# EDGAR Filing Document

**Accession Number:** 0000830744
**File Stem:** 0001193125-25-223086
**Filing Date:** 2025-9
**Character Count:** 17759
**Document Hash:** b38c714481a0301639a8b3f166cdcae4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-223086.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001193125-25-223086

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**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:** 251355819

**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 Large-Cap Strategy Fund (Series ID: S000034850)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000107172 | Class I Shares | WMLIX           |

SUMMARY PROSPECTUS - August 31, 2025, as revised September 29, 2025

## WILMINGTON LARGE-CAP STRATEGY FUND
**Class/**Ticker **I** WMLIX

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 capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class I Shares. **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 I** | **Class I** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) | | None |
| Maximum Deferred Sales Charge (Load) | | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) | | None |
| Redemption Fee | | None |
| Exchange Fee | | None |

---

Annual Fund Operating Expenses

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

---

| | |
|:---|:---|
|  | **Class I** |
| Management Fee | 0.25% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.11% |
| **Total Annual Fund Operating Expenses** | **0.36%** |
| Fee Waivers and/or Expense Reimbursements(1) | (0.11)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | **0.25%** |

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(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 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, 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 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  Class I |  |  |  |  |
|  Expenses assuming redemption | $26 | $105 | $191 | $445 |

---

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| | | |
|:---|:---|:---|
| *SUMMARY PROSPECTUS / August 31, 2025, as revised September 29, 2025* | ****<sub>1</sub> | **** |

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*WILMINGTON LARGE-CAP STRATEGY 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 7% of the average value of the portfolio.

Principal Investment Strategies of the Fund

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 the time of purchase at least equal to that of the smallest company in the Russell 1000<sup>®</sup> Index ($0.21 billion as of June 30, 2025), or at least equal to that of the smallest company expected to be included in the Russell 1000<sup>®</sup> Index after its next scheduled reconstitution.

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>®</sup> Index).

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 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.

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, 2025, the Fund had a focused investment in the information technology sector.

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:

• **Asset Allocation Risk**. The Advisor's allocation decisions among various categories of investments may not anticipate market trends successfully. The Advisor may make less than optimal or poor asset
allocation decisions. 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.

• **Concentration risk**. The risk that the Fund's industry concentration in real asset securities 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.

• **Information Technology Sector Risk**. 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.

• **Large Cap Stock Risk**. 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.

---

| | |
|:---|:---|
| ***2*** | *August 31, 2025 / SUMMARY PROSPECTUS, as revised September 29, 2025* |

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------

*WILMINGTON LARGE-CAP STRATEGY FUND* 

• **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 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 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.

• **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.

• **Style/Sector/Factor Risk**. 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.

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 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.

Annual Total Returns – Class I Shares

![LOGO](g22635g07d35.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Best Quarter*<br> *21.67%*<br> *6/30/2020*<br>*Worst Quarter*<br> *(19.91)%*<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 5.96%.

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 | 24.21% | 14.15% | 12.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions\* | 22.15% | 12.04% | 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares\* | 15.85% | 10.93% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 24.51% | 14.27% | 12.87% |

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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 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.

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| | | |
|:---|:---|:---|
| *SUMMARY PROSPECTUS / August 31, 2025, as revised September 29, 2025* | ****<sub>3</sub> | **** |

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*WILMINGTON LARGE-CAP STRATEGY FUND* 

Management of the Fund

Investment Advisor

Wilmington Funds Management Corporation ("WFMC")

Investment Sub-Advisor

Wilmington Trust Investment Advisors, Inc. ("WTIA")

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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 | 2016 |
| Andrew H. Hopkins, CFA, CPA | Senior Vice President and Head of Equity Research at WTIA | 2011 |

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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 I):\* | $100000 |
| Minimum Subsequent Investment Amount: | $25 |

---

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

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

Tax Information

The distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-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.

WT LCS 09.29.25

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| | |
|:---|:---|
| ***4*** | *August 31, 2025 / SUMMARY PROSPECTUS, as revised September 29, 2025* |

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