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)

registrant’s 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”)

        CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	5
Notes to Portfolios of Investments	18
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	25
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	38
Board of Trustees and Trust Officers	39

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i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (“Trust”). This report covers the Trust’s 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 Fund’s performance during the reporting period, as well as a complete listing of each Fund’s 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 2007–2009. 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 market’s 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 nation’s 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 continent’s 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 President’s 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.

PRESIDENT’S 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 hadn’t. 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 world’s 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 child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need.

Sincerely,

Sam Guerrieri

President

May 28, 2013

April 30, 2013 / PRESIDENT’S 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 the 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. These 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.

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 DJIA’s 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.

PRESIDENT’S MESSAGE / April 30, 2013

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1

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

This past fiscal year saw record low interest rates, slow but steady economic growth, low inflation, additional quantitative easing from the Federal Reserve and a continuation of the search for yield by investors in this ultra-low interest rate environment. The search for yield contributed to the corporate bond market producing its second best year of outperformance as measured by excess returns for 2012.

The tepid economic recovery continued as Gross Domestic Product (“GDP”) grew at only a 1.8% rate for the year ended March 31, 2013, slightly slower than the prior year’s pace of 2.1%. Uncertainty surrounding fiscal policy, higher taxes and cuts in government spending brought on from the sequestration were some of the head-winds leading to slower growth. Consumers and business managers continue to remain cautious in their spending given these head-winds. On a positive note, the housing market is improving as evidenced by rising home prices and housing starts reaching a 5-year high.

The Federal Reserve (the “Fed”) maintained its accommodative monetary policy during the fiscal year and announced a 3rd round of quantitative easing last September that increased their monthly buying of mortgage and treasury bonds to $85 billion per month. The Fed’s goal is to keep long-term interest rates low enough to continue to aid the housing market and stimulate the economy. The Fed has stated that it will maintain its policies until the unemployment rate declines to at least 6.5% and inflation moves up to 2%. Currently, the unemployment rate is at 7.5%, down from 8.1% a year ago. Although job growth has improved, it still remains slower than during past recoveries. The slack in the overall economy coupled with lower energy prices and wage growth of only 2% has caused the Consumer Price Index (“CPI”) to decline to 1.1% for the past year. Given the Fed’s mandate to lower unemployment and allow inflation to rise, we expect the current low interest rate polices to be maintained for the foreseeable future.

The combination of low inflation, slow economic growth, the Fed’s accommodative policies and concerns over the European debt crisis caused 10-year treasury yields to decline to a record low yield of 1.38% last July. Over the past year, interest rates declined all along the yield curve. Longer-term interest rates declined more than shorter-term interest rates causing the yield curve to flatten. At April 30, the 10-year treasury yield was 1.67%, down 24 basis points from April 30, 2012.

        Source: Bloomberg, May 1, 2013

Looking forward, we expect economic growth to remain slow, inflation to remain low and the Fed to continue with its low interest rate policies. However, as the unemployment rate moves lower we do expect longer-term interest rates to slowly move higher as the Fed will look to taper its quantitative easing. Unfortunately, we do not expect the Fed to begin raising short-term interest rates for some time. While the Fed did alter its official policy stance on raising interest rates to remove its mid 2015 target, we continue to view 2015 as the most likely time frame for a move higher.

Given our outlook, we continue to maintain longer weighted average maturities for the money market funds. Despite the abatement in European financial system concerns (see the decline in Libor rates in the chart below), we remain hesitant to delve back into this sector for our funds. We continue to concentrate our focus on high quality industrial, along with select U.S., Canadian and Australian financials credits; whether taking direct exposure in the Prime Fund, or as liquidity or credit support providers in the Tax-Exempt Fund.

The Wilmington Funds have, and will continue to maintain a conservative posture for its money market fund shareholders. Preservation of principal remains our priority.

The change in key interest rates over the last twelve months is presented below.

