Supplement dated April 4, 2014 to the Wilmington Funds (the Trust)
Prospectus dated August 31, 2013 (the Prospectus)
Effective April 4, 2014, the information in the Prospectus with respect to the Wilmington Multi-Manager Alternatives Fund will be amended,
supplemented or replaced as follows:
Addition of Sub-Advisor
Effective April 4, 2014, Carl M. Loeb Advisory Partners L.P., (d/b/a) Loeb King Capital Management (Loeb King) will become a sub-advisor to the Wilmington Multi-Manager Alternatives Fund
(the Fund).
The following amends and replaces information in the sub-section entitled Investment Sub-Advisors on
page 28 of the Prospectus:
Wilmington Trust Investment Advisors, Inc. (WTIA), Acuity Capital Management, LLC
(Acuity), Calypso Capital Management, LP (Calypso), Carl M. Loeb Advisory Partners L.P., (d/b/a) Loeb King Capital Management (Loeb King), Parametric Risk Advisers (Parametric RA) and P/E Global LLC
(PE Global).
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Portfolio Managers
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Title
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Service Date
(with the Fund)
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Thomas R. Pierce, CFA
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Chief Investment Strategist at WTIA
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2012
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Greg Silberman, CA (SA), CFA
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Vice President at WTIA
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2012
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Joshua A. Savadove, CFA, CAIA
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Vice President at WTIA
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2012
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David J. Harris
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Managing Member and Portfolio Manager at Acuity
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2012
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Howard M. Needle
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Managing Member and Portfolio Manager at Acuity
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2012
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Casey Gard
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Managing Partner and Portfolio Manager at Calypso
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2012
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Gideon J. King
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Chief Executive Officer and Chief Investment Officer at Loeb King
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2014
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Blaine G. Marder, CFA
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Portfolio Manager at Loeb King
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2014
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Brian T. Anderson
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Portfolio Manager at Loeb King
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2014
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Brian Gottlieb
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Portfolio Manager at Loeb King
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2014
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Adam Weingarten
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Portfolio Manager at Loeb King
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2014
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Coleman Kennedy
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Portfolio Manager at Loeb King
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2014
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Ken Everding
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Managing Director and Portfolio Manager at Parametric RA
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2012
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Jonathan Orseck
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Managing Director and Portfolio Manager at Parametric RA
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2012
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Warren S. Naphtal
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Chief Investment Officer at PE Global
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2013
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J. Richard Zecher, PhD
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Strategist and Risk Manager at PE Global
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2013
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The following paragraph is added to pages 112-114 of the Prospectus under the sub-section entitled
Sub-Advisors:
Carl M. Loeb Advisory Partners L.P., (d/b/a) Loeb King Capital Management (Loeb King)
sub-advises a portion of the Multi-Manager Alternatives Fund. Loeb King, located at 125 Broad Street, 14th Floor, New York, New York 10004 is a registered investment advisor. As of December 31, 2013, Loeb King had assets under
management of approximately $730 million.
The following amends and replaces information on page 114 of the Prospectus under the sub-section
entitled Portfolio Manager Responsibilities for the Fund:
Multi-Manager Alternatives Fund
Thomas
R. Pierce, CFA, Greg Silberman, CFA, CA( SA) and Joshua A. Savadove, CFA, CAIA of WTIA are responsible for the day-today-management of the Multi-Manager Alternatives Fund. Howard M. Needle and David J. Harris are responsible for the day-to-day
management of any portion of the Fund allocated to Acuity Capital. Casey Gard is responsible for the day-to-day management of any portion of the Fund allocated to Calypso. Gideon J. King, Blaine G. Marder, CFA, Brian T. Anderson, Brian Gottlieb,
Adam Weingarten, and Coleman Kennedy are responsible for the day-to-day management of any portion of the Fund allocated to Loeb King. Ken Everding and Jonathan Orseck are responsible for the day-to-day management of any portion of the Fund allocated
to Parametric RA. Warren S. Naphtal and J. Richard Zecher, PhD are responsible for the day-to-day management of any portion of the Fund allocated to PE Global.
