UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05514
Wilmington Funds
(Exact name of registrant as specified in charter)
Wilmington Trust Investment Advisors, Inc.
111 South Calvert Street, 26th Floor
Baltimore, Maryland 21202
(Address of principal executive offices) (Zip code)
Hope L. Brown
Wilmington Trust Investment Advisors, Inc.
111 South Calvert Street, 26th Floor
Baltimore, Maryland 21202
(Name and address of agent for service)
registrants telephone number, including area code: 410-986-5600
Date of fiscal year end: April 30
Date of reporting period: April 30, 2013
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Wilmington Prime Money Market Fund (Prime Money Market Fund)
Wilmington U.S. Government Money Market Fund (U.S. Government Money Market Fund)
Wilmington U.S. Treasury Money Market Fund (U.S. Treasury Money Market Fund)
Wilmington Tax-Exempt Money Market Fund (Tax-Exempt Money Market Fund)
[This Page Intentionally Left Blank]
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PRESIDENTS MESSAGE / April 30, 2013
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April 30, 2013 / PRESIDENTS MESSAGE
iii |
PRESIDENTS MESSAGE / April 30, 2013
[This Page Intentionally Left Blank]
1 |
WILMINGTON MONEY MARKET FUNDS
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
2 |
April 30, 2013 / ANNUAL REPORT
3 |
SHAREHOLDER EXPENSE EXAMPLE
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio | |||||
WILMINGTON PRIME MONEY MARKET FUND | ||||||||
Actual |
||||||||
Administrative Class |
$1,000.00 | $1,000.10 | $0.79 | 0.16% | ||||
Institutional Class |
$1,000.00 | $1,000.10 | $0.79 | 0.16% | ||||
Select Class |
$1,000.00 | $1,000.10 | $0.79 | 0.16% | ||||
Service Class |
$1,000.00 | $1,000.10 | $0.89 | 0.18% | ||||
Hypothetical (assuming a 5% return before expenses) |
||||||||
Administrative Class |
$1,000.00 | $1,024.00 | $0.80 | 0.16% | ||||
Institutional Class |
$1,000.00 | $1,024.00 | $0.80 | 0.16% | ||||
Select Class |
$1,000.00 | $1,024.00 | $0.80 | 0.16% | ||||
Service Class |
$1,000.00 | $1,023.90 | $0.90 | 0.18% | ||||
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | ||||||||
Actual |
||||||||
Administrative Class |
$1,000.00 | $1,000.10 | $0.69 | 0.14% | ||||
Institutional Class |
$1,000.00 | $1,000.10 | $0.74 | 0.15% | ||||
Select Class |
$1,000.00 | $1,000.10 | $0.69 | 0.14% | ||||
Service Class |
$1,000.00 | $1,000.10 | $0.69 | 0.14% | ||||
Hypothetical (assuming a 5% return before expenses) |
||||||||
Administrative Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% | ||||
Institutional Class |
$1,000.00 | $1,024.05 | $0.75 | 0.15% | ||||
Select Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% | ||||
Service Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% |
ANNUAL REPORT / April 30, 2013
4 |
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio | |||||
WILMINGTON U.S. TREASURY MONEY MARKET FUND | ||||||||
Actual |
||||||||
Administrative Class |
$1,000.00 | $1,000.00 | $0.69 | 0.14% | ||||
Select Class |
$1,000.00 | $1,000.00 | $0.64 | 0.13% | ||||
Service Class |
$1,000.00 | $1,000.00 | $0.69 | 0.14% | ||||
Hypothetical (assuming a 5% return before expenses) |
||||||||
Administrative Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% | ||||
Select Class |
$1,000.00 | $1,024.15 | $0.65 | 0.13% | ||||
Service Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% | ||||
WILMINGTON TAX-EXEMPT MONEY MARKET FUND | ||||||||
Actual |
||||||||
Administrative Class |
$1,000.00 | $1,000.00 | $0.69 | 0.14% | ||||
Select Class |
$1,000.00 | $1,000.00 | $0.69 | 0.14% | ||||
Service Class |
$1,000.00 | $1,000.00 | $0.69 | 0.14% | ||||
Hypothetical (assuming a 5% return before expenses) |
||||||||
Administrative Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% | ||||
Select Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% | ||||
Service Class |
$1,000.00 | $1,024.10 | $0.70 | 0.14% |
(1) | Expenses are equal to the Funds annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
April 30, 2013 / ANNUAL REPORT
5 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Prime Money Market Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
Percentages of Total Net Assets | |||||
Other Commercial Paper | 30.8 | % | |||
Municipal Notes & Bonds | 20.3 | % | |||
Financial Company Commercial Paper | 10.3 | % | |||
Asset-Backed Commercial Paper | 9.6 | % | |||
Certificate of Deposit | 8.0 | % | |||
U.S. Government Agency Obligations | 6.2 | % | |||
Municipal Commercial Paper | 5.9 | % | |||
U.S. Treasury Obligations | 4.9 | % | |||
Repurchase Agreements | 4.0 | % | |||
Other Assets and Liabilities Net1 | 0.0 | %2 | |||
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TOTAL | 100.0 | % | |||
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PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
6 | PORTFOLIOS OF INVESTMENTS |
Wilmington Prime Money Market Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 7 |
Wilmington Prime Money Market Fund (continued)
ANNUAL REPORT / April 30, 2013
8 | PORTFOLIOS OF INVESTMENTS |
Wilmington Prime Money Market Fund (concluded)
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Asset-Backed Commercial Paper |
$ | | $ | 361,870,784 | $ | | $ | 361,870,784 | ||||||||
Certificate of Deposit |
| 300,000,000 | | 300,000,000 | ||||||||||||
Financial Company Commercial Paper |
| 386,779,858 | | 386,779,858 | ||||||||||||
Municipal Commercial Paper |
| 221,693,425 | | 221,693,425 | ||||||||||||
Municipal Notes & Bonds |
| 766,795,000 | | 766,795,000 | ||||||||||||
Other Commercial Paper |
| 1,162,161,410 | | 1,162,161,410 | ||||||||||||
U.S. Government Agency Obligations |
| 235,177,458 | | 235,177,458 | ||||||||||||
U.S. Treasury Obligations |
| 186,050,235 | | 186,050,235 | ||||||||||||
Repurchase Agreements |
| 150,000,000 | | 150,000,000 | ||||||||||||
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Total |
$ | | $ | 3,770,528,170 | $ | | $ | 3,770,528,170 | ||||||||
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See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
9 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Government Money Market Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
U.S. Government Agency Obligations | 69.8 | % | |||
Repurchase Agreements | 27.6 | % | |||
U.S. Treasury Obligations | 2.6 | % | |||
Other Assets and Liabilities Net1 | 0.0 | %2 | |||
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TOTAL | 100.0 | % | |||
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|
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
10 | PORTFOLIOS OF INVESTMENTS |
Wilmington U.S. Government Money Market Fund (continued)
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 11 |
Wilmington U.S. Government Money Market Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
U.S. Government Agency Obligations |
$ | | $ | 2,935,554,080 | $ | | $ | 2,935,554,080 | ||||||||
U.S. Treasury Obligations |
| 110,924,572 | | 110,924,572 | ||||||||||||
Repurchase Agreements |
| 1,159,000,000 | | 1,159,000,000 | ||||||||||||
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Total |
$ | | $ | 4,205,478,652 | $ | | $ | 4,205,478,652 | ||||||||
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See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
12 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Treasury Money Market Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
Percentage of Total Net Assets | |||||
U.S. Treasury Obligations | 45.6 | % | |||
Repurchase Agreements | 54.2 | % | |||
Other Assets and Liabilities Net1 | 0.2 | % | |||
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TOTAL | 100.0 | % | |||
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PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 13 |
Wilmington U.S. Treasury Money Market Fund (concluded)
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
U.S. Treasury Obligations |
$ | | $ | 557,554,048 | $ | | $ | 557,554,048 | ||||||||
Repurchase Agreements |
| 664,000,000 | | 664,000,000 | ||||||||||||
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Total |
$ | | $ | 1,221,554,048 | $ | | $ | 1,221,554,048 | ||||||||
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See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
14 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Tax-Exempt Money Market Fund
At April 30, 2013, the Funds geographical location classifications were as follows (unaudited):
Percentages of Total Net Assets | |||||
Texas | 21.9 | % | |||
Delaware | 7.8 | % | |||
Minnesota | 7.3 | % | |||
Tennessee | 6.0 | % | |||
Massachusetts | 5.6 | % | |||
Ohio | 5.2 | % | |||
Utah | 4.4 | % | |||
Virginia | 4.4 | % | |||
South Carolina | 4.1 | % | |||
Missouri | 4.0 | % | |||
Louisiana | 3.8 | % | |||
New Hampshire | 2.8 | % | |||
Maryland | 2.7 | % | |||
Nevada | 2.6 | % | |||
Mississippi | 2.5 | % | |||
All Other | 14.9 | % | |||
Other Assets and Liabilities Net1 | 0.0 | %2 | |||
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TOTAL | 100.0 | % | |||
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|
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 15 |
Wilmington Tax-Exempt Money Market Fund (continued)
ANNUAL REPORT / April 30, 2013
16 | PORTFOLIOS OF INVESTMENTS |
Wilmington Tax-Exempt Money Market Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 17 |
Wilmington Tax-Exempt Money Market Fund (concluded)
Cost of investments for Federal income tax purposes is the same as for financial statement purposes.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Commercial Paper |
$ | | $ | 251,807,000 | $ | | $ | 251,807,000 | ||||||||
Municipal Bonds |
| 17,118,784 | | 17,118,784 | ||||||||||||
Short-Term Municipal Bonds |
| 233,355,000 | | 233,355,000 | ||||||||||||
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Total |
$ | | $ | 502,280,784 | $ | | $ | 502,280,784 | ||||||||
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See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
18 |
NOTES TO PORTFOLIOS OF INVESTMENTS
D | Floating rate note with current rate and stated maturity date shown. |
| Zero coupon security. The rate shown reflects the effective yield at purchase date. |
@ | Current rate and next reset date shown for Variable Rate Demand Notes. |
¨ | Securities with discount rate at the time of purchase shown. |
W | Denotes a restricted security, or a portion thereof, that may be resold without restriction to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Funds Board of Trustees. At April 30, 2013, these liquid restricted securities were as follows: |
Fund | Amount | Percentage of Total Net Assets |
||||||||
Prime Money Market Fund | $1,613,830,056 | 42.8% |
| Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2013, these restricted securities were as follows: |
Security | Acquisition Date |
Acquisition Cost |
Market Value |
Percentage of Total Net Assets |
||||||||||||||
Prime Money Market Fund |
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ABB Treasury Center USA | 03/18/2013 | $24,982,750 | $24,991,000 | |||||||||||||||
Australia & New Zealand Banking Group Ltd. | 03/20/2013 | 99,954,000 | 99,974,500 | |||||||||||||||
Baker Hughes, Inc. | 02/08/2013 | 33,296,824 | 33,308,964 | |||||||||||||||
BASF SE | 04/09/2013 | 49,989,889 | 49,994,167 | |||||||||||||||
BASF SE | 04/09/2013 | 49,989,889 | 49,994,167 | |||||||||||||||
BHP Billiton Finance Ltd. | 04/16/2013 | 49,979,778 | 49,983,111 | |||||||||||||||
BHP Billiton Finance Ltd. | 04/17/2013 | 49,980,000 | 49,982,889 | |||||||||||||||
BMW US Capital LLC | 04/22/2013 | 39,978,667 | 39,980,267 | |||||||||||||||
BMW US Capital LLC | 04/23/2013 | 29,969,833 | 29,971,166 | |||||||||||||||
Chariot Funding LLC | 11/16/2012 | 49,919,556 | 49,993,333 | |||||||||||||||
Chariot Funding LLC | 01/09/2013 | 49,924,584 | 49,971,250 | |||||||||||||||
Coca-Cola Co. | 02/08/2013 | 49,961,334 | 49,979,556 | |||||||||||||||
Coca-Cola Co. | 03/19/2013 | 49,969,111 | 49,978,667 | |||||||||||||||
Commonwealth Bank of Australia | 02/19/2013 | 49,977,750 | 49,995,000 | |||||||||||||||
Commonwealth Bank of Australia | 04/04/2013 | 36,983,350 | 36,988,345 | |||||||||||||||
CPPIB Capital, Inc. | 04/26/2013 | 99,960,000 | 99,962,222 | |||||||||||||||
Honeywell International, Inc. | 03/05/2013 | 79,358,381 | 79,379,753 | |||||||||||||||
JPMorgan Chase & Co. | 04/30/2013 | 49,864,861 | 49,864,861 | |||||||||||||||
MetLife Short Term Funding LLC | 04/11/2013 | 34,983,744 | 34,987,439 | |||||||||||||||
MetLife Short Term Funding LLC | 04/30/2013 | 49,978,042 | 49,978,278 | |||||||||||||||
National Australia Funding, Delaware, Inc. | 02/06/2013 | 99,956,736 | 99,997,569 | |||||||||||||||
Old Line Funding LLC | 04/05/2013 | 49,938,195 | 49,946,181 | |||||||||||||||
Parker-Hannifin Corp. | 03/28/2013 | 54,730,868 | 54,739,658 | |||||||||||||||
Procter & Gamble Co. | 02/26/2013 | 49,981,042 | 49,994,375 | |||||||||||||||
Roche Holdings, Inc. | 02/20/2013 | 29,989,942 | 29,999,858 | |||||||||||||||
Sanofi | 04/09/2013 | 99,971,250 | 99,980,417 | |||||||||||||||
Siemens Capital Co., LLC | 04/17/2013 | 49,985,208 | 49,988,125 | |||||||||||||||
Syngenta Wilmington, Inc. | 03/22/2013 | 24,991,382 | 24,996,104 | |||||||||||||||
Syngenta Wilmington, Inc. | 04/24/2013 | 49,991,444 | 49,992,806 | |||||||||||||||
Syngenta Wilmington, Inc. | 04/29/2013 | 24,989,250 | 24,989,500 | |||||||||||||||
Thunder Bay Funding LLC | 04/04/2013 | 49,937,500 | 49,946,528 | |||||||||||||||
$1,613,830,056 | 42.8% |
** | Represents less than 0.05%. |
April 30, 2013 / ANNUAL REPORT
NOTES TO PORTFOLIOS OF INVESTMENTS | 19 |
ANNUAL REPORT / April 30, 2013
20 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2013
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Wilmington
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Wilmington
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Wilmington
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Wilmington
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ASSETS: |
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Investments, at identified cost |
$ | 3,770,528,170 | $ | 4,205,478,652 | $ | 1,221,554,048 | $ | 502,280,784 | ||||||||||
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Investments in repurchase agreements, at value |
$ | 150,000,000 | $ | 1,159,000,000 | $ | 664,000,000 | $ | | ||||||||||
Investments in securities, at value |
3,620,528,170 | 3,046,478,652 | 557,554,048 | 502,280,784 | ||||||||||||||
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TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS |
3,770,528,170 | 4,205,478,652 | 1,221,554,048 | 502,280,784 | ||||||||||||||
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Cash |
449,370 | 819,249 | 521,127 | 1,480,996 | ||||||||||||||
Interest receivable |
1,306,250 | 1,072,770 | 1,895,017 | 371,179 | ||||||||||||||
Receivable for shares sold |
3,467 | | | 4,567 | ||||||||||||||
Receivable for investments sold |
50,004,045 | | | | ||||||||||||||
Other assets |
46,158 | 40,087 | 14,514 | 12,577 | ||||||||||||||
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TOTAL ASSETS |
3,822,337,460 | 4,207,410,758 | 1,223,984,706 | 504,150,103 | ||||||||||||||
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LIABILITIES: | ||||||||||||||||||
Payable for investments purchased |
49,864,861 | | | 1,500,183 | ||||||||||||||
Income distribution payable |
57,152 | 33,456 | 9,597 | 4,309 | ||||||||||||||
Payable for Trustees fees |
597 | 630 | 688 | 642 | ||||||||||||||
Payable for shareholder services fee |
32,798 | | | | ||||||||||||||
Other accrued expenses |
954,388 | 805,530 | 262,949 | 149,600 | ||||||||||||||
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TOTAL LIABILITIES |
50,909,796 | 839,616 | 273,234 | 1,654,734 | ||||||||||||||
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NET ASSETS | $ | 3,771,427,664 | $ | 4,206,571,142 | $ | 1,223,711,472 | $ | 502,495,369 | ||||||||||
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NET ASSETS CONSIST OF: |
||||||||||||||||||
Paid-in capital |
$ | 3,771,395,900 | $ | 4,206,578,960 | $ | 1,223,705,666 | $ | 502,563,051 | ||||||||||
Undistributed (distributions in excess of) net investment income |
16,117 | (8,392 | ) | 5,806 | 4,376 | |||||||||||||
Accumulated net realized gain (loss) on investments |
15,647 | 574 | | (72,058 | ) | |||||||||||||
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TOTAL NET ASSETS |
$ | 3,771,427,664 | $ | 4,206,571,142 | $ | 1,223,711,472 | $ | 502,495,369 | ||||||||||
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COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||
Administrative Class |
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Net Assets |
$ | 382,757,205 | $ | 1,885,193,496 | $ | 827,102,741 | $ | 38,683,716 | ||||||||||
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Shares outstanding (unlimited shares authorized) |
382,859,640 | 1,885,385,773 | 827,133,637 | 38,686,181 | ||||||||||||||
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|||||||||||
Net Asset Value per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Institutional Class |
||||||||||||||||||
Net Assets |
$ | 31,055,559 | $ | 25,683,404 | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Shares outstanding (unlimited shares authorized) |
31,055,536 | 25,685,776 | | | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value per share |
$ | 1.00 | $ | 1.00 | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Select Class |
||||||||||||||||||
Net Assets |
$ | 2,528,067,801 | $ | 1,164,387,961 | $ | 386,574,448 | $ | 406,386,391 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Shares outstanding (unlimited shares authorized) |
2,528,327,922 | 1,164,516,955 | 386,592,372 | 406,430,019 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Service Class |
||||||||||||||||||
Net Assets |
$ | 829,547,099 | $ | 1,131,306,281 | $ | 10,034,283 | $ | 57,425,262 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Shares outstanding (unlimited shares authorized) |
829,582,545 | 1,131,296,951 | 10,034,539 | 57,471,907 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value per share |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 21 |
Year Ended April 30, 2013
|
Wilmington
|
Wilmington
|
Wilmington
|
Wilmington
|
||||||||||||||
INVESTMENT INCOME: |
||||||||||||||||||
Interest |
$ | 7,623,624 | $ | 6,284,899 | $ | 1,645,261 | $ | 856,278 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL INVESTMENT INCOME |
7,623,624 | 6,284,899 | 1,645,261 | 856,278 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
EXPENSES: | ||||||||||||||||||
Investment advisory fee |
15,508,625 | 16,128,943 | 4,464,021 | 2,068,870 | ||||||||||||||
Administrative personnel and services fee |
888,821 | 924,152 | 255,934 | 118,597 | ||||||||||||||
Portfolio accounting, administration and custodian fees |
1,197,376 | 1,253,002 | 366,538 | 181,117 | ||||||||||||||
Transfer and dividend disbursing agent fees and expenses |
183,888 | 7,785 | 4,603 | 21,628 | ||||||||||||||
Trustees fees |
29,396 | 27,845 | 29,446 | 28,707 | ||||||||||||||
Professional fees |
51,819 | 55,066 | 51,213 | 52,446 | ||||||||||||||
Distribution services feeAdministrative Class |
1,058,844 | 4,714,703 | 2,096,633 | 108,431 | ||||||||||||||
Distribution services feeService Class |
2,053,267 | 2,182,449 | 23,980 | 161,604 | ||||||||||||||
Shareholder services feeAdministrative Class |
1,058,844 | 4,714,703 | 2,096,633 | 108,431 | ||||||||||||||
Shareholder services feeSelect Class |
6,461,640 | 3,025,441 | 669,396 | 1,022,982 | ||||||||||||||
Shareholder services feeService Class |
2,053,267 | 2,182,449 | 23,980 | 161,604 | ||||||||||||||
Share registration costs |
45,565 | 47,923 | 34,994 | 32,266 | ||||||||||||||
Printing and postage |
185,552 | 40,755 | 20,339 | 30,888 | ||||||||||||||
Miscellaneous |
137,796 | 180,523 | 56,845 | 18,051 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL EXPENSES |
30,914,700 | 35,485,739 | 10,194,555 | 4,115,622 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||
Waiver/reimbursement by investment advisor |
(11,747,763 | ) | (12,808,948 | ) | (3,747,009 | ) | (1,750,751 | ) | ||||||||||
Waiver of distribution services feeAdministrative Class |
(1,058,844 | ) | (4,714,703 | ) | (2,096,633 | ) | (108,431 | ) | ||||||||||
Waiver of distribution services feeService Class |
(2,053,267 | ) | (2,182,449 | ) | (23,980 | ) | (161,604 | ) | ||||||||||
Waiver of shareholder services feeAdministrative Class |
(1,058,844 | ) | (4,714,703 | ) | (2,096,633 | ) | (108,431 | ) | ||||||||||
Waiver of shareholder services feeSelect Class |
(6,461,640 | ) | (3,025,441 | ) | (669,396 | ) | (1,022,982 | ) | ||||||||||
Waiver of shareholder services feeService Class |
(1,890,228 | ) | (2,182,449 | ) | (23,980 | ) | (161,604 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS |
(24,270,586 | ) | (29,628,693 | ) | (8,657,631 | ) | (3,313,803 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
Net expenses |
6,644,114 | 5,857,046 | 1,536,924 | 801,819 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
979,510 | 427,853 | 108,337 | 54,459 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||
Net realized gain (loss) on investments |
21,654 | 574 | 927 | | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net realized and unrealized gain (loss) on investments |
21,654 | 574 | 927 | | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
$ | 1,001,164 | $ | 428,427 | $ | 109,264 | $ | 54,459 | ||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
22 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington |
Wilmington |
|||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||
OPERATIONS: |
||||||||||||||||
Net investment income |
$ | 979,510 | $ | 465,205 | $ | 427,853 | $ | 262,741 | ||||||||
Net realized gain (loss) on investments |
21,654 | 5,879 | 574 | 31,971 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from operations |
1,001,164 | 471,084 | 428,427 | 294,712 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income |
||||||||||||||||
Administrative Class |
(125,869 | ) | (97,456 | ) | (197,548 | ) | (203,073 | ) | ||||||||
Institutional I Class |
| (96,235 | ) | | | |||||||||||
Institutional Class |
(12,238 | ) | (2,187 | ) | (6,344 | ) | (1,276 | ) | ||||||||
Class S |
| (511 | ) | | | |||||||||||
Select Class |
(754,101 | ) | (204,449 | ) | (126,399 | ) | (49,244 | ) | ||||||||
Service Class |
(84,286 | ) | (30,012 | ) | (91,136 | ) | (8,510 | ) | ||||||||
Distributions from net realized gain on investments |
||||||||||||||||
Administrative Class |
(894 | ) | (1,010 | ) | (8,792 | ) | (11,203 | ) | ||||||||
Institutional I Class |
| (1,762 | ) | | | |||||||||||
Institutional Class |
(88 | ) | | (226 | ) | | ||||||||||
Class S |
| (17 | ) | | | |||||||||||
Select Class |
(5,024 | ) | (863 | ) | (5,391 | ) | (2,131 | ) | ||||||||
Service Class |
(1,673 | ) | (555 | ) | (4,055 | ) | (173 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from distributions to shareholders |
(984,173 | ) | (435,057 | ) | (439,891 | ) | (275,610 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||
Administrative Class |
1,368,478,722 | 854,721,908 | 3,419,134,416 | 3,841,287,817 | ||||||||||||
Institutional I Class |
| 976,613,959 | | | ||||||||||||
Institutional Class |
385,385,435 | 42,909,072 | 12,210,854 | 97 | ||||||||||||
Class S |
| 53,086,901 | | | ||||||||||||
Select Class |
4,949,063,389 | 2,657,192,587 | 2,088,539,257 | 1,434,890,575 | ||||||||||||
Service Class |
2,804,259,105 | 474,230,548 | 1,772,162,761 | 379,016,399 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 6) |
| 2,179,476,547 | | 1,785,990,941 | ||||||||||||
Distributions reinvested |
||||||||||||||||
Administrative Class |
| 5 | 7,512 | 5,148 | ||||||||||||
Institutional I Class |
| 6,058 | | | ||||||||||||
Institutional Class |
3,707 | 497 | 689 | 1 | ||||||||||||
Class S |
| 17 | | | ||||||||||||
Select Class |
126,135 | 59,435 | 2,223 | 1,523 | ||||||||||||
Service Class |
37,423 | 23,172 | 4,816 | 3,299 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Administrative Class |
(1,450,444,013 | ) | (806,384,915 | ) | (3,335,058,329 | ) | (3,533,335,430 | ) | ||||||||
Institutional I Class |
| (1,488,987,356 | ) | | | |||||||||||
Institutional Class |
(396,406,186 | ) | (47,746,474 | ) | (71,850,255 | ) | (14,039,669 | ) | ||||||||
Class S |
| (58,957,563 | ) | | | |||||||||||
Select Class |
(4,845,914,825 | ) | (2,071,526,559 | ) | (2,137,295,307 | ) | (1,525,934,420 | ) | ||||||||
Service Class |
(2,754,297,346 | ) | (552,021,749 | ) | (1,514,137,027 | ) | (279,249,973 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from share transactions |
60,291,546 | 2,212,696,090 | 233,721,610 | 2,088,636,308 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets |
60,308,537 | 2,212,732,117 | 233,710,146 | 2,088,655,410 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year |
3,711,119,127 | 1,498,387,010 | 3,972,860,996 | 1,884,205,586 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 3,771,427,664 | $ | 3,711,119,127 | $ | 4,206,571,142 | $ | 3,972,860,996 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year |
$ | 16,117 | $ | 13,101 | $ | (8,392 | ) | $ | (14,818 | ) | ||||||
|
|
|
|
|
|
|
|
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 23 |
Wilmington |
Wilmington |
|||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||
SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||
Shares sold |
||||||||||||||||
Administrative Class |
1,368,478,722 | 854,721,908 | 3,419,134,416 | 3,841,287,817 | ||||||||||||
Institutional I Class |
| 976,450,856 | | | ||||||||||||
Institutional Class |
385,385,435 | 42,909,072 | 12,210,854 | 97 | ||||||||||||
Class S |
| 53,081,909 | | | ||||||||||||
Select Class |
4,949,063,389 | 2,657,355,690 | 2,088,539,257 | 1,434,890,575 | ||||||||||||
Service Class |
2,804,259,105 | 474,235,600 | 1,772,162,761 | 379,016,421 | ||||||||||||
Shares issued in connection with Reorganization (Note 6) |
| 2,179,479,827 | | 1,785,986,774 | ||||||||||||
Distributions reinvested |
||||||||||||||||
Administrative Class |
| 5 | 7,512 | 5,148 | ||||||||||||
Institutional I Class |
| 6,058 | | | ||||||||||||
Institutional Class |
3,707 | 497 | 689 | 1 | ||||||||||||
Class S |
| 17 | | | ||||||||||||
Select Class |
126,135 | 59,435 | 2,223 | 1,523 | ||||||||||||
Service Class |
37,423 | 23,172 | 4,816 | 3,299 | ||||||||||||
Shares redeemed |
||||||||||||||||
Administrative Class |
(1,450,444,013 | ) | (806,384,915 | ) | (3,335,058,329 | ) | (3,533,335,430 | ) | ||||||||
Institutional I Class |
| (1,488,987,356 | ) | | | |||||||||||
Institutional Class |
(396,406,186 | ) | (47,746,474 | ) | (71,850,255 | ) | (14,039,669 | ) | ||||||||
Class S |
| (58,957,563 | ) | | | |||||||||||
Select Class |
(4,845,914,825 | ) | (2,071,526,559 | ) | (2,137,295,307 | ) | (1,525,934,420 | ) | ||||||||
Service Class |
(2,754,297,346 | ) | (552,021,749 | ) | (1,514,137,027 | ) | (279,249,973 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change resulting from share transactions |
60,291,546 | 2,212,699,430 | 233,721,610 | 2,088,632,163 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
24 | STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Wilmington |
Wilmington Tax-Exempt Money Market Fund |
|||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||
OPERATIONS: |
||||||||||||||||
Net investment income |
$ | 108,337 | $ | 128,116 | $ | 54,459 | $ | 23,126 | ||||||||
Net realized gain (loss) on investments |
927 | 13,750 | | 46 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from operations |
109,264 | 141,866 | 54,459 | 23,172 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Distributions from net investment income |
||||||||||||||||
Administrative Class |
(83,683 | ) | (100,268 | ) | (4,657 | ) | (4,780 | ) | ||||||||
Select Class |
(26,899 | ) | (24,945 | ) | (43,418 | ) | (16,128 | ) | ||||||||
Service Class |
(959 | ) | (1,116 | ) | (6,438 | ) | (1,848 | ) | ||||||||
Distributions from net realized gain on investments |
||||||||||||||||
Administrative Class |
| (15,067 | ) | | (23 | ) | ||||||||||
Select Class |
| (3,840 | ) | | (54 | ) | ||||||||||
Service Class |
| (143 | ) | | (4 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from distributions to shareholders |
(111,541 | ) | (145,379 | ) | (54,513 | ) | (22,837 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||
Administrative Class |
1,594,352,762 | 3,301,935,173 | 51,196,573 | 51,092,331 | ||||||||||||
Select Class |
1,501,944,043 | 1,322,087,786 | 703,446,996 | 181,390,336 | ||||||||||||
Service Class |
14,336,458 | 23,723,341 | 125,709,359 | 44,887,670 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 6) |
| | | 369,618,689 | ||||||||||||
Distributions reinvested |
||||||||||||||||
Administrative Class |
56 | 5 | | | ||||||||||||
Select Class |
6,105 | 7,776 | 787 | 493 | ||||||||||||
Service Class |
| 14 | 6,224 | 2,982 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Administrative Class |
(1,676,554,899 | ) | (3,068,693,891 | ) | (54,025,509 | ) | (44,650,435 | ) | ||||||||
Select Class |
(1,325,605,795 | ) | (1,349,589,815 | ) | (659,612,241 | ) | (242,756,850 | ) | ||||||||
Service Class |
(13,211,001 | ) | (25,441,891 | ) | (125,669,590 | ) | (52,046,105 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from share transactions |
95,267,729 | 204,028,498 | 41,052,599 | 307,539,111 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets |
95,265,452 | 204,024,985 | 41,052,545 | 307,539,446 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year |
1,128,446,020 | 924,421,035 | 461,442,824 | 153,903,378 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 1,223,711,472 | $ | 1,128,446,020 | $ | 502,495,369 | $ | 461,442,824 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year |
$ | 5,806 | $ | 8,083 | $ | 4,376 | $ | 4,430 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||
Shares sold |
||||||||||||||||
Administrative Class |
1,594,352,762 | 3,301,935,173 | 51,196,573 | 51,092,331 | ||||||||||||
Select Class |
1,501,944,043 | 1,322,087,786 | 703,446,996 | 181,390,336 | ||||||||||||
Service Class |
14,336,458 | 23,723,341 | 125,709,359 | 44,887,670 | ||||||||||||
Shares issued in connection with Reorganization (Note 6) |
| | | 369,702,380 | ||||||||||||
Distributions reinvested |
||||||||||||||||
Administrative Class |
56 | 5 | | | ||||||||||||
Select Class |
6,105 | 7,776 | 787 | 493 | ||||||||||||
Service Class |
| 14 | 6,224 | 2,982 | ||||||||||||
Shares redeemed |
||||||||||||||||
Administrative Class |
(1,676,554,899 | ) | (3,068,693,891 | ) | (54,025,509 | ) | (44,650,435 | ) | ||||||||
Select Class |
(1,325,605,795 | ) | (1,349,589,815 | ) | (659,612,241 | ) | (242,756,850 | ) | ||||||||
Service Class |
(13,211,001 | ) | (25,441,891 | ) | (125,669,590 | ) | (52,046,105 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change resulting from share transactions |
95,267,729 | 204,028,498 | 41,052,599 | 307,622,802 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 25 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON PRIME MONEY MARKET FUND | ||||||||||||||||||||||||
ADMINISTRATIVE CLASS
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||||
Net Asset Value, Beginning of Year |
$1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.012 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.012 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.012 | ) | ||||||||||||||
Return of Capital |
| | | (0.000 | )(a) | | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.012 | ) | ||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(b) | 0.03 | % | 0.03 | % | 0.04 | % | 0.04 | % | 1.25 | % | ||||||||||||||
Net Assets, End of Year (000s) | $382,757 | $464,721 | $416,387 | $425,103 | $447,219 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
0.97 | % | 0.80 | % | 0.75 | % | 0.77 | % | 0.74 | % | ||||||||||||||
Net Expenses(c) |
0.17 | % | 0.16 | % | 0.25 | % | 0.26 | % | 0.53 | % | ||||||||||||||
Net Investment Income |
0.03 | % | 0.02 | % | 0.04 | % | 0.04 | % | 1.55 | % | ||||||||||||||
INSTITUTIONAL CLASS
|
2013
|
2012(d)
|
||||||||||||||||||||||
Net Asset Value, Beginning of Period |
$1.000 | $1.000 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $1.000 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) | 0.03 | % | 0.01 | % | ||||||||||||||||||||
Net Assets, End of Period (000s) | $31,056 | $42,072 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
0.47 | % | 0.46 | %(e) | ||||||||||||||||||||
Net Expenses(c) |
0.17 | % | 0.16 | %(e) | ||||||||||||||||||||
Net Investment Income |
0.03 | % | 0.04 | %(e) | ||||||||||||||||||||
SELECT CLASS |
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||||
Net Asset Value, Beginning of Year |
$1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.011 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.011 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.011 | ) | ||||||||||||||
Return of Capital |
| | | (0.000 | )(a) | | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.011 | ) | ||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(b) | 0.03 | % | 0.02 | % | 0.01 | % | 0.02 | % | 1.13 | % | ||||||||||||||
Net Assets, End of Year (000s) | $2,528,068 | $2,424,783 | $345,931 | $459,497 | $630,429 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
0.72 | % | 0.73 | % | 0.75 | % | 0.77 | % | 0.76 | % | ||||||||||||||
Net Expenses(c) |
0.17 | % | 0.16 | % | 0.28 | % | 0.29 | % | 0.67 | % | ||||||||||||||
Net Investment Income |
0.03 | % | 0.03 | % | 0.01 | % | 0.02 | % | 1.20 | % |
ANNUAL REPORT / April 30, 2013
26 | FINANCIAL HIGHLIGHTS |
WILMINGTON PRIME MONEY MARKET FUND (continued) | ||||||||||||||||||||||
SERVICE CLASS
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||
Net Asset Value, Beginning of Year |
$1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.013 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.013 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.013 | ) | ||||||||||||
Return of Capital |
| | | (0.000 | )(a) | | ||||||||||||||||
|
| |||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.013 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 1.30 | % | ||||||||||||
Net Assets, End of Year (000s) | $829,547 | $779,543 | $217,836 | $244,661 | $320,238 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.96 | % | 0.98 | % | 1.00 | % | 1.02 | % | 1.00 | % | ||||||||||||
Net Expenses(c) |
0.19 | % | 0.18 | % | 0.28 | % | 0.28 | % | 0.49 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 1.42 | % |
(a) | Represents less than $0.001. |
(b) | Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment manager and other service providers voluntarily waived a portion of their fees. |
(d) | Reflects investment operations for the period from March 12, 2012 to April 30, 2012. |
(e) | Annualized for periods less the one year. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 27 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | ||||||||||||||||||||||||
ADMINISTRATIVE CLASS
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.012 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.012 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.012 | ) | ||||||||||||||
Return of Capital |
| | (0.000 | )(a) | (0.000 | )(a) | | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.012 | ) | ||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 1.23 | % | ||||||||||||||
Net Assets, End of Year (000s) | $1,885,193 | $1,801,115 | $1,493,139 | $1,582,317 | $1,642,160 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
0.96 | % | 0.79 | % | 0.73 | % | 0.74 | % | 0.73 | % | ||||||||||||||
Net Expenses(c) |
0.15 | % | 0.12 | % | 0.25 | % | 0.29 | % | 0.58 | % | ||||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 1.17 | % | ||||||||||||||
INSTITUTIONAL CLASS
|
2013
|
2012(d)
|
||||||||||||||||||||||
Net Asset Value, Beginning of Period | $1.000 | $1.000 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period | $1.000 | $1.000 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.00 | % | ||||||||||||||||||||
Net Assets, End of Period (000s) | $25,683 | $85,322 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
0.46 | % | 0.46 | %(e) | ||||||||||||||||||||
Net Expenses(c) |
0.15 | % | 0.13 | %(e) | ||||||||||||||||||||
Net Investment Income |
0.01 | % | 0.01 | %(e) | ||||||||||||||||||||
SELECT CLASS
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.013 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.013 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.013 | ) | ||||||||||||||
Return of Capital |
| | (0.000 | )(a) | (0.000 | )(a) | | |||||||||||||||||
|
| |||||||||||||||||||||||
Total Distributions |
(0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.013 | ) | ||||||||||||||
|
| |||||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 1.34 | % | ||||||||||||||
Net Assets, End of Year (000s) | $1,164,388 | $1,213,146 | $355,506 | $496,004 | $1,394,758 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
0.71 | % | 0.72 | % | 0.74 | % | 0.75 | % | 0.73 | % | ||||||||||||||
Net Expenses(c) |
0.15 | % | 0.12 | % | 0.26 | % | 0.32 | % | 0.48 | % | ||||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 1.38 | % |
ANNUAL REPORT / April 30, 2013
28 | FINANCIAL HIGHLIGHTS |
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND (continued) | ||||||||||||||||||||||
SERVICE CLASS
|
2013
|
2012
|
2011
|
2010
|
2009
|
|||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.011 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.011 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.011 | ) | ||||||||||||
Return of Capital |
| | (0.000 | )(a) | (0.000 | )(a) | | |||||||||||||||
|
| |||||||||||||||||||||
Total Distributions | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.000 | ) | (0.011 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 1.14 | % | ||||||||||||
Net Assets, End of Year (000s) | $1,131,306 | $873,278 | $35,561 | $35,502 | $42,427 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.96 | % | 0.97 | % | 0.98 | % | 1.00 | % | 0.99 | % | ||||||||||||
Net Expenses(c) |
0.14 | % | 0.13 | % | 0.25 | % | 0.30 | % | 0.73 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.97 | % |
(a) | Represents less than $0.001. |
(b) | Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment manager and other service providers voluntarily waived a portion of their fees. |
(d) | Reflects investment operations for the period from March 12, 2012 to April 30, 2012. |
(e) | Annualized for periods less the one year. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 29 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. TREASURY MONEY MARKET FUND | ||||||||||||||||||||||
ADMINISTRATIVE CLASS
|
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.006 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.006 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.006 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.58 | % | ||||||||||||
Net Assets, End of Year (000s) | $827,103 | $909,306 | $676,070 | $654,530 | $752,284 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.97 | % | 0.80 | % | 0.74 | % | 0.73 | % | 0.74 | % | ||||||||||||
Net Expenses(c) |
0.14 | % | 0.06 | % | 0.16 | % | 0.22 | % | 0.54 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.39 | % | ||||||||||||
SELECT CLASS
|
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.005 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.005 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.005 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.54 | % | ||||||||||||
Net Assets, End of Year (000s) | $386,574 | $210,231 | $71,929 | $141,648 | $133,754 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.73 | % | 0.73 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||
Net Expenses(c) |
0.14 | % | 0.06 | % | 0.17 | % | 0.20 | % | 0.60 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.48 | % | ||||||||||||
SERVICE CLASS
|
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.004 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.000 | (a) | 0.000 | (a) | | | | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.004 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.004 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.43 | % | ||||||||||||
Net Assets, End of Year (000s) | $10,034 | $8,909 | $10,627 | $10,755 | $10,271 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | ||||||||||||
Net Expenses(c) |
0.14 | % | 0.06 | % | 0.16 | % | 0.20 | % | 0.74 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.45 | % |
(a) | Represents less than $0.001. |
(b) | Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment manager and other service providers voluntarily waived a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
30 | FINANCIAL HIGHLIGHTS (concluded) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON TAX-EXEMPT MONEY MARKET FUND | ||||||||||||||||||||||
ADMINISTRATIVE CLASS
|
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.001 | 0.012 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
| 0.000 | (a) | | | | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.001 | 0.012 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.001 | ) | (0.012 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.03 | % | 0.06 | % | 1.25 | % | ||||||||||||
Net Assets, End of Year (000s) | $38,684 | $41,513 | $33,322 | $36,870 | $49,143 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.99 | % | 0.87 | % | 0.83 | % | 0.78 | % | 0.78 | % | ||||||||||||
Net Expenses(c) |
0.16 | % | 0.23 | % | 0.39 | % | 0.45 | % | 0.56 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.03 | % | 0.06 | % | 1.21 | % | ||||||||||||
SELECT CLASS
|
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.001 | 0.014 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
| 0.000 | (a) | | | | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.001 | 0.014 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | 0.000 | (a) | 0.000 | (a) | (0.001 | ) | (0.014 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.03 | % | 0.09 | % | 1.40 | % | ||||||||||||
Net Assets, End of Year (000s) | $406,386 | $362,551 | $108,802 | $83,916 | $180,584 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.74 | % | 0.77 | % | 0.83 | % | 0.78 | % | 0.78 | % | ||||||||||||
Net Expenses(c) |
0.15 | % | 0.23 | % | 0.39 | % | 0.41 | % | 0.42 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.03 | % | 0.10 | % | 1.14 | % | ||||||||||||
SERVICE CLASS
|
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||
Net Investment Income |
0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.010 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
| 0.000 | (a) | | | | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations | 0.000 | 0.000 | 0.000 | 0.000 | 0.010 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||
Net Investment Income |
(0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | (0.010 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 1.00 | % | ||||||||||||
Net Assets, End of Year (000s) | $57,425 | $57,379 | $11,779 | $18,949 | $21,338 | |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||
Gross Expense |
0.99 | % | 1.02 | % | 1.08 | % | 1.04 | % | 1.03 | % | ||||||||||||
Net Expenses(c) |
0.16 | % | 0.23 | % | 0.41 | % | 0.47 | % | 0.80 | % | ||||||||||||
Net Investment Income |
0.01 | % | 0.01 | % | 0.01 | % | 0.04 | % | 0.99 | % |
(a) | Represents less than $0.001. |
(b) | Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment manager and other service providers voluntarily waived a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS | 31 |
Wilmington Funds
April 30, 2013
1. | ORGANIZATION |
Wilmington Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The Trust consists of 23 portfolios, 4 of which are presented herein (individually referred to as a Fund or collectively as the Funds). The remaining 19 funds are presented in separate reports.
Fund | Investment Goal | |||
Wilmington Prime Money Market Fund (Prime Money Market Fund)(d) |
The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |||
Wilmington U.S. Government Money Market Fund (U.S. Government Money Market Fund)(d) |
The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |||
Wilmington U.S. Treasury Money Market Fund (U.S. Treasury Money Market Fund)(d) |
The Fund seeks to provide current income while maintaining liquidity and stability of principal. | |||
Wilmington Tax-Exempt Money Market Fund (Tax-Exempt Money Market Fund)(d) |
The Fund seeks to provide current income that is exempt from federal income taxes while maintaining liquidity and stability of principal. |
(d) Diversified
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
The assets of each portfolio are segregated and a shareholders interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Funds Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2013, there were no transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
Repurchase Agreements Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Funds return on the transaction. It is each Funds policy to require the counterparty to a repurchase agreement to transfer to the Funds custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a securities entitlement and exercise control as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
ANNUAL REPORT / April 30, 2013
32 | NOTES TO FINANCIAL STATEMENTS (continued) |
Investment Income, Gains and Losses, Expenses and Distributions Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.
Premium and Discount Amortization/Accretion and Paydown Gains and Losses All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
Federal Taxes It is the Funds policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the Code), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax are necessary.
Restricted Securities Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuers expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, reclassification of ordinary loss to short-term gains, market discount reclass, discount accretion/premium amortization on debt securities and distributions recognition on income distribution payable.
As of April 30, 2013, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds federal tax returns filed for the years ended 2012, 2011 and 2010, as well as the current tax year, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2013, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital |
Undistributed (Distributions in Excess of) Net Investment Income |
Accumulated Net Realized Gain (Loss) |
|||||||
U.S. Treasury Money Market Fund |
$ | $927 | $(927) |
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 33 |
The tax character of distributions for the corresponding years as reported on the Statements of Changes in Net Assets were as follows:
2013 | 2012 | |||||||||||||
Fund | Ordinary Income* |
Long-Term Capital Gains |
Ordinary Income* |
Long-Term Capital Gains |
||||||||||
Prime Money Market Fund |
$984,173 | $ | $435,057 | $ | ||||||||||
U.S. Government Money Market Fund |
439,891 | | 275,610 | | ||||||||||
U.S. Treasury Money Market Fund |
111,541 | | 145,379 | | ||||||||||
Tax-Exempt Money Market Fund |
54,513 | ** | | 22,837 | *** | |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
** | Included in this amount is tax exempt income of $54,513. |
*** | Included in this amount is tax exempt income of $22,756. |
As of April 30, 2013, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed/ (Over Distributed) Ordinary Income |
Undistributed Long-Term Capital Gains |
Other Timing Differences |
Unrealized Appreciation (Depreciation) |
Capital Loss Carryforwards and Deferrals |
|||||||
Prime Money Market Fund |
$88,918 | $ | $(57,154) | | | |||||||
U.S. Government Money Market Fund |
25,638 | | (33,456) | | | |||||||
U.S. Treasury Money Market Fund |
15,402 | | (9,596) | | | |||||||
Tax-Exempt Money Market Fund |
8,685 | | (4,309) | | (72,058 | ) |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
At April 30, 2013, the following Funds had capital loss carryforwards which will reduce each Funds taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Capital Loss Available Through |
Short-Term No Expiration |
Total Capital Carryforwards |
||||||||||||
Fund | 2016 | 2017 | 2018 | 2019 | ||||||||||
Tax-Exempt Money Market Fund |
$6,657 | $63,251 | $2,115 | $ | $35 | $72,058 |
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2013, the Funds had no Post-October or Late Year losses to defer.
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor Wilmington Funds Management Corporation (WFMC or the Advisor) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (WTIA) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Funds average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Fund | Advisory Fee Annual Rate | |
Prime Money Market Fund |
0.40% | |
U.S. Government Money Market Fund |
0.40% | |
U.S. Treasury Money Market Fund |
0.40% | |
Tax-Exempt Money Market Fund |
0.40% |
ANNUAL REPORT / April 30, 2013
34 | NOTES TO FINANCIAL STATEMENTS (continued) |
WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Funds operating expenses, or certain class-specific fees and expenses to prevent each Funds (or class thereof, as applicable) current annualized yield from being below 0.01% (1 basis point) annually. The fee waiver does not take into consideration acquired fund fees and expenses. Any such waiver or expense reimbursement may be discontinued at any time.
Administrative Fee The Bank of New York Mellon (BNYM) provides the Trust with fund administration services. Effective October 1, 2012, WFMC replaced WFMC as Co-Administrator for the Funds. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administration | Maximum Fee |
Average Aggregate Daily Net Assets of the Trust |
||||||||
WFMC | 0.033 | % | On the first $5 billion | |||||||
0.020 | % | On the next $2 billion | ||||||||
0.016 | % | On the next $3 billion | ||||||||
0.015 | % | On assets in excess of $10 billion | ||||||||
BNYM | 0.0285 | % | On the first $500 million | |||||||
0.0280 | % | On the next $500 million | ||||||||
0.0275 | % | On assets in excess of $1 billion |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2013, WTIA and WFMC did not waive any administrative personnel and services fee.
Distribution Services Fee The Trust has adopted a Distribution Services Plan (the Plan) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (ALPS), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds Administrative Class and Service Class for the sale, distribution, administration, customer servicing and record keeping of these shares.
The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together M&T), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:
Fund | Distribution Fees |
|||||
Tax-Exempt Money Market Fund | $1,113 |
Shareholder Services Fee Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Funds Administrative Class, Select Class and Service Class to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, an affiliate of the Advisor, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Funds shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund | Shareholder Services Fee |
|||||||
Prime Money Market Fund | $160,247 | |||||||
Tax-Exempt Money Market Fund | 451 |
Other Service Providers Foreside Management Services, LLC (FMS) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides fund accounting and custody services to the Trust.
BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.
General Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trusts Statement of Additional Information includes additional information about the Trustees.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 35 |
5. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (LOC) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is March 10, 2014. The Funds did not utilize the LOC for the year ended April 30, 2013.
6. | REORGANIZATION |
On February 21, 2012, the Board approved an Agreement and Plan of Reorganization (the Reorganization) which provided the transfer all of the assets of Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, and Wilmington Tax-Exempt Money Market Fund, each a series of WT Mutual Fund, and the MTB Prime Money Market Fund, MTB Pennsylvania Tax-Free Money Market Fund, and MTB New York Tax-Free Money Market Fund, each a series of the Trust (the Acquired Funds) in exchange for shares of the series of the Trust shown below (the Acquiring Funds).