	4/30/12	10/31/12	4/30/13
Federal Fund Target	0.00%-0.25%	0.00%-0.25%	0.00%-0.25%
3 Month LIBOR	0.466%	0.313%	0.273%
2 Year Treasury Note	0.26%	0.28%	0.21%
10 Year Treasury Note	1.91%	1.69%	1.67%

The following is a comparison of the performance 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 versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2013:

Wilmington Prime Money Market Fund – Administrative Class	0.03%
Wilmington Prime Money Market Fund – Institutional Class	0.03%
Wilmington Prime Money Market Fund – Select Class	0.03%
Wilmington Prime Money Market Fund – Service Class	0.01%
iMoneyNet, Inc. First Tier Institutional Average	0.06%
Lipper Money Market Funds Average	0.02%
Wilmington U.S. Government Money Market Fund – Administrative Class	0.01%
Wilmington U.S. Government Money Market Fund – Institutional Class	0.01%
Wilmington U.S. Government Money Market Fund – Select Class	0.01%
Wilmington U.S. Government Money Market Fund – Service Class	0.01%
iMoneyNet, Inc. Government & Agency Institutional Average	0.02%
Lipper U.S. Government Money Market Funds Average	0.01%
Wilmington U.S. Treasury Money Market Fund – Administrative Class	0.01%
Wilmington U.S. Treasury Money Market Fund – Select Class	0.01%
Wilmington U.S. Treasury Money Market Fund – Service Class	0.01%
iMoneyNet, Inc. Treasury and Repo Institutional Average	0.01%
Lipper U.S. Treasury Money Market Funds Average	0.01%
Wilmington Tax-Exempt Money Market Fund – Administrative Class	0.01%
Wilmington Tax-Exempt Money Market Fund – Select Class	0.01%
Wilmington Tax-Exempt Money Market Fund – Service Class	0.01%
iMoneyNet, Inc. Tax-Free Institutional Average	0.01%
Lipper Tax-Exempt Money Market Funds	0.02%

        Source: iMoneyNet, Inc. and Lipper

ANNUAL REPORT / April 30, 2013

2

Performance shown represents past performance and does not guarantee future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus with this and other information may be obtained by calling 800-836-2211 or visiting the Funds’ web site at www.wilmingtonfunds.com. The prospectus should be read before investing.

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

During the fiscal year ended April 30, 2013, Wilmington Funds Management Corporation voluntarily agreed to reduce its advisory fees and/or reimburse certain of the Funds’ operating expenses, or certain “class-specific fees and expenses” to prevent the Funds’ (or a 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.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative Easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.

Basis Points (bps) is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

April 30, 2013 / ANNUAL REPORT

3

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	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 Fund’s 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
TOTAL		100.0	%

(1) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(2) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
ASSET-BACKED COMMERCIAL PAPER – 9.6%¨
Chariot Funding LLC
0.30%, 7/09/13lW	$	50,000,000	$	49,971,250
0.32%, 5/16/13lW		50,000,000		49,993,333
MetLife Short Term Fund LLC
0.17%, 8/01/13lW		50,000,000		49,978,278
0.19%, 7/08/13lW		35,000,000		34,987,439
Old Line Funding LLC,
0.25%, 10/03/13lW		50,000,000		49,946,181
Straight-A Funding LLC
0.18%, 6/04/13		52,048,000		52,039,152
0.18%, 6/05/13		25,013,000		25,008,623
Thunder Bay Funding LLC,
0.25%, 10/02/13lW		50,000,000		49,946,528
TOTAL ASSET-BACKED COMMERCIAL PAPER (COST $361,870,784)			$	361,870,784

Description	Par Value		Value
CERTIFICATE OF DEPOSIT – 8.0%
Bank of Montreal, CHl,
0.20%, 5/17/13	$	100,000,000	$	100,000,000
Bank of Nova Scotia, HOU
0.23%, 7/16/13		50,000,000		50,000,000
0.23%, 9/11/13		50,000,000		50,000,000
Toronto Dominion Bank, NY,
0.22%, 8/12/13		100,000,000		100,000,000
TOTAL CERTIFICATE OF DEPOSIT (COST $300,000,000)			$	300,000,000
FINANCIAL COMPANY COMMERCIAL PAPER – 10.3%¨
Australia & New Zealand Banking Group Ltd.,
0.18%, 6/21/13lW		100,000,000		99,974,500
Commonwealth Bank of Australia
0.18%, 5/21/13lW		50,000,000		49,995,000
0.18%, 7/03/13lW		37,000,000		36,988,345
JP Morgan Chase & Co.
0.30%, 8/06/13		50,000,000		49,959,583