The following biographies are added to pages 115-121 of the Prospectus under the sub-section entitled Portfolio Manager Biographies:
Gideon J. King
, Chief Executive Officer and Chief Investment Officer of Loeb King, joined Loeb King in 1993. In 2010, Mr. King entered
into an agreement with Loeb Holding Corporation, where he became a roughly 50% owner of Loeb King. Mr. King holds a BA from Northwestern University.
Blaine G. Marder, CFA,
Managing Director and Portfolio Manager of Event-Driven and Value investing at Loeb King. Prior to joining Loeb King in 2004, Mr. Marder was a Senior Analyst at
Seminole Capital Partners in New York. Mr. Marder holds a BS from the University of Maryland and an MBA from The Wharton School of the University of Pennsylvania.
Brian T. Anderson
, Portfolio Manager of Non-US Arbitrage and Special Situations at Loeb King. Prior to joining Loeb King in 1999, Mr. Anderson was an Analyst at Twin Capital Management.
Mr. Anderson holds a BS from the University of Connecticut and earned an MBA from New York Universitys Stern School of Business.
Brian Gottlieb
, Portfolio Manager of US Arbitrage at Loeb King. Prior to joining Loeb King in 2013, Mr. Gottlieb was Principal and
Portfolio Manager of Quaker Drive Capital. Before Quaker Drive Capital, Mr. Gottlieb was Portfolio Manager and Head of Event-Driven Equities at Scoggin Capital Management, which he joined in 2003. Mr. Gottlieb began his career as an
M&A attorney at Wachtell, Lipton, Rosen & Katz. Mr. Gottlieb holds a BA from Rutgers College and a JD from New York University School of Law.
Adam Weingarten
, Portfolio Manager of Credit at Loeb King. Prior to joining Loeb King in 2011, Mr. Weingarten was a High Yield Credit Research Analyst at Chapdelaine Credit Partners
(CCP) from 2010-2011. Prior to CCP, Mr. Weingarten was an Investment Associate at Highstar Capital from 2006-2009. Mr. Weingarten holds a BA from the University of Michigan.
Coleman W. Kennedy
, Portfolio Manager of Event Driven-Healthcare and Biotech at Loeb King. Prior to joining Loeb King in 2012, Mr. Kennedy was an associate at Fried, Frank, Harris,
Shriver & Jacobson LLP from 2007-2010. Mr, Kennedy holds a BA from Brown University, a JD from Fordham University, and an MA in Integrative Biology from the University of California at Berkeley.
Please keep this Supplement for future reference.
SP-WT-SUP-001-314
Supplement dated April 4, 2014 to the Wilmington Funds (the Trust)
Statement of Additional Information dated August 31, 2013 (the SAI)
Wilmington Multi-Manager Alternatives Fund (the Fund)
Effective April 4, 2014, Carl M. Loeb Advisory Partners L.P., (d/b/a) Loeb King Capital Management (Loeb King) will become a sub-advisor to the Fund.
The following amends and replaces the information pertaining to the Fund on page 96 of the SAI:
Multi-Manager Alternatives Fund
Each of
Acuity Capital Management, LLC (Acuity), Calypso Capital Management, LP (Calypso), Loeb King Capital Management (Loeb King), TIG Advisors, LLC (TIG), Parametric Risk Advisers (Parametric
RA) and P/E Global LLC (PE Global) act as sub-advisors to the Fund. WFMC does not currently allocate any assets to TIG.
Acuity is located at 60 Arch Street, Greenwich, CT 06830. Howard M. Needle and David J. Harris each may be deemed to control Acuity by virtue of owning
greater than 25% of Acuity.
