# EDGAR Filing Document

**Accession Number:** 0000830744
**File Stem:** 0001193125-25-192773
**Filing Date:** 2025-8
**Character Count:** 38020
**Document Hash:** e6b231f6b0424a9ac2b15f3a2228dca1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-192773.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001193125-25-192773

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILMINGTON FUNDS
- **CENTRAL INDEX KEY:** 0000830744

**ORGANIZATION NAME:**
- **EIN:** 232515567
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-20673
- **FILM NUMBER:** 251280984

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 NORTH MARKET STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19890
- **BUSINESS PHONE:** 716-842-4487

**MAIL ADDRESS:**
- **STREET 1:** 1100 NORTH MARKET STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19890

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 20090729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB FUNDS
- **DATE OF NAME CHANGE:** 20071228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 20030822

## Series and Classes Contracts Data

### Wilmington Real Asset Fund (Series ID: S000034848)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000107168 | Class A Shares | WMMRX           |
| C000107169 | Class I Shares | WMRIX           |

SUMMARY PROSPECTUS - August 31, 2025

## WILMINGTON REAL ASSET FUND
**Class/**Ticker **A** WMMRX **I** WMRIX

Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information, and other information about the Fund online at <u>www.wilmingtonfunds.com</u>. You can also get this information at no cost by calling 1.800.836.2211, by sending an email to <u>funds@wilmingtontrust.com</u>, or by asking any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund's Prospectus and Statement of Additional Information, both dated August 31, 2025, are incorporated by reference into this Summary Prospectus.

Investment Goal

The Fund seeks to achieve long-term preservation of capital with current income.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class A Shares and Class I Shares. "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. **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.** 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 the prospectus.

Shareholder Fees

*(Fees paid directly from your investment)* 

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) | 5.50% |  |
| Maximum Deferred Sales Charge (Load) |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) |  |  |
| Redemption Fee |  |  |
| Exchange Fee |  |  |

---

Annual Fund Operating Expenses

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

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
| Management Fee | 0.52% | 0.52% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.42% | 0.17% |
| Acquired Fund Fees and Expenses | 0.18% | 0.18% |
| **Total Annual Fund Operating Expenses** | **1.37%** | **0.87%** |
| Fee Waivers and/or Expense Reimbursements(1) | (0.37)% | (0.12)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | **1.00%** | **0.75%** |

---

(1) The Fund's Advisor, distributor and shareholder services provider have agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses paid by the Fund's Class A
Shares and Class I Shares will not exceed 0.82% 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, 2026, or with the agreement of the Fund's Board of Trustees.

Example

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

The Example assumes that you invest $10,000 in the Fund's Class A Shares and Class I Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  Class A |  |  |  |  |
|  Expenses assuming redemption | $646 | $926 | $1225 | $2075 |
|  Class I |  |  |  |  |
|  Expenses assuming redemption | $77 | $266 | $470 | $1061 |

---

---

| | | |
|:---|:---|:---|
| *SUMMARY PROSPECTUS / August 31, 2025* | ****<sub>1</sub> | **** |

---

------

*WILMINGTON REAL ASSET FUND* 

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of the portfolio.

Principal Investment Strategies of the Fund

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 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.

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.

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.

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.

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.

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.

Principal Risks of Investing in the Fund

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

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

• **Asset Allocation Risk**. WTIA's asset allocation decisions among various component strategies of the Fund may not anticipate market trends successfully. WTIA may make less than optimal or poor asset
allocation decisions. 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.

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

---

| | |
|:---|:---|
| ***2*** | *August 31, 2025 / SUMMARY PROSPECTUS* |

---

------

*WILMINGTON REAL ASSET FUND* 

• **Commodity-Related Risk**. 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.

• **Commodity Tax Risk**. 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.

• **Company Size Risk**. 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.

• **Credit Risk**. 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.

• **Derivative Securities Risk**. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Derivatives Tax Risk**. 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.

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

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

• **Forward Currency Exchange Contract Risk**. A forward foreign currency exchange contract is an agreement to
buy or sell a specific currency at a future date and at a price set at the time of the contract. When used for hedging purposes, forward foreign currency exchange contracts may reduce the risk of loss from a change in

---

| | | |
|:---|:---|:---|
| *SUMMARY PROSPECTUS / August 31, 2025* | ****<sub>3</sub> | **** |

---

------

*WILMINGTON REAL ASSET FUND* 

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.

• **Futures Contracts Risk**. 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 (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.

• **Inflation-Indexed Securities Risk**. 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.

• **Inflation-Indexed Securities Tax Risk**. 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. <br>

• **Interest Rate Risk**. The risk posed by the fact that prices of fixed income securities rise and fall inversely in response to interest rate changes. For instance, a rise in interest rates causes a fall in the
value of a fixed income securities. In addition, this risk increases with the length of the maturity of the fixed income security. Accordingly, the yield earned by a Fund will vary with changes in interest rates. Also, when interest rates fall, the
price of mortgage-backed securities may not rise to as great an extent as that of other fixed income securities. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security's price to
changes in interest rates. Generally, the longer the Fund's duration, the more sensitive the Fund will be to changes in interest rates.