The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the Acquired Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective Acquired Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the Reorganization, except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
New Name after the Reorganizations | Acquiring Funds | Acquired Funds | ||
Wilmington Prime Money Market Fund | MTB Money Market Fund | Wilmington Prime Money Market Fund MTB Prime Money Market Fund | ||
Wilmington U.S. Government Money Market Fund | MTB U.S. Government Money Market Fund | Wilmington U.S. Government Money Market Fund | ||
Wilmington Tax-Exempt Money Market Fund | MTB Tax-Free Money Market Fund | Wilmington Tax-Exempt Money Market Fund MTB Pennsylvania Tax-Free Money Market Fund MTB New York Tax-Free Money Market Fund |
In exchange for their shares, shareholders of the Acquired Funds received shares of the Acquiring Funds with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The following information summarizes the essential elements of the Reorganization as of March 9, 2012:
Wilmington Prime Money Market Fund | Value of Shares |
Acquired Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||||
Acquiring Fund |
||||||||||||||||||
MTB Money Market Fund | $1,548,554,794 | |||||||||||||||||
Acquired Funds |
||||||||||||||||||
Wilmington Prime Money Market Fund | 1,894,729,066 | |||||||||||||||||
W Shares in exchange for Select Class |
$1,208,345,372 | 1,208,360,799 | 1,208,360,799 | |||||||||||||||
Service Shares in exchange for Service Class |
639,474,385 | 639,458,864 | 639,458,864 | |||||||||||||||
Institutional Shares in exchange for Institutional Class |
46,909,309 | 46,909,485 | 46,909,485 | |||||||||||||||
MTB Prime Money Market Fund | 284,747,481 | |||||||||||||||||
Corporate Shares in exchange for Select Class |
284,747,481 | 284,750,679 | 284,750,679 | |||||||||||||||
|
|
|||||||||||||||||
$3,728,031,341 | ||||||||||||||||||
|
|
The net assets of the Acquired Fund(s) included accumulated net realized gains/(losses) of $738 for the Wilmington Prime Money Market Fund and ($728) for the MTB Prime Money Market Fund.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $688,854, $8,792, and $697,646, respectively.
ANNUAL REPORT / April 30, 2013
36 | NOTES TO FINANCIAL STATEMENTS (continued) |
Wilmington U.S. Government Money Market Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||||
Acquiring Fund |
||||||||||||||||||
MTB U.S. Government Money Market Fund | $2,199,868,466 | |||||||||||||||||
Acquired Funds |
||||||||||||||||||
Wilmington U.S. Government Money Market Fund | 1,785,990,941 | |||||||||||||||||
W Shares in exchange for Select Class |
$737,947,983 | 737,931,587 | 737,931,587 | |||||||||||||||
Service Shares in exchange for Service Class |
948,680,846 | 948,691,128 | 948,691,128 | |||||||||||||||
Institutional Shares in exchange for Institutional Class |
99,362,112 | 99,364,059 | 99,364,059 | |||||||||||||||
|
|
|||||||||||||||||
$3,985,859,407 | ||||||||||||||||||
|
|
The net assets of the Acquired Fund included accumulated net realized losses of $261.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $2,854,689, $38,256 and $2,892,945, respectively.
Wilmington Tax-Exempt Money Market Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||
Acquiring Fund |
||||||||||||||||
MTB Tax-Free Money Market Fund | $129,239,511 | |||||||||||||||
Acquired Funds |
||||||||||||||||
Wilmington Tax-Exempt Money Market Fund | 260,164,979 | |||||||||||||||
W Shares in exchange for Select Class |
$260,019,317 | 260,026,244 | 260,026,244 | |||||||||||||
Institutional Shares in exchange for Institutional Class |
145,662 | 145,667 | 145,667 | |||||||||||||
MTB New York Tax-Free Money Market Fund | 87,841,224 | |||||||||||||||
Service Class |
46,004,012 | 46,049,092 | 46,049,092 | |||||||||||||
Select Class |
41,837,212 | 41,868,889 | 41,868,889 | |||||||||||||
MTB Pennsylvania Tax-Free Money Market Fund | 21,612,486 | |||||||||||||||
Service Class |
6,751,848 | 6,752,580 | 6,752,580 | |||||||||||||
Select Class |
13,112,355 | 13,111,398 | 13,111,398 | |||||||||||||
Administrative Class |
1,748,283 | 1,748,510 | 1,748,510 | |||||||||||||
|
|
|||||||||||||||
$498,858,200 | ||||||||||||||||
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The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $53,382, $77 and $53,459, respectively.
7. | RECENT ACCOUNTING PRONOUNCEMENT |
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11 regarding Disclosures about Offsetting Assets and Liabilities. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 37 |
8. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, there are no material events that would require disclosure in the Funds financial statements through this date.
ANNUAL REPORT / April 30, 2013
38 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund (four of the series constituting the Wilmington Funds) (the Funds) as of April 30, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2013, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Prime Money Market Fund, Wilmington U.S. Government Money Market Fund, Wilmington U.S. Treasury Money Market Fund and Wilmington Tax-Exempt Money Market Fund at April 30, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period the ended, and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2013
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 39 |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables
separately list Trustee members who are interested persons of the Fund (i.e., Interested Trustees) and those who are not (i.e., Independent Trustees). The Trust is comprised of 23 funds. Unless otherwise noted,
the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trusts Statement of Additional
Information includes additional information about the Trustees and is available, without charge and upon request, by calling
1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012 |
Principal Occupations: President of WTIA, President of Wilmington Trust Investment Managements (WTIM), Director of Wilmington Funds Management Corporation (formerly known as Rodney Square Management Corporation).
Other Directorships Held: None.
Previous Positions: Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04).
| |
Robert J. Truesdell* Birth date: 11/55 TRUSTEE Began serving: December 2012 |
Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
Other Directorships Held: None.
Previous Positions: Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02-6/12) and WFMC (3/12 to 6/12).
|
* | R. Samuel Fraundorf is interested due to positions he holds with WTIA and WTIM. Robert J. Truesdell is interested due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds Advisor, and previous positions held with WTIA and WFMC. |
ANNUAL REPORT / April 30, 2013
40 | BOARD OF TRUSTEES AND TRUST OFFICERS |
INDEPENDENT TRUSTEES BACKGROUND
Name Birth date Position with Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
Joseph J. Castiglia Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 |
Principal Occupations: Private Investor, Consultant and Community Volunteer.
Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present).
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
| |
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012 |
Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
| |
William H. Cowie, Jr. Birth date: 1/31 TRUSTEE Began serving: September 2003 |
Principal Occupations: Retired.
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
Previous Positions: Vice Chairman of Signet Banking Corp.
| |
John S. Cramer Birth date: 2/42 TRUSTEE Began serving: December 2000 |
Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of ChekMed Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 |
Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
| |
Nicholas A. Giordano Birth date: 3/43 TRUSTEE Began serving: March 2012 |
Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
|
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 41 |
Name Birth date Position with Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 |
Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present).
|
OFFICERS
Name Address Birth year Positions with Trust |
Principal Occupations for Past Five Years and Previous Positions | |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012
|
Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 |
Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
| |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 |
Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
| |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 |
Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
| |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008
|
Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore,
MD 21201
|
Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). |
ANNUAL REPORT / April 30, 2013
42 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Address Birth year Positions with Trust |
Principal Occupations for Past Five Years and Previous Positions | |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007
|
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007
|
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007
|
Principal Occupations: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).
|
April 30, 2013 / ANNUAL REPORT
43 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds website. Go to www.wilmingtonfunds.com select Proxy Voting Record to access the link. This information is also available from the Edgar database on the SECs website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SECs website at www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select Individual Investors |
2.) | Click on the link Sign up for Electronic Delivery |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
ANNUAL REPORT / April 30, 2013
44 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as the Funds, we or us) recognize that consumers (referred to as you or your) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
| We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
| We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
| We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
| We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
| We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
| We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumers account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employees or agents need to know the information in order to service a customers account or comply with legal requirements.
Visiting The Funds Website:
The Funds website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
April 30, 2013 / ANNUAL REPORT
45 |
| Information or data entered into a website will be retained. |
| Where registration to a website or re-entering personal information on a website is required, cookies are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you dont have to resubmit personal information. Cookies provide faster access into the website. |
| We may also collect non-personally identifiable Internet Protocol (IP) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employers request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
ANNUAL REPORT / April 30, 2013
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Wilmington Broad Market Bond Fund (Broad Market Bond Fund)
Wilmington Intermediate-Term Bond Fund (Intermediate-Term Bond Fund)
Wilmington Short-Term Corporate Bond Fund (Short-Term Corporate Bond Fund)
Wilmington Short Duration Government Bond Fund (Short Duration Government Bond Fund)
Wilmington Municipal Bond Fund (Municipal Bond Fund)
Wilmington Maryland Municipal Bond Fund (Maryland Municipal Bond Fund)
Wilmington New York Municipal Bond Fund (New York Municipal Bond Fund)
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i
I am pleased to present the Annual Report of the Wilmington Funds (Trust). This report covers the Trusts fiscal year, which is the 12-month reporting period from May 1, 2012 through April 30, 2013. Inside, you will find a discussion of the factors impacting each Funds performance during the reporting period, as well as a complete listing of each Funds holdings and financial statements.
The Economy and Financial Markets in Review
Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.
The Economy
The U.S. economic expansion continued during the 12 months ended April 30, 2013, though its pace remained tepid. The production of goods and services grew 3.1%, 0.4%, and 2.5% faster than the rate of inflation during the third and fourth quarters of 2012 and the first quarter of 2013, respectively. U.S. consumer spending propelled the gains, though consumers were still cautious amid the long, slow recovery from the Great Recession of 20072009. Retail and food sales, for example, amounted to $4.94 trillion during our fiscal year, up 2.5% in real (inflation-adjusted) terms over the preceding 12-month period. The housing market continued its nascent recovery, and inflation averaged about 1.1%.
Source: Federal Reserve Bank of St. Louis, May 28, 2013
If consumers were feeling somewhat better, business managers remained wary. During the third and fourth quarters of 2012 and the first quarter of 2013, investments in U.S. plants, property, and equipment expected to last three years or more were made at lower rates than they had been made in the corresponding quarters five years earlier, as the recession was beginning. Employers likewise remained cautious in hiring. The number of U.S. private sector workers grew in all 12 months of our fiscal year, but the rate of private-sector job growth remained slow. At the end of April, there were still 2.0 million fewer private-sector workers than there had been at the labor markets January 2008 peak. Much of the blame for soft business enthusiasm was laid at the doorsteps of Congress and the White House. Many business leaders said lawmakers needed to make meaningful changes in U.S. tax and spending policies to shore up the nations finances and to clarify the legal and regulatory environment.
Despite the modest rate of expansion, the U.S. recovery looked solid in relation to economic conditions in Europe, where a recession appeared to be worsening. Greece appeared likely to remain at least a near-term participant in the continents common currency experiment, but Spain, Portugal and Italy all joined Greece in struggling under heavy sovereign debts. Debate about the possibility of developing common fiscal policies and banking regulations continued, and investors were soothed by the European Central Bank Presidents assurance that the bank would do whatever it takes to preserve the euro. In China, growth appeared to slow, though it remained strong in absolute terms. On balance, the global economy appeared to be expanding at a modest rate.
The Bond Markets
The good times rolled on in the U.S. bond market during our fiscal year. The Barclays Capital U.S. Aggregate Bond Index returned 3.68%. The index tracks the overall market for taxable, investment-grade U.S. bonds and includes U.S. Treasury and agency securities, corporate bonds, and mortgage-backed securities (MBS). The gain was propelled by strong results among corporate issues (+7.49%, according to the Barclays Capital U.S. Credit Bond Index), into which investors piled as the search for investment opportunities with meaningful yields continued.
The yield of the 10-year U.S. Treasury note, against which many other interest rates are set, declined from 1.91% at the end of April 2012 to a low of 1.43% in late July 2012 before climbing to 1.67% at the end of April 2013. The net 12-month decrease of a quarter of a percentage point boosted the prices of bonds across the market.
The S&P Municipal Bond Intermediate Index1 returned 4.71%. Demand for shares of municipal bond mutual funds, which account for much of the total demand for municipal bonds, accelerated as fears of widespread municipal bankruptcies dissipated and the rates of U.S. taxation on interest, dividends, and capital gains were allowed to revert in 2013 to prior, higher levels for higher-income taxpayers. Talk of limiting the federal tax exemption on municipal bond interest income, meanwhile, continued to be just talk.
PRESIDENTS MESSAGE / April 30, 2013
ii
For the 12-month reporting period May 1, 2012 through April 30, 2013, certain Barclays Capital indices performed as follows2:
Barclays Capital U.S. Aggregate Bond Index3 |
Barclays Capital U.S. Treasury Bond Index4 |
Barclays Capital U.S. Mortgage- Backed Securities Index5 |
Barclays Capital U.S. Credit Bond Index6 |
Barclays Capital Municipal Bond Index7 | ||||
3.68% | 2.56% | 1.85% | 7.49% | 5.19% |
The Stock Markets
Investors heard plenty about the lost decade of equity returns when the effects of the financial crisis were in full swing in early 2009. Commercials decrying 401(k) retirement plans as 201(k)s promoted gold 401(k)s or day trading as solutions; buy and hold, it was said, was dead. Fast forward four years and anyone who abandoned equities may be wishing they hadnt. The lost decade has turned into a pretty normal found decade, with a trailing 10-year total return for the S&P 500 Index of 7.88%, annualized. Granted, ten years ago we were emerging from the tech bubble; one must always be leery of the period selected in drawing conclusions from economic or investment data.
Stocks generally did very well during the 12 months ended April 30, 2013. Six broad stock market indices, which together offer a rough portrait of the worlds equity securities, returned between +3.97% and +19.39% in U.S. dollars during the fiscal year. The weakest return came from the MSCI Emerging Markets (Net) Index8 (+3.97%) and the strongest return (+19.39%) was recorded by the MSCI EAFE (Net) Index9 of developed international stock markets. In between were the returns of the Russell Top 200 Index10 (+16.30%), which tracks mega-capitalization U.S. stocks, the Russell Midcap Index11 (+19.20%) of mid-cap U.S. stocks, the Russell 2000 Index12 (+17.69%) of small-cap U.S. stocks, and the S&P 500 Index13 (+16.89%), a widely watched gauge consisting mainly of large-cap U.S. stocks.
For the 12-month reporting period May 1, 2012 through April 30, 2013, certain stock market indices performed as follows:
S&P 500 Index13 |
Dow Jones Industrial Average14 |
NASDAQ Composite Index15 |
MSCI All Country World ex-US (Net) Index16 | |||
16.89% | 15.39% | 10.78% | 14.15% |
The Trust, with assets of $13.3 billion as of April 30, 2013, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, to fund a childs higher education, pursue tax-free income17, stay ahead of inflation, or keep your cash working, one or more of the Trusts Funds may provide you with the diversification, flexibility and professional management you need.
Sincerely,
Sam Guerrieri
President
May 28, 2013
April 30, 2013 / PRESIDENTS MESSAGE
iii
For more complete information, please download the Funds prospectus available on www.wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
All investments involve risk, including possible loss of principal. Equity securities are subject to price fluctuations and possible loss of principal. Small and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. The risks are magnified in emerging markets.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default. Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
1. | S&P Municipal Bond Intermediate Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
2. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
3. | Barclays Capital U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
4. | Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
5. | Barclays Capital U.S. Mortgage Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
7. | Barclays Capital Municipal Bond Index tracks the performance of the long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
8. | MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. |
9. | MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consists of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. |
10. | Russell Top 200 Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200 is a subset of the Russell 3000 Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. |
11. | Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. |
12. | Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. |
13. | The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
14. | Dow Jones Industrial Average (DJIA) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIAs average movements are leading economic indicators for the stock market as a whole. The DJIA is unmanaged and investments cannot be made directly in the DJIA. |
15. | NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index. |
16. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 45 country indices comprising 23 developed and 22 emerging market country indices. |
17. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
PRESIDENTS MESSAGE / April 30, 2013
[This Page Intentionally Left Blank]
1
WILMINGTON BROAD MARKET BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
2
April 30, 2013 / ANNUAL REPORT
3
ANNUAL REPORT / April 30, 2013
4
April 30, 2013 / ANNUAL REPORT
5
WILMINGTON INTERMEDIATE-TERM BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
6
April 30, 2013 / ANNUAL REPORT
7
ANNUAL REPORT / April 30, 2013
8
April 30, 2013 / ANNUAL REPORT
9
WILMINGTON SHORT-TERM CORPORATE BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
10
April 30, 2013 / ANNUAL REPORT
11
ANNUAL REPORT / April 30, 2013
12
April 30, 2013 / ANNUAL REPORT
13
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
14
April 30, 2013 / ANNUAL REPORT
15
ANNUAL REPORT / April 30, 2013
16
April 30, 2013 / ANNUAL REPORT
17
WILMINGTON MUNICIPAL BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
18
April 30, 2013 / ANNUAL REPORT
19
ANNUAL REPORT / April 30, 2013
20
April 30, 2013 / ANNUAL REPORT
21
WILMINGTON MARYLAND MUNICIPAL BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
22
April 30, 2013 / ANNUAL REPORT
23
ANNUAL REPORT / April 30, 2013
24
April 30, 2013 / ANNUAL REPORT
25
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
26
April 30, 2013 / ANNUAL REPORT
27
ANNUAL REPORT / April 30, 2013
28
April 30, 2013 / ANNUAL REPORT
29
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio2 | |||||
WILMINGTON BROAD MARKET BOND FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,007.60 | $4.93 | 0.99% | ||||
Class I |
$1,000.00 | $1,010.20 | $3.24 | 0.65% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,019.89 | $4.96 | 0.99% | ||||
Class I |
$1,000.00 | $1,021.57 | $3.26 | 0.65% | ||||
WILMINGTON INTERMEDIATE-TERM BOND FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,007.30 | $4.63 | 0.93% | ||||
Class I |
$1,000.00 | $1,008.00 | $2.99 | 0.60% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.18 | $4.66 | 0.93% | ||||
Class I |
$1,000.00 | $1,021.82 | $3.01 | 0.60% | ||||
WILMINGTON SHORT-TERM CORPORATE BOND FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,005.50 | $4.28 | 0.86% | ||||
Class I |
$1,000.00 | $1,005.80 | $3.03 | 0.61% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.53 | $4.31 | 0.86% | ||||
Class I |
$1,000.00 | $1,021.77 | $3.06 | 0.61% |
ANNUAL REPORT / April 30, 2013
30
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio2 | |||||
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND | ||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,002.10 | $4.42 | 0.89% | ||||
Class I |
$1,000.00 | $1,003.40 | $3.18 | 0.64% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.38 | $4.46 | 0.89% | ||||
Class I |
$1,000.00 | $1,021.62 | $3.21 | 0.64% | ||||
WILMINGTON MUNICIPAL BOND FUND | ||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,011.80 | $4.29 | 0.86% | ||||
Class I |
$1,000.00 | $1,013.80 | $3.05 | 0.61% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.53 | $4.31 | 0.86% | ||||
Class I |
$1,000.00 | $1,021.77 | $3.06 | 0.61% | ||||
WILMINGTON MARYLAND MUNICIPAL BOND FUND | ||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,007.60 | $4.73 | 0.95% | ||||
Class I |
$1,000.00 | $1,009.00 | $3.34 | 0.67% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.08 | $4.76 | 0.95% | ||||
Class I |
$1,000.00 | $1,021.47 | $3.36 | 0.67% | ||||
WILMINGTON NEW YORK MUNICIPAL BOND FUND | ||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,010.70 | $4.19 | 0.84% | ||||
Class I |
$1,000.00 | $1,012.90 | $2.94 | 0.59% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.63 | $4.21 | 0.84% | ||||
Class I |
$1,000.00 | $1,021.87 | $2.96 | 0.59% |
(1) | Expenses are equal to the Funds annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period. |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests. |
April 30, 2013 / ANNUAL REPORT
31
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Broad Market Bond Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
April 30, 2013
ANNUAL REPORT / April 30, 2013
32 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 33 |
Wilmington Broad Market Bond Fund (continued)
ANNUAL REPORT / April 30, 2013
34 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 35 |
Wilmington Broad Market Bond Fund (continued)
ANNUAL REPORT / April 30, 2013 |
36 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 37 |
Wilmington Broad Market Bond Fund (continued)
ANNUAL REPORT / April 30, 2013
38 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
Cost of investments for Federal income tax purposes is $290,277,180. The net unrealized appreciation/(depreciation) of investments was $13,892,857. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $14,537,456 and net unrealized depreciation from investments for those securities having an excess of cost over value of $644,599.
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 39 |
Wilmington Broad Market Bond Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities |
||||||||||||||||
Asset-Backed Securities |
$ | | $ | 1,813,358 | $ | | $ | 1,813,358 | ||||||||
Collateralized Mortgage Obligations |
| 12,362,549 | | 12,362,549 | ||||||||||||
Corporate Bonds |
| 167,333,335 | | 167,333,335 | ||||||||||||
Enhanced Equipment Trust Certificates |
| 2,018,289 | | 2,018,289 | ||||||||||||
Government Agencies |
| 11,196,687 | | 11,196,687 | ||||||||||||
Mortgage-Backed Securities |
| 61,722,023 | | 61,722,023 | ||||||||||||
Municipal Bond |
| 650,162 | | 650,162 | ||||||||||||
U.S. Treasury |
| 37,473,747 | | 37,473,747 | ||||||||||||
Repurchase Agreements |
| 9,599,887 | | 9,599,887 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | | $ | 304,170,037 | $ | | $ | 304,170,037 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
40
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Intermediate-Term Bond Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 41 |
Wilmington Intermediate-Term Bond Fund (continued)
ANNUAL REPORT / April 30, 2013
42 | PORTFOLIOS OF INVESTMENTS |
Wilmington Intermediate-Term Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 43 |
Wilmington Intermediate-Term Bond Fund (continued)
ANNUAL REPORT / April 30, 2013
44 | PORTFOLIOS OF INVESTMENTS |
Wilmington Intermediate-Term Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS | 45 |
Wilmington Intermediate-Term Bond Fund (continued)
Cost of investments for Federal income tax purposes is $215,759,372. The net unrealized appreciation/(depreciation) of investments was $9,738,170. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,928,297 and net unrealized depreciation from investments for those securities having an excess of cost over value of $190,127.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
ANNUAL REPORT / April 30, 2013
46 | PORTFOLIOS OF INVESTMENTS |
Wilmington Intermediate-Term Bond Fund (concluded)
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities |
||||||||||||||||
Asset-Backed Security |
$ | | $ | 490,273 | $ | | $ | 490,273 | ||||||||
Collateralized Mortgage Obligations |
| 4,305,072 | | 4,305,072 | ||||||||||||
Corporate Bonds |
| 117,755,204 | | 117,755,204 | ||||||||||||
Government Agencies |
| 33,752,273 | | 33,752,273 | ||||||||||||
Mortgage-Backed Securities |
| 13,516,473 | | 13,516,473 | ||||||||||||
Municipal Bond |
| 1,500,373 | | 1,500,373 | ||||||||||||
U.S. Treasury |
| 38,486,673 | | 38,486,673 | ||||||||||||
Repurchase Agreements |
| 15,691,201 | | 15,691,201 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | | $ | 225,497,542 | $ | | $ | 225,497,542 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
47 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Short-Term Corporate Bond Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
ANNUAL REPORT /
48 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short-Term Corporate Bond Fund (continued)
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS | 49 |
Wilmington Short-Term Corporate Bond Fund (continued)
ANNUAL REPORT / April 30, 2013
50 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short-Term Corporate Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS | 51 |
Wilmington Short-Term Corporate Bond Fund (continued)
ANNUAL REPORT / April 30, 2013 |
52 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short-Term Corporate Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $189,372,237. The net unrealized appreciation/(depreciation) of investments was $1,748,073. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,905,137 and net unrealized depreciation from investments for those securities having an excess of cost over value of $157,064.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Adjustable Rate Mortgage |
$ | | $ | 64 | $ | | $ | 64 | ||||||||
Asset-Backed Security |
| 653,697 | | 653,697 | ||||||||||||
Collateralized Mortgage Obligations |
| 4,012,599 | | 4,012,599 | ||||||||||||
Corporate Bonds |
| 180,385,812 | | 180,385,812 | ||||||||||||
U.S. Treasury |
| 2,109,080 | | 2,109,080 | ||||||||||||
Repurchase Agreements |
| 3,959,058 | | 3,959,058 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | | $ | 191,120,310 | $ | | $ | 191,120,310 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
53
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Short Duration Government Bond Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
54 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short Duration Government Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 55 |
Wilmington Short Duration Government Bond Fund (continued)
ANNUAL REPORT / April 30, 2013 |
56 | PORTFOLIOS OF INVESTMENTS |
Wilmington Short Duration Government Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $126,743,011. The net unrealized appreciation/(depreciation) of investments was $3,134,453. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,857,391 and net unrealized depreciation from investments for those securities having an excess of cost over value of $722,938
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Collateralized Mortgage Obligations |
$ | | $ | 33,876,947 | $ | | $ | 33,876,947 | ||||||||
Corporate Bond |
| 520,312 | | 520,312 | ||||||||||||
Government Agencies |
| 45,516,635 | | 45,516,635 | ||||||||||||
Mortgage-Backed Securities |
| 18,249,308 | | 18,249,308 | ||||||||||||
Municipal Bonds |
| 270,411 | | 270,411 | ||||||||||||
U.S. Treasury |
| 29,030,327 | | 29,030,327 | ||||||||||||
Repurchase Agreement |
| 2,413,524 | | 2,413,524 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | | $ | 129,877,464 | $ | | $ | 129,877,464 | ||||||||
|
|
|
|
|
|
|
|
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
Investments In Securities |
||||
Balance as of 4/30/2012 (Government Agencies) |
$ | 34,986 | ||
Realized gain (loss) |
4,152 | |||
Change in unrealized appreciation (depreciation) |
(3,799 | ) | ||
Purchases |
| |||
Sales |
(35,339 | ) | ||
Transfers into Level 3 |
| |||
Transfers out of Level 3 |
| |||
|
|
|||
Balance as of 4/30/2013 |
$ | | ||
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
57
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Municipal Bond Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
58 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 59 |
Wilmington Municipal Bond Fund (continued)
ANNUAL REPORT / April 30, 2013 |
60 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 61 |
Wilmington Municipal Bond Fund (continued)
ANNUAL REPORT / April 30, 2013 |
62 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
Cost of investments for Federal income tax purposes is $248,139,838. The net unrealized appreciation/(depreciation) of investments was $14,372,003. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $14,442,822 and net unrealized depreciation from investments for those securities having an excess of cost over value of $70,819. |
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS | 63 |
Wilmington Municipal Bond Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Municipal Bonds |
$ | | $ | 257,141,800 | $ | | $ | 257,141,800 | ||||||||
Money Market Fund |
5,370,041 | | | 5,370,041 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 5,370,041 | $ | 257,141,800 | $ | | $ | 262,511,841 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
64
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Maryland Municipal Bond Fund
At April 30, 2013, the Funds sector classifications as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 65 |
Wilmington Maryland Municipal Bond Fund (continued)
ANNUAL REPORT / April 30, 2013
66 | PORTFOLIOS OF INVESTMENTS |
Wilmington Maryland Municipal Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $103,084,260. The net unrealized appreciation/(depreciation) of investments was $4,625,188. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,276,491 and net unrealized depreciation from investments for those securities having an excess of cost over value of $651,303.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Municipal Bonds |
$ | | $ | 104,298,070 | $ | | $ | 104,298,070 | ||||||||
Money Market Fund |
3,411,378 | | | 3,411,378 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,411,378 | $ | 104,298,070 | $ | | $ | 107,709,448 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
67
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington New York Municipal Bond Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
68 | PORTFOLIOS OF INVESTMENTS |
Wilmington New York Municipal Bond Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS | 69 |
Wilmington New York Municipal Bond Fund (concluded)
Cost of investments for Federal income tax purposes is $105,731,757. The net unrealized appreciation/(depreciation) of investments was $6,157,384. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,214,409 and net unrealized depreciation from investments for those securities having an excess of cost over value of $57,025.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Municipal Bonds |
$ | | $ | 107,296,103 | $ | | $ | 107,296,103 | ||||||||
Money Market Fund |
4,593,038 | | | 4,593,038 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 4,593,038 | $ | 107,296,103 | $ | | $ | 111,889,141 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
70
NOTES TO PORTFOLIOS OF INVESTMENTS
D | Floating rate note with current rate and stated maturity date shown. |
| Zero coupon security. The rate shown reflects the effective yield at purchase date. |
@ | Current rate and next reset date shown for Variable Rate Demand Notes. |
¿ | Securities with discount rate at time of purchase shown. |
W | Denotes a restricted security, or a portion thereof, that may be resold without restriction to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Funds Board of Trustees. At April 30, 2013, these liquid restricted securities were as follows: |
Fund | Amount | Percentage of Total Net Assets |
||||||||||
Broad Market Bond Fund |
$15,789,767 | 5.6 | % | |||||||||
Intermediate-Term Bond Fund |
4,098,189 | 1.9 | % | |||||||||
Short-Term Corporate Bond Fund |
10,205,903 | 5.5 | % |
| Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2013, these restricted securities were as follows: |
Security | Acquisition Date |
Acquisition Cost |
Market Value |
Percentage Net Assets |
||||||||||||||
Broad Market Bond Fund |
||||||||||||||||||
AbbVie, Inc. |
11/05/2012 | $844,526 | $869,311 | |||||||||||||||
AbbVie, Inc. |
11/05/2012 | 455,234 | 486,039 | |||||||||||||||
BNY Institutional Capital Trust A |
11/25/1996 | 1,500,000 | 1,530,937 | |||||||||||||||
Barrick Gold Corp. |
04/29/2013 | 374,494 | 377,266 | |||||||||||||||
Barrick Gold Corp. |
04/30/2013 | 125,790 | 125,755 | |||||||||||||||
Cox Communications, Inc. |
04/24/2013 | 1,897,625 | 1,903,305 | |||||||||||||||
Crown Castle Towers LLC |
07/29/2010 | 1,000,000 | 1,096,674 | |||||||||||||||
Crown Castle Towers LLC |
08/04/2010 | 1,003,370 | 1,096,674 | |||||||||||||||
Daimler Finance North America LLC |
09/07/2011 | 247,588 | 275,338 | |||||||||||||||
Eaton Corp. |
11/14/2012 | 398,752 | 412,690 | |||||||||||||||
Eaton Corp. |
11/14/2012 | 249,160 | 253,172 | |||||||||||||||
Extended Stay America Trust 2013-ESH |
01/25/2013 | 797,998 | 809,625 | |||||||||||||||
FMR LLC |
10/28/2009 | 997,720 | 1,263,992 | |||||||||||||||
General Motors Financial Co., Inc. |
08/13/2012 | 300,000 | 318,750 | |||||||||||||||
Harley-Davidson Funding Corp. |
11/19/2009 | 499,195 | 538,331 | |||||||||||||||
Hyundai Capital America |
12/01/2011 | 248,878 | 270,503 | |||||||||||||||
Hyundai Capital America |
09/24/2012 | 249,855 | 251,336 | |||||||||||||||
Hyundai Capital Services, Inc. |
03/06/2012 | 249,073 | 266,867 | |||||||||||||||
LA Arena Funding LLC |
04/23/1999 | 1,147,175 | 1,323,085 | |||||||||||||||
NBC Universal Enterprise, Inc. |
03/20/2013 | 420,475 | 420,398 | |||||||||||||||
Rockies Express Pipeline LLC |
03/17/2010 | 499,555 | 470,625 | |||||||||||||||
SLM Student Loan Trust |
04/14/2011 | 486,528 | 490,273 | |||||||||||||||
WM Wrigley Jr. Co. |
06/21/2010 | 499,485 | 514,834 | |||||||||||||||
Zoetis, Inc. |
01/16/2013 | $397,072 | 423,987 | |||||||||||||||
$15,789,767 | 5.6 | % | ||||||||||||||||
Intermediate-Term Bond Fund |
||||||||||||||||||
AbbVie, Inc. |
11/13/2012 | 250,818 | 252,578 | |||||||||||||||
AbbVie, Inc. |
11/05/2012 | 199,582 | 204,155 | |||||||||||||||
AbbVie, Inc. |
11/06/2012 | 302,553 | 306,232 | |||||||||||||||
Broadcom Corp. |
08/14/2012 | 485,159 | 487,238 | |||||||||||||||
Cox Communications, Inc. |
04/24/2013 | 238,944 | 240,232 | |||||||||||||||
Eaton Corp. |
11/14/2012 | 174,412 | 177,220 | |||||||||||||||
Eaton Corp. |
11/15/2012 | 324,412 | 329,123 |
April 30, 2013 / ANNUAL REPORT
NOTES TO PORTFOLIOS OF INVESTMENTS | 71 |
Security | Acquisition Date |
Acquisition Cost |
Market Value |
Percentage of Total Net Assets |
||||||||||||||
General Motors Financial Co., Inc. |
08/13/2012 | 250,000 | 265,625 | |||||||||||||||
Hyundai Capital America |
09/24/2012 | 329,809 | 331,763 | |||||||||||||||
Hyundai Capital America |
09/25/2012 | 496,015 | 497,645 | |||||||||||||||
SLM Student Loan Trust |
04/14/2011 | 486,528 | 490,273 | |||||||||||||||
Zoetis, Inc. |
02/01/2013 | 501,170 | 516,105 | |||||||||||||||
4,098,189 | 1.9 | % | ||||||||||||||||
Short-Term Corporate Bond Fund |
||||||||||||||||||
AbbVie, Inc. |
11/05/2012 | 2,198,526 | 2,222,682 | |||||||||||||||
Barrick Gold Corp. |
04/29/2013 | 374,494 | 377,266 | |||||||||||||||
Barrick Gold Corp. |
04/30/2013 | 125,790 | 125,755 | |||||||||||||||
Daimler Finance North America LLC |
01/08/2013 | 1,000,000 | 1,001,278 | |||||||||||||||
Eaton Corp. |
11/14/2012 | 749,348 | 752,886 | |||||||||||||||
Eaton Corp. |
01/09/2013 | 1,255,250 | 1,254,809 | |||||||||||||||
Extended Stay America Trust 2013-ESH |
01/25/2013 | 503,736 | 511,076 | |||||||||||||||
General Motors Financial Co., Inc. |
08/13/2012 | 200,000 | 212,500 | |||||||||||||||
Hyundai Capital America |
09/24/2012 | 249,855 | 251,336 | |||||||||||||||
Hyundai Motor Manufacturing Czech s.r.o. |
04/15/2010 | 249,248 | 264,368 | |||||||||||||||
NBC Universal Enterprise, Inc. |
03/20/2013 | 630,712 | 630,598 | |||||||||||||||
SLM Student Loan Trust |
04/14/2011 | 648,704 | 653,697 | |||||||||||||||
WM Wrigley Jr. Co. |
04/20/2011 | 1,553,175 | 1,544,502 | |||||||||||||||
Zoetis, Inc. |
01/17/2013 | 399,892 | 403,150 | |||||||||||||||
$10,205,903 | 5.5 | % |
^ | 7-Day net yield. |
| Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2013, the value of these securities amounted to: |
Fund | Amount | Percentage of Total Net Assets |
||||||||
Broad Market Bond Fund |
$854,995 | 0.3 | % | |||||||
Short-Term Corporate Bond Fund |
2,000,000 | 1.1 | % |
| Security is in default. |
# | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
≠ | The Funds advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. |
∑ | All or a portion of this security was segregated for extended settlement contracts. |
** | Represents less than 0.05%. |
ANNUAL REPORT / April 30, 2013
72 | NOTES TO PORTFOLIOS OF INVESTMENTS |
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES | 73 |
April 30, 2013 | Wilmington Broad Market Bond Fund |
Wilmington Intermediate-Term Bond Fund |
Wilmington Short-Term Corporate Bond Fund |
Wilmington Short Duration Government Bond Fund |
||||||||||||||
ASSETS: |
||||||||||||||||||
Investments, at identified cost |
$ | 290,277,180 | $ | 215,746,547 | $ | 189,371,963 | $ | 126,734,601 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Investments in securities, at value (Including $5,338,193, $13,397,278, $3,694,502 and $0 of securities on loan, respectively) (Note 2) |
304,170,037 | 225,497,542 | 191,120,310 | 129,877,464 | ||||||||||||||
Cash |
| 217 | 733 | | ||||||||||||||
Interest receivable |
2,337,450 | 1,724,308 | 1,531,448 | 454,658 | ||||||||||||||
Receivable for shares sold |
983,274 | 308,014 | 597,944 | 130,953 | ||||||||||||||
Receivable for investments sold |
| 1,500,283 | | 21 | ||||||||||||||
Other assets |
7,246 | 11,775 | 6,398 | 9,530 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL ASSETS |
307,498,007 | 229,042,139 | 193,256,833 | 130,472,626 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES: |
||||||||||||||||||
Payable to custodian |
11 | | | 11 | ||||||||||||||
Payable for investments purchased |
18,758,665 | 3,035,156 | 3,400,045 | | ||||||||||||||
Income distribution payable |
629,272 | 353,556 | 150,601 | 200,694 | ||||||||||||||
Payable for shares redeemed |
311,679 | 496,016 | 51,920 | 3,214 | ||||||||||||||
Collateral for securities on loan |
5,482,930 | 13,736,201 | 3,798,041 | | ||||||||||||||
Payable for Trustees fees |
452 | 451 | 501 | 272 | ||||||||||||||
Payable for distribution services fee |
2,121 | 3,017 | 881 | 5,078 | ||||||||||||||
Payable for shareholder services fee |
597 | 850 | | | ||||||||||||||
Other accrued expenses |
187,826 | 115,342 | 138,582 | 92,290 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL LIABILITIES |
25,373,553 | 17,740,589 | 7,540,571 | 301,559 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
NET ASSETS |
$ | 282,124,454 | $ | 211,301,550 | $ | 185,716,262 | $ | 130,171,067 | ||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||
|
||||||||||||||||||
Paid-in capital |
$ | 265,540,626 | $ | 198,686,801 | $ | 182,603,234 | $ | 128,771,481 | ||||||||||
Undistributed (distributions in excess of) net investment income |
213,664 | 96,315 | 24,473 | 450,252 | ||||||||||||||
Accumulated net realized gain (loss) on investments |
2,477,307 | 2,767,439 | 1,340,208 | (2,193,529 | ) | |||||||||||||
Net unrealized appreciation (depreciation) of investments |
13,892,857 | 9,750,995 | 1,748,347 | 3,142,863 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL NET ASSETS |
$ | 282,124,454 | $ | 211,301,550 | $ | 185,716,262 | $ | 130,171,067 | ||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||
Class A |
||||||||||||||||||
Net Assets |
$ | 6,951,272 | $ | 9,729,538 | $ | 3,128,744 | $ | 20,135,783 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Shares outstanding (unlimited shares authorized) |
681,995 | 918,256 | 303,016 | 2,079,781 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value per share |
$ | 10.19 | $ | 10.60 | $ | 10.33 | $ | 9.68 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Offering price per share* |
$ | 10.67 | *** | $ | 11.10 | *** | $ | 10.51 | ** | $ | 9.85 | ** | ||||||
|
|
|
|
|
|
|
|
|||||||||||
Class I |
||||||||||||||||||
Net Assets |
$ | 275,173,182 | $ | 201,572,012 | $ | 182,587,518 | $ | 110,035,284 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Shares outstanding (unlimited shares authorized) |
27,445,739 | 19,013,673 | 17,678,390 | 11,342,853 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value per share |
$ | 10.03 | $ | 10.60 | $ | 10.33 | $ | 9.70 | ||||||||||
|
|
|
|
|
|
|
|
* | See How are Shares Priced? in the Prospectus. |
** | Computation of offering price per share 100/98.25 of net asset value. |
*** | Computation of offering price per share 100/95.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
74 | STATEMENTS OF ASSETS AND LIABILITIES (concluded) |
April 30, 2013 | Wilmington Municipal Bond Fund |
Wilmington Maryland Municipal Bond Fund |
Wilmington New York Municipal Bond Fund |
|||||||||||
ASSETS: | ||||||||||||||
Investments, at identified cost |
$ | 248,139,838 | $ | 103,144,966 | $ | 105,794,060 | ||||||||
|
|
|
|
|
|
|||||||||
Investments in securities, at value |
262,511,841 | 107,709,448 | 111,889,141 | |||||||||||
Interest receivable |
3,279,380 | 1,292,425 | 1,244,267 | |||||||||||
Receivable for shares sold |
407,213 | 132,438 | 162,219 | |||||||||||
Receivable for investments sold |
3,802,697 | | | |||||||||||
Other assets |
7,644 | 5,826 | 5,825 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL ASSETS | 270,008,775 | 109,140,137 | 113,301,452 | |||||||||||
|
|
|
|
|
|
|
||||||||
LIABILITIES: | ||||||||||||||
Payable for investments purchased |
| 2,018,096 | 3,334,125 | |||||||||||
Income distribution payable |
430,983 | 125,767 | 159,510 | |||||||||||
Payable for shares redeemed |
80,725 | 9,067 | 8,979 | |||||||||||
Payable for Trustees fees |
1,099 | 504 | 256 | |||||||||||
Payable for distribution services fee |
5,826 | 7,537 | 15,723 | |||||||||||
Payable for shareholder services fee |
| 821 | | |||||||||||
Other accrued expenses |
140,668 | 71,244 | 73,163 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL LIABILITIES | 659,301 | 2,233,036 | 3,591,756 | |||||||||||
|
|
|
|
|
|
|
||||||||
NET ASSETS | $ | 269,349,474 | $ | 106,907,101 | $ | 109,709,696 | ||||||||
|
|
|
|
|
|
|
||||||||
NET ASSETS CONSIST OF: | ||||||||||||||
|
||||||||||||||
Paid-in capital |
$ | 252,889,826 | $ | 101,428,885 | $ | 105,215,457 | ||||||||
Undistributed (distributions in excess of) net investment income |
(235 | ) | 68,422 | 24,864 | ||||||||||
Accumulated net realized gain (loss) on investments |
2,087,880 | 845,312 | (1,625,706 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments |
14,372,003 | 4,564,482 | 6,095,081 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL NET ASSETS | $ | 269,349,474 | $ | 106,907,101 | $ | 109,709,696 | ||||||||
|
|
|
|
|
|
|
||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||
Class A |
||||||||||||||
Net Assets |
$ | 21,435,565 | $ | 33,460,928 | $ | 31,238,923 | ||||||||
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited shares authorized) |
1,558,814 | 3,258,319 | 2,904,876 | |||||||||||
|
|
|
|
|
|
|||||||||
Net Asset Value per share |
$ | 13.75 | $ | 10.27 | $ | 10.75 | ||||||||
|
|
|
|
|
|
|||||||||
Offering price per share* |
$ | 14.40 | *** | $ | 10.75 | *** | $ | 11.26 | *** | |||||
|
|
|
|
|
|
|||||||||
Class I |
||||||||||||||
Net Assets |
$ | 247,913,909 | $ | 73,446,173 | $ | 78,470,773 | ||||||||
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited shares authorized) |
18,020,784 | 7,140,643 | 7,293,192 | |||||||||||
|
|
|
|
|
|
|||||||||
Net Asset Value per share |
$ | 13.76 | $ | 10.29 | $ | 10.76 | ||||||||
|
|
|
|
|
|
* | See How are Shares Priced? in the Prospectus. |
*** | Computation of offering price per share 100/95.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 75 |
Year Ended April 30, 2013 | Wilmington Bond Fund |
Wilmington Intermediate-Term Bond Fund |
Wilmington Short-Term Corporate Bond Fund |
Wilmington Short Duration Government Bond Fund |
||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||
Dividends |
$ | 5,023 | $ | 145 | $ | 153 | $ | 53 | ||||||||||
Interest |
9,531,423 | 6,419,552 | 3,286,760 | 2,898,227 | ||||||||||||||
Securities lending income |
15,329 | 22,498 | 1,905 | | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL INVESTMENT INCOME | 9,551,775 | 6,442,195 | 3,288,818 | 2,898,280 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
EXPENSES: | ||||||||||||||||||
Investment advisory fee |
1,484,838 | 1,226,813 | 952,040 | 757,656 | ||||||||||||||
Administrative personnel and services fee |
67,781 | 56,001 | 43,701 | 34,814 | ||||||||||||||
Portfolio accounting, administration and custodian fees |
133,503 | 108,014 | 87,522 | 70,100 | ||||||||||||||
Transfer and dividend disbursing agent fees and expenses |
89,352 | 24,962 | 94,873 | 41,994 | ||||||||||||||
Trustees fees |
28,661 | 28,619 | 28,585 | 28,744 | ||||||||||||||
Professional fees |
57,588 | 55,456 | 53,671 | 57,512 | ||||||||||||||
Distribution services feeClass A |
18,804 | 29,417 | 9,601 | 53,747 | ||||||||||||||
Distribution services feeClass C |
| 10,172 | (a) | 2,790 | (a) | 6,727 | (a) | |||||||||||
Shareholder services feeClass A |
18,804 | 29,417 | 9,601 | 53,747 | ||||||||||||||
Shareholder services feeClass C |
| 2,543 | (a) | 697 | (a) | 1,682 | (a) | |||||||||||
Shareholder services fee Class I |
723,614 | 581,445 | 465,721 | 323,399 | ||||||||||||||
Share registration costs |
31,882 | 32,047 | 41,133 | 23,156 | ||||||||||||||
Printing and postage |
56,621 | 17,188 | 33,761 | 19,057 | ||||||||||||||
Miscellaneous |
29,349 | 23,917 | 23,728 | 19,742 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL EXPENSES | 2,740,797 | 2,226,011 | 1,847,424 | 1,492,077 | ||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||
Waiver/reimbursement by investment advisor |
(70,919 | ) | (100,830 | ) | (197,525 | ) | (82,847 | ) | ||||||||||
Waiver of distribution services feeClass A |
(1 | ) | | | (37 | ) | ||||||||||||
Waiver of shareholder services feeClass A |
(11,640 | ) | (18,793 | ) | (9,601 | ) | (53,747 | ) | ||||||||||
Waiver of shareholder services feeClass C |
| (1,787 | )(a) | (697 | )(a) | (1,682 | )(a) | |||||||||||
Waiver of shareholder services feeClass I |
(723,614 | ) | (581,445 | ) | (465,721 | ) | (323,399 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (806,174 | ) | (702,855 | ) | (673,544 | ) | (461,712 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
||||||||||
Net expenses |
1,934,623 | 1,523,156 | 1,173,880 | 1,030,365 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net investment income (loss) |
7,617,152 | 4,919,039 | 2,114,938 | 1,867,915 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||
Net realized gain (loss) on investments |
6,762,586 | 5,203,367 | 1,824,790 | 1,278,289 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(1,719,094 | ) | (2,460,544 | ) | (333,334 | ) | (1,438,262 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net realized and unrealized gain (loss) on investments |
5,043,492 | 2,742,823 | 1,491,456 | (159,973 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
$ | 12,660,644 | $ | 7,661,862 | $ | 3,606,394 | $ | 1,707,942 | ||||||||||
|
|
|
|
|
|
|
|
(a) | On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
76 | STATEMENTS OF OPERATIONS (concluded) |
Year Ended April 30, 2013 | Wilmington Municipal Bond Fund |
Wilmington Maryland Municipal Bond Fund |
Wilmington New York Municipal
Bond |
|||||||||||
INVESTMENT INCOME: |
||||||||||||||
Dividends |
$ | 15 | $ | 6 | $ | 9 | ||||||||
Interest |
5,247,461 | 2,737,074 | 3,013,286 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL INVESTMENT INCOME |
5,247,476 | 2,737,080 | 3,013,295 | |||||||||||
|
|
|
|
|
|
|
||||||||
EXPENSES: | ||||||||||||||
Investment advisory fee |