ANNUAL REPORT / April 30, 2013

6 PORTFOLIOS OF INVESTMENTS

Wilmington Prime Money Market Fund (continued)

Description	Par Value		Value
0.35%, 2/03/14lW	$	50,000,000	$	49,864,861
National Australia Funding, Delaware, Inc., 0.18%, 5/06/13lW		100,000,000		99,997,569
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (COST $386,779,858)			$	386,779,858
MUNICIPAL COMMERCIAL PAPER – 5.9%¨
Alaska Housing Finance Corp., 0.18%, 5/01/13		71,300,000		71,300,000
Catholic Health Initiatives, 0.20%, 5/07/13		48,500,000		48,498,383
Houston Texas Utility, (Series B-1), 0.15%, 5/23/13		25,000,000		25,000,000
Texas A&M University, 0.15%, 5/08/13		26,900,000		26,900,000
University of California, 0.17%, 5/22/13		50,000,000		49,995,042
TOTAL MUNICIPAL COMMERCIAL PAPER (COST $221,693,425)			$	221,693,425
MUNICIPAL NOTES & BONDS – 20.3%
Commonwealth of Massachusetts, GO Limited Bonds, (Series B) Daily VRDNs, (JP Morgan Chase Bank, SPA), 0.21%, 5/01/13		24,435,000		24,435,000
Commonwealth of Massachusetts, GO Limited Bonds, (Series B) Daily VRDNs, (U.S. Bank NA, SPA), 0.20%, 5/01/13		23,335,000		23,335,000
Connecticut State Health and Educational Facilities Authority, Revenue Bonds, (Series T-2) Weekly VRDNs, (Yale University, OBG), 0.21%, 5/07/13		39,250,000		39,250,000
Geisinger Authority, PA, Revenue Bonds, Daily VRDNs, (Geisinger Health System Foundation, OBG), (Northern Trust Company, SPA), 0.14%, 5/01/13		22,200,000		22,200,000
Loudoun County Industrial Development Authority, VA, Revenue Bonds, (Series B) Weekly VRDNs, (Howard Hughes Medical Institute, OBG), 0.20%, 5/07/13		65,000,000		65,000,000
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, (Series A) Daily VRDNs, (Exxon Mobil Corporation, OBG), 0.17%, 5/01/13		29,235,000		29,235,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series C) Daily VRDNs, (Chevron Corp., OBG), 0.17%, 5/01/13		16,010,000		16,010,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series E) Daily VRDNs, (Chevron Corp., OBG), 0.20%, 5/01/13		25,000,000		25,000,000
Mississippi Business Finance Corp., Gulf Opportunity, Revenue Bonds, (Series K) Daily VRDNs, (Chevron Corp., OBG), 0.18%, 5/01/13		58,100,000		58,100,000

