMoneyNet, Inc. Government and Agency Institutional Average, which have characteristics relevant to the Fund. 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.</div> 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 Service Class, and by showing the Fund’s average annual total returns for 1, 5 and 10 years. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">1.18%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2024</span></div> <div style="margin-bottom: 0pt; margin-top: 0pt; border-bottom: 1px solid #000000;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">0.00%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2022</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Service Class Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 1.53%.</div> Best Quarter 0.0118 2024-03-31 Worst Quarter 0.0000 2022-03-31 total return 2026-06-30 0.0153 Average Annual Total Returns (For the periods ended December 31, 2025) 0.0420 0.0470 0.0410 0.0310 0.0200 0.0403 0.0304 0.0194 0.0373 0.0284 0.0176 0.0370 0.0277 0.0167 0.0452 0.0154 0.0093 0.0475 0.0166 0.0106 2023-12-29 <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">You may go to www.wilmingtonfunds.com or call the Fund at 1-800-836-2211 for the current 7-Day Net Yield.</div> 1-800-836-2211 WILMINGTON U.S. TREASURY MONEY MARKET FUND SUMMARY Investment Goal <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide current income while maintaining liquidity and stability of principal.</div> Fees and Expenses <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy and hold the Fund’s Preferred Institutional Class Shares, Institutional Class Shares, Select Class Shares, Administrative Class Shares and Service Class Shares. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div> Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0015 0.0015 0.0015 0 0 0 0.0025 0.0025 0.0007 0.0017 0.0032 0.0032 0.0032 0.0022 0.0032 0.0047 0.0072 0.0072 -0.0006 -0.0007 -0.0015 -0.0012 -0.0006 0.0016 0.0025 0.0032 0.0060 0.0066 August 31, 2027 Example <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Example assumes that you invest $10,000 in the Fund’s Preferred Institutional Class Shares, Institutional Class Shares, Select Class Shares, Administrative Class Shares and Service Class 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 and that the fee waivers/expense reimbursements remain in place for the contractual period. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 16 65 118 274 26 96 173 399 33 136 248 577 61 218 389 883 67 224 395 889 Principal Investment Strategies of the Fund <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund operates as a “Government Money Market Fund,” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. This means that the Fund invests at least 99.5% of its total assets in (1) U.S. government securities, (2) repurchase agreements that are collateralized fully by U.S. government securities or cash, (3) cash, and/or (4) other money market mutual funds that operate as Government Money Market Funds. Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. treasury securities and repurchase agreements that are fully collateralized by U.S. treasury securities. A U.S. treasury security generally means any security issued or guaranteed as to principal or interest by the U.S. Treasury and are supported by the full faith and credit of the United States. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. While the Board of Trustees may elect to impose a fee upon the sale of your shares, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In selecting securities for the Fund, the investment advisor considers factors such as current yield, the anticipated level of interest rates, and the maturity of the instrument relative to the maturity of the entire Fund. In addition, the Fund may purchase only securities that meet certain SEC requirements relating to maturity, diversification and credit quality, and must meet certain SEC requirements relating to portfolio liquidity. Under these requirements, the Fund’s securities must have remaining maturities of 397 calendar days or less, and the Fund must have a dollar-weighted average maturity of 60 calendar days or less and a dollar-weighted average life of 120 calendar days or less.</div> Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. treasury securities and repurchase agreements that are fully collateralized by U.S. treasury securities. A U.S. treasury security generally means any security issued or guaranteed as to principal or interest by the U.S. Treasury and are supported by the full faith and credit of the United States. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">In selecting securities for the Fund, the investment advisor considers factors such as current yield, the anticipated level of interest rates, and the maturity of the instrument relative to the maturity of the entire Fund. In addition, the Fund may purchase only securities that meet certain SEC requirements relating to maturity, diversification and credit quality, and must meet certain SEC requirements relating to portfolio liquidity. Under these requirements, the Fund’s securities must have remaining maturities of 397 calendar days or less, and the Fund must have a dollar-weighted average maturity of 60 calendar days or less and a dollar-weighted average life of 120 calendar days or less.</div> You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account, is not a deposit of M&amp;T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor is not required to reimburse the Fund for losses, and you should not expect that the investment advisor will provide financial support to the Fund at any time, including during periods of market stress. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Changing Fixed Income Market Conditions Risk</span>. Interest rates have changed due to changes in Federal</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt;">Reserve Bank (FRB) monetary policy actions, as well as the monetary policy responses of other central banks around the world. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Credit Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Interest Rate Risk</span>. 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. A decline in interest rates may cause issuers to prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower or negative yields, which may cause a decline in its income. A low interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and could impair the Fund’s ability to maintain a stable NAV. Recent and potential future changes in government policy may affect interest rates, which may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its investment objective. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Investments in Other Money Market Mutual Funds Risk</span>. To the extent that the Fund invests in shares of other money market mutual funds, its performance is directly tied to the performance of such other funds. If one of these other money market mutual funds fails to meet its objective, the Fund’s performance could be negatively affected. In addition, Fund shareholders will pay a proportionate share of the fees and expenses of such other money market mutual funds (including applicable management, administration and custodian fees) as well as the Fund’s direct expenses. Any such other money market mutual fund will not charge any front-end sales loads, contingent deferred sales charges or Rule 12b-1 fees.