1,001,444 | 551,439 | 543,531 | |||||||||||
Administrative personnel and services fee |
46,519 | 25,310 | 24,943 | |||||||||||
Portfolio accounting, administration and custodian fees |
72,115 | 45,469 | 48,874 | |||||||||||
Transfer and dividend disbursing agent fees and expenses |
18,421 | 10,420 | 19,948 | |||||||||||
Trustees fees |
28,810 | 28,812 | 28,593 | |||||||||||
Professional fees |
58,928 | 52,071 | 52,166 | |||||||||||
Distribution services feeClass A |
29,253 | 87,954 | 82,931 | |||||||||||
Shareholder services feeClass A |
29,253 | 87,954 | 82,931 | |||||||||||
Shareholder services fee Class I |
471,821 | 187,765 | 188,834 | |||||||||||
Share registration costs |
32,068 | 18,490 | 12,836 | |||||||||||
Printing and postage |
20,157 | 11,867 | 13,276 | |||||||||||
Miscellaneous |
25,602 | 16,140 | 14,127 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL EXPENSES | 1,834,391 | 1,123,691 | 1,112,990 | |||||||||||
|
|
|
|
|
|
|
||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||
Waiver/reimbursement by investment advisor |
(81,442 | ) | (20,960 | ) | (116,928 | ) | ||||||||
Waiver of distribution services feeClass A |
| (12 | ) | | ||||||||||
Waiver of shareholder services feeClass A |
(29,253 | ) | (77,685 | ) | (82,931 | ) | ||||||||
Waiver of shareholder services feeClass I |
(471,821 | ) | (187,765 | ) | (188,834 | ) | ||||||||
|
|
|
|
|
|
|||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (582,516 | ) | (286,422 | ) | (388,693 | ) | ||||||||
|
|
|
|
|
|
|
||||||||
Net expenses |
1,251,875 | 837,269 | 724,297 | |||||||||||
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
3,995,601 | 1,899,811 | 2,288,998 | |||||||||||
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on investments |
3,289,820 | 1,789,143 | 1,653,399 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(1,338,347 | ) | (267,207 | ) | (31,655 | ) | ||||||||
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments |
1,951,473 | 1,521,936 | 1,621,744 | |||||||||||
|
|
|
|
|
|
|||||||||
Change in net assets resulting from operations |
$ | 5,947,074 | $ | 3,421,747 | $ | 3,910,742 | ||||||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS | 77 |
|
Wilmington Broad Market Bond Fund |
Wilmington Intermediate-Term Bond Fund |
||||||||||||||||
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
|||||||||||||||
OPERATIONS: |
||||||||||||||||||
Net investment income (loss) |
$ | 7,617,152 | $ | 8,096,058 | $ | 4,919,039 | $ | 3,406,061 | ||||||||||
Net realized gain (loss) on investments |
6,762,586 | 6,123,925 | 5,203,367 | 4,066,312 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(1,719,094 | ) | 1,282,204 | (2,460,544 | ) | (693,946 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
12,660,644 | 15,502,187 | 7,661,862 | 6,778,427 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||
Class A |
(181,722 | ) | (219,962 | ) | (205,115 | ) | (183,231 | ) | ||||||||||
Class C |
| | (10,329 | ) | (21,044 | ) | ||||||||||||
Class I |
(7,984,284 | ) | (8,190,147 | ) | (4,848,047 | ) | (3,258,611 | ) | ||||||||||
Distributions from net realized gain on investments |
||||||||||||||||||
Class A |
(135,577 | ) | (155,794 | ) | (180,045 | ) | (277,193 | ) | ||||||||||
Class C |
| | (16,895 | ) | (46,621 | ) | ||||||||||||
Class I |
(5,425,335 | ) | (5,189,617 | ) | (3,368,228 | ) | (3,682,030 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from distributions to shareholders |
(13,726,918 | ) | (13,755,520 | ) | (8,628,659 | ) | (7,468,730 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||
Class A |
1,134,080 | 338,445 | 1,255,340 | 2,574,273 | ||||||||||||||
Class C |
| | 145,702 | 619,511 | ||||||||||||||
Class I |
71,265,641 | 65,940,446 | 25,564,738 | 27,033,293 | ||||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) |
| 58,782,175 | | 147,980,426 | ||||||||||||||
Proceeds from exchange of Class C for Class A |
||||||||||||||||||
Class A |
| | 717,567 | (a) | | |||||||||||||
Class C |
| | (717,567 | )(a) | | |||||||||||||
Distributions reinvested |
||||||||||||||||||
Class A |
255,335 | 337,682 | 318,516 | 392,754 | ||||||||||||||
Class C |
| | 24,258 | 56,008 | ||||||||||||||
Class I |
9,463,910 | 9,693,413 | 5,278,968 | 4,689,799 | ||||||||||||||
Cost of shares redeemed |
||||||||||||||||||
Class A |
(2,851,238 | ) | (767,544 | ) | (5,457,857 | ) | (1,127,972 | ) | ||||||||||
Class C |
| | (817,746 | ) | (623,521 | ) | ||||||||||||
Class I |
(96,483,813 | ) | (51,652,201 | ) | (81,789,148 | ) | (28,850,257 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from share transactions |
(17,216,085 | ) | 82,672,416 | (55,477,229 | ) | 152,744,314 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets |
(18,282,359 | ) | 84,419,083 | (56,444,026 | ) | 152,054,011 | ||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year |
300,406,813 | 215,987,730 | 267,745,576 | 115,691,565 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
End of year |
$ | 282,124,454 | $ | 300,406,813 | $ | 211,301,550 | $ | 267,745,576 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year |
$ | 213,664 | $ | 95,859 | $ | 96,315 | $ | 47,637 | ||||||||||
|
|
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2013
78 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Broad Market Bond Fund |
Wilmington Intermediate-Term Bond Fund |
|||||||||||||||||
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
|||||||||||||||
SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||||
Shares sold |
||||||||||||||||||
Class A |
110,462 | 31,833 | 117,911 | 240,914 | ||||||||||||||
Class C |
| | 13,556 | 57,791 | ||||||||||||||
Class I |
7,064,293 | 6,573,305 | 2,403,713 | 2,537,108 | ||||||||||||||
Shares issued in connection with Reorganization (Note 8) |
| 5,858,174 | | 13,946,072 | ||||||||||||||
Shares exchanged |
||||||||||||||||||
Class A |
| | 67,154 | (a) | | |||||||||||||
Class C |
| | (67,009 | )(a) | | |||||||||||||
Distributions reinvested |
||||||||||||||||||
Class A |
24,906 | 33,350 | 29,932 | 37,284 | ||||||||||||||
Class C |
| | 2,275 | 5,324 | ||||||||||||||
Class I |
939,016 | 974,780 | 495,961 | 445,485 | ||||||||||||||
Shares redeemed |
||||||||||||||||||
Class A |
(277,557 | ) | (73,823 | ) | (514,348 | ) | (105,708 | ) | ||||||||||
Class C |
| | (76,818 | ) | (57,861 | ) | ||||||||||||
Class I |
(9,563,559 | ) | (5,138,452 | ) | (7,680,421 | ) | (2,711,555 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net change resulting from share transactions |
(1,702,439 | ) | 8,259,167 | (5,208,094 | ) | 14,394,854 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 79 |
Wilmington Short-Term Corporate Bond Fund |
Wilmington Short Duration Government Bond Fund |
|||||||||||||||
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
|||||||||||||
OPERATIONS: |
||||||||||||||||
Net investment income (loss) |
$ | 2,114,938 | $ | 2,709,526 | $ | 1,867,915 | $ | 2,204,554 | ||||||||
Net realized gain (loss) on investments |
1,824,790 | 378,568 | 1,278,289 | 1,826,640 | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(333,334 | ) | 63,770 | (1,438,262 | ) | (1,991,670 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from operations |
3,606,394 | 3,151,864 | 1,707,942 | 2,039,524 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||
Distributions from net investment income |
||||||||||||||||
Class A |
(35,543 | ) | (127,699 | ) | (325,374 | ) | (384,724 | ) | ||||||||
Class C |
(508 | ) | (1,852 | ) | (5,073 | ) | (15,881 | ) | ||||||||
Class I |
(2,151,733 | ) | (2,645,212 | ) | (2,289,679 | ) | (2,532,776 | ) | ||||||||
Distributions from net realized gain on investments |
||||||||||||||||
Class A |
(7,776 | ) | (36,859 | ) | (92,383 | ) | | |||||||||
Class C |
(797 | ) | (1,477 | ) | (2,856 | ) | | |||||||||
Class I |
(463,007 | ) | (646,562 | ) | (505,332 | ) | | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from distributions to shareholders |
(2,659,364 | ) | (3,459,661 | ) | (3,220,697 | ) | (2,933,381 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
SHARE TRANSACTIONS: |
||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||
Class A |
904,288 | 6,816,943 | 1,320,956 | 3,592,852 | ||||||||||||
Class C |
46,550 | 197,370 | 50,386 | 355,365 | ||||||||||||
Class I |
64,351,456 | 63,222,247 | 17,403,153 | 61,490,495 | ||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) |
| | | 63,847,406 | ||||||||||||
Proceeds from exchange of Class C for Class A |
| | | | ||||||||||||
Class A |
215,042 | (a) | | 480,225 | (a) | | ||||||||||
Class C |
(215,042 | )(a) | | (480,225 | )(a) | | ||||||||||
Distributions reinvested |
||||||||||||||||
Class A |
30,304 | 152,669 | 277,192 | 290,578 | ||||||||||||
Class C |
598 | 1,417 | 5,458 | 9,954 | ||||||||||||
Class I |
1,553,005 | 2,099,699 | 1,449,747 | 1,066,256 | ||||||||||||
Cost of shares redeemed |
||||||||||||||||
Class A |
(6,950,038 | ) | (9,920,311 | ) | (4,555,497 | ) | (3,585,926 | ) | ||||||||
Class C |
(179,893 | ) | (240,015 | ) | (504,605 | ) | (681,389 | ) | ||||||||
Class I |
(73,425,311 | ) | (52,413,258 | ) | (58,941,821 | ) | (51,428,411 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets resulting from share transactions |
(13,669,041 | ) | 9,916,761 | (43,495,031 | ) | 74,957,180 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net assets |
(12,722,011 | ) | 9,608,964 | (45,007,786 | ) | 74,063,323 | ||||||||||
NET ASSETS: |
||||||||||||||||
Beginning of year |
198,438,273 | 188,829,309 | 175,178,853 | 101,115,530 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 185,716,262 | $ | 198,438,273 | $ | 130,171,067 | $ | 175,178,853 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year |
$ | 24,473 | $ | 23,865 | $ | 450,252 | $ | (51,557 | ) | |||||||
|
|
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2013
80 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Short-Term Corporate Bond Fund |
Wilmington Short Duration Government Bond Fund |
|||||||||||||||
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
|||||||||||||
SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||
Shares sold |
||||||||||||||||
Class A |
87,780 | 663,009 | 135,272 | 366,327 | ||||||||||||
Class C |
4,505 | 19,230 | 5,184 | 36,087 | ||||||||||||
Class I |
6,243,916 | 6,160,045 | 1,780,447 | 6,256,075 | ||||||||||||
Shares issued in connection with Reorganization (Note 8) |
| | | 6,515,306 | ||||||||||||
Shares exchanged |
||||||||||||||||
Class A |
21,187 | (a) | | 46,460 | (a) | | ||||||||||
Class C |
(21,164 | )(a) | | (46,361 | )(a) | | ||||||||||
Distributions reinvested |
||||||||||||||||
Class A |
2,943 | 14,899 | 28,420 | 29,600 | ||||||||||||
Class C |
58 | 138 | 558 | 1,011 | ||||||||||||
Class I |
150,670 | 204,972 | 148,318 | 108,485 | ||||||||||||
Shares redeemed |
||||||||||||||||
Class A |
(675,978 | ) | (967,743 | ) | (467,422 | ) | (365,307 | ) | ||||||||
Class C |
(17,441 | ) | (23,452 | ) | (51,669 | ) | (69,313 | ) | ||||||||
Class I |
(7,120,728 | ) | (5,113,279 | ) | (6,024,162 | ) | (5,240,005 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change resulting from share transactions |
(1,324,252 | ) | 957,819 | (4,444,955 | ) | 7,638,266 | ||||||||||
|
|
|
|
|
|
|
|
(a) | On April 13, 2013, Class C shares of the Fund were terminated after the conversion to Class A shares of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) | 81 |
Wilmington Municipal Bond Fund |
Wilmington Maryland Municipal Bond Fund |
|||||||||||||||||||
Year Ended April 30, 2013 |
Ten Months Ended April 30, 2012(a) |
Year Ended June 30, 2011 |
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
||||||||||||||||
OPERATIONS: |
||||||||||||||||||||
Net investment income (loss) |
$ | 3,995,601 | $ | 3,352,458 | $ | 5,463,723 | $ | 1,899,811 | $ | 4,069,265 | ||||||||||
Net realized gain (loss) on investments |
3,289,820 | 3,265,303 | 654,624 | 1,789,143 | (421,195 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(1,338,347 | ) | 5,001,572 | (273,365 | ) | (267,207 | ) | 4,937,390 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
5,947,074 | 11,619,333 | 5,844,982 | 3,421,747 | 8,585,460 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||||
Class A |
(203,271 | ) | (16,766 | ) | (20,833 | ) | (540,025 | ) | (1,221,463 | ) | ||||||||||
Class I |
(3,789,729 | ) | (3,335,788 | ) | (5,442,890 | ) | (1,361,347 | ) | (2,860,460 | ) | ||||||||||
Distributions from net realized gain on investments |
||||||||||||||||||||
Class A |
(27,705 | ) | (10,129 | ) | (3,181 | ) | (131,453 | ) | | |||||||||||
Class I |
(3,351,722 | ) | (1,733,845 | ) | (999,078 | ) | (280,965 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from distributions to shareholders |
(7,372,427 | ) | (5,096,528 | ) | (6,465,982 | ) | (2,313,790 | ) | (4,081,923 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||||
Class A |
1,176,614 | 68,090 | 409,604 | 787,780 | 1,613,461 | |||||||||||||||
Class I |
60,509,663 | 31,325,608 | 34,655,128 | 6,718,543 | 5,357,945 | |||||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) |
||||||||||||||||||||
Class A |
28,984,371 | | | | | |||||||||||||||
Class I |
88,406,939 | | | | | |||||||||||||||
Distributions reinvested |
||||||||||||||||||||
Class A |
129,119 | 22,813 | 16,031 | 512,136 | 990,695 | |||||||||||||||
Class I |
3,959,423 | 2,373,765 | 2,386,205 | 418,813 | 335,735 | |||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||
Class A |
(9,244,980 | ) | (176,393 | ) | (247,382 | ) | (4,271,066 | ) | (2,486,938 | ) | ||||||||||
Class I |
(49,863,029 | ) | (35,697,116 | ) | (61,153,482 | ) | (9,869,369 | ) | (12,273,784 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from share transactions |
124,058,120 | (2,083,233 | ) | (23,933,896 | ) | (5,703,163 | ) | (6,462,886 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets |
122,632,767 | 4,439,572 | (24,554,896 | ) | (4,595,206 | ) | (1,959,349 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period |
146,716,707 | 142,277,135 | 166,832,031 | 111,502,307 | 113,461,656 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
End of period |
$ | 269,349,474 | $ | 146,716,707 | $ | 142,277,135 | $ | 106,907,101 | $ | 111,502,307 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period |
$ | (235 | ) | $ | (201 | ) | $ | (105 | ) | $ | 68,422 | $ | 21,419 | |||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold |
||||||||||||||||||||
Class A |
85,294 | 5,004 | 31,504 | 76,733 | 161,476 | |||||||||||||||
Class I |
4,390,600 | 2,307,549 | 2,623,517 | 654,857 | 533,219 | |||||||||||||||
Shares issued in connection with Reorganization (Note 8) |
||||||||||||||||||||
Class A |
2,089,295 | | | | | |||||||||||||||
Class I |
6,370,639 | | | | | |||||||||||||||
Distributions reinvested |
||||||||||||||||||||
Class A |
9,410 | 1,687 | 1,218 | 49,811 | 98,962 | |||||||||||||||
Class I |
285,685 | 175,583 | 181,311 | 40,517 | 33,491 | |||||||||||||||
Shares redeemed |
||||||||||||||||||||
Class A |
(676,526 | ) | (12,840 | ) | (19,039 | ) | (416,363 | ) | (248,089 | ) | ||||||||||
Class I |
(3,613,370 | ) | (2,627,310 | ) | (4,648,399 | ) | (960,347 | ) | (1,223,458 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change resulting from share transactions |
8,941,027 | (150,327 | ) | (1,829,888 | ) | (554,792 | ) | (644,399 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
82 | STATEMENTS OF CHANGES IN NET ASSETS (concluded) |
Wilmington New York Municipal Bond Fund |
||||||||
Year Ended April 30, 2013 |
Year Ended April 30, 2012 |
|||||||
OPERATIONS: |
||||||||
Net investment income (loss) |
$ | 2,288,998 | $ | 3,084,645 | ||||
Net realized gain (loss) on investments |
1,653,399 | 1,125,425 | ||||||
Net change in unrealized appreciation (depreciation) of investments |
(31,655 | ) | 4,137,027 | |||||
|
|
|
|
|||||
Change in net assets resulting from operations |
3,910,742 | 8,347,097 | ||||||
|
|
|
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||
Distributions from net investment income |
||||||||
Class A |
(640,368 | ) | (948,523 | ) | ||||
Class I |
(1,641,762 | ) | (2,122,485 | ) | ||||
|
|
|
|
|||||
Change in net assets resulting from distributions to shareholders |
(2,282,130 | ) | (3,071,008 | ) | ||||
|
|
|
|
|||||
SHARE TRANSACTIONS: |
||||||||
Proceeds from sale of shares |
||||||||
Class A |
567,278 | 1,396,095 | ||||||
Class I |
18,652,117 | 14,491,388 | ||||||
Distributions reinvested |
||||||||
Class A |
440,175 | 782,863 | ||||||
Class I |
812,318 | 1,075,560 | ||||||
Cost of shares redeemed |
||||||||
Class A |
(5,368,705 | ) | (2,935,575 | ) | ||||
Class I |
(17,034,370 | ) | (13,100,538 | ) | ||||
|
|
|
|
|||||
Change in net assets resulting from share transactions |
(1,931,187 | ) | 1,709,793 | |||||
|
|
|
|
|||||
Change in net assets |
(302,575 | ) | 6,985,882 | |||||
NET ASSETS: |
||||||||
Beginning of year |
110,012,271 | 103,026,389 | ||||||
|
|
|
|
|||||
End of year |
$ | 109,709,696 | $ | 110,012,271 | ||||
|
|
|
|
|||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year |
$ | 24,864 | $ | 24,569 | ||||
|
|
|
|
|||||
SHARES OF BENEFICIAL INTEREST: |
||||||||
Shares sold |
||||||||
Class A |
53,037 | 134,466 | ||||||
Class I |
1,742,747 | 1,394,887 | ||||||
Distributions reinvested |
||||||||
Class A |
41,142 | 75,819 | ||||||
Class I |
75,842 | 104,094 | ||||||
Shares redeemed |
||||||||
Class A |
(502,211 | ) | (281,345 | ) | ||||
Class I |
(1,592,521 | ) | (1,266,350 | ) | ||||
|
|
|
|
|||||
Net change resulting from share transactions |
(181,964 | ) | 161,571 | |||||
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 83 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON BROAD MARKET BOND FUND | ||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.23 | $10.16 | $10.05 | $9.24 | $9.77 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.23 | 0.32 | 0.38 | 0.39 | 0.45 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.17 | 0.33 | 0.26 | 0.81 | (0.54 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.40 | 0.65 | 0.64 | 1.20 | (0.09 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.25 | ) | (0.33 | ) | (0.38 | ) | (0.39 | ) | (0.44 | ) | ||||||||||||
Net Realized Gains |
(0.19 | ) | (0.25 | ) | (0.15 | ) | | | ||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.44 | ) | (0.58 | ) | (0.53 | ) | (0.39 | ) | (0.44 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.19 | $10.23 | $10.16 | $10.05 | $9.24 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
3.93 | % | 6.54 | % | 6.50 | % | 13.13 | % | (0.84 | )% | ||||||||||||
Net Assets, End of Year (000s) |
$6,951 | $8,431 | $6,602 | $6,289 | $5,681 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
1.17 | % | 1.25 | % | 1.28 | % | 1.26 | % | 1.32 | % | ||||||||||||
Net Expenses(c) |
0.99 | % | 1.00 | % | 1.00 | % | 0.84 | % | 0.78 | % | ||||||||||||
Net Investment Income (Loss) |
2.23 | % | 3.12 | % | 3.76 | % | 4.00 | % | 4.75 | % | ||||||||||||
Portfolio Turnover Rate |
106 | % | 93 | % | 128 | % | 142 | % | 93 | % | ||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.07 | $10.01 | $9.90 | $9.10 | $9.63 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.26 | 0.35 | 0.41 | 0.40 | 0.43 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.17 | 0.32 | 0.26 | 0.80 | (0.50 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.43 | 0.67 | 0.67 | 1.20 | (0.07 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.28 | ) | (0.36 | ) | (0.41 | ) | (0.40 | ) | (0.46 | ) | ||||||||||||
Net Realized Gains |
(0.19 | ) | (0.25 | ) | (0.15 | ) | | | ||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.47 | ) | (0.61 | ) | (0.56 | ) | (0.40 | ) | (0.46 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.03 | $10.07 | $10.01 | $9.90 | $9.10 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
4.32 | % | 6.90 | % | 6.93 | % | 13.39 | % | (0.71 | )% | ||||||||||||
Net Assets, End of Year (000s) |
$275,173 | $291,976 | $209,386 | $205,794 | $159,120 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
0.92 | % | 1.00 | % | 1.03 | % | 1.01 | % | 1.06 | % | ||||||||||||
Net Expenses(c) |
0.64 | % | 0.66 | % | 0.66 | % | 0.64 | % | 0.64 | % | ||||||||||||
Net Investment Income (Loss) |
2.57 | % | 3.47 | % | 4.12 | % | 4.21 | % | 4.83 | % | ||||||||||||
Portfolio Turnover Rate |
106 | % | 93 | % | 128 | % | 142 | % | 93 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
84 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON INTERMEDIATE-TERM BOND FUND | ||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.64 | $10.76 | $10.63 | $9.96 | $9.97 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.18 | 0.24 | 0.34 | 0.43 | 0.41 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.13 | 0.28 | 0.24 | 0.68 | (0.00 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.31 | 0.52 | 0.58 | 1.11 | 0.41 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.19 | ) | (0.25 | ) | (0.35 | ) | (0.44 | ) | (0.42 | ) | ||||||||||||
Net Realized Gains |
(0.16 | ) | (0.39 | ) | (0.10 | ) | | | ||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.35 | ) | (0.64 | ) | (0.45 | ) | (0.44 | ) | (0.42 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.60 | $10.64 | $10.76 | $10.63 | $9.96 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
2.90 | % | 4.96 | % | 5.51 | % | 11.33 | % | 4.20 | % | ||||||||||||
Net Assets, End of Year (000s) |
$9,730 | $12,961 | $6,744 | $5,777 | $2,619 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
1.14 | % | 1.35 | % | 1.43 | % | 1.41 | % | 1.35 | % | ||||||||||||
Net Expenses(c) |
0.94 | % | 1.00 | % | 1.01 | % | 0.87 | % | 0.78 | % | ||||||||||||
Net Investment Income (Loss) |
1.69 | % | 2.22 | % | 3.18 | % | 4.23 | % | 4.22 | % | ||||||||||||
Portfolio Turnover Rate |
52 | % | 253 | % | 485 | % | 164 | % | 191 | % | ||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.65 | $10.77 | $10.64 | $9.96 | $9.97 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.22 | 0.28 | 0.38 | 0.47 | 0.43 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.11 | 0.27 | 0.24 | 0.67 | (0.01 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.33 | 0.55 | 0.62 | 1.14 | 0.42 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.22 | ) | (0.28 | ) | (0.39 | ) | (0.46 | ) | (0.43 | ) | ||||||||||||
Net Realized Gains |
(0.16 | ) | (0.39 | ) | (0.10 | ) | | | ||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.38 | ) | (0.67 | ) | (0.49 | ) | (0.46 | ) | (0.43 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.60 | $10.65 | $10.77 | $10.64 | $9.96 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
3.15 | % | 5.33 | % | 5.96 | % | 11.62 | % | 4.35 | % | ||||||||||||
Net Assets, End of Year (000s) |
$201,572 | $253,419 | $107,625 | $122,553 | $126,742 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
0.89 | % | 1.09 | % | 1.17 | % | 1.15 | % | 1.09 | % | ||||||||||||
Net Expenses(c) |
0.60 | % | 0.64 | % | 0.66 | % | 0.63 | % | 0.63 | % | ||||||||||||
Net Investment Income (Loss) |
2.03 | % | 2.58 | % | 3.54 | % | 4.49 | % | 4.31 | % | ||||||||||||
Portfolio Turnover Rate |
52 | % | 253 | % | 485 | % | 164 | % | 191 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 85 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT-TERM CORPORATE BOND FUND | ||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.28 | $10.29 | $10.21 | $9.89 | $9.87 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.09 | 0.12 | 0.16 | 0.21 | 0.27 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.08 | 0.03 | 0.10 | 0.33 | 0.08 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.17 | 0.15 | 0.26 | 0.54 | 0.35 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.09 | ) | (0.12 | ) | (0.17 | ) | (0.22 | ) | (0.33 | ) | ||||||||||||
Net Realized Gains |
(0.03 | ) | (0.04 | ) | (0.01 | ) | | | ||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.12 | ) | (0.16 | ) | (0.18 | ) | (0.22 | ) | (0.33 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.33 | $10.28 | $10.29 | $10.21 | $9.89 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
1.66 | % | 1.48 | % | 2.57 | % | 5.47 | % | 3.59 | % | ||||||||||||
Net Assets, End of Year (000s) |
$3,129 | $8,912 | $11,905 | $5,461 | $453 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
1.20 | % | 1.37 | % | 1.45 | % | 1.49 | % | 1.48 | % | ||||||||||||
Net Expenses(c) |
0.86 | % | 0.86 | % | 0.86 | % | 0.92 | % | 0.89 | % | ||||||||||||
Net Investment Income (Loss) |
0.89 | % | 1.16 | % | 1.57 | % | 2.04 | % | 3.21 | % | ||||||||||||
Portfolio Turnover Rate |
110 | % | 73 | % | 142 | % | 81 | % | 94 | % | ||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.28 | $10.29 | $10.21 | $9.89 | $9.88 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.12 | 0.15 | 0.18 | 0.23 | 0.33 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.08 | 0.03 | 0.10 | 0.32 | 0.02 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.20 | 0.18 | 0.28 | 0.55 | 0.35 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.12 | ) | (0.15 | ) | (0.19 | ) | (0.23 | ) | (0.34 | ) | ||||||||||||
Net Realized Gains |
(0.03 | ) | (0.04 | ) | (0.01 | ) | | | ||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.15 | ) | (0.19 | ) | (0.20 | ) | (0.23 | ) | (0.34 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.33 | $10.28 | $10.29 | $10.21 | $9.89 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
1.91 | % | 1.74 | % | 2.83 | % | 5.66 | % | 3.64 | % | ||||||||||||
Net Assets, End of Year (000s) |
$182,588 | $189,176 | $176,531 | $108,636 | $61,655 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
0.96 | % | 1.11 | % | 1.20 | % | 1.22 | % | 1.23 | % | ||||||||||||
Net Expenses(c) |
0.61 | % | 0.61 | % | 0.61 | % | 0.71 | % | 0.73 | % | ||||||||||||
Net Investment Income (Loss) |
1.12 | % | 1.42 | % | 1.81 | % | 2.32 | % | 3.42 | % | ||||||||||||
Portfolio Turnover Rate |
110 | % | 73 | % | 142 | % | 81 | % | 94 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
86 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND | ||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$9.79 | $9.87 | $9.90 | $9.90 | $9.78 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.10 | 0.16 | 0.21 | (b) | 0.30 | 0.32 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
(0.02 | ) | (0.02 | ) | 0.00 | (b)(c) | 0.01 | 0.12 | ||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.08 | 0.14 | 0.21 | 0.31 | 0.44 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.15 | ) | (0.22 | ) | (0.24 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||
Net Realized Gains |
(0.04 | ) | | | | | ||||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.19 | ) | (0.22 | ) | (0.24 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$9.68 | $9.79 | $9.87 | $9.90 | $9.90 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(d) |
0.82 | % | 1.40 | % | 2.10 | % | 3.15 | % | 4.59 | % | ||||||||||||
Net Assets, End of Year (000s) |
$20,136 | $22,874 | $16,848 | $10,680 | $5,209 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
1.20 | % | 1.27 | % | 1.36 | % | 1.36 | % | 1.25 | % | ||||||||||||
Net Expenses(e) |
0.89 | % | 0.88 | % | 0.89 | % | 0.86 | % | 0.80 | % | ||||||||||||
Net Investment Income (Loss) |
1.02 | % | 1.65 | % | 2.09 | %(b) | 3.04 | % | 3.27 | % | ||||||||||||
Portfolio Turnover Rate |
31 | % | 131 | % | 255 | % | 164 | % | 84 | % | ||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$9.81 | $9.89 | $9.92 | $9.92 | $9.78 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.12 | 0.18 | 0.23 | (b) | 0.32 | 0.35 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
(0.02 | ) | (0.02 | ) | 0.00 | (b)(c) | 0.00 | (c) | 0.13 | |||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.10 | 0.16 | 0.23 | 0.32 | 0.48 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.17 | ) | (0.24 | ) | (0.26 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||
Net Realized Gains |
(0.04 | ) | | | | | ||||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.21 | ) | (0.24 | ) | (0.26 | ) | (0.32 | ) | (0.34 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$9.70 | $9.81 | $9.89 | $9.92 | $9.92 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(d) |
1.07 | % | 1.66 | % | 2.35 | % | 3.32 | % | 4.96 | % | ||||||||||||
Net Assets, End of Year (000s) |
$110,035 | $151,399 | $83,037 | $77,725 | $69,442 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
0.94 | % | 1.01 | % | 1.11 | % | 1.11 | % | 0.99 | % | ||||||||||||
Net Expenses(e) |
0.64 | % | 0.63 | % | 0.64 | % | 0.65 | % | 0.65 | % | ||||||||||||
Net Investment Income (Loss) |
1.27 | % | 1.85 | % | 2.34 | %(b) | 3.25 | % | 3.45 | % | ||||||||||||
Portfolio Turnover Rate |
31 | % | 131 | % | 255 | % | 164 | % | 84 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Net investment income per share and net realized and unrealized gain (loss) per share were (decreased)/increased by ($0.03) and $0.03, respectively, to reflect amortization adjustments and paydown losses. A corresponding adjustment was made to decrease the net investment income ratio by 0.27%. |
(c) | Represents less than $0.005. |
(d) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(e) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 87 |
For a share outstanding throughout each period:
WILMINGTON MUNICIPAL BOND FUND | ||||||||||||||||||||||||||||||||||
CLASS A | Year Ended April 30, 2013 |
For the Period April 30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
$13.79 | $13.18 | $13.22 | $12.64 | $12.79 | $12.75 | ||||||||||||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.24 | 0.29 | 0.42 | 0.46 | 0.47 | 0.45 | ||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.27 | 0.78 | 0.04 | 0.61 | (0.10 | ) | 0.04 | |||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations |
0.51 | 1.07 | 0.46 | 1.07 | 0.37 | 0.49 | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.24 | ) | (0.29 | ) | (0.42 | ) | (0.46 | ) | (0.47 | ) | (0.45 | ) | ||||||||||||||||||||||
Net Realized Gains |
(0.31 | ) | (0.17 | ) | (0.08 | ) | (0.03 | ) | (0.05 | ) | | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Total Distributions |
(0.55 | ) | (0.46 | ) | (0.50 | ) | (0.49 | ) | (0.52 | ) | (0.45 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
$13.75 | $13.79 | $13.18 | $13.22 | $12.64 | $12.79 | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Total Return(b) |
3.74 | % | 8.18 | % | 3.56 | % | 8.57 | % | 3.04 | % | 3.86 | % | ||||||||||||||||||||||
Net Assets, End of Period (000s) |
$21,435 | $708 | $758 | $579 | $164 | $11 | ||||||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||||
Gross Expense |
1.13 | % | 0.92 | %(c) | 0.86 | % | 0.85 | % | 0.87 | % | 0.86 | % | ||||||||||||||||||||||
Net Expenses(d) |
0.86 | % | 0.87 | %(c) | 0.86 | % | 0.85 | % | 0.87 | % | 0.86 | % | ||||||||||||||||||||||
Net Investment Income (Loss) |
1.74 | % | 2.56 | %(c) | 3.20 | % | 3.55 | % | 3.50 | % | 3.48 | % | ||||||||||||||||||||||
Portfolio Turnover Rate |
38 | % | 52 | % | 30 | % | 44 | % | 19 | % | 37 | % | ||||||||||||||||||||||
CLASS I | Year Ended April 30, 2013 |
For the Period April 30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
$13.79 | $13.19 | $13.22 | $12.64 | $12.79 | $12.75 | ||||||||||||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.28 | 0.32 | 0.45 | 0.49 | 0.50 | 0.48 | ||||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.28 | 0.77 | 0.05 | 0.61 | (0.10 | ) | 0.04 | |||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Total Income (Loss) From Operations |
0.56 | 1.09 | 0.50 | 1.10 | 0.40 | 0.52 | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.28 | ) | (0.32 | ) | (0.45 | ) | (0.49 | ) | (0.50 | ) | (0.48 | ) | ||||||||||||||||||||||
Net Realized Gains |
(0.31 | ) | (0.17 | ) | (0.08 | ) | (0.03 | ) | (0.05 | ) | | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Total Distributions |
(0.59 | ) | (0.49 | ) | (0.53 | ) | (0.52 | ) | (0.55 | ) | (0.48 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Net Asset Value, End of Period |
$13.76 | $13.79 | $13.19 | $13.22 | $12.64 | $12.79 | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
Total Return(b) |
4.06 | % | 8.33 | % | 3.90 | % | 8.84 | % | 3.27 | % | 4.09 | % | ||||||||||||||||||||||
Net Assets, End of Period (000s) |
$247,914 | $146,009 | $141,519 | $166,253 | $135,073 | $134,272 | ||||||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||||
Gross Expense |
0.90 | % | 0.68 | %(c) | 0.61 | % | 0.60 | % | 0.62 | % | 0.61 | % | ||||||||||||||||||||||
Net Expenses(d) |
0.61 | % | 0.62 | %(c) | 0.61 | % | 0.60 | % | 0.62 | % | 0.61 | % | ||||||||||||||||||||||
Net Investment Income (Loss) |
2.01 | % | 2.80 | %(c) | 3.44 | % | 3.79 | % | 3.99 | % | 3.70 | % | ||||||||||||||||||||||
Portfolio Turnover Rate |
38 | % | 52 | % | 30 | % | 44 | % | 19 | % | 37 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less the one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
* | Year end changed from June 30 to April 30. |
| Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Municipal Bond Fund, a series of WT Mutual Fund (the WT Fund). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
See Notes which are an integral part of the Financial Statements.
ANNUAL REPORT / April 30, 2013
88 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MARYLAND MUNICIPAL BOND FUND | ||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.17 | $9.77 | $9.98 | $9.50 | $9.82 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.16 | 0.34 | 0.36 | 0.38 | 0.40 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.14 | 0.40 | (0.21 | ) | 0.49 | (0.30 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.30 | 0.74 | 0.15 | 0.87 | 0.10 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.16 | ) | (0.34 | ) | (0.36 | ) | (0.39 | ) | (0.40 | ) | ||||||||||||
Net Realized Gains |
(0.04 | ) | | | | (0.02 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.20 | ) | (0.34 | ) | (0.36 | ) | (0.39 | ) | (0.42 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.27 | $10.17 | $9.77 | $9.98 | $9.50 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
2.92 | % | 7.71 | % | 1.54 | % | 9.24 | % | 1.10 | % | ||||||||||||
Net Assets, End of Year (000s) |
$33,461 | $36,079 | $34,550 | $42,303 | $38,627 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
1.19 | % | 1.36 | % | 1.38 | % | 1.38 | % | 1.38 | % | ||||||||||||
Net Expenses(c) |
0.95 | % | 0.94 | % | 0.94 | % | 0.82 | % | 0.79 | % | ||||||||||||
Net Investment Income (Loss) |
1.53 | % | 3.41 | % | 3.62 | % | 3.90 | % | 4.21 | % | ||||||||||||
Portfolio Turnover Rate |
41 | % | 34 | % | 6 | % | 8 | % | 6 | % | ||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.18 | $9.79 | $9.99 | $9.51 | $9.83 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.19 | 0.37 | 0.39 | 0.40 | 0.41 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.15 | 0.39 | (0.20 | ) | 0.48 | (0.30 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.34 | 0.76 | 0.19 | 0.88 | 0.11 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.19 | ) | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.41 | ) | ||||||||||||
Net Realized Gains |
(0.04 | ) | | | | (0.02 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.23 | ) | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.43 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.29 | $10.18 | $9.79 | $9.99 | $9.51 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
3.31 | % | 7.89 | % | 1.90 | % | 9.33 | % | 1.20 | % | ||||||||||||
Net Assets, End of Year (000s) |
$73,446 | $75,423 | $78,912 | $85,039 | $79,494 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
0.94 | % | 1.11 | % | 1.13 | % | 1.13 | % | 1.13 | % | ||||||||||||
Net Expenses(c) |
0.67 | % | 0.66 | % | 0.67 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net Investment Income (Loss) |
1.81 | % | 3.69 | % | 3.90 | % | 4.02 | % | 4.30 | % | ||||||||||||
Portfolio Turnover Rate |
41 | % | 34 | % | 6 | % | 8 | % | 6 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (concluded) | 89 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON NEW YORK MUNICIPAL BOND FUND | ||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.59 | $10.08 | $10.25 | $9.89 | $10.25 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.21 | 0.28 | 0.35 | 0.35 | 0.38 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.16 | 0.51 | (0.16 | ) | 0.36 | (0.34 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.37 | 0.79 | 0.19 | 0.71 | 0.04 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.21 | ) | (0.28 | ) | (0.36 | ) | (0.35 | ) | (0.40 | ) | ||||||||||||
Net Realized Gains |
| | | | | |||||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.21 | ) | (0.28 | ) | (0.36 | ) | (0.35 | ) | (0.40 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.75 | $10.59 | $10.08 | $10.25 | $9.89 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
3.48 | % | 7.99 | % | 1.83 | % | 7.28 | % | 0.44 | % | ||||||||||||
Net Assets, End of Year (000s) |
$31,239 | $35,099 | $34,107 | $40,748 | $33,904 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
1.20 | % | 1.36 | % | 1.40 | % | 1.40 | % | 1.40 | % | ||||||||||||
Net Expenses(c) |
0.84 | % | 0.84 | % | 0.84 | % | 0.80 | % | 0.75 | % | ||||||||||||
Net Investment Income (Loss) |
1.94 | % | 2.73 | % | 3.47 | % | 3.42 | % | 3.96 | % | ||||||||||||
Portfolio Turnover Rate |
41 | % | 87 | % | 67 | % | 64 | % | 102 | % | ||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
Net Asset Value, Beginning of Year |
$10.60 | $10.08 | $10.26 | $9.89 | $10.25 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.23 | 0.31 | 0.38 | 0.36 | 0.41 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
0.16 | 0.52 | (0.18 | ) | 0.37 | (0.36 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Income (Loss) From Operations |
0.39 | 0.83 | 0.20 | 0.73 | 0.05 | |||||||||||||||||
|
| |||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||
Net Investment Income |
(0.23 | ) | (0.31 | ) | (0.38 | ) | (0.36 | ) | (0.41 | ) | ||||||||||||
Net Realized Gains |
| | | | | |||||||||||||||||
|
| |||||||||||||||||||||
Total Distributions |
(0.23 | ) | (0.31 | ) | (0.38 | ) | (0.36 | ) | (0.41 | ) | ||||||||||||
|
| |||||||||||||||||||||
Net Asset Value, End of Year |
$10.76 | $10.60 | $10.08 | $10.26 | $9.89 | |||||||||||||||||
|
| |||||||||||||||||||||
Total Return(b) |
3.74 | % | 8.33 | % | 1.97 | % | 7.54 | % | 0.54 | % | ||||||||||||
Net Assets, End of Year (000s) |
$78,471 | $74,913 | $68,919 | $67,239 | $57,173 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||
Gross Expense |
0.95 | % | 1.11 | % | 1.15 | % | 1.15 | % | 1.15 | % | ||||||||||||
Net Expenses(c) |
0.59 | % | 0.59 | % | 0.59 | % | 0.64 | % | 0.65 | % | ||||||||||||
Net Investment Income (Loss) |
2.18 | % | 2.99 | % | 3.71 | % | 3.58 | % | 4.11 | % | ||||||||||||
Portfolio Turnover Rate |
41 | % | 87 | % | 67 | % | 64 | % | 102 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
90 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2013
1. | ORGANIZATION |
Wilmington Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The Trust consists of 23 portfolios, 7 of which are presented herein (individually referred to as a Fund or collectively as the Funds). The remaining 16 funds are presented in separate reports.
Fund |
Investment Goal | |
Wilmington Broad Market Bond Fund |
The Fund seeks to provide current income and secondarily, capital growth. | |
(Broad Market Bond Fund)(d) |
||
Wilmington Intermediate-Term Bond Fund |
The Fund seeks to provide current income and secondarily, capital growth. | |
(Intermediate-Term Bond Fund)(d) |
||
Wilmington Short-Term Corporate Bond Fund |
The Fund seeks to provide current income | |
(Short-Term Corporate Bond Fund)(d) |
||
Wilmington Short Duration Government Bond Fund (Short Duration Government Bond Fund)(d) |
The Fund seeks to provide current income and secondarily, preservation of capital. | |
Wilmington Municipal Bond Fund (Municipal Bond Fund)(d)* |
The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital. | |
Wilmington Maryland Municipal Bond Fund (Maryland Municipal Bond Fund)(n) |
The Fund seeks to provide current income that is exempt from both federal and Maryland state and local income taxes. | |
Wilmington New York Municipal Bond Fund (New York Municipal Bond Fund)(n) |
The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes. |
(d) Diversified
(n) Non-diversified
* | Effective March 9, 2012, the Wilmington Municipal Bond Fund (the WT Municipal Bond Fund), a series of WT Mutual Fund, was reorganized into the Trust. For financial reporting purposes, the WT Municipal Bond Funds financial and performance history prior to the reorganization has been carried forward and is reflected in the Funds financial statements and financial highlights. See Note 8 for additional information regarding the reorganization. |
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
On April 13, 2013, Class C shares of the Intermediate-Term Bond, Short-Term Corporate Bond and Short Duration Government Bond Funds were terminated after the conversion to Class A of the Funds.
The assets of each portfolio are segregated and a shareholders interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation Fair value of the Funds portfolio securities are determined as follows:
| investments in open-end regulated investment companies are valued at net asset value (NAV); |
| for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and |
| for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees. (Trustees) |
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Funds Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2013, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 91 |
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
Repurchase Agreements Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Funds return on the transaction. It is each Funds policy to require the counterparty to a repurchase agreement to transfer to the Funds custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a securities entitlement and exercise control as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Investment Income, Gains and Losses, Expenses and Distributions Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Inflation/deflation adjustments on Treasury InflationProtected Securities are included in interest income. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.
Premium and Discount Amortization/Accretion and Paydown Gains and Losses All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
Federal Taxes It is the Funds policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the Code), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable countrys tax rules and rates.
When-Issued and Delayed Delivery Transactions The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Funds may transact in To Be Announced Securities (TBAs). As with other delayed delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Funds agree to accept any security that meets specified criteria. For example, in a TBA mortgage transaction, the Fund and seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The Funds record TBAs on the trade date utilizing information associated with the specified terms of the transactions as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest of the settlement date. Losses may occur due to the fact the actual underlying mortgages received may be less favorable than those anticipated by the Funds.
Restricted Securities Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuers expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
ANNUAL REPORT / April 30, 2013
92 | NOTES TO FINANCIAL STATEMENTS (continued) |
Dollar Roll Transactions The Short Duration Government Bond Fund, Intermediate-Term Bond Fund and Broad Market Bond Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon, maturity) securities at a later date at an agreed upon price. Dollar roll transactions, which are treated as purchases and sales, will not exceed 12 months. There were no dollar roll transactions outstanding during the year ended April 30, 2013.
Lending of Portfolio Securities The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lenders fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption Cash Collateral Invested for Securities on Loan.
As of April 30, 2013, the Funds listed below had securities with the following values on loan:
Fund |
Value of |
Value
of Collateral |
||||||
Broad Market Bond Fund |
$ | 5,338,193 | $ | 5,482,930 | ||||
Intermediate-Term Bond Fund |
13,397,278 | 13,736,201 | ||||||
Short-Term Corporate Bond Fund |
3,694,502 | 3,798,041 |
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards, reclassification of ordinary loss to short-term gains, market discount reclass, partnership adjustments, discount accretion/premium amortization on debt securities and distributions recognition on income distribution payable.
As of April 30, 2013, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds federal tax returns filed for the periods ended 2012, 2011, and 2010, as well as the current tax year, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2013, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital |
Undistributed |
Accumulated Net Realized Gain (Loss) |
|||||||||
Broad Market Bond Fund |
$ | | $ | 666,659 | $ | (666,659 | ) | |||||
Intermediate-Term Bond Fund |
| 193,130 | (193,130 | ) | ||||||||
Short-Term Corporate Bond Fund |
| 73,454 | (73,454 | ) | ||||||||
Short Duration Government Bond Fund |
(385,099 | ) | 1,254,020 | (868,921 | ) | |||||||
Municipal Bond Fund |
| (2,635 | ) | 2,635 | ||||||||
Maryland Municipal Bond Fund |
| 48,564 | (48,564 | ) | ||||||||
New York Municipal Bond Fund |
| (6,573 | ) | 6,573 |
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 93 |
The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:
2013 |
2012 |
|||||||||||||||
Fund | Ordinary Income* |
Long-Term Capital Gains |
Ordinary Income* |
Long-Term Capital Gains |
||||||||||||
Broad Market Bond Fund |
$10,116,058 | $3,610,860 | $10,360,344 | $3,395,176 | ||||||||||||
Intermediate-Term Corporate Bond Fund |
6,535,290 | 2,093,369 | 5,573,369 | 1,895,361 | ||||||||||||
Short-Term Corporate Bond Fund |
2,501,043 | 158,321 | 3,118,418 | 341,243 | ||||||||||||
Short Duration Government Bond Fund |
2,620,248 | 600,449 | 2,933,381 | | ||||||||||||
Municipal Bond Fund |
4,924,173 | ** | 2,448,254 | 3,352,554 | *** | 1,743,974 | ||||||||||
Maryland Municipal Bond Fund |
1,901,372 | ** | 412,418 | 4,081,923 | *** | | ||||||||||
New York Municipal Bond Fund |
2,282,130 | ** | | 3,071,008 | *** | |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
** | Included in this amount is tax exempt income of $3,946,261, $1,863,194 and $2,282,130, respectively. |
*** | Included in this amount is tax exempt income of $3,344,842, $4,047,836 and $3,054,578, respectively. |
For the year ended June 30, 2011, the tax character of distributions paid for the Municipal Bond Fund was ordinary income in the amount of $5,577,824, (including tax exempt income in the amount of $5,155,523) and long-term capital gains in the amount of $888,158.
As of April 30, 2013, the components of distributable earnings on a tax basis were as follows:
Fund |
Undistributed/ |
Undistributed Long-Term Capital Gains |
Other Timing Differences |
Unrealized Appreciation (Depreciation) |
Capital Loss Carryforwards and Deferrals |
|||||||||||||||
Broad Market Bond Fund |
$ | 1,231,159 | $2,089,084 | $(629,272) | $13,892,857 | | ||||||||||||||
Intermediate-Term Bond Fund |
632,408 | 2,597,728 | (353,557) | 9,738,170 | | |||||||||||||||
Short-Term Corporate Bond Fund |
628,131 | 887,425 | (150,601) | 1,748,073 | | |||||||||||||||
Short Duration Government Bond Fund |
650,946 | | (200,694) | 3,134,453 | (2,185,119 | ) | ||||||||||||||
Municipal Bond Fund |
916,583 | 1,599,410 | (428,348) | 14,372,003 | | |||||||||||||||
Maryland Municipal Bond Fund |
322,421 | 784,604 | (253,997) | 4,625,188 | | |||||||||||||||
New York Municipal Bond Fund |
184,374 | | (159,510) | 6,157,384 | (1,688,009 | ) |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
At April 30, 2013, the following Funds had capital loss carryforwards which will reduce each Funds taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Capital Loss Available Through |
Short-Term Post-Effective No |
Total Capital Loss |
||||||||||||||||||||||||||||||
Fund | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Expiration | Carryforwards | ||||||||||||||||||||||||
Short Duration Government Bond Fund | $1,434,935 | $129,435 | $ | $ | $ | $108,426 | $428,120 | $2,100,916 | ||||||||||||||||||||||||
New York Municipal Bond Fund | | | | | 1,688,009 | | | 1,688,009 |
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the period ended April 30, 2013:
Fund |
Capital Loss Carryforwards Used |
|||
Short Duration Government Bond Fund |
$ | 72,430 | ||
Maryland Municipal Bond Fund |
212,739 | |||
New York Municipal Bond Fund |
1,663,200 |
ANNUAL REPORT / April 30, 2013
94 | NOTES TO FINANCIAL STATEMENTS (continued) |
The Short Duration Government Bond Fund expired capital loss carryforwards in the amount of $385,099.
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October and Late Year losses deferred to May 1, 2013 are as follows:
Fund | Ordinary Post-December Losses |
Short-Term Post-October/ Late Year Losses |
Long-Term Post-October/ Late Year Losses | |||
Short Duration Government Bond Fund |
$ | $84,203 | $ |
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor Wilmington Funds Management Corporation (WFMC) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (WTIA) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Funds average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Fund |
Advisory Fee | |
Broad Market Bond Fund |
0.50% | |
Intermediate-Term Bond Fund |
0.50% | |
Short-Term Corporate Bond Fund |
0.50% | |
Short Duration Government Bond Fund |
0.50% | |
Municipal Bond Fund |
0.50% | |
Maryland Municipal Bond Fund |
0.50% | |
New York Municipal Bond Fund |
0.50% |
WFMC and the Funds distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
Contractual | ||||
Fund | Class A | Class I | ||
Broad Market Bond Fund |
1.00% | 0.65% | ||
Intermediate-Term Bond Fund |
0.95% | 0.60% | ||
Short-Term Corporate Bond Fund |
0.86% | 0.61% | ||
Short Duration Government Bond Fund |
0.89% | 0.64% | ||
Municipal Bond Fund |
0.86% | 0.61% | ||
Maryland Municipal Bond Fund |
0.95% | 0.67% | ||
New York Municipal Bond Fund |
0.84% | 0.59% |
Administrative Fee The Bank of New York Mellon (BNYM) provides the Trust with fund administration services. Effective October 1, 2012, WFMC replaced WTIA as Co-Administrator for the Funds. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator |
Maximum |
Average Aggregate Daily Net Assets of the Trust | ||
WFMC |
0.033% | On the first $5 billion | ||
0.020% | On the next $2 billion | |||
0.016% | On the next $3 billion | |||
0.015% | On assets in excess of $10 billion | |||
BNYM |
0.0285% | On the first $500 million | ||
0.0280% | On the next $500 million | |||
0.0275% | On assets in excess of $1 billion |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2013, WTIA and WFMC did not waive any administrative personnel and services fee.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 95 |
Distribution Services Fee The Trust has adopted a Distribution Services Plan (the Plan) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (ALPS), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds Class A shares for the sale, distribution, administration, customer servicing and recordkeeping of these shares.
The Funds may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together M&T), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:
Fund | Distribution Fees |
|||
Broad Market Bond Fund |
$ | 11,863 | ||
Intermediate-Term Bond Fund |
9,678 | |||
Short-Term Corporate Bond Fund |
1,655 | |||
Short Duration Government Bond Fund |
34,574 | |||
Municipal Bond Fund |
25,179 | |||
Maryland Municipal Bond Fund |
75,124 | |||
New York Municipal Bond Fund |
66,499 |
Sales Charges The Class A shares of all the Funds bear front-end sales charges.
For the year ended April 30, 2013, M&T received the amounts listed below from sales charges on the sale of Class A shares.