Calypso is located at 135 East 57th Street, 20th Floor, New York, NY 10022. Casey Gard may be deemed to control
Calypso by virtue of owning greater than 25% of its general partner.
Loeb King is located at 125 Broad Street, 14th Floor, New York, New York
10004. Loeb King may be deemed to be controlled by (i) Carl M. Loeb Management Holding LLC by virtue of its status as general partner of Loeb King and (ii) LB Partners, L.P. and Carl M. Loeb & Co. LLC, each by virtue of their
direct or indirect ownership of at least 25% of Loeb Kings voting securities. Gideon J. King is the sole owner of LB Partners, L.P., and Thomas L. Kempner controls a majority of the outstanding voting securities of Carl M. Loeb & Co.
LLC.
TIG is located at 520 Madison Avenue, 26th Floor, New York, NY 10022. Carl H. Tiedman may be deemed to control TIG by virtue of owning
greater than 25% of TIG.
Parametric RA is located at 518 Riverside Avenue, 1st Floor, Westport, CT 06880.
PE Global is located at 75 State Street, 31st Floor, Boston, MA 02109.
The Fund is directly responsible for paying the following sub-advisors the following sub-advisory fees as a percentage of average daily net assets allocated to and managed by a sub-advisor:
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SUB-ADVISOR
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SUBADVISORY FEE AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS (ASSETS)
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Acuity
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1.00%
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Calypso
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1.00%
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Loeb King
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1.05% on first $100 million of assets; and 1.00% on assets in excess of $100 million.
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Parametric RA
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0.90%
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PE Global
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1.00%
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TIG
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1.00%
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Of the 2.26% management fee disclosed in the Funds fee table in the summary prospectus, 1.26% may be allocated to
sub-advisers (other than WTIA) that assist in managing the Funds assets.
The following information is added to pages 121-126 of the SAI:
Loeb King Capital Management (Loeb King)
Gideon J. King
Other Accounts Managed
(As of December 31, 2013)
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Other Accounts Managed
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Total Number of Other
Accounts Managed/
Total Assets (Millions)
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Number of Other Accounts
Managed/Total Assets that
are Subject to
Performance
Fees
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Registered Investment Companies
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2/ $118,262,180
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0
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Other Pooled Investment Vehicles
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3/ $576,973,324
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3/ $576,973,324
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Other Accounts
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1/ $75,075,365
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0
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Dollar value of shares owned in the Multi-Manager Alternatives Fund: None.
Blaine G. Marder, CFA
Other Accounts
Managed (As of December 31, 2013)
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Other Accounts Managed
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Total Number of Other
Accounts Managed/
Total Assets (Millions)
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Number of Other Accounts
Managed/Total Assets that
are Subject to
Performance
Fees
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Registered Investment Companies
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2/ $118,262,180
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0
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Other Pooled Investment Vehicles
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5/ $604,322,044
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5/ $604,322,044
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Other Accounts
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2/ $85,235,555
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1/ $10,159,190
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Dollar value of shares owned in the Multi-Manager Alternatives Fund: None.
Brian T. Anderson
Other Accounts
Managed (As of December 31, 2013)
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Other Accounts Managed
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Total Number of Other
Accounts Managed/
Total Assets (Millions)
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Number of Other Accounts
Managed/Total Assets that
are Subject to
Performance
Fees
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Registered Investment Companies
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2/ $118,262,180
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0
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Other Pooled Investment Vehicles
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3/ $579,776,507
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3/ $579,776,507
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Other Accounts
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1/ $75,075,365
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0
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Dollar value of shares owned in the Multi-Manager Alternatives Fund: None.
Loeb King Capital Management (Loeb King)
Brian Gottlieb
Other Accounts Managed (As of December 31, 2013)
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Other Accounts Managed
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Total Number of Other
Accounts Managed/
Total Assets (Millions)
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Number of Other Accounts
Managed/Total Assets that
are Subject to
Performance
Fees
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Registered Investment Companies
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2/ $118,262,180
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0
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Other Pooled Investment Vehicles
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3/ $576,973,324
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3/ $576,973,324
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Other Accounts
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1/ $75,075,365
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0
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Dollar value of shares owned in the Multi-Manager Alternatives Fund: None.