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;">Market Risk</span>. There is a risk that the value of the Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 26.25pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;">U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, trade disputes, changes in trade regulation or economic sanctions, elevated levels of government debt, internal unrest and discord, lack of liquidity in the bond markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">Repurchase Agreements Risk</span>. 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.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 15pt;"> </td> <td style="width: 11.25pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-weight: bold;">U.S. Government Securities Risk</span>. Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Even if a security is backed by the U.S. Treasury or the full faith and credit of the United States, such guarantee applies only to the timely payment of interest and principal. Neither the U.S. government nor its agencies guarantees the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of U.S. government securities.</td> </tr> </table> Performance Information <div style="margin-top: 2pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">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 Service Class Shares, and by showing the Fund’s average annual total returns for 1, 5 and 10 years or life of the Fund. The table shows returns for the Fund’s indexes, the iMoneyNet, Inc. Treasury and Repo Retail Average and the iMoneyNet, Inc. Treasury and Repo Institutional Average, which have characteristics relevant to the Fund. 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.</div> 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 Service Class Shares, and by showing the Fund’s average annual total returns for 1, 5 and 10 years or life of the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.wilmingtonfunds.com <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 9pt; width: 70%; border-spacing: 0px;"> <tr> <td style="width: 41%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 58%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 9pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Best Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">1.18%</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">3/31/2024</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid #000000;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">Worst Quarter</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">0.00%</span></div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 4.00em; font-size: 9pt; font-family: arial narrow;"><span style="font-style: italic;">12/31/2015</span></div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">The Fund’s Service Class Shares total return for the six-month period from January 1, 2026 to June 30, 2026 was 1.63%.</div> Best Quarter 0.0118 2024-03-31 Worst Quarter 0.0000 2015-12-31 total return 2026-06-30 0.0163 Average Annual Total Returns (For the periods ended December 31, 2025) 0.0418 0.0469 0.0409 0.0309 0.0259 0.0401 0.0303 0.0193 0.0371 0.0284 0.0175 0.0393 0.0282 0.0170 0.0443 0.0146 0.0090 0.0474 0.0166 0.0105 2023-12-29 2019-10-16 <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 3%; font-size: 9.5pt; font-family: times new roman;">You may go to www.wilmingtonfunds.com or call the Fund at 1-800-836-2211 for the current 7-Day Net Yield.</div> 1-800-836-2211 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 I Shares will not exceed 0.25%, not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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-advantaged account, such as an individual retirement account or a 401(k) plan. The Fund’s 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 1.49% and 1.24%, respectively, not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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-advantaged account, such as an individual retirement account or a 401(k) plan. 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 0.82% and 0.57%, respectively, not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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-advantaged account, such as an individual retirement account or a 401(k) plan. 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-advantaged account, such as an individual retirement account or a 401(k) plan. The Real Asset Blended Index is calculated by the investment advisor and is currently based on a weighting of the following indices: 50.0% S&P Developed Property Index, 50.0% Bloomberg Commodity Index (Total Return) and 0% Bloomberg Barclays U.S. Tips Index. 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 0.68% and 0.43%, respectively, not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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-advantaged account, such as an individual retirement account or a 401(k) plan. 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 0.72% and 0.47%, respectively (not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest). This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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-advantaged account, such as an individual retirement account or a 401(k) plan. 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 0.81% and 0.56%, respectively, not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, commissions and interest. This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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-advantaged account, such as an individual retirement account or a 401(k) plan. 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 Preferred Institutional, Institutional, Select, Administrative and Service Class Shares will not exceed 0.16%, 0.25%, 0.32%, 0.60% and 0.66%, respectively, not including acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. The total return shown for the Preferred Institutional Class Shares is for the period beginning December 29, 2023 (commencement of operations). The total returns for same corresponding period for the iMoneyNet Inc. Government and Agency Retail Average and iMoneyNet Inc. Government and Agency Institutional Average were 4.20% and 4.43%, respectively. 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 1.08% and 0.83%, respectively, not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027, or with the agreement of the Fund’s Board of Trustees. 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 Preferred Institutional, Institutional, Select, Administrative, and Service Class Shares will not exceed 0.16%, 0.25%, 0.32%, 0.60% and 0.66%, respectively, not including acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027 or with the agreement of the Fund’s Board of Trustees. The total return shown for the Preferred Institutional Class Shares is for the period beginning December 29, 2023 (commencement of operations). The total returns for same corresponding period for the iMoneyNet Inc. Treasury and Repo Retail Average and iMoneyNet Inc. Treasury and Repo Institutional Average were 4.11% and 4.40%, respectively. The total return shown for the Institutional Class Shares is for the period beginning October 16, 2019 (commencement of operations). The total returns for same corresponding period for the iMoneyNet Inc. Treasury and Repo Retail Average and iMoneyNet Inc. Treasury and Repo Institutional Average were 2.28% and 2.49%, respectively. 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-advantaged account, such as an individual retirement account or a 401(k) plan. The Fund’s Advisor, distributor and shareholder service 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 0.75% and 0.50%, respectively, not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest. This waiver may be amended or withdrawn after August 31, 2027 or with the agreement of the Fund’s Board of Trustees.