Fund | Sales Charges from Class A |
|||
Broad Market Bond Fund |
$ | 5,223 | ||
Intermediate-Term Bond Fund |
1,763 | |||
Short-Term Corporate Bond Fund |
47 | |||
Short Duration Government Bond Fund |
1,501 | |||
Municipal Bond Fund |
11,940 | |||
Maryland Municipal Bond Fund |
6,488 | |||
New York Municipal Bond Fund |
9,955 |
Shareholder Services Fee Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Funds Class A and Class I to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Funds shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund | Shareholder
Services Fee |
|||
Broad Market Bond Fund |
$ | 3,572 | ||
Intermediate-Term Bond Fund |
2,587 | |||
Short Duration Government Bond Fund |
22 | |||
Maryland Municipal Bond Fund |
9,015 |
Other Service Providers Foreside Management Services, LLC (FMS) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides fund accounting and custody services to the Trust.
BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.
General Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trusts Statement of Additional Information includes additional information about the Trustees.
ANNUAL REPORT / April 30, 2013
104 | 96 NOTES TO FINANCIAL STATEMENTS (continued) |
5. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year ended April 30, 2013 were as follows:
Investments |
||||||||
Fund | Purchases | Sales | ||||||
Broad Market Bond Fund |
$ | 288,108,096 | $ | 289,081,802 | ||||
Intermediate-Term Bond Fund |
105,197,003 | 132,732,861 | ||||||
Short-Term Corporate Bond Fund |
183,554,838 | 186,046,499 | ||||||
Short Duration Government Bond Fund |
35,402,045 | 88,052,266 | ||||||
Municipal Bond Fund |
75,616,099 | 72,168,353 | ||||||
Maryland Municipal Bond Fund |
43,408,281 | 44,990,988 | ||||||
New York Municipal Bond Fund |
43,916,366 | 43,792,449 |
Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2013 were as follows:
U.S. Government Securities |
||||||||
Fund | Purchases | Sales | ||||||
Broad Market Bond Fund |
$ | 28,710,110 | $ | 33,212,920 | ||||
Intermediate-Term Bond Fund |
16,825,066 | 31,000,964 | ||||||
Short-Term Corporate Bond Fund |
21,844,891 | 24,827,439 | ||||||
Short Duration Government Bond Fund |
8,995,273 | 6,716,425 |
6. | CONCENTRATION OF RISK |
Since Maryland Municipal Bond Fund and New York Municipal Bond Fund invest a substantial portion of their assets in issuers located in one state, they will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2013, 12.2% for Maryland Municipal Bond Fund and 39.3% for New York Municipal Bond Fund of the total market value of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of the total market value of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 4.2% for Maryland Municipal Bond Fund and 21.9% for New York Municipal Bond Fund.
7. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (LOC) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is March 10, 2014. The Funds did not utilize the LOC for the year ended April 30, 2013.
8. | REORGANIZATION |
REORGANIZATION - FISCAL YEAR 2012
On February 21, 2012, the Board approved an Agreement and Plan of Reorganization (the Reorganization to transfer all of the assets of Wilmington Broad Market Fund, Wilmington Short/Intermediate-Term Bond Fund, and Wilmington Municipal Bond Fund, each a series of WT Mutual Fund, and the MTB U.S. Government Bond Fund, a series of the Trust (the Acquired Funds) in exchange for shares of the series of the Trust (the Acquired Funds) in exchange for shares of the series of the Trust shown below (the Acquiring Funds).
The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the Acquired Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective Acquired Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the Reorganization,except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 97 |
New Name after the Reorganizations |
Acquiring Funds | Acquired Funds | ||
Wilmington Broad Market Bond Fund | MTB Income Fund | Wilmington Broad Market Bond Fund | ||
Wilmington Intermediate-Term Bond | MTB Intermediate-Term Bond Fund | Wilmington Short/Intermediate-Term Bond Fund | ||
Wilmington Short Duration Government Bond Fund | MTB Short Duration Government Bond Fund | MTB U.S. Government Bond Fund | ||
Wilmington Municipal Bond Fund | Wilmington Municipal Bond Fund | Wilmington Municipal Bond Fund |
In exchange for their shares, shareholders of the Acquired Funds received shares of the Acquiring Funds with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The following information summarizes the essential elements of the Reorganization as of March 9, 2012:
Wilmington Broad Market Bond Fund | Value of Shares | Acquired
Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Income Fund | $ | 234,005,891 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Broad Market Bond Fund | 58,782,175 | |||||||||||||||
Class A Shares in exchange for Class A |
$ | 1,867,478 | 183,086 | 183,257 | ||||||||||||
Institutional Shares in exchange for Class I |
56,914,697 | 5,582,079 | 5,674,917 | |||||||||||||
|
|
|||||||||||||||
$ | 292,788,066 | |||||||||||||||
|
|
The net assets of the Acquired Fund included net unrealized appreciation on investments of $5,205,025 and accumulated net realized gains of $2,566.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $9,552,266, $8,006,754 and $18,927,561, respectively.
Wilmington Intermediate-Term Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Intermediate-Term Bond Fund | $ | 114,500,229 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Short/Intermediate-Term Bond Fund | 147,980,426 | |||||||||||||||
Class A Shares in exchange for Class A |
$ | 4,443,745 | 422,307 | 418,433 | ||||||||||||
Institutional Shares in exchange for Class I |
143,536,681 | 13,503,815 | 13,527,639 | |||||||||||||
|
|
|||||||||||||||
$ | 262,480,655 | |||||||||||||||
|
|
The net assets of the Acquired Fund included net unrealized appreciation on investments of $9,114,247 and accumulated net realized gains of $8,512, respectively.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment loss, net gain on investments and net increase (decrease) in net assets from operations for the fiscal year ended April 30, 2012 would have been $6,687,727, $6,514,938 and $13,202,666.
ANNUAL REPORT / April 30, 2013
98 | NOTES TO FINANCIAL STATEMENTS (continued) |
Wilmington Short Duration Government Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
MTB Short Duration Government Bond Fund |
$ | 123,764,502 | ||||||||||||||
Acquired Funds | ||||||||||||||||
MTB U.S. Government Bond Fund |
63,847,406 | |||||||||||||||
Class A |
$ | 5,861,284 | 585,561 | 599,123 | ||||||||||||
Class I |
57,986,122 | 5,791,381 | 5,916,183 | |||||||||||||
|
|
|||||||||||||||
$ | 187,611,908 | |||||||||||||||
|
|
The net assets of the Acquired Fund included net unrealized depreciation on investments of $4,641,551 and accumulated net realized losses of $2,927,170, respectively.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net loss on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $4,262,763, $(90,446) and $2,966,683.
In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Municipal Bond Fund received an identical number of shares of the corresponding class (Class A and Class I) of the Municipal Bond Fund, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Municipal Bond Fund had no operations prior to March 9, 2012. The Wilmington Municipal Bond Fund investment objectives, policies and limitations were identical to those of the Municipal Bond Fund. Accordingly, for financial reporting purposes, the operating history of the WT Municipal Bond Fund prior to the Reorganization is reflected in the financial statements and financial highlights.
REORGANIZATION - FISCAL YEAR 2013
On June 22, 2012, the Board approved an Agreement and Plans of Reorganization (the Reorganization) which provided for the transfer of all the assets of the Wilmington Pennsylvania Municipal Bond Fund and the Wilmington Virginia Municipal Bond Fund, each a series of the Trust, (the Acquired Funds) for shares of the Municipal Bond Fund (the Acquiring Fund). Shareholders approved the Plans at a meeting held on November 15, 2012 and the reorganization closed on December 3, 2012 based on net asset values determined as of the close of business on November 30, 2012. The acquisitions were accomplished through tax-free exchanges of assets and shares.
The purpose of this transaction was to combine the three Funds with the same Investment Manager and with substantially similar investment objectives, policies, and restrictions. Due to the small size of the Acquired Funds, and the comparatively better prospects for asset growth of the Acquiring Fund, it was believed that the shareholders best interests would be served by reorganizing the Acquired Funds into the Acquiring Fund.
For financial reporting purposes, the Municipal Bond Fund was deemed to be the accounting survivor.
Wilmington Municipal Bond Fund | Value of Shares | Acquired Fund Shares Prior to Reorganization |
Shares Issued by Acquiring Fund |
Net Assets | ||||||||||||
Acquiring Fund | ||||||||||||||||
Wilmington Municipal Bond Fund |
$ | 156,582,398 | ||||||||||||||
Acquired Funds | ||||||||||||||||
Wilmington Pennsylvania Municipal Bond Fund |
97,525,271 | |||||||||||||||
Class A shares in exchange for Class A |
$ | 9,118,331 | 861,667 | 657,281 | ||||||||||||
Class I in exchange for Class I |
88,406,940 | 8,351,297 | 6,370,639 | |||||||||||||
Wilmington Virginia Municipal Bond Fund |
19,866,040 | |||||||||||||||
Class A in exchange for Class A |
19,866,040 | 1,787,700 | 1,432,014 | |||||||||||||
|
|
|||||||||||||||
$ | 273,973,709 | |||||||||||||||
|
|
The net assets of the Acquired Funds included net unrealized appreciation on investments of $7,032,753 and $1,288,589 and accumulated net realized gains of $1,384,529 and $239,773 for the Wilmington Pennsylvania Municipal Bond Fund and Wilmington Virginia Municipal Bond Fund, respectively.
The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 99 |
portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2012, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2013 would have been $5,548,565, $20,218,458 and $25,767,023, respectively.
9. | RECENT ACCOUNTING PRONOUNCEMENT |
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11 regarding Disclosures about Offsetting Assets and Liabilities. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.
10. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that, there are no material events that would require disclosure in the Funds financial statements through this date.
ANNUAL REPORT / April 30, 2013
100 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund and Wilmington New York Municipal Bond Fund (seven of the series constituting the Wilmington Funds) (the Funds) as of April 30, 2013, and the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2013, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Municipal Bond Fund, Wilmington Maryland Municipal Bond Fund and Wilmington New York Municipal Bond Fund at April 30, 2013, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2013
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 101 |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are interested persons of the Fund (i.e., Interested Trustees) and those who are not (i.e., Independent Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trusts Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012 |
Principal Occupations: President of WTIA, President of Wilmington Trust Investment Managements (WTIM), Director of Wilmington Funds Management Corporation (formerly known as Rodney Square Management Corporation). | |
Other Directorships Held: None. | ||
Previous Positions: Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04).
| ||
Robert J. Truesdell* Birth date: 11/55 TRUSTEE |
Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank. | |
Began serving: December 2012 | Other Directorships Held: None. | |
Previous Positions: Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02-6/12) and WFMC (3/12 to 6/12).
|
* | R. Samuel Fraundorf is interested due to positions he holds with WTIA and WTIM. Robert J. Truesdell is interested due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds Advisor, and previous positions held with WTIA and WFMC. |
ANNUAL REPORT / April 30, 2013
102 | BOARD OF TRUSTEES AND TRUST OFFICERS |
INDEPENDENT TRUSTEES BACKGROUND
Name Birth date Position with Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
Joseph J. Castiglia Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 |
Principal Occupations: Private Investor, Consultant and Community Volunteer.
Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present).
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
| |
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012 |
Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
| |
William H. Cowie, Jr. Birth date: 1/31 TRUSTEE Began serving: September 2003 |
Principal Occupations: Retired.
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
Previous Positions: Vice Chairman of Signet Banking Corp.
| |
John S. Cramer Birth date: 2/42 TRUSTEE Began serving: December 2000 |
Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of ChekMed Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 |
Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
| |
Nicholas A. Giordano Birth date: 3/43 TRUSTEE Began serving: March 2012 |
Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
|
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 103 |
Name Birth date Position with Trust Date Service Began
|
Principal Occupations and Other Directorships Held for Past Five Years
| |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 |
Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present).
| |
OFFICERS
|
||
Name Address Birth year Positions with Trust
|
Principal Occupations for Past Five Years and Previous Positions
| |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012
|
Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 |
Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
| |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 |
Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
| |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 |
Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
| |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008
|
Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010
|
Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). |
ANNUAL REPORT / April 30, 2013
104 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Address Birth year Positions with Trust |
Principal Occupations for Past Five Years and Previous Positions
| |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007
|
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003).
| |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007
|
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
| |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007
|
Principal Occupations: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).
|
April 30, 2013 / ANNUAL REPORT
105
A special meeting of the shareholders of the Wilmington Pennsylvania Municipal Bond Fund (the PA Fund) and the Wilmington Virginia Municipal Bond Fund (the VA Fund; the PA Fund and VA Fund may be referred to as the Target Funds or a Target Fund), each a series of the Wilmington Funds (the Trust), was held at 3:00 p.m. Eastern Time on November 15, 2012, at the Trusts principal executive offices at 111 South Calvert Street, 26th Floor, Baltimore, Maryland 21202 (the Meeting). The purpose of the Meeting was to consider and act upon the following proposal, and to transact such other business as may properly come before the Meeting or any adjournments thereof.
The proposal: To approve a Plan of Reorganization providing for the (i) transfer of substantially all of the assets and liabilities of each Target Fund to the Wilmington Municipal Bond Fund (Acquiring Fund), a series of the Trust, in exchange for shares of the designated classes of Acquiring Fund; and (ii) the distribution of the shares of designated classes of Acquiring Fund to the shareholders of each Target Fund in liquidation of each of the Target Funds.
Under the terms of the Plan of Reorganization each of the Target Funds would be acquired by Acquiring Fund, as follows:
Target Fund |
Acquiring Fund | |
Wilmington Pennsylvania Municipal Bond Fund | Wilmington Municipal Bond Fund | |
Wilmington Virginia Municipal Bond Fund | Wilmington Municipal Bond Fund |
All shareholders of record at the close of business on September 10, 2012 were entitled to attend or submit proxies.
As of the record date, each Fund had the following number of shares outstanding:
Target Fund |
Shares Outstanding | ||||
Wilmington Pennsylvania Municipal Bond Fund | 9,271,459 | ||||
Wilmington Virginia Municipal Bond Fund | 1,832,133 | ||||
|
|
||||
Total for all Funds | 11,103,592 |
At the Meeting, the shareholders of each Target Fund approved the Plan of Reorganization. The results of the voting for the proposal were as follows:
Fund | Shares Voted For |
Shares Voted Against |
Share Votes Abstained |
Broker Non-Votes | ||||||||||||||||
Wilmington Pennsylvania Municipal Bond Fund | 7,795,476 | 4,394 | 21,921 | None | ||||||||||||||||
Wilmington Virginia Municipal Bond Fund | 1,042,712 | 81,159 | 23,534 | None |
ANNUAL REPORT / April 30, 2013
106
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds website. Go to www.wilmingtonfunds.com select Proxy Voting Record to access the link. This information is also available from the Edgar database on the SECs website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SECs website at www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select Individual Investors |
2.) | Click on the link Sign up for Electronic Delivery |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
April 30, 2013 / ANNUAL REPORT
107
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as the Funds, we or us) recognize that consumers (referred to as you or your) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
| We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
| We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
| We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
| We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
| We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
| We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumers account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employees or agents need to know the information in order to service a customers account or comply with legal requirements.
Visiting The Funds Website:
The Funds website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
ANNUAL REPORT / April 30, 2013
108 |
| Information or data entered into a website will be retained. |
| Where registration to a website or re-entering personal information on a website is required, cookies are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you dont have to resubmit personal information. Cookies provide faster access into the website. |
| We may also collect non-personally identifiable Internet Protocol (IP) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employers request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
April 30, 2013 / ANNUAL REPORT
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Wilmington Large-Cap Growth Fund (Large-Cap Growth Fund)
Wilmington Large-Cap Strategy Fund (Large-Cap Strategy Fund)
Wilmington Large-Cap Value Fund (Large-Cap Value Fund)
Wilmington Mid-Cap Growth Fund (Mid-Cap Growth Fund)
Wilmington Small-Cap Growth Fund (Small-Cap Growth Fund)
Wilmington Small-Cap Strategy Fund (Small-Cap Strategy Fund)
[This Page Intentionally Left Blank]
i |
PRESIDENTS MESSAGE / April 30, 2013
ii |
April 30, 2013 / PRESIDENTS MESSAGE
iii |
PRESIDENTS MESSAGE / April 30, 2013
[This Page Intentionally Left Blank]
1 |
ANNUAL REPORT / April 30, 2013
2 |
April 30, 2013 / ANNUAL REPORT
3 |
ANNUAL REPORT / April 30, 2013
4 |
April 30, 2013 / ANNUAL REPORT
5 |
WILMINGTON LARGE-CAP STRATEGY FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
6 |
April 30, 2013 / ANNUAL REPORT
7 |
WILMINGTON LARGE-CAP VALUE FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
8 |
April 30, 2013 / ANNUAL REPORT
9 |
ANNUAL REPORT / April 30, 2013
10 |
April 30, 2013 / ANNUAL REPORT
11 |
WILMINGTON MID-CAP GROWTH FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
12 |
April 30, 2013 / ANNUAL REPORT
13 |
ANNUAL REPORT / April 30, 2013
14 |
WILMINGTON SMALL-CAP GROWTH FUND
Managements Discussion of Fund Performance
April 30, 2013 / ANNUAL REPORT
15 |
ANNUAL REPORT / April 30, 2013
16 |
April 30, 2013 / ANNUAL REPORT
17 |
ANNUAL REPORT / April 30, 2013
18 |
WILMINGTON SMALL-CAP STRATEGY FUND
Managements Discussion of Fund Performance
April 30, 2013 / ANNUAL REPORT
19 |
ANNUAL REPORT / April 30, 2013
20 |
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio2 | |||||||||||||||||
WILMINGTON LARGE-CAP GROWTH FUND | ||||||||||||||||||||
Actual |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,109.50 | $ | 7.43 | 1.42 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,113.50 | $ | 5.45 | 1.04 | % | ||||||||||||
Hypothetical (assuming a 5% return before expense) |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,017.75 | $ | 7.10 | 1.42 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | ||||||||||||
WILMINGTON LARGE-CAP STRATEGY FUND | ||||||||||||||||||||
Actual |
||||||||||||||||||||
Class I |
$ | 1,000.00 | $ | 1,149.20 | $ | 1.33 | 0.25 | % | ||||||||||||
Hypothetical (assuming a 5% return before expense) |
||||||||||||||||||||
Class I |
$ | 1,000.00 | $ | 1,023.55 | $ | 1.25 | 0.25 | % | ||||||||||||
WILMINGTON LARGE-CAP VALUE FUND | ||||||||||||||||||||
Actual |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,118.90 | $ | 6.72 | 1.28 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,118.80 | $ | 5.46 | 1.04 | % | ||||||||||||
Hypothetical (assuming a 5% return before expense) |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,018.45 | $ | 6.41 | 1.28 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,019.64 | $ | 5.21 | 1.04 | % | ||||||||||||
WILMINGTON MID-CAP GROWTH FUND | ||||||||||||||||||||
Actual |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,158.70 | $ | 6.64 | 1.24 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,159.50 | $ | 5.78 | 1.08 | % | ||||||||||||
Hypothetical (assuming a 5% return before expense) |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,018.65 | $ | 6.21 | 1.24 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,019.44 | $ | 5.41 | 1.08 | % |
April 30, 2013 / ANNUAL REPORT
21 |
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio2 | |||||||||||||||||
WILMINGTON SMALL-CAP GROWTH FUND | ||||||||||||||||||||
Actual |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,137.00 | $ | 7.74 | 1.46 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,138.60 | $ | 6.63 | 1.25 | % | ||||||||||||
Hypothetical (assuming a 5% return before expense) |
||||||||||||||||||||
Class A |
$ | 1,000.00 | $ | 1,017.55 | $ | 7.30 | 1.46 | % | ||||||||||||
Class I |
$ | 1,000.00 | $ | 1,018.60 | $ | 6.26 | 1.25 | % | ||||||||||||
WILMINGTON SMALL-CAP STRATEGY FUND | ||||||||||||||||||||
Actual |
||||||||||||||||||||
Class I |
$ | 1,000.00 | $ | 1,168.30 | $ | 1.40 | 0.26 | % | ||||||||||||
Hypothetical (assuming a 5% return before expense) |
||||||||||||||||||||
Class I |
$ | 1,000.00 | $ | 1,023.51 | $ | 1.30 | 0.26 | % |
(1) | Expenses are equal to the Funds annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests. |
ANNUAL REPORT / April 30, 2013
22 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Growth Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
Percentage of | |||||
Total Net Assets | |||||
Common Stocks | |||||
Information Technology |
30.2 | % | |||
Consumer Discretionary |
18.1 | % | |||
Health Care |
15.5 | % | |||
Industrials |
11.7 | % | |||
Consumer Staples |
10.3 | % | |||
Energy |
5.7 | % | |||
Financials |
5.5 | % | |||
Materials |
1.9 | % | |||
Telecommunication Services |
1.1 | % | |||
Cash Equivalents1 | 2.9 | % | |||
Other Assets and Liabilities Net2 | (2.9 | )% | |||
|
|
||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 23 |
Wilmington Large-Cap Growth Fund (continued)
ANNUAL REPORT / April 30, 2013
24 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Growth Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 25 |
Wilmington Large-Cap Growth Fund (concluded)
Cost of investments for Federal income tax purposes is $51,107,297. The net unrealized appreciation/(depreciation) of investments was $19,005,517. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $19,549,909 and net unrealized depreciation from investments for those securities having an excess of cost over value of $544,392.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 68,165,252 | $ | | $ | | $ | 68,165,252 | ||||||||
Repurchase Agreements |
| 1,947,562 | | 1,947,562 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 68,165,252 | $ | 1,947,562 | $ | | $ | 70,112,814 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
26 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Strategy Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Information Technology |
16.8 | % | |||
Financials |
16.7 | % | |||
Consumer Discretionary |
12.9 | % | |||
Health Care |
12.3 | % | |||
Industrials |
10.9 | % | |||
Consumer Staples |
10.0 | % | |||
Energy |
9.6 | % | |||
Materials |
3.9 | % | |||
Utilities |
3.6 | % | |||
Telecommunication Services |
2.7 | % | |||
Investment Company | 0.5 | % | |||
Preferred Stock | 0.0 | %3 | |||
Rights | 0.0 | %3 | |||
Warrants | 0.0 | %3 | |||
Cash Equivalents1 | 2.3 | % | |||
Other Assets and Liabilities Net2 | (2.2 | )% | |||
|
|
||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 27 |
Wilmington Large-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
28 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 29 |
Wilmington Large-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
30 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 31 |
Wilmington Large-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
32 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 33 |
Wilmington Large-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
34 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 35 |
Wilmington Large-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
36 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 37 |
Wilmington Large-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
38 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS
|
|
39
|
|
Wilmington Large-Cap Strategy Fund (concluded)
Cost of investments for Federal income tax purposes is $284,358,390. The net unrealized appreciation/(depreciation) of investments was $124,038,582. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $134,134,690 and net unrealized depreciation from investments for those securities having an excess of cost over value of $10,096,108.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 397,326,257 | $ | | $ | | $ | 397,326,257 | ||||||||
Investment Company |
1,990,688 | | | 1,990,688 | ||||||||||||
Preferred Stock |
46 | | | 46 | ||||||||||||
Rights |
632 | | | 632 | ||||||||||||
Warrants |
127,415 | | | 127,415 | ||||||||||||
Repurchase Agreements |
| 8,951,934 | | 8,951,934 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 399,445,038 | $ | 8,951,934 | $ | | $ | 408,396,972 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
40 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Value Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Financials |
25.1 | % | |||
Energy |
15.3 | % | |||
Health Care |
13.8 | % | |||
Industrials |
10.5 | % | |||
Consumer Staples |
9.4 | % | |||
Information Technology |
9.2 | % | |||
Consumer Discretionary |
7.7 | % | |||
Utilities |
6.5 | % | |||
Materials |
1.6 | % | |||
Telecommunication Services |
1.3 | % | |||
Other Assets and Liabilities Net1 | (0.4 | )% | |||
|
|
||||
TOTAL | 100.0 | % | |||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 41 |
Wilmington Large-Cap Value Fund (continued)
Cost of investments for Federal income tax purposes is $110,019,148. The net unrealized appreciation/(depreciation) of investments was $17,939,588. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $18,487,715 and net unrealized depreciation from investments for those securities having an excess of cost over value of $548,127.
ANNUAL REPORT / April 30, 2013
42 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Value Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 127,958,736 | $ | | $ | | $ | 127,958,736 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 127,958,736 | $ | | $ | | $ | 127,958,736 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
43 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Mid-Cap Growth Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
Percentage of | |||||
Total Net Assets | |||||
Common Stocks | |||||
Consumer Discretionary |
21.9 | % | |||
Information Technology |
19.2 | % | |||
Industrials |
15.8 | % | |||
Health Care |
12.9 | % | |||
Financials |
10.3 | % | |||
Energy |
9.1 | % | |||
Materials |
6.1 | % | |||
Consumer Staples |
4.2 | % | |||
Cash Equivalents1 | 10.1 | % | |||
Other Assets and Liabilities Net2 | (9.6 | )% | |||
|
|
||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in money market mutual fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
44 | PORTFOLIOS OF INVESTMENTS |
Wilmington Mid-Cap Growth Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 45 |
Wilmington Mid-Cap Growth Fund (continued)
Cost of investments for Federal income tax purposes is $245,900,582. The net unrealized appreciation/(depreciation) of investments was $84,235,475. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $91,123,421 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,887,946.
ANNUAL REPORT / April 30, 2013
46 | PORTFOLIOS OF INVESTMENTS |
Wilmington Mid-Cap Growth Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 299,840,960 | $ | | $ | | $ | 299,840,960 | ||||||||
Money Market Fund |
1,180,457 | | | 1,180,457 | ||||||||||||
Repurchase Agreements |
| 29,114,640 | | 29,114,640 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 301,021,417 | $ | 29,114,640 | $ | | $ | 330,136,057 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which is an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
47 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Small-Cap Growth Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Industrials |
25.2 | % | |||
Health Care |
16.9 | % | |||
Information Technology |
16.7 | % | |||
Consumer Discretionary |
15.8 | % | |||
Financials |
9.0 | % | |||
Materials |
6.7 | % | |||
Consumer Staples |
4.4 | % | |||
Energy |
2.9 | % | |||
Utilities |
0.2 | % | |||
Cash Equivalents1 | 15.1 | % | |||
Other Assets and Liabilities Net2 | (12.9 | )% | |||
|
|
||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in money market mutual fund and repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
48 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Growth Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 49 |
Wilmington Small-Cap Growth Fund (continued)
ANNUAL REPORT / April 30, 2013
50 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Growth Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 51 |
Wilmington Small-Cap Growth Fund (continued)
ANNUAL REPORT / April 30, 2013
52 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Growth Fund (continued)
Cost of investments for Federal income tax purposes is $134,445,926. The net unrealized appreciation/(depreciation) of investments was $24,243,991. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $27,727,122 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,483,131.
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 53 |
Wilmington Small-Cap Growth Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 137,443,956 | $ | | $ | | $ | 137,443,956 | ||||||||
Money Market Fund |
3,348,482 | | | 3,348,482 | ||||||||||||
Repurchase Agreements |
| 17,897,479 | | 17,897,479 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 140,792,438 | $ | 17,897,479 | $ | | $ | 158,689,917 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
54 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Small-Cap Strategy Fund
At April 30, 2013, the Funds sector classifications were as follows (unaudited):
Stocks | Percentage of Total Net Assets | ||||
Common Stocks | |||||
Financials |
27.3 | % | |||
Information Technology |
14.8 | % | |||
Industrials |
14.0 | % | |||
Consumer Discretionary |
13.6 | % | |||
Health Care |
10.3 | % | |||
Energy |
6.0 | % | |||
Materials |
5.1 | % | |||
Utilities |
4.1 | % | |||
Consumer Staples |
3.5 | % | |||
Telecommunication Services |
0.7 | % | |||
Investment Companies | 0.6 | % | |||
Rights | 0.0 | %3 | |||
Warrants | 0.0 | %3 | |||
Cash Equivalents1 | 14.0 | % | |||
Other Assets and Liabilities Net2 | (14.0 | )% | |||
|
|
||||
TOTAL | 100.0 | % | |||
|
|
(1) | Cash Equivalents include investments in repurchase agreements. |
(2) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
(3) | Represent less than 0.05%. |
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIO OF INVESTMENTS | 55 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
56 | PORTFOLIO OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIO OF INVESTMENTS | 57 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
58 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 59 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
60 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 61 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
62 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 63 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
64 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 65 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
66 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 67 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
68 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 69 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
70 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 71 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
72 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 73 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
74 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 75 |
Wilmington Small-Cap Strategy Fund (continued)
ANNUAL REPORT / April 30, 2013
76 | PORTFOLIOS OF INVESTMENTS |
Wilmington Small-Cap Strategy Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 77 |
Wilmington Small-Cap Strategy Fund (concluded)
Cost of investments for Federal income tax purposes is $63,427,545. The net unrealized appreciation/(depreciation) of investments was $19,212,149. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $21,624,624 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,412,475.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 |
Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 72,014,524 | $ | | $ | | $ | 72,014,524 | ||||||||
Investment Companies |
463,404 | | | 463,404 | ||||||||||||
Rights |
| | | | ||||||||||||
Warrants |
160 | | | 160 | ||||||||||||
Repurchase Agreements |
| 10,161,606 | | 10,161,606 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 72,478,088 | $ | 10,161,606 | $ | | $ | 82,639,694 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
78 |
NOTES TO PORTFOLIOS OF INVESTMENTS
^ | 7-Day net yield. |
§ | Affiliated company. See Note 4 in Notes to Financial Statements. |
# | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
* | Non-income producing security. |
** | Represents less than 0.05%. |
The following acronyms are used throughout this report:
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES | 79 |
April 30, 2013 | Wilmington Fund |
Wilmington Fund |
Wilmington Fund |
|||||||||||
ASSETS: |
||||||||||||||
Investments, at identified cost |
$ | 50,610,928 | $ | 277,821,389 | $ | 109,907,274 | ||||||||
|
|
|
|
|
|
|||||||||
Investments in securities, at value (Including $1,944,149, $8,764,736 and $0 of securities on loan, respectively) (Note 2) |
70,112,814 | 408,396,972 | (a) | 127,958,736 | ||||||||||
Cash |
172,668 | 44,685 | | |||||||||||
Income receivable |
28,878 | 356,040 | 52,397 | |||||||||||
Receivable for shares sold |
22,662 | 105,000 | 67,990 | |||||||||||
Receivable for investments sold |
148,419 | 1,106 | | |||||||||||
Other assets |
8,099 | 7,865 | 6,207 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL ASSETS | 70,493,540 | 408,911,668 | 128,085,330 | |||||||||||
|
|
|
|
|
|
|
||||||||
LIABILITIES: | ||||||||||||||
Payable to custodian |
| | 440,225 | |||||||||||
Payable for investments purchased |
164,902 | | | |||||||||||
Collateral for securities on loan |
1,947,562 | 8,951,934 | | |||||||||||
Payable for shares redeemed |
70,835 | 96,416 | 60,906 | |||||||||||
Payable for Trustees fees |
540 | 530 | 498 | |||||||||||
Payable for distribution services fee |
4,413 | 6 | 3,971 | |||||||||||
Payable for shareholder services fee |
11,906 | | 16,640 | |||||||||||
Other accrued expenses |
147,745 | 153,178 | 128,200 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL LIABILITIES | 2,347,903 | 9,202,064 | 650,440 | |||||||||||
|
|
|
|
|
|
|
||||||||
NET ASSETS | $ | 68,145,637 | $ | 399,709,604 | $ | 127,434,890 | ||||||||
|
|
|
|
|
|
|
||||||||
NET ASSETS CONSIST OF: | ||||||||||||||
|
|
|
|
|
|
|
||||||||
Paid-in capital |
$ | 63,910,016 | $ | 313,576,506 | $ | 119,413,601 | ||||||||
Undistributed (distributions in excess of) net investment income |
341,701 | 502,727 | | |||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
(15,607,966 | ) | (44,945,212 | ) | (10,030,173 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments |
19,501,886 | 130,575,583 | 18,051,462 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL NET ASSETS | $ | 68,145,637 | $ | 399,709,604 | $ | 127,434,890 | ||||||||
|
|
|
|
|
|
|
||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||
Class A |
||||||||||||||
Net Assets |
$ | 17,131,430 | $ | | $ | 5,928,090 | ||||||||
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited shares authorized) |
2,003,053 | | 510,616 | |||||||||||
|
|
|
|
|
|
|||||||||
Net Asset Value per share |
$ | 8.55 | $ | | $ | 11.61 | ||||||||
|
|
|
|
|
|
|||||||||
Offering price per share* |
$ | 9.05 | ** | $ | | $ | 12.29 | ** | ||||||
|
|
|
|
|
|
|||||||||
Class I |
||||||||||||||
Net Assets |
$ | 51,014,207 | $ | 399,709,604 | $ | 121,506,800 | ||||||||
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited shares authorized) |
5,907,619 | 27,325,009 | 10,425,640 | |||||||||||
|
|
|
|
|
|
|||||||||
Net Asset Value per share |
$ | 8.64 | $ | 14.63 | $ | 11.65 | ||||||||
|
|
|
|
|
|
(a) | Includes $341,682 of investments in affiliated issuers. |
* | See How are Shares Priced? in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
80 | STATEMENTS OF ASSETS AND LIABILITIES (concluded) |
April 30, 2013 | Wilmington Mid-Cap Growth Fund |
Wilmington Small-Cap Growth Fund |
Wilmington Small-Cap Strategy Fund |
|||||||||||
ASSETS: | ||||||||||||||
Investments, at identified cost |
$ | 242,220,451 | $ | 134,130,146 | $ | 62,113,264 | ||||||||
|
|
|
|
|
|
|||||||||
Investments in repurchase agreements, at value |
$ | 29,114,640 | $ | 17,897,479 | $ | 10,161,606 | ||||||||
Investments in securities, at value (Including $28,985,432, $17,437,829 and $9,905,197 of securities on loan, respectively) (Note 2) |
301,021,417 | 140,792,438 | 72,478,088 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS | 330,136,057 | 158,689,917 | 82,639,694 | |||||||||||
|
|
|
|
|
|
|
||||||||
Cash |
| | 10,120 | |||||||||||
Cash denominated in foreign currencies |
| | 209 | (a) | ||||||||||
Income receivable |
117,065 | 55,756 | 41,501 | |||||||||||
Receivable for shares sold |
224,002 | 78,007 | 47,894 | |||||||||||
Receivable for investments sold |
1,995,665 | | | |||||||||||
Other assets |
7,322 | 6,055 | 17,682 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL ASSETS | 332,480,111 | 158,829,735 | 82,757,100 | |||||||||||
|
|
|
|
|
|
|
||||||||
LIABILITIES: | ||||||||||||||
Payable for investments purchased |
1,668,214 | | | |||||||||||
Collateral for securities on loan |
29,114,640 | 17,897,479 | 10,161,606 | |||||||||||
Payable for shares redeemed |
180,091 | 101,512 | 2,845 | |||||||||||
Payable for Trustees fees |
450 | 453 | 446 | |||||||||||
Payable for distribution services fee |
12,704 | 5,500 | | |||||||||||
Payable for shareholder services fee |
32,476 | 15,185 | | |||||||||||
Other accrued expenses |
207,499 | 212,618 | 105,680 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL LIABILITIES | 31,216,074 | 18,232,747 | 10,270,577 | |||||||||||
|
|
|
|
|
|
|
||||||||
NET ASSETS | $ | 301,264,037 | $ | 140,596,988 | $ | 72,486,523 | ||||||||
|
|
|
|
|
|
|
||||||||
NET ASSETS CONSIST OF: |
||||||||||||||
Paid-in capital |
$ | 229,189,611 | $ | 144,951,883 | $ | 65,984,419 | ||||||||
Undistributed (distributions in excess of) net investment income |
(272,627 | ) | (417,631 | ) | 83,347 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
(15,568,553 | ) | (28,497,035 | ) | (14,107,673 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments |
87,915,606 | 24,559,771 | 20,526,430 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL NET ASSETS | $ | 301,264,037 | $ | 140,596,988 | $ | 72,486,523 | ||||||||
|
|
|
|
|
|
|
||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||
Class A |
||||||||||||||
Net Assets |
$ | 56,837,318 | $ | 36,269,090 | $ | | ||||||||
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited shares authorized) |
3,562,059 | 1,990,719 | | |||||||||||
|
|
|
|
|
|
|||||||||
Net Asset Value per share |
$ | 15.96 | $ | 18.22 | $ | | ||||||||
|
|
|
|
|
|
|||||||||
Offering price per share* |
$ | 16.89 | ** | $ | 19.28 | ** | $ | | ||||||
|
|
|
|
|
|
|||||||||
Class I |
||||||||||||||
Net Assets |
$ | 244,426,719 | $ | 104,327,898 | $ | 72,486,523 | ||||||||
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited shares authorized) |
14,900,669 | 5,534,126 | 5,890,825 | |||||||||||
|
|
|
|
|
|
|||||||||
Net Asset Value per share |
$ | 16.40 | $ | 18.85 | $ | 12.30 | ||||||||
|
|
|
|
|
|
(a) | Cost of cash denominated in foreign currencies was $209. |
* | See How are Shares Priced? in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 81 |
Year Ended April 30, 2013 | Wilmington Large-Cap Growth Fund |
Wilmington Large-Cap Strategy Fund |
Wilmington Large-Cap Value Fund |
|||||||||||
INVESTMENT INCOME: | ||||||||||||||
Dividends |
$ | 1,232,494 | (a)(b) | $ | 8,174,328 | (a)(b) | $ | 3,123,380 | (a)(b) | |||||
Securities lending income |
26,330 | 75,515 | 28,183 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL INVESTMENT INCOME | 1,258,824 | 8,249,843 | 3,151,563 | |||||||||||
|
|
|
|
|
|
|
||||||||
EXPENSES: | ||||||||||||||
Investment advisory fee |
697,139 | 1,842,921 | 908,568 | |||||||||||
Administrative personnel and services fee |
18,836 | 84,538 | 29,779 | |||||||||||
Portfolio accounting, administration and custodian fees |
45,133 | 159,170 | 45,920 | |||||||||||
Transfer and dividend disbursing agent fees and expenses |
138,008 | 21,542 | 115,148 | |||||||||||
Trustees fees |
27,904 | 28,334 | 27,812 | |||||||||||
Professional fees |
62,181 | 66,531 | 55,843 | |||||||||||
Distribution services feeClass A |
42,488 | 125 | (c) | 14,101 | ||||||||||
Shareholder services feeClass A |
42,488 | 125 | (c) | 14,101 | ||||||||||
Shareholder services feeClass I |
162,552 | 921,338 | 310,387 | |||||||||||
Share registration costs |
29,869 | 38,265 | 24,057 | |||||||||||
Printing and postage |
29,712 | 17,925 | 23,858 | |||||||||||
Miscellaneous |
14,888 | 48,016 | 15,529 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL EXPENSES | 1,311,198 | 3,228,830 | 1,585,103 | |||||||||||
|
|
|
|
|
|
|
||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||
Waiver/reimbursement by investment advisor |
(226,864 | ) | (1,385,777 | ) | (52,100 | ) | ||||||||
Waiver of distribution services feeClass A |
(361 | ) | | (c) | (798 | ) | ||||||||
Waiver of shareholder services feeClass A |
(17,097 | ) | (125 | )(c) | (6,312 | ) | ||||||||
Waiver of shareholder services feeClass I |
(149,758 | ) | (921,338 | ) | (162,286 | ) | ||||||||
|
|
|
|
|
|
|||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (394,080 | ) | (2,307,240 | ) | (221,496 | ) | ||||||||
|
|
|
|
|
|
|
||||||||
Net expenses |
917,118 | 921,590 | 1,363,607 | |||||||||||
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
341,706 | 7,328,253 | 1,787,956 | |||||||||||
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on investments |
4,081,645 | 13,948,281 | 10,280,159 | |||||||||||
Net realized gain (loss) on foreign currency transactions |
| | 16 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(1,350,720 | ) | 34,752,819 | 1,036,364 | ||||||||||
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments |
2,730,925 | 48,701,100 | 11,316,539 | |||||||||||
|
|
|
|
|
|
|||||||||
Change in net assets resulting from operations |
$ | 3,072,631 | $ | 56,029,353 | $ | 13,104,495 | ||||||||
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $569, $7,246 and $116,921. |
(b) | Includes $54, $7,868 and $527 received from affiliated issuers. |
(c) | On April 13, 2013, Class A of the Large-Cap Strategy Fund was terminated after the conversion to Class I of the Fund. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
82 | STATEMENTS OF OPERATIONS (concluded) |
Year Ended April 30, 2013 | Wilmington Mid-Cap Growth Fund |
Wilmington Small-Cap Growth Fund |
Wilmington Small-Cap Strategy Fund |
|||||||||||
INVESTMENT INCOME: | ||||||||||||||
Dividends |
$ | 2,804,156 | (a)(b) | $ | 1,780,033 | (a)(b) | $ | 806,722 | (a) | |||||
Securities lending income |
417,023 | 323,530 | 136,126 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL INVESTMENT INCOME | 3,221,179 | 2,103,563 | 942,848 | |||||||||||
|
|
|
|
|
|
|
||||||||
EXPENSES: | ||||||||||||||
Investment advisory fee |
2,365,865 | 1,221,565 | 277,074 | |||||||||||
Administrative personnel and services fee |
63,830 | 32,988 | 11,673 | |||||||||||
Portfolio accounting, administration and custodian fees |
108,584 | 67,025 | 75,235 | |||||||||||
Transfer and dividend disbursing agent fees and expenses |
205,951 | 238,982 | 23,483 | |||||||||||
Trustees fees |
28,048 | 28,557 | 30,165 | |||||||||||
Professional fees |
76,704 | 60,275 | 70,437 | |||||||||||
Distribution services feeClass A |
137,144 | 88,819 | | |||||||||||
Distribution services feeClass C |
| 1,787 | (c) | | ||||||||||
Shareholder services feeClass A |
137,144 | 88,819 | | |||||||||||
Shareholder services feeClass C |
| 596 | (c) | | ||||||||||
Shareholder services fee Class I |
558,697 | 269,869 | 127,359 | |||||||||||
Share registration costs |
29,476 | 38,723 | 28,041 | |||||||||||
Printing and postage |
33,372 | 30,827 | 13,582 | |||||||||||
Miscellaneous |
28,416 | 21,137 | 16,764 | |||||||||||
|
|
|
|
|
|
|||||||||
TOTAL EXPENSES | 3,773,231 | 2,189,969 | 673,813 | |||||||||||
|
|
|
|
|
|
|
||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||
Waiver/reimbursement by investment advisor |
(291,638 | ) | (112,198 | ) | (417,902 | ) | ||||||||
Waiver of distribution services feeClass A |
(851 | ) | (438 | ) | | |||||||||
Waiver of distribution services feeClass C |
| (986 | )(c) | | ||||||||||
Waiver of shareholder services feeClass A |
(116,422 | ) | (58,862 | ) | | |||||||||
Waiver of shareholder services feeClass C |
| (489 | )(c) | | ||||||||||
Waiver of shareholder services feeClass I |
(275,839 | ) | (145,062 | ) | (127,359 | ) | ||||||||
|
|
|
|
|
|
|||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (684,750 | ) | (318,035 | ) | (545,261 | ) | ||||||||
|
|
|
|
|
|
|
||||||||
Net expenses |
3,088,481 | 1,871,934 | 128,552 | |||||||||||
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
132,698 | 231,629 | 814,296 | |||||||||||
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on investments |
7,738,830 | 1,385,443 | 5,895,718 | |||||||||||
Net realized gain (loss) on foreign currency transactions |
| | (22 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of investments |
18,624,339 | 11,305,096 | 2,022,351 | |||||||||||
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments |
26,363,169 | 12,690,539 | 7,918,047 | |||||||||||
|
|
|
|
|
|
|||||||||
Change in net assets resulting from operations |
$ | 26,495,867 | $ | 12,922,168 | $ | 8,732,343 | ||||||||
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $6,424, $1,826 and $897. |
(b) | Includes $100 and $88 received from affiliated issuers. |
(c) | On April 13, 2013, Class C of the Small-Cap Growth Fund was terminated after the conversion to Class A of the Fund. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS | 83 |
Wilmington Large-Cap Growth Fund |
Wilmington Large-Cap Strategy Fund |
|||||||||||||||||||||
Year Ended April 30, 2013 |
Year
Ended 2012 |
Year Ended April 30, 2013 |
Ten Months Ended April 30, 2012(a) |
Year Ended June 30, 2011 |
||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||
Net investment income (loss) |
$ | 341,706 | $ | 155,795 | $ | 7,328,253 | $ | 5,569,382 | $ | 6,566,630 | ||||||||||||
Net realized gain (loss) on investments |
4,081,645 | 13,226,789 | 13,948,281 | 8,077,638 | 2,692,000 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(1,350,720 | ) | (22,434,916 | ) | 34,752,819 | 13,862,545 | 78,156,513 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Change in net assets resulting from operations |
3,072,631 | (9,052,332 | ) | 56,029,353 | 27,509,565 | 87,415,143 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||||||
Class A |
(5,852 | ) | | (944 | ) | (267 | ) | (286 | ) | |||||||||||||
Class I |
(79,133 | ) | (70,815 | ) | (7,318,547 | ) | (5,372,840 | ) | (6,299,693 | ) | ||||||||||||
Distributions from net realized gain on investments |
||||||||||||||||||||||
Class A |
(1,579,653 | ) | (308,531 | ) | | | | |||||||||||||||
Class I |
(5,786,413 | ) | (1,546,450 | ) | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Change in net assets resulting from distributions to shareholders |
(7,451,051 | ) | (1,925,796 | ) | (7,319,491 | ) | (5,373,107 | ) | (6,299,979 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||||||
Class A |
253,460 | 266,102 | 40,894 | | 24,341 | |||||||||||||||||
Class I |
10,388,386 | 19,200,047 | 48,465,457 | 65,074,652 | 315,538,826 | |||||||||||||||||
Proceeds from exchange of Class A for |
||||||||||||||||||||||
Class A |
| | (71,512 | )(b) | | | ||||||||||||||||
Class I |
| | 71,512 | (b) | | | ||||||||||||||||
Distributions reinvested |
||||||||||||||||||||||
Class A |
1,541,369 | 300,789 | 944 | 267 | 236 | |||||||||||||||||
Class I |
5,219,589 | 1,407,752 | 2,465,687 | 1,858,419 | 2,303,175 | |||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||
Class A |
(2,625,380 | ) | (3,122,802 | ) | (9,294 | ) | (4,333 | ) | (2,088 | ) | ||||||||||||
Class I |
(39,496,341 | ) | (55,868,242 | ) | (74,891,786 | ) | (143,632,690 | ) | (87,589,025 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Change in net assets resulting from share transactions |
(24,718,917 | ) | (37,816,354 | ) | (23,928,098 | ) | (76,703,685 | ) | 230,275,465 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Change in net assets |
(29,097,337 | ) | (48,794,482 | ) | 24,781,764 | (54,567,227 | ) | 311,390,629 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||
Beginning of period |
97,242,974 | 146,037,456 | 374,927,840 | 429,495,067 | 118,104,438 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 68,145,637 | $ | 97,242,974 | $ | 399,709,604 | $ | 374,927,840 | $ | 429,495,067 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period |
$ | 341,701 | $ | 84,980 | $ | 502,727 | $ | 490,455 | $ | 305,380 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||
Shares sold |
||||||||||||||||||||||
Class A |
30,523 | 30,904 | 3,295 | | 2,320 | |||||||||||||||||
Class I |
1,233,597 | 2,296,957 | 3,620,752 | 5,878,354 | 30,273,313 | |||||||||||||||||
Shares exchanged |
||||||||||||||||||||||
Class A |
| | (4,623 | )(b) | | | ||||||||||||||||
Class I |
| | 4,623 | (b) | | | ||||||||||||||||
Distributions reinvested |
||||||||||||||||||||||
Class A |
197,616 | 37,505 | 71 | 23 | 20 | |||||||||||||||||
Class I |
663,275 | 174,874 | 187,578 | 161,249 | 203,829 | |||||||||||||||||
Shares redeemed |
||||||||||||||||||||||
Class A |
(315,072 | ) | (368,225 | ) | (698 | ) | (408 | ) | (213 | ) | ||||||||||||
Class I |
(4,693,783 | ) | (6,653,843 | ) | (5,690,589 | ) | (12,239,104 | ) | (7,651,566 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net change resulting from share transactions |
(2,883,844 | ) | (4,481,828 | ) | (1,879,591 | ) | (6,199,886 | ) | 22,827,703 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
(b) | On April 13, 2013, Class A of the Large-Cap Strategy Fund was terminated after the conversion to Class I of the Fund. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
84 | STATEMENTS OF CHANGES IN NET ASSETS (continued) |
Wilmington Large-Cap Value Fund |
Wilmington Mid-Cap Growth Fund |
|||||||||||||||||
Year
Ended 2013 |
Year
Ended 2012 |
Year
Ended 2013 |
Year
Ended 2012 |
|||||||||||||||
OPERATIONS: | ||||||||||||||||||
Net investment income (loss) |
$ | 1,787,956 | $ | 1,317,174 | $ | 132,698 | $ | (809,168 | ) | |||||||||
Net realized gain (loss) on investments |
10,280,175 | 4,135,047 | 7,738,830 | 25,609,997 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
1,036,364 | (19,012,573 | ) | 18,624,339 | (27,883,636 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
13,104,495 | (13,560,352 | ) | 26,495,867 | (3,082,807 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||
Class A |
(63,452 | ) | (36,426 | ) | | | ||||||||||||
Class I |
(1,735,768 | ) | (1,319,431 | ) | | | ||||||||||||
Distributions from net realized gain on investments |
||||||||||||||||||
Class A |
| | (2,239,956 | ) | (2,661,286 | ) | ||||||||||||
Class I |
| | (9,036,430 | ) | (7,928,225 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from distributions to shareholders |
(1,799,220 | ) | (1,355,857 | ) | (11,276,386 | ) | (10,589,511 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||
Class A |
258,300 | 282,370 | 3,853,332 | 8,152,799 | ||||||||||||||
Class I |
28,166,748 | 42,352,416 | 61,439,480 | 89,824,533 | ||||||||||||||
Distributions reinvested |
||||||||||||||||||
Class A |
61,515 | 35,523 | 2,060,452 | 2,500,128 | ||||||||||||||
Class I |
1,063,341 | 842,966 | 8,109,967 | 7,366,210 | ||||||||||||||
Cost of shares redeemed |
||||||||||||||||||
Class A |
(927,691 | ) | (1,015,899 | ) | (12,309,078 | ) | (9,489,591 | ) | ||||||||||
Class I |
(54,085,694 | ) | (68,742,638 | ) | (70,635,840 | ) | (41,530,266 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from share transactions |
(25,463,481 | ) | (26,245,262 | ) | (7,481,687 | ) | 56,823,813 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets |
(14,158,206 | ) | (41,161,471 | ) | 7,737,794 | 43,151,495 | ||||||||||||
NET ASSETS: | ||||||||||||||||||
Beginning of year |
141,593,096 | 182,754,567 | 293,526,243 | 250,374,748 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
End of year |
$ | 127,434,890 | $ | 141,593,096 | $ | 301,264,037 | $ | 293,526,243 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of year |
$ | | $ | | $ | (272,627 | ) | $ | (405,325 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||
Shares sold |
||||||||||||||||||