• **Leverage Risk**. 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.

• **Liquidity Risk**. The risk that certain securities or other instruments, such as derivatives, may be difficult or impossible for a Fund to sell or dispose of at the price at which the Fund has valued the security.

• **Market Risk**. 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
dis-

---

| | |
|:---|:---|
| ***4*** | *August 31, 2025 / SUMMARY PROSPECTUS* |

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*WILMINGTON REAL ASSET FUND* 

ruptions 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 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.

• **Master Limited Partnerships ("MLPs") Risk**. Investing in MLPs entails risks related to fluctuations in energy prices, decreases in the supply of, or demand for, energy commodities, decreases in demand
for MLPs in rising interest rate environments, unique tax consequences due to the partnership structure and potentially limited liquidity.

• **Mortgage-Backed and Asset-Backed Securities Risk**. Through its investments in mortgage-backed securities, the Fund may have some exposure to subprime loans, as well as to the mortgage and credit markets
generally. Subprime loans, which are loans made to borrowers with weakened credit histories, have had in many cases higher default rates than loans that meet government underwriting requirements. The credit quality of most asset-backed securities
depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit
enhancement of the securities.

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

• **Natural Resources Risk**. 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Real Estate-Related Risk**. 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-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.

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

• **Structured Note Risk**. The value of these notes will rise or fall in response to changes in the underlying commodity or related index. These notes expose the Fund to movements in commodity prices. These notes also
are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. These notes are often leveraged, increasing the volatility of each 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.

• **Swap Agreement Risk**. With respect to an uncleared swap (*i.e.*, negotiated bilaterally and traded
OTC between the two parties), the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap 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

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| | | |
|:---|:---|:---|
| *SUMMARY PROSPECTUS / August 31, 2025* | ****<sub>5</sub> | **** |

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------

*WILMINGTON REAL ASSET FUND* 

also a risk of loss by the fund of the margin deposits posted with the FCM in the event of the FCM's bankruptcy.

• **Underlying Funds' Risk**. The investment performance of the Fund is affected by the investment performance of the Underlying Funds in which it invests. The ability of the Fund to achieve its investment goal
depends on the ability of the Underlying Funds to meet their investment goals and on the decisions of 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.

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

Performance Information

The bar chart and table immediately following show the variability of the Fund's returns and are meant to provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year, with respect to its Class 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.

Annual Total Returns – Class I Shares

![LOGO](g76984g31a30.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Best Quarter*<br> *10.69%*<br> *3/31/2019*<br>*Worst Quarter*<br> *(21.48)%*<br> *3/31/2020*<br>

The Fund's Class I Shares total return for the six-month period from January 1, 2025 to June 30, 2025 was 6.48%. 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.

Average Annual Total Returns

*(For the periods ended December 31, 2024)* 

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| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Class I Shares** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 4.45% | 2.90% | 3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions\* | 3.34% | 1.05% | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares\* | 2.71% | 1.48% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (1.63)% | 1.48% | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI ACWI Index (Net) (reflects no deductions for fees, expenses or taxes) | 17.49% | 10.06% | 9.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Asset Blended Index (reflects no deductions for fees, expenses or taxes)\*\* | 3.95% | 3.33% | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Commodity Index (reflects no deductions for fees, expenses or taxes) | 5.38% | 6.77% | 1.28% |

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\* 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 

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| | |
|:---|:---|
| ***6*** | *August 31, 2025 / SUMMARY PROSPECTUS* |

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*WILMINGTON REAL ASSET FUND* 

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.

Management of the Fund

Investment Advisor

Wilmington Funds Management Corporation

Investment Sub-Advisors

Principal Sub-Advisor - Wilmington Trust Investment Advisors, Inc. ("WTIA")

Other Sub-Advisor - Parametric Portfolio Associates LLC ("Parametric")

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| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Title** | **Service Date**<br> **(with the Fund)** |
| Matthew D. Glaser | Executive Vice President and Head of Equity and Non-Traditional Investments at WTIA | 2017 |
| Jordan Strauss, CFA | Senior Vice President and Portfolio Manager at WTIA | 2015 |
| Jennifer Mihara | Managing Director, Head of Equity Fund Management at Parametric | 2024 |
| Xiaozhen Li | Executive Director, Large Case Custom Core Portfolio Mangement at Parametric | 2024 |
| Ben Davis | Managing Director, Global Head of Research at Parametric | 2025 |

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Purchase and Sale of Fund Shares

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

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| | |
|:---|:---|
| Minimum Initial Investment Amount (Class A):\* | $1000 |
| Minimum Initial Investment Amount (Class I):\* | $100000 |
| Minimum Subsequent Investment Amount (all classes): | $25 |

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\* Other restrictions may apply. See "Purchasing Shares" in the Prospectus for further information.

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

Tax Information

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

Additional Payments to Other Financial Intermediaries

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

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| | | |
|:---|:---|:---|
| *SUMMARY PROSPECTUS / August 31, 2025* | ****<sub>7</sub> | **** |

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WT MMRA 08.31.25

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| | |
|:---|:---|
| ***8*** | *August 31, 2025 / SUMMARY PROSPECTUS* |

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