Adam Weingarten
Other Accounts
Managed (As of December 31, 2013)
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Other Accounts Managed
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Total Number of Other
Accounts Managed/
Total Assets (Millions)
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Number of Other Accounts
Managed/Total Assets that
are Subject to
Performance
Fees
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Registered Investment Companies
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2/ $118,262,180
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0
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Other Pooled Investment Vehicles
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3/ $576,973,324
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3/ $576,973,324
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Other Accounts
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1/ $75,075,365
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0
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Dollar value of shares owned in the Multi-Manager Alternatives Fund: None.
Coleman W. Kennedy
Other Accounts
Managed (As of December 31, 2013)
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Other Accounts Managed
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Total Number of Other
Accounts Managed/
Total Assets (Millions)
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Number of Other Accounts
Managed/Total Assets that
are Subject to
Performance
Fees
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Registered Investment Companies
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2/ $118,262,180
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0
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Other Pooled Investment Vehicles
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3/ $576,973,324
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3/ $576,973,324
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Other Accounts
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1/ $75,075,365
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0
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Dollar value of shares owned in the Multi-Manager Alternatives Fund: None.
Compensation
Key personnel of Loeb King
are compensated with a base salary and discretionary bonus. Compensation of analysts/portfolio manager is generally not calculated based on the profit or loss incurred as a result of their individual investment recommendations but rather on the
quality of their work over the course of the year, as is the case with non-investment personnel. The Firm also has a deferred compensation plan whereby key members of the investment and management team are awarded interests in the funds.
Material Conflicts of Interest
A Portfolio Manager may be subject to potential conflicts of interest because the Portfolio Manager is responsible for other accounts in addition to the Fund. Those other accounts may include another
mutual fund, separately managed advisory accounts and the personal accounts of the Portfolio Manager.
A potential conflict may arise when the
Portfolio Manager is responsible for accounts that have different advisory fees. This could create conflicts of interest because the Funds Portfolio Manager may have incentives to favor certain accounts over others, resulting in other accounts
outperforming the Fund. A conflict may also exist if the Portfolio Manager identifies a limited investment opportunity that may be appropriate for more than one account, but the Fund is not able to take full advantage of that opportunity due to the
need to allocate the opportunity among multiple accounts. In addition, the Portfolio Manager may execute transactions for another account that may adversely impact the value of securities held by the Fund.
However, Loeb King believes that these risks are mitigated by the fact that accounts with the same investment strategies or which hold the same
securities are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or other limitations applicable only to certain accounts, as well as differences in each accounts initial holdings,
cash flow, account size and other factors. In addition, Loeb King has adopted trade allocation procedures that require equitable allocation of trades for a particular security among participating accounts over time and a Code of Ethics that
addresses possible conflicts between personal trades and client trades.
The following amends and replaces the Addresses
information pertaining to Sub-Advisors to the Fund in the SAI:
Sub-advisors to Wilmington Multi-Manager Alternatives Fund
Acuity Capital Management, LLC
60 Arch Street, 2nd Floor
Greenwich,
Connecticut 06830
Calypso Capital Management, LP
135 East 57 Street, 20th Floor
New York, New York 10022
Loeb King Capital Management
125 Broad Street,
14th Floor
New York, New York 10004
Parametric Risk Advisors, LLC
274 Riverside
Avenue, 1st Floor
Westport, Connecticut 06880
P/E Global LLC
75 State Street, 31st Floor
Boston, Massachusetts 02109
TIG Advisors, LLC
520 Madison Avenue, 26th Floor
New
York, NY 10022
Please keep this Supplement for future reference.
SP-WT-SAI-001-314