Class A |
24,650 | 27,134 | 266,791 | 552,347 | ||||||||||||||
Class I |
2,701,379 | 4,216,455 | 4,131,878 | 5,962,713 | ||||||||||||||
Distributions reinvested |
||||||||||||||||||
Class A |
5,812 | 3,484 | 146,339 | 181,037 | ||||||||||||||
Class I |
100,572 | 82,892 | 560,468 | 520,580 | ||||||||||||||
Shares redeemed |
||||||||||||||||||
Class A |
(88,890 | ) | (99,446 | ) | (839,784 | ) | (641,122 | ) | ||||||||||
Class I |
(5,101,040 | ) | (6,814,920 | ) | (4,725,079 | ) | (2,847,066 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net change resulting from share transactions |
(2,357,517 | ) | (2,584,401 | ) | (459,387 | ) | 3,728,489 | |||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (concluded) | 85 |
Wilmington Small-Cap Growth Fund |
Wilmington Small-Cap Strategy Fund |
|||||||||||||||||||
Year
Ended 2013 |
Year
Ended 2012 |
Year
Ended 2013 |
Ten Months Ended April 30, 2012(a) |
Year
Ended 2011 |
||||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) |
$ | 231,629 | $ | (599,979 | ) | $ | 814,296 | $ | 723,480 | $ | 1,356,548 | |||||||||
Net realized gain (loss) on investments |
1,385,443 | 9,032,820 | 5,895,696 | (1,998,866 | ) | 5,092,724 | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
11,305,096 | (25,481,130 | ) | 2,022,351 | (11,912,058 | ) | 27,454,374 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
12,922,168 | (17,048,289 | ) | 8,732,343 | (13,187,444 | ) | 33,903,646 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||||
Class A |
(185,121 | ) | | | | | ||||||||||||||
Class C |
(1,318 | ) | | | | | ||||||||||||||
Class I |
(571,237 | ) | | (763,725 | ) | (884,546 | ) | (1,230,775 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from distributions to shareholders |
(757,676 | ) | | (763,725 | ) | (884,546 | ) | (1,230,775 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||||
Class A |
591,874 | 1,063,682 | | | | |||||||||||||||
Class C |
9,481 | | | | | |||||||||||||||
Class I |
15,999,615 | 21,997,629 | 26,614,352 | 7,510,526 | 54,102,863 | |||||||||||||||
Proceeds from exchange of Class C for Class A |
||||||||||||||||||||
Class A |
299,066 | (b) | | | | | ||||||||||||||
Class C |
(299,066 | )(b) | | | | | ||||||||||||||
Distributions reinvested |
||||||||||||||||||||
Class A |
172,046 | | | | | |||||||||||||||
Class C |
1,161 | | | | | |||||||||||||||
Class I |
284,137 | | 188,667 | 186,726 | 237,390 | |||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||
Class A |
(6,344,652 | ) | (6,178,700 | ) | | | | |||||||||||||
Class C |
(20,041 | ) | (51,523 | ) | | | | |||||||||||||
Class I |
(45,935,744 | ) | (32,909,077 | ) | (11,259,397 | ) | (72,618,596 | ) | (58,102,865 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from share transactions |
(35,242,123 | ) | (16,077,989 | ) | 15,543,622 | (64,921,344 | ) | (3,762,612 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets |
(23,077,631 | ) | (33,126,278 | ) | 23,512,240 | (78,993,334 | ) | 28,910,259 | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period |
163,674,619 | 196,800,897 | 48,974,283 | 127,967,617 | 99,057,358 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
End of period |
$ | 140,596,988 | $ | 163,674,619 | $ | 72,486,523 | $ | 48,974,283 | $ | 127,967,617 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period |
$ | (417,631 | ) | $ | | $ | 83,347 | $ | 21,273 | $ | 205,306 | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold |
||||||||||||||||||||
Class A |
36,338 | 67,626 | | | | |||||||||||||||
Class C |
545 | | | | | |||||||||||||||
Class I |
943,603 | 1,378,910 | 2,267,147 | 787,693 | 5,901,118 | |||||||||||||||
Shares exchanged |
||||||||||||||||||||
Class A |
15,564 | (b) | | | | | ||||||||||||||
Class C |
(16,152 | )(b) | | | | | ||||||||||||||
Distributions reinvested |
||||||||||||||||||||
Class A |
10,582 | | | | | |||||||||||||||
Class C |
74 | | | | | |||||||||||||||
Class I |
16,903 | | 17,227 | 19,935 | 24,537 | |||||||||||||||
Shares redeemed |
||||||||||||||||||||
Class A |
(384,759 | ) | (385,128 | ) | | | | |||||||||||||
Class C |
(1,387 | ) | (3,393 | ) | | | | |||||||||||||
Class I |
(2,706,593 | ) | (2,017,597 | ) | (1,019,535 | ) | (8,141,855 | ) | (6,505,328 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change resulting from share transactions |
(2,085,282 | ) | (959,582 | ) | 1,264,839 | (7,334,227 | ) | (579,673 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
(b) | On April 13, 2013, Class C of the Small-Cap Growth Fund was terminated after the conversion to Class A of the Fund. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
86 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE-CAP GROWTH FUND | ||||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $8.97 | $9.54 | $8.09 | $5.80 | $8.75 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.00 | (b) | (0.02 | ) | (0.05 | ) | 0.00 | (b) | (0.01 | ) | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.40 | (0.41 | ) | 1.51 | 2.29 | (2.93 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.40 | (0.43 | ) | 1.46 | 2.29 | (2.94 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.00 | )(b) | | (0.01 | ) | (0.00 | )(b) | (0.01 | ) | |||||||||||||||
Net Realized Gains |
(0.82 | ) | (0.14 | ) | | | | |||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.82 | ) | (0.14 | ) | (0.01 | ) | | (0.01 | ) | |||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $8.55 | $8.97 | $9.54 | $8.09 | $5.80 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 5.39 | % | (4.36 | )% | 18.00 | % | 39.52 | % | (33.56 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $17,131 | $18,738 | $22,790 | $20,790 | $15,714 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.80 | % | 1.66 | % | 1.66 | % | 1.64 | % | 1.53 | % | ||||||||||||||
Net Expenses(d) |
1.42 | % | 1.42 | % | 1.42 | % | 1.29 | % | 1.23 | % | ||||||||||||||
Net Investment Income (Loss) |
0.04 | % | (0.20 | )% | (0.58 | )% | (0.06 | )% | (0.16 | )% | ||||||||||||||
Portfolio Turnover Rate | 49 | % | 83 | % | 61 | % | 83 | % | 138 | % | ||||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $9.02 | $9.56 | $8.09 | $5.80 | $8.75 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.05 | 0.02 | 0.02 | 0.01 | 0.02 | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.40 | (0.41 | ) | 1.47 | 2.29 | (2.95 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.45 | (0.39 | ) | 1.49 | 2.30 | (2.93 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.01 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||
Net Realized Gains |
(0.82 | ) | (0.14 | ) | | | | |||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.83 | ) | (0.15 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $8.64 | $9.02 | $9.56 | $8.09 | $5.80 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 5.92 | % | (3.96 | )% | 18.40 | % | 39.72 | % | (33.47 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $51,014 | $78,505 | $123,247 | $121,608 | $92,658 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.55 | % | 1.41 | % | 1.41 | % | 1.39 | % | 1.36 | % | ||||||||||||||
Net Expenses(d) |
1.04 | % | 1.03 | % | 1.03 | % | 1.10 | % | 1.13 | % | ||||||||||||||
Net Investment Income (Loss) |
0.52 | % | 0.20 | % | 0.25 | % | 0.14 | % | 0.30 | % | ||||||||||||||
Portfolio Turnover Rate | 49 | % | 83 | % | 61 | % | 83 | % | 138 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 87 |
For a share outstanding throughout each period:
WILMINGTON LARGE-CAP STRATEGY FUND | ||||||||||||||||||||||||||||
CLASS I | Year Ended April 30, 2013 |
For the Period April
30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||||||
Net Asset Value, Beginning of Period | $12.84 | $12.13 | $9.39 | $8.61 | $12.28 | $14.40 | ||||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.26 | 0.16 | 0.20 | 0.10 | 0.12 | 0.09 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss)on Investments |
1.79 | 0.71 | 2.72 | 0.79 | (3.68 | ) | (1.57 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Income (Loss) From Operations | 2.05 | 0.87 | 2.92 | 0.89 | (3.56 | ) | (1.48 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net Investment Income |
(0.26 | ) | (0.16 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | (0.09 | ) | ||||||||||||||||
Net Realized Gains |
| | | | | (0.55 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Distributions | (0.26 | ) | (0.16 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | (0.64 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net Asset Value, End of Period | $14.63 | $12.84 | $12.13 | $9.39 | $8.61 | $12.28 | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(b) | 16.25 | % | 7.32 | % | 31.24 | % | 10.28 | % | (28.94 | )% | (10.75 | )% | ||||||||||||||||
Net Assets, End of Period (000s) | $399,710 | $374,903 | $429,467 | $118,102 | $131,692 | $242,391 | ||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense |
0.88 | % | 0.74 | %(c) | 0.69 | % | 1.01 | % | 1.18 | % | 1.00 | % | ||||||||||||||||
Net Expenses(d) |
0.25 | % | 0.25 | %(c) | 0.25 | % | 0.93 | % | 1.00 | % | 0.93 | % | ||||||||||||||||
Net Investment Income (Loss) |
1.99 | % | 1.70 | %(c) | 1.72 | % | 0.99 | % | 1.27 | % | 0.67 | % | ||||||||||||||||
Portfolio Turnover Rate | 24 | % | 19 | % | 39 | % | 160 | % | 224 | % | 127 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less the one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
| Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Large-Cap Strategy Fund, a series of WT Mutual Fund (the WT Fund). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
88 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE-CAP VALUE FUND | ||||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $10.61 | $11.47 | $9.85 | $7.03 | $11.32 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.12 | 0.06 | 0.01 | 0.04 | 0.19 | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.00 | (0.86 | ) | 1.64 | 2.83 | (4.30 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.12 | (0.80 | ) | 1.65 | 2.87 | (4.11 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.12 | ) | (0.06 | ) | (0.03 | ) | (0.05 | ) | (0.15 | ) | ||||||||||||||
Net Realized Gains |
| | | | (0.03 | ) | ||||||||||||||||||
Return of Capital |
| | | (0.00 | )(b) | | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.12 | ) | (0.06 | ) | (0.03 | ) | (0.05 | ) | (0.18 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $11.61 | $10.61 | $11.47 | $9.85 | $7.03 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 10.65 | % | (6.94 | )% | 16.79 | % | 41.02 | % | (36.53 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $5,928 | $6,038 | $7,315 | $6,606 | $5,027 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.46 | % | 1.42 | % | 1.43 | % | 1.42 | % | 1.34 | % | ||||||||||||||
Net Expenses(d) |
1.29 | % | 1.29 | % | 1.31 | % | 1.15 | % | 0.53 | % | ||||||||||||||
Net Investment Income (Loss) |
1.12 | % | 0.56 | % | 0.09 | % | 0.41 | % | 2.30 | % | ||||||||||||||
Portfolio Turnover Rate | 93 | % | 37 | % | 26 | % | 29 | % | 34 | % | ||||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $10.65 | $11.51 | $9.88 | $7.05 | $11.34 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.15 | 0.09 | 0.05 | 0.05 | 0.13 | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.00 | (0.86 | ) | 1.63 | 2.84 | (4.26 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.15 | (0.77 | ) | 1.68 | 2.89 | (4.13 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.15 | ) | (0.09 | ) | (0.05 | ) | (0.06 | ) | (0.13 | ) | ||||||||||||||
Net Realized Gains |
| | | | (0.03 | ) | ||||||||||||||||||
Return of Capital |
| | | (0.00 | )(b) | | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.15 | ) | (0.09 | ) | (0.05 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $11.65 | $10.65 | $11.51 | $9.88 | $7.05 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 10.91 | % | (6.65 | )% | 17.08 | % | 41.23 | % | (36.62 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $121,507 | $135,556 | $175,440 | $156,442 | $117,108 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.21 | % | 1.17 | % | 1.18 | % | 1.17 | % | 1.13 | % | ||||||||||||||
Net Expenses(d) |
1.04 | % | 1.00 | % | 1.02 | % | 0.99 | % | 0.96 | % | ||||||||||||||
Net Investment Income |
1.39 | % | 0.85 | % | 0.48 | % | 0.57 | % | 1.55 | % | ||||||||||||||
Portfolio Turnover Rate | 93 | % | 37 | % | 26 | % | 29 | % | 34 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 89 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MID-CAP GROWTH FUND | ||||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $15.21 | $16.21 | $12.24 | $8.37 | $13.43 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
(0.01 | ) | (0.07 | ) | (0.11 | ) | (0.05 | ) | (0.01 | ) | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.38 | (0.25 | ) | 4.08 | 3.93 | (4.74 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.37 | (0.32 | ) | 3.97 | 3.88 | (4.75 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
| | | (0.01 | ) | | ||||||||||||||||||
Net Realized Gains |
(0.62 | ) | (0.68 | ) | | | (0.31 | ) | ||||||||||||||||
Return of Capital |
| | | (0.00 | )(b) | | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.62 | ) | (0.68 | ) | | (0.01 | ) | (0.31 | ) | |||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $15.96 | $15.21 | $16.21 | $12.24 | $8.37 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 9.55 | % | (1.55 | )% | 32.43 | % | 46.30 | % | (34.75 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $56,837 | $60,666 | $63,168 | $40,438 | $19,638 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.56 | % | 1.57 | % | 1.62 | % | 1.62 | % | 1.59 | % | ||||||||||||||
Net Expenses(d) |
1.24 | % | 1.24 | % | 1.24 | % | 1.13 | % | 1.08 | % | ||||||||||||||
Net Investment Income (Loss) |
(0.08 | )% | (0.47 | )% | (0.85 | )% | (0.51 | )% | (0.10 | )% | ||||||||||||||
Portfolio Turnover Rate | 36 | % | 44 | % | 34 | % | 56 | % | 90 | % | ||||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $15.59 | $16.57 | $12.49 | $8.54 | $13.66 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.01 | (0.04 | ) | (0.07 | ) | (0.04 | ) | 0.02 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.42 | (0.26 | ) | 4.15 | 4.00 | (4.83 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.43 | (0.30 | ) | 4.08 | 3.96 | (4.81 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
| | | (0.01 | ) | | ||||||||||||||||||
Net Realized Gains |
(0.62 | ) | (0.68 | ) | | | (0.31 | ) | ||||||||||||||||
Return of Capital |
| | | (0.00 | )(b) | | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.62 | ) | (0.68 | ) | | (0.01 | ) | (0.31 | ) | |||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $16.40 | $15.59 | $16.57 | $12.49 | $8.54 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 9.70 | % | (1.40 | )% | 32.67 | % | 46.37 | % | (34.60 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $244,427 | $232,860 | $187,207 | $143,594 | $95,447 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.31 | % | 1.33 | % | 1.37 | % | 1.36 | % | 1.39 | % | ||||||||||||||
Net Expenses(d) |
1.08 | % | 1.06 | % | 1.06 | % | 0.96 | % | 0.94 | % | ||||||||||||||
Net Investment Income |
0.08 | % | (0.30 | )% | (0.54 | )% | (0.33 | )% | 0.18 | % | ||||||||||||||
Portfolio Turnover Rate | 36 | % | 44 | % | 34 | % | 56 | % | 90 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
90 | FINANCIAL HIGHLIGHTS (continued) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON SMALL-CAP GROWTH FUND | ||||||||||||||||||||||||
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $16.62 | $18.20 | $14.48 | $9.99 | $15.53 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
(0.00 | )(b) | (0.08 | ) | (0.21 | ) | (0.12 | ) | (0.06 | ) | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.69 | (1.50 | ) | 3.93 | 4.61 | (5.48 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.69 | (1.58 | ) | 3.72 | 4.49 | (5.54 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.09 | ) | | | | | ||||||||||||||||||
Net Realized Gains |
| | | | | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.09 | ) | | | | | ||||||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $18.22 | $16.62 | $18.20 | $14.48 | $9.99 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 10.21 | % | (8.68 | )% | 25.69 | % | 44.94 | % | (35.67 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $36,269 | $38,439 | $47,884 | $41,276 | $29,935 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.71 | % | 1.64 | % | 1.67 | % | 1.70 | % | 1.66 | % | ||||||||||||||
Net Expenses(d) |
1.47 | % | 1.44 | % | 1.45 | % | 1.30 | % | 1.26 | % | ||||||||||||||
Net Investment Income (Loss) |
(0.01 | )% | (0.54 | )% | (1.43 | )% | (0.98 | )% | (0.49 | )% | ||||||||||||||
Portfolio Turnover Rate | 142 | % | 561 | % | 393 | % | 635 | % | 865 | % | ||||||||||||||
CLASS I | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Net Asset Value, Beginning of Year | $17.16 | $18.76 | $14.89 | $10.26 | $15.94 | |||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.04 | (0.05 | ) | (0.12 | ) | (0.10 | ) | (0.05 | ) | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.75 | (1.55 | ) | 3.99 | 4.73 | (5.63 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.79 | (1.60 | ) | 3.87 | 4.63 | (5.68 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net Investment Income |
(0.10 | ) | | | | | ||||||||||||||||||
Net Realized Gains |
| | | | | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Distributions | (0.10 | ) | | | | | ||||||||||||||||||
| ||||||||||||||||||||||||
Net Asset Value, End of Year | $18.85 | $17.16 | $18.76 | $14.89 | $10.26 | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Return(c) | 10.47 | % | (8.53 | )% | 25.99 | % | 45.13 | % | (35.63 | )% | ||||||||||||||
Net Assets, End of Year (000s) | $104,328 | $124,964 | $148,560 | $130,502 | $93,014 | |||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Gross Expense |
1.46 | % | 1.39 | % | 1.42 | % | 1.45 | % | 1.43 | % | ||||||||||||||
Net Expenses(d) |
1.25 | % | 1.21 | % | 1.24 | % | 1.17 | % | 1.18 | % | ||||||||||||||
Net Investment Income (Loss) |
0.21 | % | (0.30 | )% | (0.81 | )% | (0.84 | )% | (0.40 | )% | ||||||||||||||
Portfolio Turnover Rate | 142 | % | 561 | % | 393 | % | 635 | % | 865 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (concluded) | 91 |
For a share outstanding throughout each period:
WILMINGTON SMALL-CAP STRATEGY FUND | ||||||||||||||||||||||||||
CLASS I | Year Ended April 30, 2013 |
For the Period April
30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||||
Net Asset Value, Beginning of Period | $10.59 | $10.70 | $7.90 | $6.57 | $9.16 | $14.11 | ||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.18 | 0.09 | 0.11 | 0.09 | 0.05 | (0.02 | ) | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.70 | (0.10 | ) | 2.80 | 1.32 | (2.60 | ) | (2.25 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||||
Total Income (Loss) From Operations | 1.88 | (0.01 | ) | 2.91 | 1.41 | (2.55 | ) | (2.27 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||
Net Investment Income |
(0.17 | ) | (0.10 | ) | (0.11 | ) | (0.08 | ) | (0.04 | ) | | |||||||||||||||
Net Realized Gains |
| | | | | (2.68 | ) | |||||||||||||||||||
|
| |||||||||||||||||||||||||
Total Distributions | (0.17 | ) | (0.10 | ) | (0.11 | ) | (0.08 | ) | (0.04 | ) | (2.68 | ) | ||||||||||||||
|
| |||||||||||||||||||||||||
Net Asset Value, End of Period | $12.30 | $10.59 | $10.70 | $7.90 | $6.57 | $9.16 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||
Total Return(b) | 18.07 | % | 0.06 | % | 36.96 | % | 21.47 | % | (27.72 | )% | (18.13 | )% | ||||||||||||||
Net Assets, End of Period (000s) | $72,487 | $48,974 | $127,968 | $99,057 | $62,938 | $31,834 | ||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||
Gross Expense |
1.32 | % | 1.16 | %(c) | 0.96 | % | 1.07 | % | 1.61 | % | 1.92 | % | ||||||||||||||
Net Expenses(d) |
0.25 | % | 0.25 | %(c) | 0.25 | % | 0.25 | % | 0.75 | % | 1.25 | % | ||||||||||||||
Net Investment Income (Loss) |
1.60 | % | 1.17 | %(c) | 1.18 | % | 1.14 | % | 0.81 | % | (0.15 | )% | ||||||||||||||
Portfolio Turnover Rate | 42 | % | 10 | % | 48 | % | 84 | % | 205 | % | 134 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less the one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
| Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Small-Cap Strategy Fund, a series of WT Mutual Fund (theWT Fund). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
92 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2013
1. | ORGANIZATION |
Wilmington Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The Trust consists of 23 portfolios, 6 of which are presented herein (individually referred to as a Fund or collectively as the Funds). The remaining 17 funds are presented in separate reports.
Fund |
Investment Goal | |
Wilmington Large-Cap Growth Fund (Large-Cap Growth Fund)(d) | The Fund seeks to provide long-term capital appreciation. | |
Wilmington Large-Cap Strategy Fund*(Large-Cap Strategy Fund)(d) | The Funds investment goal is to achieve long-term capital appreciation. | |
Wilmington Large-Cap Value Fund (Large-Cap Value Fund)(d) | The Fund seeks to provide long-term capital appreciation and secondarily, current income. | |
Wilmington Mid-Cap Growth Fund (Mid-Cap Growth Fund)(d) | The Fund seeks to provide long-term capital appreciation. | |
Wilmington Small-Cap Growth Fund (Small-Cap Growth Fund)(d) | The Fund seeks to provide long-term capital appreciation. | |
Wilmington Small-Cap Strategy Fund*(Small-Cap Strategy Fund)(d) | The Funds investment goal is to achieve long-term capital appreciation. |
(d) | Diversified |
* | Effective March 9, 2012, the Wilmington Large-Cap Strategy Fund and the Wilmington Small-Cap Strategy Fund (collectively the WT Funds), each a series of WT Mutual Fund, were reorganized into the Trust. For financial reporting purposes, the WT Funds financial and performance history prior to the reorganization has been carried forward and is reflected in the Funds financial statements and financial highlights. See Note 7 for additional information regarding the reorganization. |
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
On April 13, 2013, Class C shares of the Small-Cap Growth Fund were terminated after the conversion to Class A of the Fund. On April 13, 2013, Class A shares of the Large-Cap Strategy Fund were terminated after the conversion to Class I of the Funds. The assets of each portfolio are segregated and a shareholders interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation Fair value of the Funds portfolio securities are determined as follows:
| for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available; |
| in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; |
| investments in open-end regulated investment companies are valued at net asset value (NAV); |
| for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (Trustees). |
Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (NYSE). In computing its NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the securitys value will change in response to the event and a reasonable basis for quantifying the resulting change in value.
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Funds Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 93 |
The Funds policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2013, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
Repurchase Agreements Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Funds return on the transaction. It is each Funds policy to require the counterparty to a repurchase agreement to transfer to the Funds custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a securities entitlement and exercise control as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Investment Income, Gains and Losses, Expenses and Distributions Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and as follows:
Fund |
Dividends |
Dividends Paid | ||
Large-Cap Growth Fund | Annually | Annually | ||
Large-Cap Strategy Fund | Quarterly | Quarterly | ||
Large-Cap Value Fund | Quarterly | Quarterly | ||
Mid-Cap Growth Fund | Annually | Annually | ||
Small-Cap Growth Fund | Annually | Annually | ||
Small-Cap Strategy Fund | Quarterly | Quarterly |
Federal Taxes It is the Funds policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the Code), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income or excise tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable countrys tax rules and rates.
Warrants and Rights Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Board of Trustees approved fair value procedures.
Lending of Portfolio Securities The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending
ANNUAL REPORT / April 30, 2013
94 | NOTES TO FINANCIAL STATEMENTS (continued) |
securities under the terms of the agreement with their custodian, the Funds receive a lenders fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.
Investments purchased with cash collateral are presented on the portfolios of investments under the caption Cash Collateral Invested for Securities on Loan.
As of April 30, 2013, the Funds listed below had securities with the following values on loan:
Fund | Value of Securities on Loan |
Value of Collateral | ||||||||
Large-Cap Growth Fund | $ 1,944,149 | $ 1,947,562 | ||||||||
Large-Cap Strategy Fund | 8,764,736 | 8,951,934 | ||||||||
Mid-Cap Growth Fund | 28,985,432 | 29,114,640 | ||||||||
Small-Cap Growth Fund | 17,437,829 | 17,897,479 | ||||||||
Small-Cap Strategy Fund | 9,905,197 | 10,161,606 |
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
3. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for income recognition on expiration of capital loss carryforwards, reclassification of ordinary loss to short-term gains, REIT dividend reclasses and distributions recognition on income distribution payables.
As of April 30, 2013, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds federal tax returns filed for the periods ended 2012, 2011, and 2010, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2013, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital |
Increase (Decrease) Undistributed (Distributions in Excess of) Net Investment Income |
Accumulated Net Realized | ||||||||||||
Large-Cap Strategy Fund |
$ | | $ 3,510 | $ (3,510 | ) | ||||||||||
Large-Cap Value Fund |
(19,825 | ) | 11,264 | 8,561 | |||||||||||
Small-Cap Growth Fund |
(108,416 | ) | 108,416 | | |||||||||||
Small-Cap Strategy Fund |
| 11,503 | (11,503 | ) |
The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:
2013 | 2012 | |||||||||||||||||
Fund |
Return of Capital |
Ordinary Income* |
Long-Term Capital Gains |
Ordinary Income* |
Long-Term Capital Gains |
|||||||||||||
Large-Cap Growth Fund | $ | $ 84,985 | $ 7,366,066 | $ 70,815 | $ 1,854,981 | |||||||||||||
Large-Cap Value Fund | | 1,799,220 | | 1,355,857 | | |||||||||||||
Mid-Cap Growth Fund | | | 11,276,386 | | 10,589,511 | |||||||||||||
Small-Cap Growth Fund | | 757,676 | | | |
Fund | 2013 Ordinary Income* |
2012 Ordinary Income* |
2011 Ordinary Income* | ||||||||||||
Large-Cap Strategy Fund | $7,319,491 | $5,373,107 | $6,299,979 | ||||||||||||
Small-Cap Strategy Fund | 763,725 | 884,546 | 1,230,775 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 95 |
As of April 30, 2013, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed/ Over Distributed Ordinary Income |
Undistributed Capital Gains |
Unrealized Appreciation |
Late Year Ordinary Deferrals |
Other Timing Differences |
Capital Loss and Deferrals | ||||||||||||||||||||||||
Large-Cap Growth Fund | $341,701 | $ 110,679 | $ 19,005,517 | $ | $ | $(15,222,276 | ) | |||||||||||||||||||||||
Large-Cap Strategy Fund | 497,455 | | 124,038,582 | | | (38,402,939 | ) | |||||||||||||||||||||||
Large-Cap Value Fund | | | 17,939,588 | | | (9,918,299 | ) | |||||||||||||||||||||||
Mid-Cap Growth Fund | | 5,772,003 | 84,235,475 | (272,627 | ) | | (17,660,425 | ) | ||||||||||||||||||||||
Small-Cap Growth Fund | | | 24,243,991 | (400,871 | ) | | (28,198,015 | ) | ||||||||||||||||||||||
Small-Cap Strategy Fund | 96,848 | | 19,212,149 | | | (12,806,893 | ) |
At April 30, 2013, the following Funds had capital loss carryforwards which will reduce each Funds taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Fund | Capital Loss Available Through | Short-Term Post-Effective |
Long-Term Post-Effective |
Total Capital Loss | ||||||||||||||||||||||||||
2016 | 2017 | 2018 | No Expiration | No Expiration | Carryforwards | |||||||||||||||||||||||||
Large-Cap Growth Fund | $11,416,707 | $ 3,805,569 | $ | $ | $ | $15,222,276 | ||||||||||||||||||||||||
Large-Cap Strategy Fund | | | 38,402,939 | | | 38,402,939 | ||||||||||||||||||||||||
Large-Cap Value Fund | 2,000,070 | 4,472,572 | 1,646,592 | | | 8,119,234 | ||||||||||||||||||||||||
Mid-Cap Growth Fund | | 16,299,495 | 1,360,930 | | | 17,660,425 | ||||||||||||||||||||||||
Small-Cap Growth Fund | 7,293,340 | 18,467,238 | 1,273,640 | 380,282 | 382,938 | 27,797,438 | ||||||||||||||||||||||||
Small-Cap Strategy Fund | | 12,806,893 | | | | 12,806,893 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
As a result of the tax-free transfer of assets described in Note 7 and to the extent unrealized gains and losses that existed at the time of the reorganization are realized, the capital loss carryforwards may further be limited for up to five years from the date of the reorganization.
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2013:
Fund | Capital Loss Carryforwards Used | ||||
Large-Cap Growth Fund | $ 3,805,569 | ||||
Large-Cap Strategy Fund | 13,423,393 | ||||
Large-Cap Value Fund | 8,503,135 | ||||
Mid-Cap Growth Fund | 3,259,899 | ||||
Small-Cap Strategy Fund | 5,508,704 |
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2013 are as follows:
Fund | Ordinary Post-December Losses |
Short-Term Post-October/ Late Year Losses |
Long-Term Late Year | ||||||||||||
Large-Cap Value Fund |
$ | $1,799,065 | $ | ||||||||||||
Mid-Cap Growth Fund |
272,627 | | | ||||||||||||
Small-Cap Growth Fund |
400,871 | | 400,577 |
ANNUAL REPORT / April 30, 2013
96 | NOTES TO FINANCIAL STATEMENTS (continued) |
4. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor Wilmington Funds Management Corporation (WFMC or the Advisor) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (WTIA) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Funds average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
Fund | Advisory Fee Annual Rate | ||||
Large-Cap Growth Fund | 0.85 | % | |||
Large-Cap Strategy Fund | 0.50 | % | |||
Large-Cap Value Fund | 0.70 | % | |||
Mid-Cap Growth Fund | 0.85 | % | |||
Small-Cap Growth Fund | 0.85 | % | |||
Small-Cap Strategy Fund | 0.55 | % |
WFMC had entered into a Sub-Advisory agreement with NWQ Investment Management Company LLC (NWQ) to manage the Large-Cap Value Fund, subject to supervision by the Advisor and the Trustees, and in accordance with the investment goal and restrictions of the Fund. For their service, NWQ received a fee of 0.45%, accrued daily and paid monthly, based upon the Funds average daily net assets that they managed for the Fund, which was paid by the Fund.
Effective December 13, 2012, the sub-advisory agreement with NWQ was terminated and WFMC assumed management of all the assets of the Large-Cap Value Fund. The advisory fee paid to WFMC was changed from 0.25% to 0.70% of average daily net assets of the Fund effective with the termination of NWQ.
WFMC and the Funds distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
Fund | Contractual Expense Limitations | |||||||||
Class A | Class I | |||||||||
Large-Cap Growth Fund | 1.42 | % | 1.04 | % | ||||||
Large-Cap Strategy Fund | N/A | 0.25 | % | |||||||
Large-Cap Value Fund | 1.32 | % | 1.04 | % | ||||||
Mid-Cap Growth Fund | 1.24 | % | 1.08 | % | ||||||
Small-Cap Growth Fund | 1.47 | % | 1.25 | % | ||||||
Small-Cap Strategy Fund | N/A | 0.31 | % |
Administrative Fee The Bank of New York Mellon (BNYM) provides the Trust with fund administration services. Effective October 1, 2012, WFMC replaced WTIA as Co-Administrator for the Funds. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee |
Average Aggregate Daily Net Assets of the Trust | ||||
WFMC | 0.033 | % | on the first $5 billion | |||
0.020 | % | on the next $2 billion | ||||
0.016 | % | on the next $3 billion | ||||
0.015 | % | on assets in excess of $10 billion | ||||
BNYM | 0.0285 | % | on the first $500 million | |||
0.0280 | % | on the next $500 million | ||||
0.0275 | % | on assets in excess of $1 billion |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2013, WTIA and WFMC did not waive any administrative personnel and services fee.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 97 |
Distribution Services Fee The Trust has adopted a Distribution Services Plan (the Plan) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (ALPS), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds Class A, for the sale, distribution, administration, customer servicing and record keeping of these shares.
The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together M&T), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:
Fund | Distribution Fees | ||||
Large-Cap Growth Fund | $35,416 | ||||
Large-Cap Strategy Fund | 65 | ||||
Large-Cap Value Fund | 10,116 | ||||
Mid-Cap Growth Fund | 84,892 | ||||
Small-Cap Growth Fund | 31,010 | ||||
Small-Cap Strategy Fund | |
Sales Charges The Class A shares of all the Funds bear front-end sales charges.
For the year ended April 30, 2013, M&T received the amounts listed below from sales charges on the sale of Class A shares.
Fund | Sales Charges from Class A | ||||
Large-Cap Growth Fund | $ 4,111 | ||||
Large-Cap Strategy Fund | | ||||
Large-Cap Value Fund | 3,520 | ||||
Mid-Cap Growth Fund | 12,422 | ||||
Small-Cap Growth Fund | 5,041 | ||||
Small-Cap Strategy Fund | |
Shareholder Services Fee Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Funds Class A and Class I to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Funds shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T received a portion of the fees paid by the following Funds which are listed below:
Fund | Shareholder Services | ||||
Large-Cap Growth Fund | $ 33,408 | ||||
Large-Cap Strategy Fund | | ||||
Large-Cap Value Fund | 143,067 | ||||
Mid-Cap Growth Fund | 254,107 | ||||
Small-Cap Growth Fund | 128,408 | ||||
Small-Cap Strategy Fund | |
Other Service Providers Foreside Management Services, LLC (FMS) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides fund accounting and custody services to the Trust.
BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.
General Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trusts Statement of Additional Information includes additional information about the Trustees.
Other Affiliated Parties and Transactions Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds distributor. Transactions with affiliated companies during the year ended April 30, 2013 are as follows:
ANNUAL REPORT / April 30, 2013
98 | NOTES TO FINANCIAL STATEMENTS (continued) |
Affiliated Fund Name | Balance of Shares Held 4/30/2012 |
Purchases/ Additions |
Sales/ Reductions |
Balance of Shares Held 4/30/2013 |
Value at 4/30/2013 |
Dividend Income |
Realized Gain/Loss | ||||||||||||||||||||||||||||
Large-Cap Growth Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
| 2,568,165 | 2,568,165 | | $ | | $ | 69 | $ | | |||||||||||||||||||||||||
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Large-Cap Strategy Fund: | |||||||||||||||||||||||||||||||||||
M&T Bank Corp. | 2,210 | 1,200 | | 3,410 | 341,682 | 7,868 | | ||||||||||||||||||||||||||||
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Large-Cap Value Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
1,988,206 | 24,596,180 | 26,584,386 | | | 527 | | ||||||||||||||||||||||||||||
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Mid-Cap Growth Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
3,796,553 | 8,311,219 | 12,107,772 | | | | | ||||||||||||||||||||||||||||
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Small-Cap Growth Fund: | |||||||||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
94,563 | 11,275,615 | 11,370,178 | | | 88 | | ||||||||||||||||||||||||||||
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Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2013 were as follows:
Fund | Commissions | ||||
Large-Cap Growth Fund | $ 18,404 | ||||
Large-Cap Strategy Fund | 55,372 | ||||
Large-Cap Value Fund | 65,053 | ||||
Mid-Cap Growth Fund | 2,031 | ||||
Small-Cap Growth Fund | 270,065 | ||||
Small-Cap Strategy Fund | 37,946 |
5. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2013 were as follows:
Investments | ||||||||||
Fund | Purchases | Sales | ||||||||
Large-Cap Growth Fund | $ 40,094,142 | $ 70,406,787 | ||||||||
Large-Cap Strategy Fund | 86,980,813 | 110,334,602 | ||||||||
Large-Cap Value Fund | 119,483,110 | 141,871,404 | ||||||||
Mid-Cap Growth Fund | 98,874,371 | 115,392,384 | ||||||||
Small-Cap Growth Fund | 203,839,256 | 242,224,995 | ||||||||
Small-Cap Strategy Fund | 37,901,969 | 22,006,243 |
6. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (LOC) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is March 10, 2014. The Funds did not utilize the LOC for the year ended April 30, 2013.
7. | REORGANIZATION |
On February 21, 2012 the Board approved an Agreement and Plan of Reorganization (the Reorganization) to transfer all of the assets of Wilmington Large-Cap Strategy Fund and Wilmington Small-Cap Strategy Fund, each a series of WT Mutual Fund, (collectively the WT Funds) in exchange for shares of Large-Cap Strategy Fund and Small-Cap Strategy Funds (each an Acquiring Fund), respectively. The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the WT Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 99 |
income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective WT Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the Reorganization, except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Funds received an identical number of shares of the corresponding class (A Shares and I Shares) of the Acquiring Funds, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Acquiring Funds had no operations prior to March 9, 2012. The WT Funds investment objectives, policies and limitations were identical to those of the Acquiring Funds. Accordingly, for financial reporting purposes, the operating history of the WT Funds prior to the Reorganization is reflected in the financial statements and financial highlights.
8. | LEGAL PROCEEDINGS |
The Funds are subject to claims and suits that arise from time to time in the ordinary course of business. For example, certain creditors of Tribune Co., which has recently emerged from bankruptcy, have filed actions against former Tribune shareholders, (collectively, the Lawsuits) who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (LBO). These creditor plaintiffs seek the return of all proceeds received by the former Tribune shareholders. The Tribune-related actions are currently pending in the U.S. District Court for the Southern District of New York in a Multi-District Litigation (MDL). There are thousands of defendants in the MDL, including the Large-Cap Strategy Fund and the Mid-Cap Growth Fund. The suits all seek the same thing: disgorgement of the amounts received by the former Tribune shareholders as part of the LBO, but by different legal theories. Although management currently believes that the resolution of the claims against the Funds, individually or in the aggregate, will not have a materially adverse impact on the Funds financial positions, results of operations, or cash flows, these matters are subject to inherent uncertainties and managements view of these matters could change in the future.
Litigation counsel to the Large-Cap Strategy Fund and the Mid-Cap Growth Fund in the Lawsuits does not believe that it is possible, at this early stage in the proceedings, to predict with any reasonable certainty the probable outcome of the Lawsuits or quantify the ultimate exposure to the Large-Cap Strategy Fund and the Mid-Cap Growth Fund arising from the Lawsuits. Until the Large-Cap Strategy Fund and the Mid-Cap Growth Fund can do so, no reduction of their net asset values will be made relating to the Lawsuits. However, even if the plaintiffs in the Lawsuits were to obtain the full recovery they seek, the amount would be less than 0.5% of each of the Large-Cap Strategy Fund and the Mid-Cap Growth Funds net asset value at this time. Neither the Large-Cap Strategy Fund nor the Mid-Cap Growth Fund can predict what their size might be at the time that the cost of the Lawsuits might be quantifiable and thus potentially deducted from their net asset value. Therefore, at this time, those buying or redeeming shares of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund will pay or receive, as the case may be, a price based on net asset value of the Large-Cap Strategy Fund and the Mid-Cap Growth Fund, with no adjustment relating to the Lawsuits. The attorneys fees and costs relating to the Lawsuits will be taken as expenses by the Large-Cap Strategy Fund and the Mid-Cap Growth Fund as incurred and in a manner similar to any other expense incurred by the Large-Cap Strategy Fund and the Mid-Cap Growth Fund.
9. | RECENT ACCOUNTING PRONOUNCEMENT |
In December 2011, the Financial Accounting Standards Board(FASB) issued Accounting Standards Update (ASU) No. 2011-11 regarding Disclosures about Offsetting Assets and Liabilities. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.
10. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds financial statements through this date.
ANNUAL REPORT / April 30, 2013
100 | NOTES TO FINANCIAL STATEMENTS (continued) |
11. | FEDERAL TAX INFORMATION (UNAUDITED) |
Complete information regarding the tax status of distributions will be reported on Forms 1099.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2013, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:
Fund | |||||
Large-Cap Growth Fund | 100.00 | % | |||
Large-Cap Strategy Fund | 95.85 | % | |||
Large-Cap Value Fund | 100.00 | % | |||
Small-Cap Growth Fund | 100.00 | % | |||
Small-Cap Strategy Fund | 38.84 | % |
For the year ended April 30, 2013, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:
Fund | |||||
Large-Cap Growth Fund | 100.00 | % | |||
Large-Cap Strategy Fund | 100.00 | % | |||
Large-Cap Value Fund | 100.00 | % | |||
Samll-Cap Growth Fund | 100.00 | % | |||
Small-Cap Strategy Fund | 41.15 | % |
If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.
April 30, 2013 / ANNUAL REPORT
101 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Large-Cap Growth Fund, Wilmington Large-Cap Strategy Fund, Wilmington Large-Cap Value Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund and Wilmington Small-Cap Strategy Fund (six of the series constituting the Wilmington Funds) (the Funds) as of April 30, 2013, and the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2013, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Large-Cap Growth Fund, Wilmington Large-Cap Strategy Fund, Wilmington Large-Cap Value Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund and Wilmington Small-Cap Strategy Fund at April 30, 2013, the results of their operations for the year then ended and the changes in their net assets and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2013
ANNUAL REPORT / April 30, 2013
102 | BOARD OF TRUSTEES AND TRUST OFFICERS |
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are interested persons of the Fund (i.e., Interested Trustees) and those who are not (i.e., Independent Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trusts Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name
|
Principal Occupations and Other Directorships Held for Past Five Years
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R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012 |
Principal Occupations: President of WTIA, President of Wilmington Trust Investment Managements (WTIM), Director of Wilmington Funds Management Corporation (formerly known as Rodney Square Management Corporation).
Other Directorships Held: None.
Previous Positions: Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04).
| |
Robert J. Truesdell* Birth date: 11/55 TRUSTEE Began serving: December 2012 |
Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
Other Directorships Held: None.
Previous Positions: Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02-6/12) and WFMC (3/12 to 6/12).
|
* | R. Samuel Fraundorf is interested due to positions he holds with WTIA and WTIM. Robert J. Truesdell is interested due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds Advisor, and previous positions held with WTIA and WFMC. |
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 103 |
INDEPENDENT TRUSTEES BACKGROUND
Name
|
Principal Occupations and Other Directorships Held for Past Five Years
| |
Joseph J. Castiglia Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 |
Principal Occupations: Private Investor, Consultant and Community Volunteer.
Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present).
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch.
| |
Robert H. Arnold Birth date: 3/44 TRUSTEE Began serving: March 2012 |
Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present).
Other Directorships Held: First Potomac Realty Trust (real estate investment trust).
| |
William H. Cowie, Jr. Birth date: 1/31 TRUSTEE Began serving: September 2003 |
Principal Occupations: Retired.
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present).
Previous Positions: Vice Chairman of Signet Banking Corp.
| |
John S. Cramer Birth date: 2/42 TRUSTEE Began serving: December 2000 |
Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present).
Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of ChekMed Corporation (6/03 to present).
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania).
| |
Daniel R. Gernatt, Jr. Birth date: 7/40 TRUSTEE Began serving: February 1988 |
Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present).
Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation.
| |
Nicholas A. Giordano Birth date: 3/43 TRUSTEE Began serving: March 2012 |
Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens).
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
|
ANNUAL REPORT / April 30, 2013
104 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name
|
Principal Occupations and Other Directorships Held for Past Five Years
| |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 |
Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present).
|
OFFICERS
Name
|
Principal Occupations for Past Five Years and Previous Positions
| |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012
|
Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 |
Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004).
| |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 |
Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
| |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 |
Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005).
| |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008
|
Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010
|
Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present).
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). |
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 105 |
Name
|
Principal Occupations for Past Five Years and Previous Positions
| |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007
|
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007
|
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 |
Principal Occupations: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04).
|
ANNUAL REPORT / April 30, 2013
106 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Fundsport-folios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds website. Go to www.wilmingtonfunds.com select Proxy Voting Record to access the link. This information is also available from the Edgar database on the SECs website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SECs website at www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select Individual Investors |
2.) | Click on the link Sign up for Electronic Delivery |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
April 30, 2013 / ANNUAL REPORT
107 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as the Funds, we or us) recognize that consumers (referred to as you or your) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
| We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
| We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
| We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
| We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
| We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
| We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumers account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customerspri-vacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employees or agents need to know the information in order to service a customers account or comply with legal requirements.
Visiting The Funds Website:
The Funds website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
ANNUAL REPORT / April 30, 2013
108 |
| Information or data entered into a website will be retained. |
| Where registration to a website or re-entering personal information on a website is required, cookies are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you dont have to resubmit personal information. Cookies provide faster access into the website. |
| We may also collect non-personally identifiable Internet Protocol (IP) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employers request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
April 30, 2013 / ANNUAL REPORT
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Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890
Sub-Advisor Wilmington Trust Investment Advisors 111 South Calvert Street 26th Floor Baltimore, MD 21202
Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890 |
Co-Administrator, Accountant, and Custodian The Bank of New York Mellon 101 Barclay Street New York, NY 10286
Distributor ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203
Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809
Independent Registered Public Accounting Firm Ernst & Young LLP One Commerce Square 2005 Market Street, Suite 700 Philadelphia, PA 19103 | |||||
WT-AR-EQ-0413 Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.
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Wilmington Multi-Manager International Fund (International Fund)
Wilmington Rock Maple Alternatives Fund (Rock Maple Alternatives Fund)
Wilmington Multi-Manager Real Asset Fund (Real Asset Fund)
Wilmington Strategic Allocation Conservative Fund (Strategic Allocation Conservative Fund)
Wilmington Strategic Allocation Moderate Fund (Strategic Allocation Moderate Fund)
Wilmington Strategic Allocation Aggressive Fund (Strategic Allocation Aggressive Fund)
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I am pleased to present the Annual Report of the Wilmington Funds (Trust). This report covers the Trusts fiscal year, which is the 12-month reporting period from May 1, 2012 through April 30, 2013. Inside, you will find a discussion of the factors impacting each Funds performance during the reporting period, as well as a complete listing of each Funds holdings and financial statements.
The Economy and Financial Markets in Review
Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond markets, and stock markets over the 12-month reporting period.
The Economy
The U.S. economic expansion continued during the 12 months ended April 30, 2013, though its pace remained tepid. The production of goods and services grew 3.1%, 0.4%, and 2.5% faster than the rate of inflation during the third and fourth quarters of 2012 and the first quarter of 2013, respectively. U.S. consumer spending propelled the gains, though consumers were still cautious amid the long, slow recovery from the Great Recession of 20072009. Retail and food sales, for example, amounted to $4.94 trillion during our fiscal year, up 2.5% in real (inflation-adjusted) terms over the preceding 12-month period. The housing market continued its nascent recovery, and inflation averaged about 1.1%.
Source: Federal Reserve Bank of St. Louis, May 28, 2013
If consumers were feeling somewhat better, business managers remained wary. During the third and fourth quarters of 2012 and the first quarter of 2013, investments in U.S. plants, property, and equipment expected to last three years or more were made at lower rates than they had been made in the corresponding quarters five years earlier, as the recession was beginning. Employers likewise remained cautious in hiring. The number of U.S. private sector workers grew in all 12 months of our fiscal year, but the rate of private-sector job growth remained slow. At the end of April, there were still 2.0 million fewer private-sector workers than there had been at the labor markets January 2008 peak. Much of the blame for soft business enthusiasm was laid at the doorsteps of Congress and the White House. Many business leaders said lawmakers needed to make meaningful changes in U.S. tax and spending policies to shore up the nations finances and to clarify the legal and regulatory environment.
Despite the modest rate of expansion, the U.S. recovery looked solid in relation to economic conditions in Europe, where a recession appeared to be worsening. Greece appeared likely to remain at least a near-term participant in the continents common currency experiment, but Spain, Portugal and Italy all joined Greece in struggling under heavy sovereign debts. Debate about the possibility of developing common fiscal policies and banking regulations continued, and investors were soothed by the European Central Bank Presidents assurance that the bank would do whatever it takes to preserve the euro. In China, growth appeared to slow, though it remained strong in absolute terms. On balance, the global economy appeared to be expanding at a modest rate.
The Bond Markets
The good times rolled on in the U.S. bond market during our fiscal year. The Barclays Capital U.S. Aggregate Bond Index returned 3.68%. The index tracks the overall market for taxable, investment-grade U.S. bonds and includes U.S. Treasury and agency securities, corporate bonds, and mortgage-backed securities (MBS). The gain was propelled by strong results among corporate issues (+7.49%, according to the Barclays Capital U.S. Credit Bond Index), into which investors piled as the search for investment opportunities with meaningful yields continued.
The yield of the 10-year U.S. Treasury note, against which many other interest rates are set, declined from 1.91% at the end of April 2012 to a low of 1.43% in late July 2012 before climbing to 1.67% at the end of April 2013. The net 12-month decrease of a quarter of a percentage point boosted the prices of bonds across the market.
The S&P Municipal Bond Intermediate Index1 returned 4.71%. Demand for shares of municipal bond mutual funds, which account for much of the total demand for municipal bonds, accelerated as fears of widespread municipal bankruptcies dissipated and the rates of U.S. taxation on interest, dividends, and capital gains were allowed to revert in 2013 to prior, higher levels for higher-income taxpayers. Talk of limiting the federal tax exemption on municipal bond interest income, meanwhile, continued to be just talk.
