Insurance Will Provide Additional Reassurance to Shareholders During
Period of Market Volatility
Wilmington Trust announced today that the Board of Trustees of its
mutual fund family, the Wilmington Funds, authorized participation in
the U.S. Treasury Department’s new Temporary
Money Market Guarantee Program.
The voluntary program, which is designed to provide stability to the
markets, provides insurance protection to shareholders of record in
participating money market funds as of September 19, 2008. The guarantee
would be triggered if a participating fund’s
share price were to fall below $0.995 from its customary $1.00 share
price.
The three participating Wilmington Funds are the Wilmington Prime Money
Market Fund, the Wilmington U.S. Government Money Market Fund, and the
Wilmington Tax-Exempt Money Market Fund. Combined, these funds have
approximately $6.5 billion in assets under management. All three funds
seek to provide income while preserving capital and liquidity. They are
managed to maintain a stable $1.00 share price, and none of the funds
has ever slipped from that level. The Prime and U.S. Government Money
Market Funds are rated Aaa and AAAm, respectively, by Moody’s
Investors Service and Standard & Poor’s.*
“We remain confident in the stability of our
money market funds but would like to provide additional reassurance for
shareholders who may have concerns in light of the extraordinary events
of the last few weeks,” said John J. Kelley,
president of the Wilmington Funds. “As a
result, we have chosen to participate in the Treasury Department’s
voluntary guarantee program.”
The Treasury Department’s money market fund
guarantee program will last until December 18, 2008, at which point it
could be extended by the Secretary of the Treasury until September 18,
2009.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory Services for high-net-worth clients
in 36 countries, and Corporate Client Services for institutional clients
in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York,
Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel
Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
You should carefully consider the investment objectives, risks,
charges, and expenses of the Wilmington Funds before investing. A
prospectus with this and other information may be obtained by visiting
wilmingtonfunds.com or by calling 1-800-336-9970. The prospectus
should be read carefully before investing.
An investment in a money market fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation (FDIC) or any other government
agency. Although a money market fund seeks to preserve the value
of your investment at $1.00 per share, it is possible to lose money by
investing in such a fund.
*The Moody’s Investors Service Aaa rating
reflects Moody’s opinion of the strong
overall credit quality of the Funds’
investments, the highly liquid portfolio structure, the conservative
investment guidelines and practices of the Funds’
advisor, and the Funds’ effective operating
controls and compliance procedures. The Standard & Poor’s
AAAm rating indicates the agency’s opinion
that the Funds offer extremely strong capacity to maintain principal
stability and to limit exposure to loss due to credit, market, and/or
liquidity risks. Moody’s Investors
Service and Standard & Poor’s fund
ratings are not recommendations to buy or sell shares.
Brokerage services, mutual funds, and other securities are offered by
Wilmington Brokerage Services Company (WBSC), a registered broker/dealer
and wholly owned subsidiary of Wilmington Trust Company and a member of
the Financial Industry Regulatory Authority (FINRA) and the Securities
Investor Protection Corporation (SIPC). Wilmington Funds are
entities separate and apart from Wilmington Trust and WBSC. This
information is not intended as a recommendation or determination by WBSC
that any fund is suitable for a specific investor. Investment
products are not deposits of or other obligations of or guaranteed by
Wilmington Trust or any other bank or entity, and are subject to
investment risks, including the possible loss of principal amount
invested.
The Wilmington Funds are distributed by Professional Funds
Distributor, LLC.
Wilmington Trust Corporation
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com