PRESIDENTS MESSAGE / April 30, 2013
ii
For the 12-month reporting period May 1, 2012 through April 30, 2013, certain Barclays Capital indices performed as follows2:
Barclays Capital U.S. Aggregate Bond Index3 |
Barclays Capital U.S. Treasury Bond Index4 |
Barclays Capital U.S. Mortgage- Backed Securities Index5 |
Barclays Capital U.S. Credit Bond Index6 |
Barclays Capital Municipal Bond Index7 | ||||
3.68% |
2.56% | 1.85% | 7.49% | 5.19% |
The Stock Markets
Investors heard plenty about the lost decade of equity returns when the effects of the financial crisis were in full swing in early 2009. Commercials decrying 401(k) retirement plans as 201(k)s promoted gold 401(k)s or day trading as solutions; buy and hold, it was said, was dead. Fast forward four years and anyone who abandoned equities may be wishing they hadnt. The lost decade has turned into a pretty normal found decade, with a trailing 10-year total return for the S&P 500 Index of 7.88%, annualized. Granted, ten years ago we were emerging from the tech bubble; one must always be leery of the period selected in drawing conclusions from economic or investment data.
Stocks generally did very well during the 12 months ended April 30, 2013. Six broad stock market indices, which together offer a rough portrait of the worlds equity securities, returned between +3.97% and +19.39% in U.S. dollars during the fiscal year. The weakest return came from the MSCI Emerging Markets (Net) Index8 (+3.97%) and the strongest return (+19.39%) was recorded by the MSCI EAFE (Net) Index9 of developed international stock markets. In between were the returns of the Russell Top 200 Index10(+16.30%), which tracks mega-capitalization U.S. stocks, the Russell Midcap Index11 (+19.20%) of mid-cap U.S. stocks, the Russell 2000 Index12 (+17.69%) of small-cap U.S. stocks, and the S&P 500 Index13 (+16.89%), a widely watched gauge consisting mainly of large-cap U.S. stocks.
For the 12-month reporting period May 1, 2012 through April 30, 2013, certain stock market indices performed as follows:
S&P 500 Index13 |
Dow Jones Industrial Average14 |
NASDAQ Composite Index15 |
MSCI All Country World ex-US (Net) Index16 | |||
16.89% |
15.39% | 10.78% | 14.15% |
The Trust, with assets of $13.3 billion as of April 30, 2013, gives investors access to every major asset class and sector. Whether you are looking for a comfortable retirement, to fund a childs higher education, pursue tax-free income17, stay ahead of inflation, or keep your cash working, one or more of the Trusts Funds may provide you with the diversification, flexibility, and professional management you need.
Sincerely,
Sam Guerrieri
President
May 28, 2013
April 30, 2013 / PRESIDENTS MESSAGE
iii
For more complete information, please download the Funds prospectus available on www.wilmingtonfunds.com or call 1-800-836-2211 for a copy. You should consider the Funds investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds prospectus, which you should read carefully before investing.
Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
All investments involve risk, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility.
High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.
Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. Bond prices are sensitive to change in interest rates, and a rise in interest rates can cause a decline in their price. Real estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally), property tax rates and other factors. Commodity-related securities may be subject to additional risks and broad market price fluctuations. High yield securities present greater risk of loss than higher quality debt securities and may be subject to greater price volatility. Investments such as mutual funds that focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors.
Diversification and asset allocation do not assure profit or protect against loss. Investment markets are volatile and no investment strategy can guarantee that the desired result will be achieved. There is no assurance that any investment strategy will be successful. Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because certain Funds invest in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the Underlying Strategies in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower.
1. | S&P Municipal Bond Intermediate Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. |
2. | Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. |
3. | Barclays Capital U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index. |
4. | Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index. |
5. | Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index. |
6. | Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index. |
7. | Barclays Capital Municipal Bond Index tracks the performance of the long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index. |
8. | MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. |
9. | MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. |
10. | Russell Top 200 Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200 is a subset of the Russell 3000 Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market. |
11. | Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. |
12. | Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. |
PRESIDENTS MESSAGE / April 30, 2013
iv
13. | S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index. |
14. | Dow Jones Industrial Average (DJIA) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIAs average movements are leading economic indicators for the stock market as a whole. The DJIA is unmanaged and investments cannot be made directly in the DJIA. |
15. | NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index. |
16. | MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 45 country indices comprising 23 developed and 22 emerging market country indices. |
17. | Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes. |
April 30, 2013 / PRESIDENTS MESSAGE
1
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013 |
2
April 30, 2013 / ANNUAL REPORT |
3
ANNUAL REPORT / April 30, 2013
4
April 30, 2013 / ANNUAL REPORT
5
ANNUAL REPORT / April 30, 2013
6
WILMINGTON ROCK MAPLE ALTERNATIVES FUND
Managements Discussion of Fund Performance
April 30, 2013 / ANNUAL REPORT
7
ANNUAL REPORT / April 30, 2013
8
April 30, 2013 / ANNUAL REPORT
9
WILMINGTON MULTI-MANAGER REAL ASSET FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
10
April 30, 2013 / ANNUAL REPORT
11
ANNUAL REPORT / April 30, 2013
12
April 30, 2013 / ANNUAL REPORT
13
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013
14
April 30, 2013 / ANNUAL REPORT
15
ANNUAL REPORT / April 30, 2013
16
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Managements Discussion of Fund Performance
April 30, 2013 / ANNUAL REPORT
17
ANNUAL REPORT / April 30, 2013
18
April 30, 2013 / ANNUAL REPORT
19
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Managements Discussion of Fund Performance
ANNUAL REPORT / April 30, 2013 |
20
April 30, 2013 / ANNUAL REPORT
21
ANNUAL REPORT / April 30, 2013
22
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio2 | |||||
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,106.00 | $7.68 | 1.47% | ||||
Class I |
$1,000.00 | $1,105.80 | $7.00 | 1.34% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,017.50 | $7.35 | 1.47% | ||||
Class I |
$1,000.00 | $1,018.15 | $6.71 | 1.34% | ||||
WILMINGTON ROCK MAPLE ALTERNATIVES FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,034.00 | $14.22 | 2.82% | ||||
Class I |
$1,000.00 | $1,035.00 | $13.17 | 2.61% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,010.81 | $14.06 | 2.82% | ||||
Class I |
$1,000.00 | $1,011.85 | $13.02 | 2.61% | ||||
WILMINGTON MULTI-MANAGER REAL ASSET FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,070.90 | $6.57 | 1.28% | ||||
Class I |
$1,000.00 | $1,072.00 | $5.29 | 1.03% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,018.45 | $6.41 | 1.28% | ||||
Class I |
$1,000.00 | $1,019.69 | $5.16 | 1.03% | ||||
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,033.50 | $3.58 | 0.71% | ||||
Class I |
$1,000.00 | $1,034.70 | $2.32 | 0.46% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,021.27 | $3.56 | 0.71% | ||||
Class I |
$1,000.00 | $1,022.51 | $2.31 | 0.46% |
April 30, 2013 / ANNUAL REPORT
23
Beginning Account Value 11/1/12 |
Ending Account Value 4/30/13 |
Expenses Paid During Period1 |
Annualized Net Expense Ratio2 | |||||
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,070.90 | $4.31 | 0.84% | ||||
Class I |
$1,000.00 | $1,071.20 | $3.03 | 0.59% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.63 | $4.21 | 0.84% | ||||
Class I |
$1,000.00 | $1,021.87 | $2.96 | 0.59% | ||||
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND |
||||||||
Actual |
||||||||
Class A |
$1,000.00 | $1,114.90 | $4.56 | 0.87% | ||||
Class I |
$1,000.00 | $1,115.90 | $3.25 | 0.62% | ||||
Hypothetical (assuming a 5% return before expense) |
||||||||
Class A |
$1,000.00 | $1,020.48 | $4.36 | 0.87% | ||||
Class I |
$1,000.00 | $1,021.72 | $3.11 | 0.62% |
(1) | Expenses are equal to the Funds annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds it invests in. |
ANNUAL REPORT / April 30, 2013
24
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager International Fund
At April 30, 2013, the Funds sector classifications and country allocations were as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 25
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
26 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 27
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013 |
28 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 29
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
30 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 31
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
32 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 33
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
34 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 35
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
36 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 37
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
38 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 39
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
40 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 41
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
42 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 43
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
44 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 45
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
46 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 47
Wilmington Multi-Manager International Fund (continued)
ANNUAL REPORT / April 30, 2013
48 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (continued)
Cost of investments for Federal income tax purposes is $475,391,042. The net unrealized appreciation/(depreciation) of investments was $47,512,514. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $81,555,312 and net unrealized depreciation from investments for those securities having an excess of cost over value of $34,042,798.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 49
Wilmington Multi-Manager International Fund (continued)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 449,126,974 | $ | | $ | | $ | 449,126,974 | ||||||||
Investment Companies |
38,214,890 | 223,839 | | 38,438,729 | ||||||||||||
Preferred Stocks |
9,901,072 | 37,048 | | (a) | 9,938,120 | |||||||||||
Money Market Fund |
6,331,346 | | | 6,331,346 | ||||||||||||
Rights |
53,886 | 12,252 | | 66,138 | ||||||||||||
Call Warrants |
8,174,023 | 804 | | 8,174,827 | ||||||||||||
Certificates |
861,529 | | | 861,529 | ||||||||||||
Real Estate Investment Trusts |
3,149,828 | | | 3,149,828 | ||||||||||||
Corporate Bond |
| 4,212 | | 4,212 | ||||||||||||
Repurchase Agreements |
| 6,811,853 | | 6,811,853 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 515,813,548 | $7,090,008 | $ | | $522,903,556 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments^ |
||||||||||||||||
Forward Foreign Currency Contracts |
| 212 | | 212 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
$ | 515,813,548 | $7,090,220 | $ | | $522,903,768 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Other Financial Instruments^ |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | | $(5,105) | $ | | $(5,105) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
$ | | $(5,105) | $ | | $(5,105) | ||||||||||
|
|
|
|
|
|
|
|
(a) At April 30, 2013, the Fund held a security that was valued at $0 and classified as Level 3. Beginning and ending Level 3 balances were zero and there was no activity during the period.
^Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The following table summarizes the valuation techniques used and unobservable inputs developed to determine the fair value of Level 3 investments:
Fair Value at April 30, 2013 |
Valuation Technique |
Unobservable Input |
Value of Unobservable Input | |||||
Investments in Securities: |
||||||||
Preferred Stocks |
$ | Discounted cash flow | Estimated liquidation value | $ |
The significant unobservable input used in the fair value measurement of the Funds preferred stock is estimated liquidation value. Significant increases in estimated liquidation value in isolation would result in a similar significant increase in fair value measurement.
ANNUAL REPORT / April 30, 2013
50 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager International Fund (concluded)
At April 30, 2013, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive |
Contract Amount |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
CONTRACTS PURCHASED |
||||||||||||||||||||
5/3/2013 |
Bank of New York | 40,500 Euro | $ | 53,286 | $ 53,336 | $ 50 | ||||||||||||||
5/3/2013 |
Bank of New York | 22,000 Euro | 28,811 | 28,973 | 162 | |||||||||||||||
CONTRACTS SOLD |
||||||||||||||||||||
5/1/2013 |
Bank of New York | 18,305,769 Japanese Yen | 184,089 | 187,780 | (3,691) | |||||||||||||||
5/1/2013 |
Bank of New York | 19,245 Pound Sterling | 29,791 | 29,894 | (103) | |||||||||||||||
5/1/2013 |
Bank of New York | 15,414 Japanese Yen | 155 | 158 | (3) | |||||||||||||||
5/2/2013 |
Bank of New York | 29,130 Pound Sterling | 45,163 | 45,249 | (86) | |||||||||||||||
5/2/2013 |
Bank of New York | 11,909 Euro | 15,451 | 15,683 | (232) | |||||||||||||||
5/2/2013 |
Bank of New York | 10,073 Euro | 13,069 | 13,265 | (196) | |||||||||||||||
5/2/2013 |
Bank of New York | 4,956 Euro | 6,431 | 6,527 | (96) | |||||||||||||||
5/2/2013 |
Bank of New York | 610 Euro | 791 | 803 | (12) | |||||||||||||||
5/2/2013 |
Bank of New York | 172 Euro | 223 | 227 | (4) | |||||||||||||||
5/3/2013 |
Bank of New York | 33,283 Swiss Franc | 35,370 | 35,796 | (426) | |||||||||||||||
5/3/2013 |
Bank of New York | 27,000 Pound Sterling | 41,936 | 41,940 | (4) | |||||||||||||||
5/3/2013 |
Bank of New York | 9,633 Swiss Franc | 10,237 | 10,360 | (123) | |||||||||||||||
5/3/2013 |
Bank of New York | 4,001 Swiss Franc | 4,252 | 4,304 | (52) | |||||||||||||||
5/3/2013 |
Bank of New York | 3,882 Euro | 5,070 | 5,112 | (42) | |||||||||||||||
5/3/2013 |
Bank of New York | 2,552 Swiss Franc | 2,711 | 2,744 | (33) | |||||||||||||||
5/3/2013 |
Bank of New York | 293 Pound Sterling | 454 | 456 | (2) | |||||||||||||||
NET UNREALIZED APPRECIATION |
||||||||||||||||||||
(DEPRECIATION) ON FORWARD FOREIGN |
||||||||||||||||||||
CURRENCY CONTRACTS |
$(4,893) |
At April 30, 2013, the Wilmington Multi-Manager International Fund had the following outstanding foreign exchange contracts:
Settlement Date | Counterparty | Contracts to Deliver/Receive |
In Exchange For |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
CONTRACTS SOLD |
||||||||||||||||||||
5/1/2013 |
Bank of New York | 2,008 Canadian Dollar | $1,978 | $1,993 | $(15) | |||||||||||||||
5/1/2013 |
Bank of New York | 495 Canadian Dollar | 488 | 491 | (3) | |||||||||||||||
5/1/2013 |
Bank of New York | 108 Canadian Dollar | 106 | 107 | (1) | |||||||||||||||
5/1/2013 |
Bank of New York | 48 Canadian Dollar | 47 | 47 | | |||||||||||||||
5/1/2013 |
Bank of New York | 10 Canadian Dollar | 10 | 10 | | |||||||||||||||
5/1/2013 |
Bank of New York | 3 Canadian Dollar | 3 | 3 | | |||||||||||||||
5/2/2013 |
Bank of New York | 866 Canadian Dollar | 856 | 860 | (4) | |||||||||||||||
5/2/2013 |
Bank of New York | 125 Canadian Dollar | 123 | 124 | (1) | |||||||||||||||
NET UNREALIZED APPRECIATION |
|
|||||||||||||||||||
(DEPRECIATION) ON FOREIGN EXCHANGE |
|
|||||||||||||||||||
CONTRACTS |
$(24) |
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
|
April 30, 2013 / ANNUAL REPORT
51
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Rock Maple Alternatives Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
52 PORTFOLIOS OF INVESTMENTS
Wilmington Rock Maple Alternatives Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 53
Wilmington Rock Maple Alternatives Fund (continued)
ANNUAL REPORT / April 30, 2013
54 PORTFOLIOS OF INVESTMENTS
Wilmington Rock Maple Alternatives Fund (continued)
April 30, 2013 / ANNUAL REPORT |
PORTFOLIOS OF INVESTMENTS 55
Wilmington Rock Maple Alternatives Fund (continued)
Cost of investments for Federal income tax purposes is $45,889,715. The net unrealized appreciation/(depreciation) of investments was $2,389,943. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,312,847 and net unrealized depreciation from investments for those securities having an excess of cost over value of $922,904.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
ANNUAL REPORT / April 30, 2013
56 PORTFOLIOS OF INVESTMENTS
Wilmington Rock Maple Alternatives Fund (continued)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
$ | 19,208,004 | $ | | $ | | $ | 19,208,004 | ||||||||
Investment Companies |
6,135,279 | | | 6,135,279 | ||||||||||||
Corporate Bonds |
| 7,633,220 | | 7,633,220 | ||||||||||||
U.S. Government Obligations |
| 1,100,976 | | 1,100,976 | ||||||||||||
Money Market Fund |
14,192,620 | | | 14,192,620 | ||||||||||||
Purchased Options |
6,697 | 2,862 | | 9,559 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 39,542,600 | $ | 8,737,058 | $ | | $ | 48,279,658 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments^ |
||||||||||||||||
Forward Foreign Currency Contracts |
| 2,577 | | 2,577 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
$ | 39,542,600 | $ | 8,739,635 | $ | | $ | 48,282,235 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Other Financial Instruments^ |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | | $ | (74,519 | ) | $ | | $ | (74,519 | ) | ||||||
Securities Sold Short |
(7,686,097 | ) | | | (7,686,097 | ) | ||||||||||
Written Options |
(24,180 | ) | (75,624 | ) | | (99,804 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
$ | (7,710,277 | ) | $ | (150,143 | ) | $ | | $ | (7,860,420 | ) | |||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. Securities sold short and written options are reported at their market value at period end. |
At April 30, 2013, the Wilmington Rock Maple Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts
to Deliver/Receive |
Contract Amount |
Contract at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
CONTRACTS PURCHASED |
||||||||||||||||||||
5/3/2013 |
Bank of New York | 1,734,589 Norwegian Krone | $ | 298,501 | $ | 300,804 | $ | 2,303 | ||||||||||||
5/31/2013 |
Bank of New York | 66,000 Pound Sterling | 102,501 | 102,500 | (1 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 58,000 Pound Sterling | 89,801 | 90,075 | 274 | |||||||||||||||
CONTRACTS SOLD |
||||||||||||||||||||
5/2/2013 |
Bank of New York | 62,485 Pound Sterling | 96,759 | 97,062 | (303 | ) | ||||||||||||||
5/3/2013 |
Bank of New York | 62,560 Pound Sterling | 97,175 | 97,178 | (3 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 6,700,000 Norwegian Krone | 1,135,921 | 1,160,466 | (24,545 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 2,515,000 Swedish Krona | 379,617 | 387,780 | (8,163 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 1,728,000 Norwegian Krone | 296,932 | 299,296 | (2,364 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 1,631,000 Euro | 2,123,970 | 2,148,386 | (24,416 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 517,000 Pound Sterling | 788,994 | 802,915 | (13,921 | ) | ||||||||||||||
5/31/2013 |
Bank of New York | 88,000 Pound Sterling | 135,863 | 136,666 | (803 | ) | ||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $ | (71,942 | ) |
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
|
April 30, 2013 / ANNUAL REPORT
57
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Multi-Manager Real Asset Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
ANNUAL REPORT / April 30, 2013
58 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager Real Asset Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 59
Wilmington Multi-Manager Real Asset Fund (continued)
ANNUAL REPORT / April 30, 2013
60 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager Real Asset Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 61
Wilmington Multi-Manager Real Asset Fund (continued)
ANNUAL REPORT / April 30, 2013
62 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager Real Asset Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 63
Wilmington Multi-Manager Real Asset Fund (continued)
Cost of investments for Federal income tax purposes is $404,611,160. The net unrealized appreciation/(depreciation) of investments was $40,617,389. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $43,150,636 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,533,247.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 |
quoted prices in active markets for identical securities | |||
Level 2 |
other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||
Level 3 |
significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments) |
ANNUAL REPORT / April 30, 2013
64 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager Real Asset Fund (continued)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments in Securities |
||||||||||||||||
Inflation-Linked & Fixed Income Securities |
||||||||||||||||
Asset-Backed Securities |
$ | | $ | 387,565 | $ | | $ | 387,565 | ||||||||
Corporate Bonds |
| 4,344,687 | | 4,344,687 | ||||||||||||
Corporate Notes |
| 3,008,351 | | 3,008,351 | ||||||||||||
Exchange-Traded Funds |
4,739,420 | | | 4,739,420 | ||||||||||||
Foreign Government Inflation-Linked Securities |
| 96,503,309 | | 96,503,309 | ||||||||||||
Foreign Government Securities |
| 7,055,222 | | 7,055,222 | ||||||||||||
Mortgage-Backed Securities |
| 569,937 | | 569,937 | ||||||||||||
U.S. Government Inflation-Linked Securities |
| 52,475,267 | | 52,475,267 | ||||||||||||
U.S. Treasury |
| 2,665,700 | | 2,665,700 | ||||||||||||
Real Estate Related Securities |
||||||||||||||||
Common Stocks |
53,696,456 | | | 53,696,456 | ||||||||||||
Exchange-Traded Funds |
35,967,918 | | | 35,967,918 | ||||||||||||
Real Estate Investment Trusts |
110,396,895 | | | 110,396,895 | ||||||||||||
Commodity Related Securities |
||||||||||||||||
Exchange-Traded Fund |
18,375,865 | | | 18,375,865 | ||||||||||||
Investment Companies |
27,658,553 | | | 27,658,553 | ||||||||||||
Structured Note |
| 5,925,000 | | 5,925,000 | ||||||||||||
Purchased Options |
| 33,899 | | 33,899 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Money Market Funds |
17,523,103 | | | 17,523,103 | ||||||||||||
Repurchase Agreements |
| 3,901,402 | | 3,901,402 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
268,358,210 | 176,870,339 | | 445,228,549 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments^ |
||||||||||||||||
Forward Foreign Currency Contracts |
| 1,870,423 | | 1,870,423 | ||||||||||||
Financial Futures Contracts |
| 7,972 | | 7,972 | ||||||||||||
Interest Rate Swaps |
| 81,107 | | 81,107 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
$ | 268,358,210 | $ | 178,829,841 | $ | | $ | 447,188,051 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
|
||||||||||||||||
Liabilities |
||||||||||||||||
Other Financial Instruments^ |
||||||||||||||||
Written Options |
| (63,282 | ) | | (63,282 | ) | ||||||||||
Forward Foreign Currency Contracts |
| (2,487,312 | ) | | (2,487,312 | ) | ||||||||||
Financial Futures Contracts |
| (70,196 | ) | | (70,196 | ) | ||||||||||
Interest Rate Swaps |
| (157,658 | ) | | (157,658 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
$ | | $ | (2,778,448 | ) | $ | | $ | (2,778,448 | ) | ||||||
|
|
|
|
|
|
|
|
^ | Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments. Financial futures contracts, interest rate swaps and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument. Written options are reported at their market value at period end. |
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 65
Wilmington Multi-Manager Real Asset Fund (continued)
At April 30, 2013, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:
Settlement Date | Counterparty | Contracts to Deliver/Receive |
Contract Amount |
Contract
at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||
CONTRACTS PURCHASED |
||||||||||||||||
5/1/2013 |
Brown Brothers Harriman | 48,167 Pound Sterling | $ | 74,591 | $ | 74,820 | $ | 229 | ||||||||
5/2/2013 |
Royal Bank of Scotland | 16,116,000 Pound Sterling | 24,584,958 | 25,033,785 | 448,827 | |||||||||||
5/2/2013 |
Banc of America Securities | 7,846,000 Euro | 10,199,800 | 10,332,793 | 132,993 | |||||||||||
5/2/2013 |
Barclays Bank International | 4,640,000 Pound Sterling | 7,059,667 | 7,207,543 | 147,876 | |||||||||||
5/2/2013 |
Deutsche Bank | 820,000 Euro | 1,073,761 | 1,079,899 | 6,138 | |||||||||||
5/2/2013 |
HSBC Securities, Inc. | 720,000 Australian Dollar | 741,357 | 746,423 | 5,066 | |||||||||||
5/2/2013 |
Credit Suisse | 520,000 Australian Dollar | 534,976 | 539,084 | 4,108 | |||||||||||
5/2/2013 |
BNP Paribas | 450,000 Australian Dollar | 465,444 | 466,515 | 1,071 | |||||||||||
5/2/2013 |
Brown Brothers Harriman | 12,652 Pound Sterling | 19,615 | 19,654 | 39 | |||||||||||
5/3/2013 |
HSBC Securities, Inc. | 870,931 Brazilian Real | 435,096 | 435,147 | 51 | |||||||||||
5/3/2013 |
Banc of America Securities | 870,931 Brazilian Real | 438,425 | 435,147 | (3,278) | |||||||||||
5/3/2013 |
Brown Brothers Harriman | 15,540 Pound Sterling | 24,152 | 24,139 | (13) | |||||||||||
5/8/2013 |
Societe General Securities | 44,662,077 Japanese Yen | 483,767 | 458,161 | (25,606) | |||||||||||
5/8/2013 |
Societe General Securities | 2,530,135 Swedish Krona | 386,678 | 390,318 | 3,640 | |||||||||||
5/8/2013 |
Societe General Securities | 1,935,470 Euro | 2,532,704 | 2,549,052 | 16,348 | |||||||||||
5/8/2013 |
Societe General Securities | 1,624,985 Pound Sterling | 2,461,524 | 2,524,034 | 62,510 | |||||||||||
5/8/2013 |
Societe General Securities | 438,973 Euro | 560,582 | 578,137 | 17,555 | |||||||||||
5/8/2013 |
Societe General Securities | 334,914 Canadian Dollar | 325,354 | 332,371 | 7,017 | |||||||||||
5/8/2013 |
Societe General Securities | 219,699 Euro | 285,324 | 289,348 | 4,024 | |||||||||||
5/15/2013 |
HSBC Securities, Inc. | 1,400,000 Swedish Krona | 215,667 | 215,940 | 273 | |||||||||||
5/23/2013 |
Citigroup Global Markets | 350,000 New Zealand Dollar | 293,701 | 299,490 | 5,789 | |||||||||||
6/4/2013 |
Citigroup Global Markets | 1,010,000 Euro | 1,313,535 | 1,330,430 | 16,895 | |||||||||||
6/20/2013 |
JPMorgan Chase Bank | 1,252,000 Canadian Dollar | 1,229,422 | 1,241,228 | 11,806 | |||||||||||
6/20/2013 |
Citigroup Global Markets | 840,000 Canadian Dollar | 830,075 | 832,772 | 2,697 | |||||||||||
6/20/2013 |
Morgan Stanley & Co., Inc. | 830,000 Canadian Dollar | 814,940 | 822,858 | 7,918 | |||||||||||
6/20/2013 |
WestPac Bank | 820,000 Canadian Dollar | 800,321 | 812,945 | 12,624 | |||||||||||
6/20/2013 |
HSBC Securities, Inc. | 630,000 Canadian Dollar | 619,975 | 624,579 | 4,604 | |||||||||||
6/20/2013 |
Deutsche Bank | 620,000 Canadian Dollar | 608,395 | 614,665 | 6,270 | |||||||||||
6/27/2013 |
Morgan Stanley & Co., Inc. | 137,000,000 Mexican Peso | 10,954,742 | 11,228,086 | 273,344 | |||||||||||
6/27/2013 |
Deutsche Bank | 1,547,000 Mexican Peso | 127,272 | 126,787 | (485) | |||||||||||
7/18/2013 |
Deutsche Bank | 126,100,000 Japanese Yen | 1,291,259 | 1,294,105 | 2,846 | |||||||||||
CONTRACTS SOLD |
||||||||||||||||
5/2/2013 |
HSBC Securities, Inc. | 18,616,000 Pound Sterling | 28,254,620 | 28,917,160 | (662,540) | |||||||||||
5/2/2013 |
Banc of America Securities | 8,386,000 Euro | 10,799,264 | 11,043,947 | (244,683) | |||||||||||
5/2/2013 |
Banc of America Securities | 5,572,000 Australian Dollar | 5,706,547 | 5,776,488 | (69,941) | |||||||||||
5/2/2013 |
Barclays Bank International | 1,663,000 Australian Dollar | 1,734,127 | 1,724,031 | 10,096 | |||||||||||
5/2/2013 |
Royal Bank of Canada | 930,000 Pound Sterling | 1,406,672 | 1,444,615 | (37,943) | |||||||||||
5/2/2013 |
Deutsche Bank | 720,000 Pound Sterling | 1,103,819 | 1,118,412 | (14,593) | |||||||||||
5/2/2013 |
WestPac Bank | 490,000 Pound Sterling | 752,418 | 761,141 | (8,723) | |||||||||||
5/2/2013 |
Deutsche Bank | 280,000 Euro | 366,699 | 368,746 | (2,047) | |||||||||||
5/2/2013 |
Royal Bank of Scotland | 229,000 Australian Dollar | 238,570 | 237,404 | 1,166 | |||||||||||
5/2/2013 |
Brown Brothers Harriman | 8,549 Swiss Franc | 9,069 | 9,194 | (125) | |||||||||||
5/2/2013 |
Brown Brothers Harriman | 2,651 Euro | 3,468 | 3,491 | (23) | |||||||||||
5/3/2013 |
HSBC Securities, Inc. | 870,931 Brazilian Real | 438,425 | 435,147 | 3,278 | |||||||||||
5/3/2013 |
Banc of America Securities | 870,931 Brazilian Real | 435,096 | 435,147 | (51) | |||||||||||
5/3/2013 |
Brown Brothers Harriman | 1,671 Euro | 2,198 | 2,200 | (2) | |||||||||||
5/6/2013 |
Bank of New York | 128,773 Euro | 169,340 | 169,595 | (255) | |||||||||||
5/8/2013 |
Societe General Securities | 71,633,250 Japanese Yen | 761,730 | 734,842 | 26,888 | |||||||||||
5/8/2013 |
UBS Warburg LLC | 10,683,690 Euro | 14,292,459 | 14,070,632 | 221,827 |
ANNUAL REPORT / April 30, 2013
66 PORTFOLIOS OF INVESTMENTS
Wilmington Multi-Manager Real Asset Fund (continued)
Settlement Date | Counterparty | Contracts to Deliver/Receive |
Contract Amount |
Contract at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||
CONTRACTS SOLD (continued) |
||||||||||||||||
5/8/2013 |
UBS Warburg LLC | 8,849,235 Pound Sterling | $13,697,501 | $13,745,217 | $ (47,716 | ) | ||||||||||
5/8/2013 |
Societe General Securities | 7,804,406 Swedish Krona | 1,232,002 | 1,203,969 | 28,033 | |||||||||||
5/8/2013 |
UBS Warburg LLC | 1,342,717 Canadian Dollar | 1,330,921 | 1,332,520 | (1,599 | ) | ||||||||||
5/8/2013 |
Societe General Securities | 675,381 Australian Dollar | 691,246 | 699,717 | (8,471 | ) | ||||||||||
5/8/2013 |
Societe General Securities | 652,376 Pound Sterling | 989,129 | 1,013,314 | (24,185 | ) | ||||||||||
5/8/2013 |
Societe General Securities | 650,000 Pound Sterling | 995,830 | 1,009,623 | (13,793 | ) | ||||||||||
5/8/2013 |
Societe General Securities | 169,773 Pound Sterling | 254,565 | 263,702 | (9,137 | ) | ||||||||||
5/13/2013 |
Deutsche Bank | 1,490,109 Polish Zloty | 484,018 | 471,108 | 12,910 | |||||||||||
5/13/2013 |
Banc of America Securities | 1,154,527 Polish Zloty | 360,000 | 365,012 | (5,012 | ) | ||||||||||
5/15/2013 |
Barclays Bank International | 30,064,000 Swedish Krona | 4,705,072 | 4,637,167 | 67,905 | |||||||||||
5/15/2013 |
Barclays Bank International | 22,310,000 Danish Krone | 4,018,100 | 3,941,574 | 76,526 | |||||||||||
5/15/2013 |
Royal Bank of Canada | 380,000 Swedish Krona | 58,271 | 58,612 | (341 | ) | ||||||||||
5/23/2013 |
Credit Suisse | 2,160,000 New Zealand Dollar | 1,815,882 | 1,848,283 | (32,401 | ) | ||||||||||
5/23/2013 |
WestPac Bank | 1,135,000 New Zealand Dollar | 951,471 | 971,204 | (19,733 | ) | ||||||||||
5/23/2013 |
Deutsche Bank | 350,000 New Zealand Dollar | 294,967 | 299,490 | (4,523 | ) | ||||||||||
6/4/2013 |
Credit Suisse | 29,008,099 Brazilian Real | 14,640,942 | 14,437,131 | 203,811 | |||||||||||
6/4/2013 |
Royal Bank of Scotland | 16,116,000 Pound Sterling | 24,579,978 | 25,028,019 | (448,041 | ) | ||||||||||
6/4/2013 |
Banc of America Securities | 7,846,000 Euro | 10,201,950 | 10,335,198 | (133,248 | ) | ||||||||||
6/4/2013 |
Morgan Stanley & Co., Inc. | 1,628,930 Brazilian Real | 819,093 | 810,707 | 8,386 | |||||||||||
6/5/2013 |
Goldman Sachs | 240,010,917 Chilean Peso | 488,522 | 506,952 | (18,430 | ) | ||||||||||
6/13/2013 |
Citigroup Global Markets | 5,774,000 Australian Dollar | 5,965,986 | 5,965,610 | 376 | |||||||||||
6/20/2013 |
Royal Bank of Scotland | 6,701,000 Canadian Dollar | 6,508,321 | 6,643,343 | (135,022 | ) | ||||||||||
6/20/2013 |
Royal Bank of Canada | 620,000 Canadian Dollar | 608,855 | 614,665 | (5,810 | ) | ||||||||||
6/27/2013 |
HSBC Securities, Inc. | 207,744,434 Mexican Peso | 16,540,162 | 17,026,076 | (485,914 | ) | ||||||||||
6/27/2013 |
HSBC Securities, Inc. | 9,567,414 Mexican Peso | 789,000 | 784,115 | 4,885 | |||||||||||
7/18/2013 |
WestPac Bank | 128,600,000 Japanese Yen | 1,321,540 | 1,319,762 | 1,778 | |||||||||||
7/30/2013 |
Banc of America Securities | 25,233,706 South African Rand | 2,767,005 | 2,776,633 | (9,628 | ) | ||||||||||
10/9/2013 |
Credit Suisse | 2,098,798 Turkish Lira | 1,136,698 | 1,150,698 | (14,000 | ) | ||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $(616,889 | ) |
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 67
Wilmington Multi-Manager Real Asset Fund (concluded)
At April 30, 2013, the Wilmington Multi-Manager Real Asset Fund had the following outstanding foreign exchange contracts:
Settlement Date | Counterparty | Contracts
to Deliver/Receive |
In
Exchange For |
Contracts
at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||
CONTRACTS PURCHASED |
||||||||||||||||
5/2/2013 |
Citigroup Global Markets | 5,774,000 Australian Dollar | $5,984,751 | $5,985,901 | $ 1,150 | |||||||||||
CONTRACTS SOLD |
||||||||||||||||
5/1/2013 |
BNP Paribas | 450,000 Australian Dollar | 465,480 | 466,515 | (1,035 | ) | ||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS | $ 115 |
At April 30, 2013, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:
Underlying Contracts to Buy/Sell | Expiration Date |
Number
of Contracts |
Contract Amount |
Contract at Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
SHORT POSITIONS: |
||||||||||||||||||||
EURO-BOBL 10 YR FUT |
June 2013 | 22 | $3,648,065 | $3,671,737 | $(23,672 | ) | ||||||||||||||
EURO-BUND 10YR FUT |
June 2013 | 3 | 566,473 | 579,116 | (12,643 | ) | ||||||||||||||
LONG 10YR GILT FUT |
June 2013 | 7 | 1,290,645 | 1,304,923 | (14,278 | ) | ||||||||||||||
U.S. 10YR TREASURY NOTE |
June 2013 | 2 | 263,371 | 266,719 | (3,348 | ) | ||||||||||||||
U.S. 10YR TREASURY NOTE |
June 2013 | 2 | 264,998 | 266,719 | (1,721 | ) | ||||||||||||||
U.S. LONG TREASURY BOND |
June 2013 | 33 | 4,904,347 | 4,896,375 | 7,972 | |||||||||||||||
U.S. ULTRA TREASURY BOND |
June 2013 | 3 | 478,497 | 493,031 | (14,534 | ) | ||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS | $(62,224 | ) |
At April 30, 2013, the Wilmington Multi-Manager Real Asset Fund had open interest rate swap contracts as follows:
Counterparty | Termination Date |
Notional Amount |
Fixed Rate |
Floating Rate | Fair Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
Banc of America Security# | 01/02/15 | $ | 10,400,000 | 8.16 | % | Brazilian Interbank Deposit | $ | 3,939 | $(15,396 | ) | $ 19,335 | |||||||||||||||
Morgan Stanley Capital Services, LLC# | 01/02/17 | 10,900,000 | 8.22 | Brazilian Interbank Deposit | (91,112 | ) | (521 | ) | (90,591 | ) | ||||||||||||||||
Credit Suisse# | 01/02/17 | 10,100,000 | 8.94 | Brazilian Interbank Deposit | 36,845 | (18,018 | ) | 54,863 | ||||||||||||||||||
HSBC Bank USA, NA# | 01/02/17 | 500,000 | 8.32 | Brazilian Interbank Deposit | (3,200 | ) | 431 | (3,631 | ) | |||||||||||||||||
Deutsche Bank AG# | 07/25/16 | 200,000 | 2.00 | France CPI EX-Tobacco Household | 5,826 | 189 | 5,637 | |||||||||||||||||||
Banc of America Security# | 12/11/18 | 600,000 | 3.50 | New Zealand OCR | 1,442 | 170 | 1,272 | |||||||||||||||||||
Goldman Sachs Group, Inc.* | 02/12/17 | 500,000 | 2.42 | US Urban Consumers NSA | (4,291 | ) | | (4,291 | ) | |||||||||||||||||
RBS Securities, Inc.* | 07/15/17 | 2,400,000 | 2.25 | US Urban Consumers NSA | (23,225 | ) | 211 | (23,436 | ) | |||||||||||||||||
Citibank NA* | 07/15/17 | 200,000 | 2.25 | US Urban Consumers NSA | (1,935 | ) | 43 | (1,978 | ) | |||||||||||||||||
Goldman Sachs Group, Inc.* | 07/15/22 | 1,600,000 | 2.50 | US Urban Consumers NSA | 1,110 | 29,488 | (28,378 | ) | ||||||||||||||||||
Citibank NA* | 07/15/22 | 500,000 | 2.50 | US Urban Consumers NSA | 347 | 3,591 | (3,244 | ) | ||||||||||||||||||
Deutsche Bank AG* | 07/15/22 | 400,000 | 2.50 | US Urban Consumers NSA | 3,506 | 5,615 | (2,109 | ) | ||||||||||||||||||
Net Unrealized Appreciation (Depreciation) on Interest Rate Swap Contracts | $ | (70,748 | ) | $ 5,803 | $(76,551 | ) |
# Portfolio pays the floating rate and receives the fixed rate.
* Portfolio pays the fixed rate and receives the floating rate.
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
68
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Conservative Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 69
Wilmington Strategic Allocation Conservative Fund (concluded)
Cost of investments for Federal income tax purposes is $44,980,882. The net unrealized appreciation/(depreciation) of investments was $3,051,057. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,098,295 and net unrealized depreciation from investments for those securities having an excess of cost over value of $47,238.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Investment Companies |
$ | 48,031,939 | $ | | $ | | $ | 48,031,939 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 48,031,939 | $ | | $ | | $ | 48,031,939 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
70
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Moderate Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 71
Wilmington Strategic Allocation Moderate Fund (continued)
ANNUAL REPORT / April 30, 2013 |
72 PORTFOLIOS OF INVESTMENTS
Wilmington Strategic Allocation Moderate Fund (continued)
April 30, 2013 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS 73
Wilmington Strategic Allocation Moderate Fund (continued)
ANNUAL REPORT / April 30, 2013
74 PORTFOLIOS OF INVESTMENTS
Wilmington Strategic Allocation Moderate Fund (concluded)
Cost of investments for Federal income tax purposes is $55,880,879. The net unrealized appreciation/(depreciation) of investments was $7,606,034. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,663,408 and net unrealized depreciation from investments for those securities having an excess of cost over value of $57,374.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Investment Companies |
$ | 51,421,356 | $ | | $ | | $ | 51,421,356 | ||||||||
Collateralized Mortgage Obligations |
| 324,801 | | 324,801 | ||||||||||||
Corporate Bonds |
| 5,792,441 | | 5,792,441 | ||||||||||||
Enhanced Equipment Trust Certificates |
| 146,639 | | 146,639 | ||||||||||||
Mortgage-Backed Securities |
| 3,322,591 | | 3,322,591 | ||||||||||||
U.S. Treasury |
| 2,437,913 | | 2,437,913 | ||||||||||||
Money Market Fund |
41,172 | | | 41,172 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 51,462,528 | $ | 12,024,385 | $ | | $ | 63,486,913 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
75
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Strategic Allocation Aggressive Fund
At April 30, 2013, the Funds portfolio composition was as follows (unaudited):
PORTFOLIO OF INVESTMENTS
April 30, 2013
Cost of investments for Federal income tax purposes is $35,047,798. The net unrealized appreciation/(depreciation) of investments was $4,140,133. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,165,399 and net unrealized depreciation from investments for those securities having an excess of cost over value of $25,266.
ANNUAL REPORT / April 30, 2013
76 PORTFOLIOS OF INVESTMENTS
Wilmington Strategic Allocation Aggressive Fund (concluded)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2013 in valuing the Funds assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Investment Companies |
$ | 39,187,931 | $ | | $ | | $ | 39,187,931 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 39,187,931 | $ | | $ | | $ | 39,187,931 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Portfolios of Investments
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
77
NOTES TO PORTFOLIOS OF INVESTMENTS
D | Floating rate note with current rate and stated maturity date shown. |
| Zero coupon security. The rate shown reflects the effective yield at purchase date. |
W | Denotes a restricted security, or a portion thereof, that may be resold without restriction to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Funds Board of Trustees. At April 30, 2013, these liquid restricted securities were as follows: |
| Denotes a restricted security, or a portion thereof, that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales. At April 30, 2013, these restricted securities were as follows: |
Security | Acquisition Date |
Acquisition Cost |
Market Value |
Percentage of Total Net Assets | ||||||||||
Multi-Manager International Fund |
||||||||||||||
Aditya Birla Nuvo Ltd. |
06/16/2010 | $26,604 | $31,149 | |||||||||||
Ambuja Cements Ltd. |
11/01/2012 | 64,415 | 58,886 | |||||||||||
Axis Bank Ltd. |
03/19/2010 | 70,031 | 76,520 | |||||||||||
Axis Bank Ltd. |
01/13/2011 | 29,199 | 27,724 | |||||||||||
Axis Bank Ltd. |
03/27/2012 | 43,358 | 52,677 | |||||||||||
Container Corp. of India |
02/08/2010 | 29,219 | 22,978 | |||||||||||
Container Corp. of India |
01/13/2011 | 38,773 | 29,246 | |||||||||||
FPT Corp. |
10/13/2010 | 25,843 | 15,486 | |||||||||||
FPT Corp. |
01/13/2011 | 38,488 | 28,925 | |||||||||||
HDFC Bank Ltd. |
12/20/2010 | 121,868 | 161,596 | |||||||||||
HDFC Bank Ltd. |
01/13/2011 | 54,119 | 69,680 | |||||||||||
HDFC Bank Ltd. |
03/27/2012 | 43,653 | 53,844 | |||||||||||
Jaiprakash Associates Ltd. |
06/21/2010 | 34,593 | 16,628 | |||||||||||
Jaiprakash Associates Ltd. |
01/13/2011 | 36,608 | 23,754 | |||||||||||
Jaiprakash Associates Ltd. |
11/01/2012 | 35,223 | 30,182 | |||||||||||
Kinh Do Corp. |
10/14/2010 | 60,400 | 58,590 | |||||||||||
Larsen & Toubro Ltd. |
11/01/2012 | 36,626 | 33,704 | |||||||||||
NTPC Ltd. |
10/12/2009 | 102,375 | 66,266 | |||||||||||
NTPC Ltd. |
01/13/2011 | 52,888 | 36,241 | |||||||||||
NTPC Ltd. |
03/27/2012 | 63,330 | 56,204 | |||||||||||
PetroVietnam Drilling and Well Services JSC |
10/11/2012 | 58,107 | 61,693 | |||||||||||
Petrovietnam Fertilizer & Chemicals JSC |
03/27/2012 | 37,753 | 49,908 | |||||||||||
Pha Lai Thermal Power JSC |
10/13/2010 | 35,986 | 57,428 | |||||||||||
Reliance Industries Ltd. GDR |
07/03/2007 | 303,953 | 210,858 | |||||||||||
Reliance Industries Ltd. GDR |
01/13/2011 | 76,929 | 50,099 | |||||||||||
Reliance Industries Ltd. GDR |
01/20/2012 | 42,433 | 39,961 | |||||||||||
Reliance Industries Ltd. GDR |
03/27/2012 | 82,122 | 83,990 | |||||||||||
Reliance Industries Ltd. GDR |
04/02/2012 | 41,493 | 41,258 | |||||||||||
Reliance Industries Ltd. GDR |
11/01/2012 | 66,561 | 64,834 | |||||||||||
Steel Authority of India Ltd. |
04/16/2009 | 20,302 | 10,417 | |||||||||||
Steel Authority of India Ltd. |
03/27/2012 | 44,175 | 26,992 | |||||||||||
Sun Pharmaceutical Industries Ltd. |
02/08/2010 | 77,517 | 211,914 | |||||||||||
Tata Consultancy Services Ltd. |
08/14/2009 | 62,871 | 149,473 | |||||||||||
Tata Steel Ltd. |
09/21/2011 | 45,297 | 26,703 |
ANNUAL REPORT / April 30, 2013
78 NOTES TO PORTFOLIOS OF INVESTMENTS
Security | Acquisition Date |
Acquisition Cost |
Market Value |
Percentage of Total Net Assets |
||||||||||||
Unitech Ltd |
07/08/2010 | $16,170 | $5,104 | |||||||||||||
Unitech Ltd |
01/13/2011 | 47,365 | 18,014 | |||||||||||||
Vingroup JSC |
10/13/2010 | 24,321 | 36,459 | |||||||||||||
Vingroup JSC |
10/14/2010 | 42,947 | 62,754 | |||||||||||||
Vingroup JSC |
11/01/2012 | 51,422 | 53,339 | |||||||||||||
$2,211,478 | 0.4% | |||||||||||||||
Rock Maple Alternatives Fund |
||||||||||||||||
ADS Waste Holdings, Inc. |
11/14/2012 | 497,563 | 518,937 | |||||||||||||
Burlington Holdings LLC |
04/01/2013 | 512,500 | 521,250 | |||||||||||||
Jefferies Finance LLC |
04/10/2013 | 348,925 | 355,300 | |||||||||||||
Michael Foods Holdings, Inc. |
03/13/2013 | 486,450 | 497,612 | |||||||||||||
Wind Acquisition Finance SA |
02/13/2013 | 225,213 | 227,900 | |||||||||||||
Wok Acquisition Corp. |
12/06/2012 | 504,688 | 523,687 | |||||||||||||
Yonkers Racing Corp. |
11/28/2012 | 456,875 | 457,937 | |||||||||||||
$3,102,623 | 6.6% | |||||||||||||||
Multi-Manager Real Asset Fund |
||||||||||||||||
Banco Santander Brazil SA |
03/17/2011 | 500,000 | 498,917 | |||||||||||||
International Lease Finance Corp. |
08/11/2010 | 100,000 | 119,438 | |||||||||||||
Metropolitan Life Global Funding I |
01/05/2011 | 1,500,000 | 1,503,677 | |||||||||||||
Venture CDO Ltd |
08/02/2010 | 358,224 | 387,565 | |||||||||||||
$2,509,597 | 0.6% | |||||||||||||||
Strategic Allocation Moderate Fund |
||||||||||||||||
AbbVie, Inc. |
11/05/2012 | 19,793 | 21,132 | |||||||||||||
Cox Communications, Inc. |
04/24/2013 | 99,875 | 100,174 | |||||||||||||
FMR LLC |
06/28/2010 | 102,666 | 126,399 | |||||||||||||
Zoetis, Inc. |
01/16/2013 | 14,890 | 15,900 | |||||||||||||
$263,605 | 0.4% |
^ | 7-Day net yield. |
§ | Affiliated company. See Note 4 in Notes to Financial Statements. |
| Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2013, the value of these securities amounted to: |
¤ | While the Funds position in this security is long, the investment provides short exposure to the market. |
# | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
Ö | All or a portion of this security is segregated as collateral in connection with the funds short positions and written options carried by the funds. The total value of all securities segregated at April 30, 2013 was: |
ø | All or a portion of this security is segregated as collateral in connection with the funds futures positions. The total value of all securities segregated at April 30, 2013 was: |
* | Non-income producing security. |
** | Represents less than 0.05%. |
April 30, 2013 / ANNUAL REPORT
NOTES TO PORTFOLIOS OF INVESTMENTS 79
The following acronyms are used throughout this report:
ADR American Depositary Receipt |
LLC Limited Liability Corporation | |
CPI Consumer Price Index |
LP Limited Partnership | |
EAFE Europe, Asia, Far East |
MSCI Morgan Stanley Capital International | |
ETF Exchange Traded Fund |
MTN Medium Term Note | |
FHLMC Federal Home Loan Mortgage Corporation |
PCL Public Company Limited | |
FNMA Federal National Mortgage Association |
PLC Public Limited Company | |
GDR Global Depositary Receipt |
REIT Real Estate Investment Trust | |
GNMA Government National Mortgage Association |
SPDR Standard & Poors Depository Receipts | |
GTD Guaranteed |
TIPS Treasury Inflation Protected Security |
Currency Code | Currency | |||
AUD |
Australian Dollar | |||
BRL |
Brazilian Real | |||
CAD |
Canadian Dollar | |||
CLP |
Chilean Peso | |||
DKK |
Danish Krone | |||
EUR |
Euro | |||
GBP |
Pound Sterling | |||
JPY |
Japanese Yen | |||
MXN |
Mexican Peso | |||
NZD |
New Zealand Dollar | |||
PLN |
Polish Zloty | |||
SEK |
Swedish Krona | |||
TRY |
Turkish Lira | |||
ZAR |
South African Rand |
ANNUAL REPORT / April 30, 2013
80 STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2013 | Wilmington Multi-Manager International Fund |
Wilmington Rock Maple Alternatives Fund |
Wilmington Fund |
|||||||||||||||
ASSETS: |
||||||||||||||||||
Investments, at identified cost |
$ | 466,599,153 | $ | 45,587,798 | $ | 387,334,525 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Investments in securities, at value (Including $6,567,937, $0 and $586,874 of securities on loan, respectively) (Note 2) |
522,903,556 | 48,279,658 | 445,228,549 | (a) | ||||||||||||||
|
|
|
|
|
|
|||||||||||||
Cash |
552,761 | 4,089,100 | 990,483 | |||||||||||||||
Deposits for securities sold short |
| 2,365,087 | | |||||||||||||||
Cash denominated in foreign currencies(b) |
1,603,194 | 61,609 | 2,037,479 | |||||||||||||||
Premiums paid for swap agreements |
| | 39,738 | |||||||||||||||
Income receivable |
2,609,408 | 199,953 | 1,315,826 | |||||||||||||||
Receivable for shares sold |
170,957 | 500,000 | 612,780 | |||||||||||||||
Unrealized appreciation on swap agreements |
| | 81,107 | |||||||||||||||
Unrealized appreciation on foreign exchange contracts |
212 | 2,577 | 1,870,423 | |||||||||||||||
Receivable for investments sold |
463,221 | 1,661,434 | 9,422,204 | |||||||||||||||
Other assets |
9,125 | 5,314 | 8,028 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
TOTAL ASSETS |
528,312,434 | 57,164,732 | 461,606,617 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
LIABILITIES: |
||||||||||||||||||
Options written, at value |
| 99,804 | (c) | 63,282 | (c) | |||||||||||||
Deferred capital gains tax payable |
334,463 | | 193,510 | |||||||||||||||
Premiums received for swap agreements |
| | 33,935 | |||||||||||||||
Payable for securities sold short |
| 7,686,097 | (d) | | ||||||||||||||
Payable for investments purchased |
873,097 | 2,099,609 | 8,765,496 | |||||||||||||||
Collateral for securities on loan |
6,811,853 | | 601,402 | |||||||||||||||
Due to broker for swap agreements |
| | 1,374,000 | |||||||||||||||
Unrealized depreciation on swap agreements |
| | 157,658 | |||||||||||||||
Unrealized depreciation on foreign exchange contracts |
5,105 | 74,519 | 2,487,312 | |||||||||||||||
Payable for shares redeemed |
138,887 | 6,912 | 91,088 | |||||||||||||||
Payable to sub-advisors |
205,850 | 30,507 | 122,074 | |||||||||||||||
Payable for Trustees fees |
452 | 257 | 485 | |||||||||||||||
Payable for distribution services fee |
3,521 | 477 | 1,300 | |||||||||||||||
Payable for shareholder services fee |
50,164 | | | |||||||||||||||
Other accrued expenses |
699,369 | 109,246 | 379,157 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
TOTAL LIABILITIES |
9,122,761 | 10,107,428 | 14,270,699 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
$ | 519,189,673 | $ | 47,057,304 | $ | 447,335,918 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||
Paid-in capital |
$ | 833,282,035 | $ | 45,015,376 | $ | 506,266,223 | ||||||||||||
Undistributed (distributions in excess of) net investment income |
2,491,830 | 55,303 | (265,630) | |||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
(372,895,749) | (25,327) | (115,950,007) | |||||||||||||||
Net unrealized appreciation (depreciation) of investments and foreign currencies |
56,311,557 | 2,011,952 | 57,285,332 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
TOTAL NET ASSETS |
$ | 519,189,673 | $ | 47,057,304 | $ | 447,335,918 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: |
||||||||||||||||||
Class A |
||||||||||||||||||
Net Assets |
$ | 6,300,646 | $ | 2,397,176 | $ | 6,337,000 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Shares outstanding (unlimited shares authorized) |
867,128 | 226,538 | 407,507 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
Net Asset Value per share |
$ | 7.27 | $ | 10.58 | $ | 15.55 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Offering price per share* |
$ | 7.69 | ** | $ | 11.20 | ** | $ | 16.46 | ** | |||||||||
|
|
|
|
|
|
|||||||||||||
Class I |
||||||||||||||||||
Net Assets |
$ | 512,889,027 | $ | 44,660,128 | $ | 440,998,918 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Shares outstanding (unlimited shares authorized) |
70,227,248 | 4,228,766 | 28,246,460 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
Net Asset Value per share |
$ | 7.30 | $ | 10.56 | $ | 15.61 | ||||||||||||
|
|
|
|
|
|
(a) | Includes $2,650,807 of investments in affiliated issuers. |
(b) | Cost of cash denominated in foreign currencies was $1,593,271, $60,819 and $1,993,669, respectively. |
(c) | Premiums received for options written was $88,244 and $161,326, respectively. |
(d) | Proceeds received for securities sold short was $7,091,030. |
* | See What Do Shares Cost? in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES (concluded) 81
April 30, 2013 | Wilmington Strategic Allocation Conservative Fund |
Wilmington Strategic Allocation Moderate Fund |
Wilmington Strategic Allocation Aggressive Fund |
|||||||||||||||
ASSETS: |
||||||||||||||||||
Investments, at identified cost |
$ | 44,189,092 | $ | 55,074,103 | $ | 28,749,923 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Investments in securities, at value |
48,031,939 | (a) | 63,486,913 | (a) | 39,187,931 | (a) | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Income receivable |
62,218 | 106,976 | 6,729 | |||||||||||||||
Receivable for shares sold |
| 10,725 | 95 | |||||||||||||||
Receivable for investments sold |
| 157,237 | | |||||||||||||||
Other assets |
5,865 | 6,650 | 5,166 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
TOTAL ASSETS |
48,100,022 | 63,768,501 | 39,199,921 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
LIABILITIES: |
||||||||||||||||||
Payable for investments purchased |
40,232 | 200,338 | 10 | |||||||||||||||
Payable for shares redeemed |
72,466 | 13,445 | 110,446 | |||||||||||||||
Payable for Trustees fees |
442 | 541 | 534 | |||||||||||||||
Payable for distribution services fee |
1,249 | 24,679 | 1,068 | |||||||||||||||
Other accrued expenses |
51,608 | 136,150 | 56,844 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
TOTAL LIABILITIES |
165,997 | 375,153 | 168,902 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
$ | 47,934,025 | $ | 63,393,348 | $ | 39,031,019 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||
Paid-in capital |
$ | 45,480,411 | $ | 69,484,827 | $ | 43,354,505 | ||||||||||||
Undistributed (distributions in excess of) net investment income |
279,493 | 84,765 | 48,599 | |||||||||||||||
Accumulated net realized gain (loss) on investments |
(1,668,726) | (14,589,054) | (14,810,093) | |||||||||||||||
Net unrealized appreciation (depreciation) of investments |
3,842,847 | 8,412,810 | 10,438,008 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
TOTAL NET ASSETS |
$ | 47,934,025 | $ | 63,393,348 | $ | 39,031,019 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: |
||||||||||||||||||
Class A |
||||||||||||||||||
Net Assets |
$ | 6,016,119 | $ | 60,640,298 | $ | 3,204,676 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Shares outstanding (unlimited shares authorized) |
545,619 | 6,151,712 | 313,845 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
Net Asset Value per share |
$ | 11.03 | $ | 9.86 | $ | 10.21 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Offering price per share* |
$ | 11.67 | ** | $ | 10.43 | ** | $ | 10.80 | ** | |||||||||
|
|
|
|
|
|
|||||||||||||
Class I |
||||||||||||||||||
Net Assets |
$ | 41,917,906 | $ | 2,753,050 | $ | 35,826,343 | ||||||||||||
|
|
|
|
|
|
|||||||||||||
Shares outstanding (unlimited shares authorized) |
3,794,026 | 279,647 | 3,499,460 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
Net Asset Value per share |
$ | 11.05 | $ | 9.84 | $ | 10.24 | ||||||||||||
|
|
|
|
|
|
(a) | Includes $35,198,343, $18,974,817 and $29,574,326 of investments in affiliated issuers, respectively. |
* | See What Do Shares Cost? in the Prospectus. |
** | Computation of offering price per share 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
Year Ended April 30, 2013 | Wilmington Multi-Manager International Fund |
Wilmington Rock Maple Alternatives Fund |
Wilmington Multi-Manager Real Asset Fund |
|||||||||||||||||
INVESTMENT INCOME: |
||||||||||||||||||||
Dividends |
$ | 12,354,420 | (a)(b) | $ | 585,708 | (a) | $ | 4,245,050 | (a)(b) | |||||||||||
Interest |
| 492,551 | (a) | 4,955,678 | (a) | |||||||||||||||
Securities lending income |
144,469 | | 3,791 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL INVESTMENT INCOME |
12,498,889 | 1,078,259 | 9,204,519 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
EXPENSES: |
||||||||||||||||||||
Investment advisory fee |
4,433,243 | 812,338 | 3,167,916 | |||||||||||||||||
Administrative personnel and services fee |
101,297 | 8,377 | 87,734 | |||||||||||||||||
Portfolio accounting, administration and custodian fees |
724,495 | 63,814 | 375,731 | |||||||||||||||||
Transfer and dividend disbursing agent fees and expenses |
140,674 | 3,228 | 159,130 | |||||||||||||||||
Trustees fees |
28,856 | 28,247 | 27,177 | |||||||||||||||||
Professional fees |
144,188 | 78,492 | 100,299 | |||||||||||||||||
Distribution services feeClass A |
15,511 | 2,641 | 15,455 | |||||||||||||||||
Shareholder services feeClass A |
15,511 | 2,641 | 15,455 | |||||||||||||||||
Shareholder services fee Class I |
1,090,186 | 88,858 | 941,106 | |||||||||||||||||
Share registration costs |
34,002 | 25,821 | 43,982 | |||||||||||||||||
Printing and postage |
41,189 | 11,430 | 41,663 | |||||||||||||||||
Dividend expense on securities sold short |
| 166,200 | | |||||||||||||||||
Prime broker interest expense |
| 80,150 | | |||||||||||||||||
Interest expense on reverse repurchase agreements |
| | 4,675 | |||||||||||||||||
Miscellaneous |
40,952 | 10,370 | 40,054 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL EXPENSES |
6,810,104 | 1,382,607 | 5,020,377 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
WAIVERS AND REIMBURSEMENTS: |
||||||||||||||||||||
Waiver/reimbursement by investment advisor |
(228,596) | (317,328) | (148,456) | |||||||||||||||||
Waiver of distribution services feeClass A |
(183) | | | |||||||||||||||||
Waiver of shareholder services feeClass A |
(15,511) | (2,641) | (15,455) | |||||||||||||||||
Waiver of shareholder services feeClass I |
(587,767) | (88,858) | (941,106) | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS |
(832,057) | (408,827) | (1,105,017) | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net expenses |
5,978,047 | 973,780 | 3,915,360 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net investment income (loss) |
6,520,842 | 104,479 | 5,289,159 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
||||||||||||||||||||
Net realized gain (loss) on investments |
1,632,205 | 541,885 | 11,981,487 | |||||||||||||||||
Net realized gain (loss) of foreign currency transactions |
(120,408) | 65,671 | 1,379,295 | |||||||||||||||||
Net realized gain (loss) on futures contracts |
(11,960) | | (251,317) | |||||||||||||||||
Net realized gain (loss) on swap agreements |
| | 184,905 | |||||||||||||||||
Net realized gain (loss) on options written |
| 434,046 | 143,645 | |||||||||||||||||
Net realized gain (loss) on short sales |
| (653,018) | (1,153) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
39,873,592 | 1,805,504 | 21,596,419 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net realized and unrealized gain (loss) on investments |
41,373,429 | 2,194,088 | 35,033,281 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Change in net assets resulting from operations |
$ | 47,894,271 | $ | 2,298,567 | $ | 40,322,440 | ||||||||||||||
|
|
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $1,113,389, $3,885 and $217,870, respectively. |
(b) | Includes $406 and $541 received from affiliated issuers, respectively. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF OPERATIONS (concluded) 83
Year Ended April 30, 2013 | Wilmington Strategic Allocation Conservative Fund |
Wilmington Strategic Allocation Moderate Fund |
Wilmington Strategic Allocation Aggressive Fund |
|||||||||||||||||
INVESTMENT INCOME: |
||||||||||||||||||||
Dividends(a) |
$ | 1,202,055 | $ | 1,010,798 | $ | 775,078 | ||||||||||||||
Interest |
| 368,901 | | |||||||||||||||||
Securities lending income |
| 21,669 | | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL INVESTMENT INCOME |
1,202,055 | 1,401,368 | 775,078 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
EXPENSES: |
||||||||||||||||||||
Investment advisory fee |
248,544 | 319,652 | 194,396 | |||||||||||||||||
Administrative personnel and services fee |
11,409 | 14,670 | 8,920 | |||||||||||||||||
Portfolio accounting, administration and custodian fees |
26,555 | 25,574 | 30,874 | |||||||||||||||||
Transfer and dividend disbursing agent fees and expenses |
7,841 | 104,660 | 9,604 | |||||||||||||||||
Trustees fees |
28,994 | 28,112 | 28,986 | |||||||||||||||||
Professional fees |
51,409 | 56,497 | 52,081 | |||||||||||||||||
Distribution services feeClass A |
16,185 | 152,603 | 7,531 | |||||||||||||||||
Shareholder services feeClass A |
16,185 | 152,603 | 7,531 | |||||||||||||||||
Shareholder services fee Class I |
108,087 | 7,223 | 89,667 | |||||||||||||||||
Share registration costs |
29,057 | 17,690 | 30,214 | |||||||||||||||||
Printing and postage |
5,964 | 30,028 | 3,887 | |||||||||||||||||
Miscellaneous |
14,621 | 13,658 | 15,767 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL EXPENSES |
564,851 | 922,970 | 479,458 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
WAIVERS AND REIMBURSEMENTS: |
||||||||||||||||||||
Waiver/reimbursement by investment advisor |
(191,467) | (235,533) | (133,678) | |||||||||||||||||
Waiver of distribution services feeClass A |
| (29) | | |||||||||||||||||
Waiver of shareholder services feeClass A |
(16,185) | (152,603) | (7,531) | |||||||||||||||||
Waiver of shareholder services feeClass I |
(108,087) | (7,223) | (89,667) | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS |
(315,739) | (395,388) | (230,876) | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net expenses |
249,112 | 527,582 | 248,582 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net investment income |
952,943 | 873,786 | 526,496 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
||||||||||||||||||||
Net realized gain (loss) on investments |
1,236,740 | 1,217,145 | 739,351 | |||||||||||||||||
Net realized gain (loss) from affiliated investment companies |
1,288,488 | 969,255 | 2,357,380 | |||||||||||||||||
Realized gain distributions received from investment companies |
426,208 | (b) | 451,018 | (b) | 17,555 | (b) | ||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
(972,404) | 1,297,464 | 786,944 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net realized and unrealized gain (loss) on investments |
1,979,032 | 3,934,882 | 3,901,230 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Change in net assets resulting from operations |
$ | 2,931,975 | $ | 4,808,668 | $ | 4,427,726 | ||||||||||||||
|
|
|
|
|
|
(a) | Includes $766,629, $145,704 and $564,525 received from affiliated issuers, respectively. |
(b) | Includes $412,964, $334,457 and $0 received from affiliated issuers, respectively. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
84 STATEMENTS OF CHANGES IN NET ASSETS
Wilmington Multi-Manager International Fund |
Wilmington Rock Maple Alternatives Fund |
|||||||||||||||||||||||||||||||||||
Year Ended April 30, 2013 |
Ten Months Ended April 30, 2012(a) |
Year Ended June 30, 2011 |
Year Ended April 30, 2013 |
Year Ended April 30, 2012* |
||||||||||||||||||||||||||||||||
OPERATIONS: |
||||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 6,520,842 | $ | 3,173,418 | $ | 4,518,207 | $ | 104,479 | $ | 147,748 | ||||||||||||||||||||||||||
Net realized gain (loss) on investments |
1,499,837 | (10,376,352) | 23,982,615 | 388,584 | (104,089) | |||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
39,873,592 | (38,808,023) | 43,967,692 | 1,805,504 | 206,448 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets resulting from operations |
47,894,271 | (46,010,957) | 72,468,514 | 2,298,567 | 250,107 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||||||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||||||||||||||||||||
Class A |
(111,214) | (1,355) | (5,671) | (4,523) | | |||||||||||||||||||||||||||||||
Class I |
(7,211,270) | (1,469,295) | (4,170,715) | (199,237) | (71,149) | |||||||||||||||||||||||||||||||
Distributions from net realized gain on investments |
||||||||||||||||||||||||||||||||||||
Class A |
| | | (8,614 | ) | | ||||||||||||||||||||||||||||||
Class I |
| | | (223,223 | ) | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets resulting from distributions to shareholders |
(7,322,484) | (1,470,650) | (4,176,386) | (435,597) | (71,149) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
SHARE TRANSACTIONS: |
||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||
Class A |
142,433 | 156,622 | 550,709 | 2,861,578 | 121,568 | |||||||||||||||||||||||||||||||
Class I |
166,779,699 | 43,205,337 | 132,362,115 | 27,403,985 | 25,140,242 | |||||||||||||||||||||||||||||||
Proceeds from shares issued in connection with Reorganization (Note 8) |
| 131,922,273 | | | | |||||||||||||||||||||||||||||||
Distributions reinvested |
||||||||||||||||||||||||||||||||||||
Class A |
103,845 | 1,225 | 5,480 | 4,638 | | |||||||||||||||||||||||||||||||
Class I |
3,795,059 | 636,820 | 1,806,057 | 253,077 | 1,524 | |||||||||||||||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||||||||||||||
Class A |
(1,098,408) | (359,888) | (102,237) | (667,034) | | |||||||||||||||||||||||||||||||
Class I |
(93,477,137) | (100,077,373) | (77,659,243) | (9,717,858) | (386,344) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets resulting from share transactions |
76,245,491 | 75,485,016 | 56,962,881 | 20,138,386 | 24,876,990 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets |
116,817,278 | 28,003,409 | 125,255,009 | 22,001,356 | 25,055,948 | |||||||||||||||||||||||||||||||
NET ASSETS: |
||||||||||||||||||||||||||||||||||||
Beginning of period |
402,372,395 | 374,368,986 | 249,113,977 | 25,055,948 | | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
End of period |
$ | 519,189,673 | $ | 402,372,395 | $ | 374,368,986 | $ | 47,057,304 | $ | 25,055,948 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period |
$ | 2,491,830 | $ | 3,137,031 | $ | (225,519) | $ | 55,303 | $ | 8,784 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||||||||||||||||||||||
Shares sold |
||||||||||||||||||||||||||||||||||||
Class A |
21,733 | 22,732 | 73,980 | 277,947 | 11,964 | |||||||||||||||||||||||||||||||
Class I |
24,972,503 | 6,748,787 | 17,575,569 | 2,674,880 | 2,512,086 | |||||||||||||||||||||||||||||||
Shares issued in connection with Reorganization (Note 8) |
| 19,336,655 | | | | |||||||||||||||||||||||||||||||
Distributions reinvested |
||||||||||||||||||||||||||||||||||||
Class A |
16,626 | 189 | 746 | 456 | | |||||||||||||||||||||||||||||||
Class I |
602,343 | 97,298 | 245,029 | 24,901 | 150 | |||||||||||||||||||||||||||||||
Shares redeemed |
||||||||||||||||||||||||||||||||||||
Class A |
(165,710) | (54,447) | (13,770) | (63,829) | | |||||||||||||||||||||||||||||||
Class I |
(13,970,185) | (15,391,690) | (10,733,877) | (945,109) | (38,142) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net change resulting from share transactions |
11,477,310 | 10,759,524 | 7,147,677 | 1,969,246 | 2,486,058 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
(a) | Year end changed from June 30 to April 30. |
* | Commencement of investment operations January 12, 2012. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (continued) 85
Wilmington Multi-Manager Real Asset Fund |
Wilmington Strategic Allocation Conservative Fund |
|||||||||||||||||||||||||||||||||||||
Year Ended April 30, 2013 |
Ten Months Ended April 30, 2012(a) |
Year Ended June 30, 2011 |
Year Ended 2013 |
Ten Months Ended April 30, 2012(a) |
Year Ended June 30, 2011 |
|||||||||||||||||||||||||||||||||
OPERATIONS: |
||||||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 5,289,159 | $ | (1,770,999) | $ | 14,208,111 | $ | 952,943 | $ | 1,016,371 | $ | 1,807,659 | ||||||||||||||||||||||||||
Net realized gain (loss) on investments |
13,436,862 | 9,789,834 | 23,990,074 | 2,951,436 | 1,952,265 | 1,414,599 | ||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
21,596,419 | (873,799) | 20,676,164 | (972,404) | (2,033,581) | 4,673,730 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets resulting from operations |
40,322,440 | 7,145,036 | 58,874,349 | 2,931,975 | 935,055 | 7,895,988 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||||||||||||||||||||||
Class A |
(81,145) | (5,519) | (718,487) | (125,121) | (144,371) | (235,297) | ||||||||||||||||||||||||||||||||
Class I |
(5,540,020) | (240,392) | (13,559,782) | (935,470) | (1,054,442) | (1,563,166) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets resulting from distributions to shareholders |
(5,621,165) | (245,911) | (14,278,269) | (1,060,591) | (1,198,813) | (1,798,463) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
SHARE TRANSACTIONS: |
||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||||
Class A |
1,212,737 | 1,277,305 | 2,247,464 | 169,929 | 89,798 | 7,194,268 | ||||||||||||||||||||||||||||||||
Class I |
116,563,420 | 146,316,832 | 47,667,501 | 1,963,989 | 3,320,115 | 323,968 | ||||||||||||||||||||||||||||||||
Distributions reinvested |
||||||||||||||||||||||||||||||||||||||
Class A |
71,152 | 5,209 | 680,196 | 119,486 | 137,603 | 221,830 | ||||||||||||||||||||||||||||||||
Class I |
2,285,729 | 78,344 | 4,291,103 | 865,722 | 968,602 | 1,402,127 | ||||||||||||||||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||||||||||||||||
Class A |
(2,482,554) | (7,934,816) | (7,842,454) | (1,514,337) | (1,205,703) | (3,342,991) | ||||||||||||||||||||||||||||||||
Class I |
(56,703,907) | (61,223,719) | (125,378,229) | (7,844,528) | (13,973,081) | (11,688,226) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets resulting from share transactions |
60,946,577 | 78,519,155 | (78,334,419) | (6,239,739) | (10,662,666) | (5,889,024) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in net assets |
95,647,852 | 85,418,280 | (33,738,339) | (4,368,355) | (10,926,424) | 208,501 | ||||||||||||||||||||||||||||||||
NET ASSETS: |
||||||||||||||||||||||||||||||||||||||
Beginning of period |
351,688,066 | 266,269,786 | 300,008,125 | 52,302,380 | 63,228,804 | 63,020,303 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
End of period |
$ | 447,335,918 | $ | 351,688,066 | $ | 266,269,786 | $ | 47,934,025 | $ | 52,302,380 | $ | 63,228,804 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period |
$ | (265,630) | $ | (3,182,329) | $ | (5,345,159) | $ | 279,493 | $ | 203,414 | $ | 313,907 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||
Shares sold |
||||||||||||||||||||||||||||||||||||||
Class A |
82,008 | 93,062 | 164,706 | 15,803 | 8,568 | 31,671 | ||||||||||||||||||||||||||||||||
Class I |
7,894,671 | 10,525,216 | 3,501,036 | 183,347 | 320,755 | 695,050 | ||||||||||||||||||||||||||||||||
Distributions reinvested |
||||||||||||||||||||||||||||||||||||||
Class A |
4,913 | 381 | 50,838 | 11,200 | 13,640 | 21,512 | ||||||||||||||||||||||||||||||||
Class I |
157,201 | 5,727 | 319,566 | 80,984 | 95,789 | 135,584 | ||||||||||||||||||||||||||||||||
Shares redeemed |
||||||||||||||||||||||||||||||||||||||
Class A |
(172,209) | (584,668) | (579,584) | (141,142) | (117,367) | (322,385) | ||||||||||||||||||||||||||||||||
Class I |
(3,858,115) | (4,484,128) | (9,233,540) | (729,645) | (1,357,544) | (1,122,201) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net change resulting from share transactions |
4,108,469 | 5,555,590 | (5,776,978) | (579,453) | (1,036,159) | (560,769) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
86 STATEMENTS OF CHANGES IN NET ASSETS (concluded)
Wilmington
Strategic Allocation Moderate Fund |
Wilmington Strategic Allocation Aggressive Fund |
|||||||||||||||||||
Year Ended 2013 |
Year Ended 2012 |
Year Ended 2013 |
Ten Months Ended April 30, 2012(a) |
Year Ended |
||||||||||||||||
OPERATIONS: |
||||||||||||||||||||
Net investment income (loss) |
$ | 873,786 | $ | 888,364 | $ | 526,496 | $ | 377,486 | $ | 1,009,987 | ||||||||||
Net realized gain (loss) on investments |
2,637,418 | 1,004,390 | 3,114,286 | 521,974 | 737,245 | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments |
1,297,464 | (4,599,886 | ) | 786,944 | (2,521,934 | ) | 10,603,386 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from operations |
4,808,668 | (2,707,132 | ) | 4,427,726 | (1,622,474 | ) | 12,350,618 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||||||
Distributions from net investment income |
||||||||||||||||||||
Class A |
(926,451 | ) | (859,662 | ) | (35,195 | ) | (19,654 | ) | (61,960 | ) | ||||||||||
Class I |
(49,723 | ) | (51,060 | ) | (505,334 | ) | (320,102 | ) | (948,415 | ) | ||||||||||
Distributions from net realized gain on investments |
||||||||||||||||||||
Class A |
| (87,547 | ) | | | | ||||||||||||||
Class I |
| (3,953 | ) | | | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from distributions to shareholders |
(976,174 | ) | (1,002,222 | ) | (540,529 | ) | (339,756 | ) | (1,010,375 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SHARE TRANSACTIONS: |
||||||||||||||||||||
Proceeds from sale of shares |
||||||||||||||||||||
Class A |
2,054,731 | 2,997,639 | 209,528 | 88,736 | 145,629 | |||||||||||||||
Class I |
159,948 | 149,012 | 2,700,961 | 5,267,653 | 7,918,850 | |||||||||||||||
Distributions reinvested |
||||||||||||||||||||
Class A |
883,415 | 892,049 | 34,161 | 18,277 | 59,889 | |||||||||||||||
Class I |
49,723 | 55,013 | 162,920 | 98,282 | 286,957 | |||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||
Class A |
(11,243,873 | ) | (10,617,664 | ) | (433,111 | ) | (463,921 | ) | (1,343,528 | ) | ||||||||||
Class I |
(735,576 | ) | (354,196 | ) | (9,861,513 | ) | (16,104,843 | ) | (12,864,588 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets resulting from share transactions |
(8,831,632 | ) | (6,878,147 | ) | (7,187,054 | ) | (11,095,816 | ) | (5,796,791 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Change in net assets |
(4,999,138 | ) | (10,587,501 | ) | (3,299,857 | ) | (13,058,046 | ) | 5,543,452 | |||||||||||
NET ASSETS: |
||||||||||||||||||||
Beginning of period |
68,392,486 | 78,979,987 | 42,330,876 | 55,388,922 | 49,845,470 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
End of period |
$ | 63,393,348 | $ | 68,392,486 | $ | 39,031,019 | $ | 42,330,876 | $ | 55,388,922 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period |
$ | 84,765 | $ | 101,652 | $ | 48,599 | $ | 62,632 | $ | 24,902 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||||||
Shares sold |
||||||||||||||||||||
Class A |
219,213 | 330,801 | 22,757 | 9,921 | 16,577 | |||||||||||||||
Class I |
17,508 | 16,720 | 284,533 | 610,813 | 878,842 | |||||||||||||||
Distributions reinvested |
||||||||||||||||||||
Class A |
94,779 | 102,604 | 3,589 | 2,186 | 6,796 | |||||||||||||||
Class I |
5,344 | 6,304 | 17,145 | 11,700 | 32,395 | |||||||||||||||
Shares redeemed |
||||||||||||||||||||
Class A |
(1,209,721 | ) | (1,175,129 | ) | (46,813 | ) | (53,136 | ) | (153,541 | ) | ||||||||||
Class I |
(79,089 | ) | (40,455 | ) | (1,060,103 | ) | (1,914,753 | ) | (1,495,856 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change resulting from share transactions |
(951,966 | ) | (759,155 | ) | (778,892 | ) | (1,333,269 | ) | (714,787 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND |
CLASS A | Year Ended April 30, 2013 |
For the Period April 30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year
Ended June 30, 2009 |
Year
Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$6.72 | $7.63 | $5.95 | $5.36 | $8.50 | $11.75 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.09 | 0.16 | 0.12 | 0.06 | 0.08 | 0.15 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency |
0.57 | (1.05 | ) | 1.64 | 0.63 | (2.92 | ) | (1.23 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
0.66 | (0.89 | ) | 1.76 | 0.69 | (2.84 | ) | (1.08 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||||
Net Investment Income |
(0.11 | ) | (0.02 | ) | (0.08 | ) | (0.10 | ) | (0.10 | ) | (0.25 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.20 | ) | (1.92 | ) | ||||||||||||||||
Return of Capital |
| | | 0.00 | (b) | | | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.11 | ) | (0.02 | ) | (0.08 | ) | (0.10 | ) | (0.30 | ) | (2.17 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$7.27 | $6.72 | $7.63 | $5.95 | $5.36 | $8.50 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(c) |
10.17 | % | (11.65 | )% | 29.57 | % | 12.74 | % | (32.95 | )% | (10.66 | )% | ||||||||||||
Net Assets, End of Period (000s) |
$6,301 | $6,682 | $571 | $83 | $80 | $118 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense |
1.78 | % | 1.62 | %(d) | 1.59 | % | 1.63 | % | 1.72 | % | 1.40 | % | ||||||||||||
Net Expenses(e) |
1.48 | % | 1.42 | %(d) | 1.58 | % | 1.62 | % | 1.65 | % | 1.40 | % | ||||||||||||
Net Investment Income (Loss) |
1.38 | % | 2.77 | %(d) | 1.61 | % | 0.89 | % | 1.53 | % | 1.46 | % | ||||||||||||
Portfolio Turnover Rate |
72 | % | 85 | % | 98 | % | 107 | % | 136 | % | 124 | % | ||||||||||||
CLASS I | Year Ended April 30, 2013 |
For the Period through April 30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$6.75 | $7.66 | $5.97 | $5.37 | $8.51 | $11.76 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.10 | 0.06 | 0.10 | 0.07 | 0.10 | 0.18 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency |
0.57 | (0.94 | ) | 1.67 | 0.64 | (2.93 | ) | (1.24 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
0.67 | (0.88 | ) | 1.77 | 0.71 | (2.83 | ) | (1.06 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||||
Net Investment Income |
(0.12 | ) | (0.03 | ) | (0.08 | ) | (0.11 | ) | (0.11 | ) | (0.27 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.20 | ) | (1.92 | ) | ||||||||||||||||
Return of Capital |
| | | 0.00 | (b) | | | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.12 | ) | (0.03 | ) | (0.08 | ) | (0.11 | ) | (0.31 | ) | (2.19 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$7.30 | $6.75 | $7.66 | $5.97 | $5.37 | $8.51 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(c) |
10.22 | % | (11.45 | )% | 29.78 | % | 13.10 | % | (32.82 | )% | (10.49 | )% | ||||||||||||
Net Assets, End of Period (000s) |
$512,889 | $395,690 | $373,798 | $249,031 | $395,536 | $1,035,939 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense |
1.54 | % | 1.42 | %(d) | 1.43 | % | 1.38 | % | 1.42 | % | 1.16 | % | ||||||||||||
Net Expenses(e) |
1.35 | % | 1.38 | %(d) | 1.41 | % | 1.37 | % | 1.40 | % | 1.15 | % | ||||||||||||
Net Investment Income (Loss) |
1.47 | % | 1.17 | %(d) | 1.38 | % | 1.03 | % | 1.64 | % | 1.75 | % | ||||||||||||
Portfolio Turnover Rate |
72 | % | 85 | % | 98 | % | 107 | % | 136 | % | 124 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Less than $.01 per share. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | Annualized for periods less the one year. |
(e) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
| Effective March 9, 2012, the Fund acquired all the assets and liabilities of the Wilmington Multi-Manager International Fund, a series of WT Mutual Fund (the WT Fund). The financial highlights for the period prior to this date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
88 FINANCIAL HIGHLIGHTS (continued)
For a share outstanding throughout each period.
WILMINGTON ROCK MAPLE ALTERNATIVES FUND |
CLASS A | Year Ended April 30, 2013 |
For the Period through |
||||||
Net Asset Value, Beginning of Period |
$10.11 | $10.00 | ||||||
Income (Loss) From Operations: |
||||||||
Net Investment Income (Loss)(a) |
0.00 | (b) | 0.03 | |||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency |
0.56 | 0.08 | ||||||
|
|
|||||||
Total Income (Loss) From Operations |
0.56 | 0.11 | ||||||
|
|
|||||||
Less Distributions From: |
||||||||
Net Investment Income |
(0.03 | ) | | |||||
Net Realized Gains |
(0.06 | ) | | |||||
|
|
|||||||
Total Distributions |
(0.09 | ) | | |||||
|
|
|||||||
Net Asset Value, End of Period |
$10.58 | $10.11 | ||||||
|
|
|||||||
Total Return(c) |
5.56 | % | 1.10 | % | ||||
Net Assets, End of Period (000s) |
$2,397 | $121 | ||||||
Ratios to Average Net Assets |
||||||||
Gross Expense |
3.98 | % | 4.66 | %(d) | ||||
Net Expenses(e)(f) |
2.84 | % | 2.89 | %(d)(g) | ||||
Net Investment Income (Loss) |
0.00 | %(h) | 0.88 | %(d) | ||||
Portfolio Turnover Rate |
367 | % | 8 | % | ||||
CLASS I | Year Ended April 30, 2013 |
For the Period through April 30, 2012 |
||||||
Net Asset Value, Beginning of Period |
$10.08 | $10.00 | ||||||
Income (Loss) From Operations: |
||||||||
Net Investment Income (Loss)(a) |
0.03 | 0.06 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency |
0.56 | 0.05 | ||||||
|
|
|||||||
Total Income (Loss) From Operations |
0.59 | 0.11 | ||||||
|
|
|||||||
Less Distributions From: |
||||||||
Net Investment Income |
(0.05 | ) | (0.03 | ) | ||||
Net Realized Gains |
(0.06 | ) | | |||||
|
|
|||||||
Total Distributions |
(0.11 | ) | (0.03 | ) | ||||
|
|
|||||||
Net Asset Value, End of Period |
$10.56 | $10.08 | ||||||
|
|
|||||||
Total Return(c) |
5.91 | % | 1.10 | % | ||||
Net Assets, End of Period (000s) |
$44,660 | $24,935 | ||||||
Ratios to Average Net Assets |
||||||||
Gross Expense |
3.77 | % | 4.33 | %(d) | ||||
Net Expenses(e)(f) |
2.65 | % | 2.39 | %(d)(g) | ||||
Net Investment Income (Loss) |
0.29 | % | 2.11 | %(d) | ||||
Portfolio Turnover Rate |
367 | % | 8 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Represents less than $0.005. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | Annualized for periods less the one year. |
(e) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(f) | Expense ratio includes dividend and interest expense related to short sales. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the year and the period presented would be: |
Class A | Class I | |||||
2013 |
2.24% | 1.98% | ||||
2012 |
2.48% | 1.98% |
(g) | Ratio of expenses to average net assets was increased by 0.41% to include dividend and interest expenses related to short sales. |
(h) | Represents less than 0.005%. |
* | Commencement of operations. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) 89
For a share outstanding throughout each period.
WILMINGTON MULTI-MANAGER REAL ASSET FUND |
CLASS A | Year
Ended April 30, 2013 |
For the Period through April 30, |
Year
Ended June 30, 2011 |
Year
Ended June 30, 2010 |
Year
Ended June 30, 2009 |
Year
Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$14.28 | $14.00 | $12.10 | $11.60 | $17.75 | $15.34 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.18 | (0.21 | ) | 0.63 | 0.02 | 0.15 | 0.63 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency |
1.28 | 0.50 | 1.91 | 0.75 | (4.89 | ) | 2.65 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
1.46 | 0.29 | 2.54 | 0.77 | (4.74 | ) | 3.28 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||||
Net Investment Income |
(0.19 | ) | (0.01 | ) | (0.64 | ) | (0.27 | ) | (0.59 | ) | (0.54 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.82 | ) | (0.33 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.19 | ) | (0.01 | ) | (0.64 | ) | (0.27 | ) | (1.41 | ) | (0.87 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$15.55 | $14.28 | $14.00 | $12.10 | $11.60 | $17.75 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
10.33 | % | 2.04 | % | 21.45 | % | 6.57 | % | (26.78 | )% | 22.00 | % | ||||||||||||
Net Assets, End of Period (000s) |
$6,337 | $7,038 | $13,773 | $16,305 | $20,073 | $32,637 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense |
1.55 | % | 1.33 | %(c) | 1.25 | % | 1.20 | % | 1.09 | % | 0.99 | % | ||||||||||||
Net Expenses(d) |
1.27 | % | 1.28 | %(c) | 1.25 | % | 1.19 | % | 1.07 | % | 0.90 | % | ||||||||||||
Net Investment Income (Loss) |
1.13 | % | (1.86 | )%(c) | 4.64 | % | 0.13 | % | 1.15 | % | 3.61 | % | ||||||||||||
Portfolio Turnover Rate |
131 | % | 180 | % | 199 | % | 156 | % | 115 | % | 72 | % | ||||||||||||
CLASS I | Year Ended April 30, 2013 |
For the Period through April 30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$14.33 | $14.02 | $12.11 | $11.61 | $17.75 | $15.33 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.20 | (0.09 | ) | 0.65 | 0.04 | 0.28 | 0.60 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency |
1.30 | 0.41 | 1.94 | 0.75 | (4.99 | ) | 2.71 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
1.50 | 0.32 | 2.59 | 0.79 | (4.71 | ) | 3.31 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||||||
Net Investment Income |
(0.22 | ) | (0.01 | ) | (0.68 | ) | (0.29 | ) | (0.61 | ) | (0.56 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.82 | ) | (0.33 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.22 | ) | (0.01 | ) | (0.68 | ) | (0.29 | ) | (1.43 | ) | (0.89 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$15.61 | $14.33 | $14.02 | $12.11 | $11.61 | $17.75 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
10.58 | % | 2.31 | % | 21.70 | % | 6.76 | % | (26.59 | )% | 22.27 | % | ||||||||||||
Net Assets, End of Period (000s) |
$440,999 | $344,650 | $252,497 | $283,703 | $368,263 | $782,540 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense |
1.31 | % | 1.08 | %(c) | 1.00 | % | 0.95 | % | 0.82 | % | 0.65 | % | ||||||||||||
Net Expenses(d) |
1.02 | % | 1.02 | %(c) | 1.00 | % | 0.94 | % | 0.82 | % | 0.65 | % | ||||||||||||
Net Investment Income (Loss) |
1.39 | % | (0.74 | )%(c) | 4.82 | % | 0.33 | % | 2.09 | % | 3.64 | % | ||||||||||||
Portfolio Turnover Rate |
131 | % | 180 | % | 199 | % | 156 | % | 115 | % | 72 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | Annualized for periods less the one year. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
| Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Multi-Manager Real Asset Fund, a series of WT Mutual Fund (the WT Fund). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
90 FINANCIAL HIGHLIGHTS (continued)
For a share outstanding throughout each period.
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND |
CLASS A | Year Ended April 30, 2013 |
For the Period April 30,2012* |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$10.61 | $10.60 | $9.66 | $9.02 | $10.54 | $10.80 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.18 | 0.17 | 0.26 | 0.26 | 0.28 | 0.28 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.45 | 0.05 | 0.95 | 0.64 | (1.41 | ) | (0.13 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
0.63 | 0.22 | 1.21 | 0.90 | (1.13 | ) | 0.15 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From(b): |
||||||||||||||||||||||||
Net Investment Income |
(0.21 | ) | (0.21 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | (0.28 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.14 | ) | (0.13 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.21 | ) | (0.21 | ) | (0.27 | ) | (0.26 | ) | (0.39 | ) | (0.41 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$11.03 | $10.61 | $10.60 | $9.66 | $9.02 | $10.54 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(c) |
5.97 | % | 2.15 | % | 12.58 | % | 9.98 | % | (10.57 | )% | 1.35 | % | ||||||||||||
Net Assets, End of Period (000s) |
$6,016 | $7,003 | $8,003 | $9,890 | $3,402 | $4,777 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense(d) |
1.35 | % | 0.77 | %(e) | 0.60 | % | 0.64 | % | 1.56 | % | 1.68 | % | ||||||||||||
Net Expenses(d)(f) |
0.72 | % | 0.63 | %(e) | 0.60 | % | 0.64 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net Investment Income (Loss) |
1.71 | % | 1.95 | %(e) | 2.54 | % | 2.65 | % | 3.02 | % | 2.61 | % | ||||||||||||
Portfolio Turnover Rate |
29 | % | 37 | % | 26 | % | 92 | % | 31 | % | 25 | % | ||||||||||||
CLASS I | Year
Ended April 30, 2013 |
For the Period through April 30, |
Year
Ended June 30, 2011 |
Year
Ended June 30, 2010 |
Year
Ended June 30, 2009 |
Year
Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$10.64 | $10.62 | $9.67 | $9.04 | $10.55 | $10.81 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.21 | 0.19 | 0.29 | 0.29 | 0.31 | 0.31 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.43 | 0.06 | 0.95 | 0.62 | (1.41 | ) | (0.14 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
0.64 | 0.25 | 1.24 | 0.91 | (1.10 | ) | 0.17 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From(b): |
||||||||||||||||||||||||
Net Investment Income |
(0.23 | ) | (0.23 | ) | (0.29 | ) | (0.28 | ) | (0.27 | ) | (0.30 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.14 | ) | (0.13 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.23 | ) | (0.23 | ) | (0.29 | ) | (0.28 | ) | (0.41 | ) | (0.43 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$11.05 | $10.64 | $10.62 | $9.67 | $9.04 | $10.55 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(c) |
6.13 | % | 2.44 | % | 12.96 | % | 10.12 | % | (10.30 | )% | 1.58 | % | ||||||||||||
Net Assets, End of Period (000s) |
$41,918 | $45,299 | $55,226 | $53,131 | $13,021 | $8,058 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense(d) |
1.10 | % | 0.52 | %(e) | 0.35 | % | 0.39 | % | 1.30 | % | 1.43 | % | ||||||||||||
Net Expenses(d)(f) |
0.47 | % | 0.38 | %(e) | 0.35 | % | 0.39 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net Investment Income (Loss) |
1.95 | % | 2.20 | %(e) | 2.81 | % | 2.91 | % | 3.42 | % | 2.83 | % | ||||||||||||
Portfolio Turnover Rate |
29 | % | 37 | % | 26 | % | 92 | % | 31 | % | 25 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(e) | Annualized for periods less the one year. |
(f) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
| Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund (the WT Fund). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) 91
For a share outstanding throughout each year ended April 30, unless otherwise noted: |
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND |
CLASS A | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Net Asset Value, Beginning of Period |
$9.26 | $9.70 | $8.62 | $6.72 | $10.07 | |||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.13 | 0.11 | 0.10 | 0.04 | 0.10 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.61 | (0.42 | ) | 1.13 | 1.87 | (2.82 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total Income (Loss) From Operations |
0.74 | (0.31 | ) | 1.23 | 1.91 | (2.72 | ) | |||||||||||||
|
|
|||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||
Net Investment Income |
(0.14 | ) | (0.12 | ) | (0.12 | ) | (0.01 | ) | (0.10 | ) | ||||||||||
Net Realized Gains |
| (0.01 | ) | (0.03 | ) | | (0.53 | ) | ||||||||||||
|
|
|||||||||||||||||||
Total Distributions |
(0.14 | ) | (0.13 | ) | (0.15 | ) | (0.01 | ) | (0.63 | ) | ||||||||||
|
|
|||||||||||||||||||
Net Asset Value, End of Period |
$9.86 | $9.26 | $9.70 | $8.62 | $6.72 | |||||||||||||||
|
|
|||||||||||||||||||
Total Return(b) |
8.12 | % | (3.13 | )% | 14.54 | % | 28.39 | % | (26.61 | )% | ||||||||||
Net Assets, End of Period (000s) |
$60,640 | $65,285 | $75,554 | $21,822 | $21,871 | |||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||
Gross Expense(c) |
1.45 | % | 1.64 | % | 1.51 | % | 1.39 | % | 1.48 | % | ||||||||||
Net Expenses(c)(d) |
0.84 | % | 0.79 | % | 0.73 | % | 0.83 | % | 0.86 | % | ||||||||||
Net Investment Income (Loss) |
1.36 | % | 1.26 | % | 0.97 | % | 0.46 | % | 1.31 | % | ||||||||||
Portfolio Turnover Rate |
32 | % | 41 | % | 55 | % | 10 | % | 42 | % | ||||||||||
CLASS I | 2013 | 2012 | 2011(e) | |||||||||||||||||
Net Asset Value, Beginning of Period |
$9.25 | $9.70 | $8.08 | |||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.15 | 0.14 | 0.10 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
0.61 | (0.43 | ) | 1.66 | ||||||||||||||||
|
|
|||||||||||||||||||
Total Income (Loss) From Operations |
0.76 | (0.29 | ) | 1.76 | ||||||||||||||||
|
|
|||||||||||||||||||
Less Distributions From: |
||||||||||||||||||||
Net Investment Income |
(0.17 | ) | (0.15 | ) | (0.11 | ) | ||||||||||||||
Net Realized Gains |
| (0.01 | ) | (0.03 | ) | |||||||||||||||
|
|
|||||||||||||||||||
Total Distributions |
(0.17 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||||
|
|
|||||||||||||||||||
Net Asset Value, End of Period |
$9.84 | $9.25 | $9.70 | |||||||||||||||||
|
|
|||||||||||||||||||
Total Return(b) |
8.29 | % | (2.87 | )% | 22.07 | % | ||||||||||||||
Net Assets, End of Period (000s) |
$2,753 | $3,108 | $3,426 | |||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||
Gross Expense(c) |
1.20 | % | 1.39 | % | 1.44 | %(f) | ||||||||||||||
Net Expenses(c)(d) |
0.59 | % | 0.51 | % | 0.67 | %(f) | ||||||||||||||
Net Investment Income (Loss) |
1.59 | % | 1.53 | % | 1.25 | %(f) | ||||||||||||||
Portfolio Turnover Rate |
32 | % | 41 | % | 55 | %(g) |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(c) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(d) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
(e) | For the period from June 11, 2010 (commencement of operations) to April 30, 2011. |
(f) | Annualized for periods less the one year. |
(g) | Reflects portfolio turnover for the Fund for the year ended April 30, 2011. |
| Effective June 11, 2010, shareholders of the former Managed Allocation FundAggressive Growth, Managed Allocation FundModerate Growth, and Managed Allocation FundConservative Growth became owners of the Strategic Allocation Fund in a plan of reorganization. See Note 8. Additionally, the accounting and performance history of the Managed Allocation FundModerate Growth Fund was redesignated as that of the Strategic Allocation Fund for A Shares for periods prior to June 14, 2010. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2013
92 FINANCIAL HIGHLIGHTS (concluded)
For a share outstanding throughout each period.
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND |
CLASS A | Year
Ended April 30, 2013 |
For the Period April 30,2012* |
Year
Ended June 30, 2011 |
Year
Ended June 30, 2010 |
Year
Ended June 30, 2009 |
Year
Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$9.20 | $9.33 | $7.49 | $6.81 | $10.92 | $12.19 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.10 | 0.05 | 0.14 | 0.10 | 0.12 | 0.17 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.02 | (0.13 | ) | 1.85 | 0.68 | (3.53 | ) | (0.78 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
1.12 | (0.08 | ) | 1.99 | 0.78 | (3.41 | ) | (0.61 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From(b): |
||||||||||||||||||||||||
Net Investment Income |
(0.11 | ) | (0.05 | ) | (0.15 | ) | (0.10 | ) | (0.12 | ) | (0.17 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.58 | ) | (0.49 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.11 | ) | (0.05 | ) | (0.15 | ) | (0.10 | ) | (0.70 | ) | (0.66 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$10.21 | $9.20 | $9.33 | $7.49 | $6.81 | $10.92 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(c) |
12.26 | % | (0.75 | )% | 26.66 | % | 11.41 | % | (30.79 | )% | (5.37 | )% | ||||||||||||
Net Assets, End of Period (000s) |
$3,205 | $3,074 | $3,502 | $3,788 | $3,165 | $4,737 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense(d) |
1.46 | % | 0.88 | %(e) | 0.67 | % | 0.58 | % | 0.66 | % | 0.61 | % | ||||||||||||
Net Expenses(d)(f) |
0.87 | % | 0.73 | %(e) | 0.67 | % | 0.58 | % | 0.65 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) |
1.10 | % | 0.75 | %(e) | 1.64 | % | 1.23 | % | 1.63 | % | 1.41 | % | ||||||||||||
Portfolio Turnover Rate |
43 | % | 17 | % | 34 | % | 53 | % | 59 | % | 23 | % | ||||||||||||
CLASS I | Year Ended April 30, 2013 |
For the Period through April 30, |
Year Ended June 30, 2011 |
Year Ended June 30, 2010 |
Year Ended June 30, 2009 |
Year Ended June 30, 2008 |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$9.22 | $9.35 | $7.51 | $6.82 | $10.93 | $12.20 | ||||||||||||||||||
Income (Loss) From Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.13 | 0.07 | 0.17 | 0.11 | 0.15 | 0.20 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
1.02 | (0.13 | ) | 1.84 | 0.70 | (3.54 | ) | (0.78 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total Income (Loss) From Operations |
1.15 | (0.06 | ) | 2.01 | 0.81 | (3.39 | ) | (0.58 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Less Distributions From(b): |
||||||||||||||||||||||||
Net Investment Income |
(0.13 | ) | (0.07 | ) | (0.17 | ) | (0.12 | ) | (0.14 | ) | (0.20 | ) | ||||||||||||
Net Realized Gains |
| | | | (0.58 | ) | (0.49 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total Distributions |
(0.13 | ) | (0.07 | ) | (0.17 | ) | (0.12 | ) | (0.72 | ) | (0.69 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, End of Period |
$10.24 | $9.22 | $9.35 | $7.51 | $6.82 | $10.93 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return(c) |
12.62 | % | (0.62 | )% | 26.91 | % | 11.80 | % | (30.63 | )% | (5.14 | )% | ||||||||||||
Net Assets, End of Period (000s) |
$35,826 | $39,257 | $51,887 | $46,058 | $51,823 | $56,985 | ||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||
Gross Expense(d) |
1.21 | % | 0.61 | %(e) | 0.42 | % | 0.33 | % | 0.41 | % | 0.36 | % | ||||||||||||
Net Expenses(d)(f) |
0.62 | % | 0.48 | %(e) | 0.42 | % | 0.33 | % | 0.40 | % | 0.35 | % | ||||||||||||
Net Investment Income (Loss) |
1.38 | % | 1.02 | %(e) | 1.89 | % | 1.41 | % | 1.97 | % | 1.67 | % | ||||||||||||
Portfolio Turnover Rate |
43 | % | 17 | % | 34 | % | 53 | % | 59 | % | 23 | % |
(a) | Per share numbers have been calculated using the average shares method. |
(b) | For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains. |
(c) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized. |
(d) | The Fund invests in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(e) | Annualized for periods less the one year. |
(f) | The investment advisor and other service providers waived or reimbursed a portion of their fees. |
| Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund (the WT Fund). The financial highlights for the periods prior to that date reflect the performance of the WT Fund. |
* | Year end changed from June 30 to April 30. |
See Notes which are an integral part of the Financial Statements
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS 93
Wilmington Funds
April 30, 2013
1. | ORGANIZATION |
Wilmington Funds (the Trust), is registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The Trust consists of 23 portfolios, 6 of which are presented herein (individually referred to as a Fund or collectively as the Funds). The remaining 17 funds are presented in separate reports.
Fund |
Investment Goal | |
Wilmington Multi-Manager International Fund* (International Fund)(d) |
The Fund seeks to provide long-term capital appreciation primarily through a diversified portfolio of non-U.S. equity securities. | |
Wilmington Rock Maple Alternatives Fund (Rock Maple Alternatives Fund)(d) |
The Funds investment goal is to achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes. | |
Wilmington Multi-Manager Real Asset Fund* (Real Asset Fund)(d) |
The Funds investment goal is to achieve long-term preservation of capital with current income. | |
Wilmington Strategic Allocation Conservative Fund* (Strategic Allocation Conservative Fund)(d) |
The Funds investment goal is to seek a high level of total return consistent with a conservative level of risk relative to other Wilmington Strategic Allocation Funds. | |
Wilmington Strategic Allocation Moderate Fund (Strategic Allocation Moderate Fund)(d) |
The Funds investment goal is to seek a high level of total return consistent with a moderate level of risk relative to the other Wilmington Strategic Allocation Funds. | |
Wilmington Strategic Allocation Aggressive Fund* (Strategic Allocation Aggressive Fund)(d) |
The Funds investment goal is to seek a high level of total return consistent with an aggressive level of risk relative to other Wilmington Strategic Allocation Funds. |
(d) Diversified
* | Effective March 9, 2012, the Wilmington Multi-Manager International Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Conservative Asset Allocation Fund and Wilmington Aggressive Asset Allocation Fund (collectively the WT Funds), each a series of WT Mutual Fund, were reorganized into the Trust. For financial reporting purposes, the WT Funds financial and performance history prior to the reorganization has been carried forward and is reflected in the Funds financial statements and financial highlights. See Note 8 for additional information regarding the reorganization. |
The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
The assets of each portfolio are segregated and a shareholders interest is limited to the portfolio in which shares are held.
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment Valuation Fair value of the Funds portfolio securities are determined as follows:
| for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available; |
| in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices; |
| futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (Trustees) may determine in good faith that another method of valuing such investments is necessary to appraise their fair value; |
| forward foreign currency contracts are valued at the mean between the last bid and asked prices; |
| investments in open-end regulated investment companies are valued at net asset value (NAV); |
| for fixed income securities according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; |
| price information on listed securities, including underlying Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs), is taken from the exchange where the security is primarily traded; and |
| for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. |
ANNUAL REPORT/ April 30, 2013
94 NOTES TO FINANCIAL STATEMENTS (continued)
Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (NYSE). In computing its NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the securitys value will change in response to the event and a reasonable basis for quantifying the resulting change in value.
The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Funds Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2013, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. This does not include transfers between Level 1 and Level 2 due to the Multi-Manager International Fund utilizing international fair value pricing during the period. Pursuant to the Funds fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.
Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
Repurchase Agreements Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Funds return on the transaction. It is each Funds policy to require the counterparty to a repurchase agreement to transfer to the Funds custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a securities entitlement and exercise control as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.
The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.
Reverse Repurchase Agreements Reverse repurchase agreements are repurchase agreements in which a Fund is the seller (rather than the buyer) of the security, and agrees to repurchase the security at an agreed upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by a Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because a Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.
For the year ended April 30, 2013, the Real Asset Fund had reverse repurchase agreement activity as follows:
Days Outstanding |
Average Daily Balance* |
Daily Weighted Average Interest Rate* |
Interest Rate Range | |||
276 | $2,720,203 | 0.23% | 0.15%-0.31% |
* Average based on the number of days the Fund had reverse repurchase agreement outstanding.
As of April 30, 2013, the Real Asset Fund had no open reverse repurchase agreement.
Investment Income, Gains and Losses, Expenses and Distributions Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 95
Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.
All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid quarterly.
Premium and Discount Amortization/Accretion and Paydown Gains and Losses All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
Federal Taxes It is the Funds policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the Code), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income or excise tax are necessary.
Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable countrys tax rules and rates.
Warrants and Rights Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees approved fair value procedures.
Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (FCs) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.
Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate.
Restricted Securities Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuers expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.
Short Sales Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Funds obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Funds custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On ex-dividend date, dividends on short sales are recorded as an expense to the Funds.
Lending of Portfolio Securities The Trust has entered into an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lenders fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.
ANNUAL REPORT / April 30, 2013
96 NOTES TO FINANCIAL STATEMENTS (continued)
Investments purchased with cash collateral are presented on the portfolios of investments under the caption Cash Collateral Invested for Securities on Loan.
As of April 30, 2013, the Funds listed below had securities with the following values on loan:
Fund | Value of Securities on Loan |
Value
of Collateral |
||||||
International Fund |
$ | 6,567,937 | $ | 6,811,853 | ||||
Real Asset Fund |
586,874 | 601,402 |
The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.
3. | DERIVATIVE FINANCIAL INSTRUMENTS |
Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entitys results of operations and financial position.
Options Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Funds principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.
The Rock Maple Alternatives Fund had options written during the year ended April 30, 2013 as follows:
Number
of Contracts |
Premiums Received |
|||||||
Outstanding options at April 30, 2012 |
145 | $ | 77,560 | |||||
Options purchased |
| | ||||||
Option closed |
(29) | (2,984) | ||||||
Options written |
1,786 | 1,081,522 | ||||||
Options expired |
(1,363) | (823,043) | ||||||
Options exercised |
(389) | (244,811) | ||||||
|
|
|
|
|||||
Options outstanding at April 30, 2013 |
150 | $ | 88,244 | |||||
|
|
|
|
The Real Asset Fund had transactions in options written during the year ended April 30, 2013 as follows:
Number
of Contracts |
Premiums Received |
|||||||
Options outstanding at April 30, 2012 |
2,240 | $ | 189,785 | |||||
Options purchased |
| | ||||||
Options closed |
(683) | (41,136) | ||||||
Options written |
7,020 | 240,384 | ||||||
Options expired |
(3,915) | (161,415) | ||||||
Options exercised |
(1,672) | (66,292) | ||||||
|
|
|
|
|||||
Options outstanding at April 30, 2013 |
2,990 | $ | 161,326 | |||||
|
|
|
|
Forward Foreign Currency Contracts Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. The Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the Funds securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 97
inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.
Futures Contracts The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a variation margin account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.
Swap Agreements Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the statements of assets and liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.
Interest rate swaps Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Funds maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contracts remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Funds exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable.
Credit default swap agreements Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protections right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuers default.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit
ANNUAL REPORT / April 30, 2013
98 NOTES TO FINANCIAL STATEMENTS (continued)
indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that names weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Portfolios of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
As of April 30, 2013, none of the Funds had any open credit default swap agreements.
The Following is a summary of the location of derivatives on the Funds Statements of Assets and Liabilities as of April 30, 2013.
Location on the Statement of Assets and Liabilities | ||||
Derivative Type | Asset Derivatives | Liability Derivatives | ||
Interest rate contracts |
Investments in securities, at value. | Options written, at value. | ||
Net unrealized appreciation on swap agreements. | Net unrealized depreciation on swap agreements. | |||
Foreign exchange contracts |
Investments in securities, at value. | Net unrealized depreciation on forward foreign currency exchange contracts. | ||
Net unrealized appreciation on forward foreign |
||||
currency exchange contracts. | Options written, at value. | |||
Equity contracts |
Investments in securities, at value. | Options written, at value. |
Asset Derivative Fair Value | ||||||||||||||||||||||||||
Fund | Total Value | Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Credit Contracts | |||||||||||||||||||||
International Fund |
$ | 212 | $ | | $ | 212 | $ | | $ | |||||||||||||||||
Rock Maple Alternatives Fund |
12,136 | 9,559 | 2,577 | | | |||||||||||||||||||||
Real Asset Fund |
1,993,401 | | 1,898,757 | 94,644 | | |||||||||||||||||||||
Liability Derivative Fair Value | ||||||||||||||||||||||||||
Fund | Total Value | Equity Contracts |
Foreign Exchange Contracts |
Interest
Rate Contracts |
Credit Contracts | |||||||||||||||||||||
International Fund |
$ | 5,105 | $ | | $ | 5,105 | $ | | $ | |||||||||||||||||
Rock Maple Alternatives Fund |
174,323 | 99,804 | 74,519 | | | |||||||||||||||||||||
Real Asset Fund |
2,778,448 | | 2,503,073 | 275,375 | |
The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2013 are as follows:
Derivative Type | Location on the Statement of Operations | |
Equity contracts |
Net realized gain (loss) on investments, options written and futures contracts Net change in unrealized appreciation (depreciation) on investments | |
Credit contracts |
Net realized gain (loss) on swap agreements | |
Net change in unrealized appreciation (depreciation) on investments | ||
Interest rate contracts |
Net realized gain (loss) on investments, swap agreements, options written and futures contracts | |
Net change in unrealized appreciation (depreciation) on investments | ||
Foreign exchange contracts |
Net realized gain (loss) on investments, foreign currency transactions and options written | |
Net change in unrealized appreciation (depreciation) on investments |
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 99
Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations | ||||||||||||||||||||
Fund | Total | Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Credit Contracts |
|||||||||||||||
International Fund |
$ | (1,796) | $ | (11,960) | $ | 10,164 | $ | | $ | | ||||||||||
Rock Maple Alternatives Fund |
(194,000) | (277,791) | 83,791 | | | |||||||||||||||
Real Asset Fund |
91,824 | | 47,805 | 16,880 | 27,139 | |||||||||||||||
|
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||||||||||
Recognized in Results from Operations | ||||||||||||||||||||
Fund | Total | Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Credit Contracts |
|||||||||||||||
International Fund |
$ | 26,546 | $ | 27,676 | $ | (1,130) | $ | | $ | | ||||||||||
Rock Maple Alternatives Fund |
8,909 | 66,351 | (57,442) | | | |||||||||||||||
Real Asset Fund |
(412,264) | | (304,649) | (95,446) | (12,169) |
The Funds derivative financial instruments outstanding as of April 30, 2013, as disclosed in the Portfolios of Investments, is indicative of the volume of derivative activity for the Funds.
4. | FEDERAL TAX INFORMATION |
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for income recognition on expiration of capital loss carryforwards, reclassification of ordinary loss to short-term gains, market discount reclass, partnership adjustments, REIT dividend reclasses, and discount accretion/premium amortization on debt securities.
As of April 30, 2013, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds federal tax returns filed for the periods ended 2012, 2011, and 2010, remain subject to examination by the Internal Revenue Service.
For the year ended April 30, 2013, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-in Capital |
Increase (Decrease) Undistributed (Distributions in Excess of) Net Investment Income |
Accumulated Net Realized Gain (Loss) |
|||||||||
International Fund | $ | (42,273) | $ | 156,441 | $ | (114,168) | ||||||
Rock Maple Alternatives Fund | | 145,800 | (145,800) | |||||||||
Real Asset Fund | (54,223) | 3,248,705 | (3,194,482) | |||||||||
Strategic Allocation | ||||||||||||
Conservative Fund | | 183,727 | (183,727) | |||||||||
Strategic Allocation Moderate Fund |
| 85,501 | (85,501) |
The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:
2013 | 2012 | |||||||||||||||||
Fund | Ordinary Income* |
Long-Term Capital Gains |
Ordinary Income* |
Long-Term Capital Gains | ||||||||||||||
Rock Maple Alternatives Fund |
241,997 | 193,600 | 71,149 | | ||||||||||||||
Strategic Allocation Moderate Fund |
976,174 | | 910,770 | 91,452 | ||||||||||||||
Fund | 2013 Ordinary Income* |
2012 Ordinary Income* |
2011 Ordinary Income* | |||||||||||||||
International Fund |
$ | 7,322,484 | $ | 2,509,709 | $ | 4,176,386 | ||||||||||||
Real Asset Fund |
5,621,165 | 245,911 | 14,278,269 | |||||||||||||||
Strategic Allocation Conservative Fund |
1,060,591 | 1,198,813 | 1,798,463 | |||||||||||||||
Strategic Allocation Aggressive Fund |
540,529 | 339,756 | 1,010,375 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
ANNUAL REPORT / April 30, 2013
100 NOTES TO FINANCIAL STATEMENTS (continued)
As of April 30, 2013, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed/ (Over
Distributed) |
Undistributed Long-Term Capital Gains |
Other Timing Differences |
Unrealized Appreciation |
Capital Loss Carryforwards and Deferrals |
|||||||||||||||
International Fund | $4,408,839 | $ | | $ | 4,893 | $47,519,668 | $(366,025,762) | |||||||||||||
Rock Maple Alternatives Fund | 11,909 | 676,662 | 94,079 | 1,710,035 | (450,757) | |||||||||||||||
Real Asset Fund | 6,007,834 | | (289,795) | 40,008,697 | (104,657,041) | |||||||||||||||
Strategic Allocation Conservative Fund | 279,493 | | | 3,051,057 | (876,936) | |||||||||||||||
Strategic Allocation Moderate Fund | 84,765 | | | 7,606,034 | (13,782,278) | |||||||||||||||
Strategic Allocation Aggressive Fund | 48,599 | | | 4,140,133 | (8,512,218) |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
At April 30, 2013, the following Funds had capital loss carryforwards which will reduce each Funds taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code (Code) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
Short-Term | Long-Term | Total Capital | ||||||||||||||||||||||||||
Capital Loss Available Through |
Post-Effective No Expiration |
Post-Effective No Expiration |
Loss Carryforwards |
|||||||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||
International Fund | $88,749,523 | $236,603,604 | $28,105,841 | $ | $10,812,793 | $1,754,001 | $366,025,762 | |||||||||||||||||||||
Real Asset Fund | | | 104,657,041 | | | | 104,657,041 | |||||||||||||||||||||
Strategic Allocation Conservative Fund | | | 876,936 | | | | 876,936 | |||||||||||||||||||||
Strategic Allocation Moderate Fund | | 11,971,259 | 1,811,019 | | | | 13,782,278 | |||||||||||||||||||||
Strategic Allocation Aggressive Fund | | | 883,083 | 7,629,135 | | | 8,512,218 |
As a result of the tax-free transfer of assets described in Note 8 and to the extent unrealized gains and losses that existed at the time of the reorganization are realized, the capital loss carryforwards may further be limited for up to five years from the date of the reorganization.
The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2013:
Fund | Capital
Loss Carryforwards Used | |
Real Asset Fund | $7,333,654 | |
Strategic Allocation Conservative Fund | 2,568,195 | |
Strategic Allocation Moderate Fund | 1,172,622 | |
Strategic Allocation Aggressive Fund | 2,709,546 |
Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Post-October losses deferred to May 1, 2013 are as follows:
Fund | Short-Term Post-October/ Late Year Capital Losses |
Long-Term Post-October/ Late Year Capital Losses |
Short-Term Post-October/ Late Year Currency Losses | |||
Rock Maple Alternatives Fund | $450,757 | $ | $ |
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 101
5. | ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS |
Investment Advisor Wilmington Funds Management Corporation (WFMC or the Advisor) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (WTIA) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Funds average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.
The International Fund, Rock Maple Alternatives Fund and Real Asset Fund, utilize a multi-manager strategy, whereby WFMC allocates all or a portion of the Funds assets among a number of sub-advisors. WFMC engages Rock Maple Services, LLC (Rock Maple) to assist in the identification and selection of sub-advisors and in the portfolio construction process for the Rock Maple Alternatives Fund. For their services, the Funds pay Rock Maple and each sub-advisor fees, accrued daily and paid monthly, as described below. Certain sub-advisors have entered into an agreement with WFMC to waive their fees to the extent that the fee calculation determined by taking into account similarly managed assets in the accounts of clients of WFMC or its affiliates results in a fee that is less than the fee calculation under the sub-advisory agreement.
WFMC and the Funds distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.
Contractual Expense Limitations |
||||||||
Fund | Class A | Class I | ||||||
Multi-Manager International Fund | 1.49% | 1.36% | ||||||
Rock Maple Fund | 2.23% | 1.98% | ||||||
Multi-Manager Real Asset Fund | 1.28% | 1.03% | ||||||
Strategic Allocation Conservative Fund* | 0.90% | 0.65% | ||||||
Strategic Allocation Moderate Fund | 0.84% | 0.59% | ||||||
Strategic Allocation Aggressive Fund* | 1.03% | 0.78% |
* The advisor has voluntarily agreed to waive fees so that the Funds expenses are below the contractual expense limitations.
Prior to September 1, 2012 the contractual expense limitations for Rock Maple Fund was 2.48% for Class A and Strategic Allocation Moderate Fund was 1.10% and 0.85% for Class A and Class I, respectively.
Fund | Gross Fees | Fees Waived | Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors | |||||
International Fund |
||||||||
WFMC |
$2,212,008 | $(173,570) | 0.50% | |||||
Sub-advisors: |
||||||||
Barings International Investment Limited |
228,633 | | 0.45% | |||||
Goldman Sachs Asset Management, L.P. (terminated 11/13/12) |
162,746 | (4,825) | 0.50% | |||||
Hansberger Global Investors, Inc. (terminated 11/13/12) |
107,091 | | 0.60% | |||||
LSV Asset Management |
202,557 | | 0.49% | |||||
Dimensional Fund Advisors LP |
261,263 | (41,923) | 0.45% on the first $50 million; | |||||
0.30% in excess of $50 million | ||||||||
Parametric Portfolio Associates, LLC |
818,023 | | 0.80% on the first $100 million; | |||||
(Emerging Markets Strategy) |
0.75% in excess of $100 million | |||||||
Parametric Portfolio Associates, LLC |
122,781 | (8,278) | 0.275% on the first $50 million; | |||||
(Developed Country Index Replication Strategy) |
0.20% in excess of $50 million | |||||||
Northern Cross, LLC (since 11/13/12) |
318,141 | | 0.55% on the first $1 billion; | |||||
0.50% in excess of $1 billion | ||||||||
Rock Maple Fund |
||||||||
WFMC |
365,997 | (317,328) | 1.00% | |||||
Rock Maple Services, LLC |
146,399 | | 0.40% | |||||
Sub-advisors: |
||||||||
Acuity Capital Management, LLC |
60,694 | | 1.00% | |||||
ADAR Investment Management, LLC |
48,435 | | 1.00% | |||||
Calypso Capital Management, LP |
46,878 | | 1.00% | |||||
TIG Advisors, LLC |
38,056 | | 1.00% | |||||
Whitebox Advisors (terminated 11/23/12) |
| | 1.00% | |||||
Madison Street Partners, LLC |
42,778 | | 1.00% | |||||
Parametric Risk Advisors |
46,598 | | 0.90% | |||||
Evercore Wealth Management, LLC (terminated 3/1/13) |
16,503 | | 0.75% |
ANNUAL REPORT / April 30, 2013
102 NOTES TO FINANCIAL STATEMENTS (continued)
Fund | Gross Fees |
Fees Waived | Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors | |||||
Real Asset Fund |
||||||||
WFMC |
1,916,151 | (133,245) | 0.50% excluding assets allocated to the inflation-protected debt securities (TIPS) strategy or the Enhanced Cash Strategy 0.57% of the first $25 million of assets allocated to the TIPS strategy; 0.54% of the next $25 million; and 0.52% of assets over $50 million | |||||
0.58% of assets allocated to the enhanced cash strategy | ||||||||
WFMC- Enhanced Cash Strategy |
9,679 | | For assets allocated to the Enhanced Cash Strategy, an additional fee as follows: 0.08% on the assets allocated to the Enhanced Cash Strategy | |||||
Sub-advisors: |
||||||||
Pacific Investment Management Company, LLC |
353,628 | | 0.29% | |||||
E.I.I. Capital Management, Inc. |
414,039 | (665) | 0.65% on the first $100 million; | |||||
0.60% in excess of $100 million | ||||||||
CBRE Clarion Securities, LLC |
367,281 | (14,546) | 0.65% on the first $50 million; | |||||
0.55% on the next $50 million; | ||||||||
0.45% in excess of $100 million | ||||||||
HSBC Global Asset Management (France) |
107,138 | | 0.20% on the first $100 million; | |||||
0.15% on the next $400 million; | ||||||||
0.10% in excess of $500 million | ||||||||
Strategic Allocation Conservative Fund |
248,544 | (191,467) | 0.50% | |||||
Strategic Allocation Moderate Fund |
319,652 | (235,533) | 0.50% | |||||
Strategic Allocation Aggressive Fund |
194,396 | (133,678) | 0.50% |
Administrative Fee The Bank of New York Mellon (BNYM) provides the Trust with fund administration services. Effective October 1, 2012, WFMC replaced WTIA as Co-Administrator for the Funds. WFMC in its role as co-administrator provides the Funds with certain administrative personnel and services necessary to operate the Funds. These services were provided for at an aggregate annual fee as specified below.
Administrator | Maximum Fee |
Average Aggregate Daily Net Assets of the Trust | ||||
WFMC |
0.033 | % | on the first $5 billion | |||
0.020 | % | on the next $2 billion | ||||
0.016 | % | on the next $3 billion | ||||
0.015 | % | on assets in excess of $10 billion | ||||
BNYM |
0.0285 | % | on the first $500 million | |||
0.0280 | % | on the next $500 million | ||||
0.0275 | % | on assets in excess of $1 billion |
WFMC may voluntarily choose to waive any portion of its fee. WFMC can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2013, WTIA and WFMC did not waive any administrative personnel and services fee.
Distribution Services Fee The Trust has adopted a Distribution Services Plan (the Plan) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (ALPS), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds Class A shares.
The Funds may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together M&T), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:
Fund | Distribution Fees |
|||
International Fund |
$ | 5,652 | ||
Rock Maple Alternatives Fund |
3 | |||
Real Asset Fund |
118 | |||
Strategic Allocation Conservative Fund |
491 | |||
Strategic Allocation Moderate Fund |
121,617 | |||
Strategic Allocation Aggressive Fund |
463 |
Sales Charges The Class A shares of all the Funds bear front-end sales charges.
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 103
For the year ended April 30, 2013, M&T received the amounts listed below from sales charges on the sale of A shares.
Fund | Sales Charges from Class A | ||||
International Fund |
$ | 1,337 | |||
Rock Maple Alternatives Fund |
8,144 | ||||
Real Asset Fund |
210 | ||||
Strategic Allocation Conservative Fund |
5,020 | ||||
Strategic Allocation Moderate Fund |
85,076 | ||||
Strategic Allocation Aggressive Fund |
9,584 |
Shareholder Services Fee Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Funds Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Funds shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2013, M&T received a portion of the fees paid by the following Fund which is listed below:
Fund | Shareholder
Services Fee | ||||
International Fund |
$243,020 |
Other Service Providers Foreside Management Services, LLC (FMS) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.
BNYM provides fund accounting and custody services to the Trust.
BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.
General Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trusts Statement of Additional Information includes additional information about the Trustees.
Other Affiliated Parties and Transactions Affiliated holdings are mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds distributor. Transactions with affiliated companies during the year ended April 30, 2013 are as follows:
Affiliated Fund Name | Balance of Shares Held |
Purchases/ Additions |
Sales/ Reductions |
Balance
of Shares Held 4/30/2013 |
Value
at 4/30/2013 |
Dividend Income(a) |
Realized Gain/(Loss)(b) |
|||||||||||||||||||||
Wilmington Multi-Manager |
||||||||||||||||||||||||||||
International Fund |
||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
| 83,143,180 | 83,143,180 | | $ | $406 | $ | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Wilmington Multi-Manager Real |
||||||||||||||||||||||||||||
Assets Fund |
||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
1,774,134 | 76,408,843 | 75,532,170 | 2,650,807 | 2,650,807 | 541 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2013
104 NOTES TO FINANCIAL STATEMENTS (continued)
Affiliated Fund Name | Balance
of Shares Held 4/30/2012 |
Purchases/ Additions |
Sales/ Reductions |
Balance
of Shares Held 4/30/2013 |
Value
at 4/30/2013 |
Dividend Income(a) |
Realized Gain/(Loss)(b) |
|||||||||||||||||||||
Wilmington Strategic Allocation |
||||||||||||||||||||||||||||
Conservative Fund: |
||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
| 2,725,482 | 2,015,201 | 710,281 | 710,281 | 61 | | |||||||||||||||||||||
Wilmington Mid-Cap Growth Fund |
| 34,388 | | 34,388 | 563,962 | | | |||||||||||||||||||||
Wilmington Large-Cap Strategy Fund |
444,836 | 53,477 | 255,948 | 242,365 | 3,545,798 | 89,662 | 870,819 | |||||||||||||||||||||
Wilmington Small-Cap Strategy Fund |
36,077 | 442 | 9,588 | 26,932 | 331,531 | 4,812 | 37,061 | |||||||||||||||||||||
Wilmington Intermediate-Term Bond Fund |
2,766,407 | 92,575 | 582,303 | 2,276,678 | 24,132,788 | 571,219 | 443,010 | |||||||||||||||||||||
Wilmington Multi-Manager International Fund |
515,092 | 161,949 | 242,225 | 434,816 | 3,174,153 | 61,988 | 318,677 | |||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund |
186,604 | 2,674 | 13,760 | 175,518 | 2,739,830 | 38,887 | 31,885 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL |
3,070,987 | 3,119,025 | 35,198,343 | 766,629 | 1,701,452 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Wilmington Strategic Allocation |
||||||||||||||||||||||||||||
Moderate Fund: |
||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
2,351,958 | 13,079,390 | 14,208,191 | 1,223,157 | 1,223,157 | 341 | | |||||||||||||||||||||
Wilmington Large-Cap Growth Fund |
394,891 | | 183,349 | 211,542 | 1,827,727 | 2,200 | 652,749 | |||||||||||||||||||||
Wilmington Large-Cap Value Fund |
226,768 | | 104,256 | 122,512 | 1,427,262 | 20,569 | 155,803 | |||||||||||||||||||||
Wilmington Mid-Cap Growth Fund |
200,777 | 1,370 | 13,730 | 188,417 | 3,090,043 | | 156,483 | |||||||||||||||||||||
Wilmington Small-Cap Growth Fund |
110,991 | | 54,094 | 56,897 | 1,072,513 | 5,452 | 338,677 | |||||||||||||||||||||
Wilmington Multi-Manager International Fund |
623,127 | 319,733 | | 942,860 | 6,882,878 | 77,870 | | |||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund |
145,148 | 75,943 | | 221,091 | 3,451,237 | 39,272 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL |
13,476,436 | 14,563,620 | 18,974,817 | 145,704 | 1,303,712 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Wilmington Strategic Allocation |
||||||||||||||||||||||||||||
Aggressive Fund: |
||||||||||||||||||||||||||||
Wilmington Prime Money Market Fund |
| 4,367,526 | 3,724,492 | 643,033 | 643,033 | 47 | | |||||||||||||||||||||
Wilmington Mid-Cap Growth Fund |
| 169,356 | | 169,356 | 2,777,438 | | | |||||||||||||||||||||
Wilmington Large-Cap Strategy Fund |
1,530,206 | 23,702 | 656,819 | 897,089 | 13,124,405 | 309,953 | 1,883,923 | |||||||||||||||||||||
Wilmington Small-Cap Strategy Fund |
84,858 | 1,144 | 16,610 | 69,393 | 854,224 | 12,469 | 73,158 | |||||||||||||||||||||
Wilmington Multi-Manager International Fund |
1,718,189 | 368,409 | 687,913 | 1,398,685 | 10,210,397 | 212,587 | 306,496 | |||||||||||||||||||||
Wilmington Multi-Manager Real Asset Fund |
154,862 | 2,028 | 31,020 | 125,870 | 1,964,829 | 29,469 | 93,803 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL |
4,932,165 | 5,116,854 | 29,574,326 | 564,525 | 2,357,380 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Dividend Income may include distributions from net investment income and return of capital paid by the affliated fund to the Fund. |
(b) | Realized Gain/(Loss) includes realized capital gain distributions paid by the affiliated fund and gain/(loss) received by the Fund for sales of the affiliated fund. |
Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2013 were as follows:
Fund | Comissions | ||||
International Fund |
$ | 110,095 | |||
Rock Maple Alternatives Fund |
4,594 | ||||
Real Asset Fund |
12,739 | ||||
Strategic Allocation Conservative Fund |
4,152 | ||||
Strategic Allocation Aggressive Fund |
3,380 |
April 30, 2013 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 105
6. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year ended April 30, 2013 were as follows:
Investments | ||||||||
Fund | Purchases | Sales | ||||||
International Fund |
$ | 401,146,316 | $ | 313,084,095 | ||||
Rock Maple Alternatives Fund |
127,118,989 | 118,328,395 | ||||||
Real Asset Fund |
230,783,206 | 187,230,146 | ||||||
Strategic Allocation Conservative Fund |
14,038,850 | 19,982,720 | ||||||
Strategic Allocation Moderate Fund |
19,356,252 | 24,942,692 | ||||||
Strategic Allocation Aggressive Fund |
16,351,410 | 22,713,482 |
Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2013 were as follows:
U.S. Government Securities | ||||||||||
Fund | Purchases | Sales | ||||||||
Real Asset Fund |
$ | 294,458,004 | $ | 299,138,078 | ||||||
Strategic Allocation Moderate Fund |
509,072 | 2,241,731 |
7. | LINE OF CREDIT |
The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (LOC) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is March 10, 2014. The Funds did not utilize the LOC for the year ended April 30, 2013.
8. | REORGANIZATION |
On February 21, 2012, the Board approved an Agreement and Plan of Reorganization (the Reorganization) to transfer all of the assets of Wilmington Multi-Manager International Fund (WT International Fund), Wilmington Multi-Manager Real Asset Fund (WT Real Asset Fund), Wilmington Conservative Asset Allocation Fund (WT Conservative Asset Allocation Fund) and Wilmington Aggressive Asset Allocation Fund (WT Aggressive Asset Allocation Fund), each a series of WT Mutual Fund (collectively the WT Funds), in exchange for shares of the International Fund (MTB International Fund), Real Asset Fund, Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund (each an Acquiring Fund), respectively. The Reorganization is believed to be in the best interest of shareholders as combining the series of WT Funds and the Trust onto a single operating platform will create a larger fund family that will offer a broader range of investment options. Additionally, the Reorganization is believed to present the opportunity to achieve asset growth through combined distribution networks, to achieve economies of scale, and to operate with greater efficiency and lower overall costs. The shareholders of the WT Funds approved the Reorganization at a meeting on February 21, 2012 and the Reorganization took place on March 9, 2012. The Reorganization was treated as tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of each Acquiring Fund reflected the historical basis of the assets of each respective WT Fund as of the date of the Reorganization. WFMC and its affiliates bore the expenses related to the Reorganization, except for brokerage fees and other transaction costs associated with the disposition and/or purchase of securities in contemplation of or as a result of the Reorganization.
In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Real Asset Fund, WT Conservative Asset Allocation Fund and WT Aggressive Asset Allocation Fund received an identical number of shares of the corresponding class (Class A Shares and Class I Shares) of the Real Asset Fund, Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund, respectively, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Real Asset Fund, Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund had no operations prior to March 9, 2012. Each WT Funds investment objectives, policies and limitations were similar or identical to those of the respective Acquiring Fund. Accordingly, for financial reporting purposes, the operating history of the WT Real Asset Fund, WT Aggressive Asset Allocation Fund and WT Aggressive Asset Allocation Fund prior to the Reorganization is reflected in each respective Acquiring Funds financial statements and financial highlights.
In connection with the Reorganization, the MTB International Fund revised its investment strategies so that they were identical to the investment strategies of WT International Fund. Additionally, the portfolio management team, portfolio composition and operating structure of the combined fund more closely resemble that of the WT International Fund. Accordingly, for financial reporting purposes, the WT International Funds operating history prior to the Reorganization is reflected in the International Funds financial statements and financial highlights. As such, the financial statements and financial highlights are presented as if the WT International Fund acquired the MTB International Fund,
ANNUAL REPORT / April 30, 2013
106 NOTES TO FINANCIAL STATEMENTS (continued)
and reflect the issuance of 951,099 A Shares and 18,385,556 I Shares (formerly A Shares and Institutional Shares) of the WT International Fund, respectively, in exchange for 740,978 A Shares and 14,509,670 I Shares of the MTB International Fund with an aggregate net asset value equal to the aggregate net asset value of such shares in the MTB International Fund immediately prior to the Reorganization. The following additional information is as of the date of the Reorganization:
MTB International Fund | ||||||||
Accumulated Net Realized Loss on Investments |
Net Unrealized Appreciation on Investments |
Net Assets | Net Assets of WT International Fund |
Net Assets of combined fund | ||||
$(61,012,527) |
$9,585,986 | $131,922,273 | $283,001,865 | $414,924,138 |
The financial statements of the International Fund reflect the operations of the WT International Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the International Fund that have been included in the combined funds Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on July 1, 2011, the proforma net investment income , net loss on investments and net decrease in net assets from operations for the fiscal period ended April 30, 2012 would have been $5,019,069, $(153,589,156) and $(148,570,086), respectively.
9. RECENT ACCOUNTING PRONOUNCEMENT
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11 regarding Disclosures about Offsetting Assets and Liabilities. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.
10. | SUBSEQUENT EVENTS |
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds financial statements through this date.
11. | FEDERAL TAX INFORMATION (UNAUDITED) |
Complete information regarding the tax status of distributions will be reported on Forms 1099.
Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended April 30, 2013, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:
Fund | |||||
International Fund |
0.00% | ||||
Rock Maple Alternatives Fund |
74.39% | ||||
Real Asset Fund |
11.08% | ||||
Strategic Allocation Conservative Fund |
11.26% | ||||
Strategic Allocation Moderate Fund |
25.35% | ||||
Strategic Allocation Aggressive Fund |
69.08% |
For the year ended April 30, 2013, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:
Fund | ||||
International Fund |
100.00% | |||
Rock Maple Alternatives Fund |
100.00% | |||
Real Asset Fund |
28.75% | |||
Strategic Allocation Conservative Fund |
18.70% | |||
Strategic Allocation Moderate Fund |
42.59% | |||
Strategic Allocation Aggressive Fund |
100.00% |
If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.
April 30, 2013 / ANNUAL REPORT
107
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
WILMINGTON FUNDS
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Multi-Manager International Fund, Wilmington Rock Maple Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund (six of the series constituting the Wilmington Funds) (the Funds) as of April 30, 2013, and the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2013, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wilmington Multi-Manager International Fund, Wilmington Rock Maple Alternatives Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Moderate Fund and Wilmington Strategic Allocation Aggressive Fund at April 30, 2013, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
June 28, 2013
ANNUAL REPORT / April 30, 2013
108 BOARD OF TRUSTEES AND TRUST OFFICERS
BOARD OF TRUSTEES AND TRUST OFFICERS
The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are interested persons of the Fund (i.e., Interested Trustees) and those who are not (i.e., Independent Trustees). The Trust is comprised of 23 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trusts Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.
INTERESTED TRUSTEES BACKGROUND
Name Address Birth date Position With Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |||
R. Samuel Fraundorf, CFA, CPA* Birth date: 4/64 TRUSTEE Began serving: March 2012 |
Principal Occupations: President of WTIA, President of Wilmington Trust Investment Managements (WTIM), Director of Wilmington Funds Management Corporation (formerly known as Rodney Square Management Corporation). |
|||
Other Directorships Held: None. |
||||
Previous Positions: Chief Operating Officer of WTIM (1/08 to 1/09); Director of Research at WTIM (8/04 to 1/08); Senior Manager and Tax Manager, KPMG Investment Advisors (1/99 to 8/04).
|
||||
Robert J. Truesdell* Birth date: 11/55 TRUSTEE Began serving: December 2012 |
Principal Occupations: Group Vice President and Senior Investment Advisor for Wilmington Trust Wealth Advisory Services, M&T Bank.
Other Directorships Held: None.
Previous Positions: Group Vice President, Managing Director and Chief Investment Officer, WTIA (6/02-6/12) and WFMC (3/12 to 6/12).
|
* | R. Samuel Fraundorf is interested due to positions he holds with WTIA and WTIM. Robert J. Truesdell is interested due to the positions he currently holds with Wilmington Trust Wealth Advisory Services, M&T Bank, the parent of the Funds Advisor, and previous positions held with WTIA and WFMC. |
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS 109
INDEPENDENT TRUSTEES BACKGROUND
Name Birth date Position with Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
Joseph J. Castiglia |
Principal Occupations: Private Investor, Consultant and Community Volunteer. | |
Birth date: 7/34 CHAIRMAN AND TRUSTEE Began serving: February 1988 |
Other Directorships Held: Chairman (3/06 to 3/08), Trustee (3/04 to present) and Treasurer (3/10 to 3/12), Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to 1/12); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Dunn Tire Corporation (1/05 to present); Chairman (5/12 to present), Director (1/08 to present), Read to Succeed Buffalo (1/08 to present); Director, Catholic Medical Partners (7/12 to present); Director, Roycroft Campus Corporation (8/12 to present). | |
Previous Positions: President, Chief Executive Officer, Vice President, Treasurer, Controller and Vice Chairman, Pratt & Lambert United (manufacturing of paints, coatings and adhesives) (12/67 to 1/96); Chairman and Director, Catholic Health Systems of Western New York (1/97 to 5/03); Chairman and Director, Blue Cross Blue Shield of Western and Central New York (health insurance provider) (5/92 to 5/07); Lead Director and Director, Energy East (gas and electric utility); Chairman and Director, Federal Reserve Bank of New York, Buffalo Branch. | ||
Robert H. Arnold Birth date: 3/44 |
Principal Occupations: Founder and Co-Manager, R.H. Arnold & Co. (financial consulting) (1989 to present). | |
TRUSTEE Began serving: March 2012 |
Other Directorships Held: First Potomac Realty Trust (real estate investment trust). | |
William H. Cowie, Jr. Birth date: 1/31 |
Principal Occupations: Retired. | |
TRUSTEE Began serving: September 2003 |
Other Directorships Held: MedStar Community Health (not-for-profit owner and operator of hospitals) (1972 to present). | |
Previous Positions: Vice Chairman of Signet Banking Corp. | ||
John S. Cramer Birth date: 2/42 |
Principal Occupations: Senior Consultant, Yaffe & Co. (health care consulting) (2/06 to present). | |
TRUSTEE Began serving: December 2000 |
Other Directorships Held: Director, Chairman of the Executive Committee and Chairman of the Compensation Committee of ChekMed Corporation (6/03 to present). | |
Previous Positions: President and Chief Executive Officer Emeriti, Pinnacle Health Systems (non-profit hospital and health care system in Central Pennsylvania). | ||
Daniel R. Gernatt, Jr. Birth date: 7/40 |
Principal Occupations: CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). | |
TRUSTEE Began serving: February 1988 |
Other Directorships Held: Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation. | |
Nicholas A. Giordano Birth date: 3/43 |
Principal Occupations: Consultant, financial services organizations (1997 to present). | |
TRUSTEE Began serving: March 2012 |
Other Directorships Held: Kalmar Pooled Investment Trust; The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (industrial furnaces and ovens). | |
Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997). |
ANNUAL REPORT / April 30, 2013
110 BOARD OF TRUSTEES AND TRUST OFFICERS
Name Birth date Position with Trust Date Service Began |
Principal Occupations and Other Directorships Held for Past Five Years | |
Richard B. Seidel Birth date: 4/41 TRUSTEE Began serving: September 2003 |
Principal Occupations: Chairman and Director, Girard Partners, Ltd. (investment advisor) (9/95 to present); Chairman and Director, Girard Capital (broker-dealer) (3/09 to present).
Other Directorships Held: Director, Tristate Capital Bank (9/07 to present). | |
OFFICERS
|
||
Name Address Birth year Positions with Trust |
Principal Occupations for Past Five Years and Previous Positions | |
Samuel Guerrieri Birth year: 1965 PRESIDENT Began serving: December 2012 |
Principal Occupations: President and Chief Executive Officer, M&T Securities, Senior Vice President, M&T Bank. | |
Michael D. Daniels Birth year: 1967 CHIEF OPERATING OFFICER Began serving: June 2007 |
Principal Occupations: Chief Operating Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc., Administrative Vice President, M&T Bank.
Previous Positions: Senior Vice President, MSD&T and MCA (2006 to 2007); Vice President, Calamos Asset Management (2004 to 2006); Vice President, JP Morgan Chase Bank (2002 to 2004). | |
Jeffrey M. Seling Birth year: 1970 VICE PRESIDENT Began serving: June 2007 |
Principal Occupations: Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.
Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank. | |
Hope L. Brown Birth year: 1973 CHIEF COMPLIANCE OFFICER, AML COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2012 |
Principal Occupations: Vice President, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds.
Previous Positions: Assistant Vice President, Lead Manager, Risk Management and Divisional Compliance for T. Rowe Price (2005 to 2010); Senior Compliance Officer, Manager of Compliance for RE Investment, Inc., RE Advisers, Inc. and the Homestead Funds (2001 to 2005). | |
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008 |
Principal Occupations: Administrative Vice President, M&T Bank (2003 to present); Director of Proprietary Products, M&T Bank since April 2008. | |
Ralph V. Partlow, III 25 South Charles Street, 22nd floor |
Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). | |
Baltimore, MD 21201 |
||
Birth year: 1957 VICE PRESIDENT Began serving: June 2010 |
Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995-2003). |
April 30, 2013 / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS 111
Name Address Birth year Positions with Trust |
Principal Occupations for Past Five Years and Previous Positions | |
Guy Nordahl 101 Barclay Street, 13E New York, NY 10286 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: September 2007 |
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2009 to present).
Previous Positions: Vice President, BNY Mellon Asset Management (2003 to 2009); Vice President, BNY Mellon Asset Servicing (1999 to 2003). | |
Lisa R. Grosswirth 101 Barclay Street, 13E New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007 |
Principal Occupations: Vice President, BNY Mellon Asset Servicing (2004 to present).
Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004). | |
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007 |
Principal Occupations: Chief Executive Officer, Foreside Financial Group, LLC (7/12 to present).
Previous Positions: President, Foreside Financial Group, LLC (5/08 to 7/12); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (6/03 to 6/06); Vice President, Bainbridge Capital Management (8/02 to 5/04). |
ANNUAL REPORT / April 30, 2013
112
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds website. Go to www.wilmingtonfunds.com select Proxy Voting Record to access the link. This information is also available from the Edgar database on the SECs website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SECs website at www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
Electronic Delivery
Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:
1.) | Go to www.wilmingtonfunds.com and select Individual Investors |
2.) | Click on the link Sign up for Electronic Delivery |
3.) | Login to your account or create new user ID |
4.) | Select E-Delivery Consent from the available options, and |
5.) | Complete the information requested, including providing the email address where you would like to receive notification for electronic documents. |
* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.
Householding
In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.
If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.
April 30, 2013 / ANNUAL REPORT
113
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
June 8, 2012
The Wilmington Funds, their distributor and their agents (referred to as the Funds, we or us) recognize that consumers (referred to as you or your) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.
Information The Funds Collect:
The Funds collect nonpublic personal information about you from the following sources:
| We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income. |
| We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances. |
| We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers. |
Information Sharing Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
| We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
| We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
| We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumers account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. |
Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.
Information Security:
When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.
The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.
Each of the following sections explains an aspect of the Funds commitment to protecting your personal information and respecting your privacy.
Employee Access to Information:
Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employees or agents need to know the information in order to service a customers account or comply with legal requirements.
Visiting The Funds Website:
The Funds website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.
ANNUAL REPORT / April 30, 2013
114
| Information or data entered into a website will be retained. |
| Where registration to a website or re-entering personal information on a website is required, cookies are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit our site so you dont have to resubmit personal information. Cookies provide faster access into the website. |
| We may also collect non-personally identifiable Internet Protocol (IP) addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party. |
E-mail:
If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employers request, send you e-mail on matters pertaining to the retirement plan.
Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.
Surveys/Aggregate Data:
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.
Changes to Our Privacy Statement:
The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.
Notice will be provided to you in advance of any changes that would affect your rights under this policy statement
April 30, 2013 / ANNUAL REPORT
Item 2. Code of Ethics.
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics (the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers) that applies to the registrants Principal Executive Officer and Principal Financial Officer; the registrants Principal Financial Officer also serves as the Principal Accounting Officer |
(b) | There have been no amendments to the registrants code of ethics that apply to its Principal Executive Officer or Principal Financial Officer. |
(c) | There have been no amendments to the Funds code of ethics during the reporting period for this Form N-CSR. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR. |
(e) | Not Applicable |
(f)(3) | The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers. |
Item 3. Audit Committee Financial Expert.
The registrants Board has determined that each member of the Boards Audit Committee is an audit committee financial expert, and that each such member is independent, for purposes of this Item. The Audit Committee consists of the following Board members: Nicholas A. Giordano, Joseph J. Castiglia, William H. Cowie, Jr., and John S. Cramer.
Item 4. Principal Accountant Fees and Services.
(a) | The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrants annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows: |
Fiscal year ended 2013 - $494,400
Fiscal year ended 2012 - $605,900
(b) | Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by |
the principal accountant that are reasonably related to the performance of the audit of the Registrants financial statements and are not reported above in Item 4(a) were as follows: |
Fiscal year ended 2013 - $0
Fiscal year ended 2012 - $0
Amount requiring approval of the registrants audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) | Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows: |
Fiscal year ended 2013 - $195,325
Fiscal year ended 2012 - $204,390
Amount requiring approval of the registrants audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $195,325 and $204,390 respectively.
(d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows: |
Fiscal year ended 2013 - $0
Fiscal year ended 2012 - $0
Amount requiring approval of the registrants audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditors independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Companys financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditors independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrants adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrants adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SECs rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SECs rules on auditor independence.
(e)(2) |
Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: |
4(b)
Fiscal year ended 2013 0%
Fiscal year ended 2012 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2013 - 100%
Fiscal year ended 2012 - 100%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 100% and 100% respectively.
4(d)
Fiscal year ended 2013 - 0 %
Fiscal year ended 2012 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively
(f) | Not Applicable |
(g) | Non-Audit Fees billed to the registrant, the registrants investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant: |
Fiscal year ended 2013 - $195,325
Fiscal year ended 2012 - $204,390
(h) | The registrants Audit Committee has considered that the provision of non-audit services that were rendered to the registrants adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. |
Item 5. Audit Committee of Listed registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No changes to report.
Item 11. Controls and Procedures.
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the
registrants disclosure controls and procedures (as defined in Rule |
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule |
Item 12. Exhibits.
(a)(1) |
Not applicable | |||
(a)(2) |
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
(a)(3) |
Not applicable. | |||
(b) |
Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(12.other) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) |
Wilmington Funds |
By (Signature and Title)* |
/s/ Richard J. Berthy |
Richard J. Berthy | ||||
(Principal Executive Officer) |
Date |
6/27/13 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* |
/s/ Richard J. Berthy |
Richard J. Berthy | ||||
(Principal Executive Officer) |
Date |
6/27/13 |
By (Signature and Title)* |
/s/ Guy Nordahl |
Guy Nordahl | ||||
(Principal Financial Officer) |
Date |
7/8/13 |
* | Print the name and title of each signing officer under his or her signature. |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, Richard J. Berthy, certify that:
1. | I have reviewed this report on Form N-CSR of Wilmington Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 6/27/13 |
/s/ Richard J. Berthy | |||
Richard J. Berthy | ||||
(Principal Executive Officer) |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, Guy Nordahl, certify that:
1. | I have reviewed this report on Form N-CSR of Wilmington Funds; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 7/8/13 |
/s/ Guy Nordahl |
|||
Guy Nordahl |
||||
(Principal Financial Officer) |
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the
Sarbanes-Oxley Act
I, Richard J. Berthy, Principal Executive Officer of Wilmington Funds (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: 6/27/13 |
/s/ Richard J. Berthy |
|||
Richard J. Berthy |
||||
(Principal Executive Officer) |
I, Guy Nordahl, Principal Financial Officer of Wilmington Funds (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: 7/8/13 |
/s/ Guy Nordahl |
|||
Guy Nordahl |
||||
(Principal Financial Officer) |
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