Description	Par Value		Value
New York City Municipal Water Finance Authority, NY, Revenue Bonds, (Series AA-1) Daily VRDNs, (PNC Bank, SPA), 0.16%, 5/01/13	$	43,000,000	$	43,000,000
New York City Municipal Water Finance Authority, NY, Revenue Bonds, (Subseries DD-1) Daily VRDNs, (TD Bank N.A., SPA), 0.17%, 5/01/13		39,365,000		39,365,000
New York, NY, GO Unlimited Bonds, (Subseries G-5) Daily VRDNs, (Wells Fargo Bank N.A., SPA), 0.18%, 5/01/13		45,765,000		45,765,000
Private Colleges & Universities Authority, GA, Revenue Bonds, (Series 2005C-1) Weekly VRDNs, (Emory University, OBG)
0.20%, 5/07/13		49,150,000		49,150,000
0.20%, 5/07/13		50,000,000		50,000,000
State of Texas, Veterans Housing Assistance, Weekly VRDNs, (JP Morgan Chase, SPA), 0.25%, 5/07/13		36,725,000		36,725,000
Texas Transportation Commission, GO Unlimited Bonds, (Series 2006-B) Weekly VRDNs, (State Street/Calpers, SPA), 0.21%, 5/07/13		25,000,000		25,000,000
University of Michigan, MI, Revenue Bonds, (Series B), Weekly VRDNs (US Bank, N.A., SPA), 0.20%, 5/07/13		60,000,000		60,000,000
University of Texas Permanent University Fund, TX, Revenue Bonds, (Series A) Weekly VRDNs, 0.19%, 5/07/13		90,535,000		90,535,000
Valdez, AK, Revenue Bonds, (Series B) Daily VRDNs, (Exxon Mobil Corporation, OBG), 0.17%, 5/01/13		24,690,000		24,690,000
TOTAL MUNICIPAL NOTES & BONDS (COST $766,795,000)			$	766,795,000
OTHER COMMERCIAL PAPER – 30.8%¨
ABB Treasury Center USA, 0.27%, 6/18/13lW		25,000,000		24,991,000
American Honda Motor Co, Inc., 0.15%, 7/22/13		20,000,000		19,993,167
Baker Hughes, Inc., 0.16%, 5/08/13lW		33,310,000		33,308,964
BASF SE, 0.14%, 5/31/13lW		100,000,000		99,988,333
BHP Billiton Finance Ltd.
0.16%, 7/16/13lW		50,000,000		49,983,111
0.16%, 7/17/13lW		50,000,000		49,982,889
BMW US Capital LLC
0.16%, 8/20/13lW		40,000,000		39,980,267
0.20%, 10/21/13lW		30,000,000		29,971,166
Caterpillar Financial Service Corp., 0.15%, 5/09/13		25,000,000		24,999,167
Coca Cola Co. 0.16%, 8/01/13lW		50,000,000		49,979,556

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 7

Wilmington Prime Money Market Fund (continued)

Description	Par Value		Value
0.16%, 8/05/13lW	$	50,000,000	$	49,978,667
CPPIB Capital, Inc., 0.16%, 7/25/13lW		100,000,000		99,962,222
Honeywell International, Inc., 0.17%, 6/24/13lW		79,400,000		79,379,753
Parker-Hannifin Corp., 0.17%, 6/10/13lW		54,750,000		54,739,658
Procter & Gamble Co., 0.15%, 5/28/13lW		50,000,000		49,994,375
Province of Ontario, 0.14%, 7/08/13		25,000,000		24,993,389
Roche Holdings, Inc., 0.17%, 5/02/13lW		30,000,000		29,999,858
Sanofi, 0.15%, 6/17/13lW		100,000,000		99,980,417
Siemens Capital Co., LLC, 0.15%, 6/27/13lW		50,000,000		49,988,125
Syngenta Wilmington, Inc.
0.17%, 6/03/13lW		25,000,000		24,996,104
0.14%, 6/07/13lW		50,000,000		49,992,805
0.18%, 7/24/13lW		25,000,000		24,989,500
Toyota Motor Credit Corp., 0.21%, 5/20/13		100,000,000		99,988,917
TOTAL OTHER COMMERCIAL PAPER (COST $1,162,161,410)			$	1,162,161,410
U.S. GOVERNMENT AGENCY OBLIGATIONS – 6.2%
Federal Home Loan Bank, 0.09%, 9/04/13D		25,000,000		25,000,000
Federal Home Loan Mortgage Corporation
0.15%,  6/17/13D		50,000,000		50,001,320
0.14%,  9/13/13D		75,000,000		74,995,551
0.15%, 9/05/13		25,000,000		24,986,771
Federal National Mortgage Association, 0.17%, 11/08/13D		60,200,000		60,193,816
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $235,177,458)			$	235,177,458
U.S. TREASURY OBLIGATIONS – 4.9%
U.S. TREASURY NOTES – 4.9%
1.00%, 7/15/13		100,000,000		100,167,551
3.38%, 7/31/13		35,000,000		35,284,375
4.25%, 8/15/13		50,000,000		50,598,309
TOTAL U.S. TREASURY OBLIGATIONS (COST $186,050,235)			$	186,050,235
REPURCHASE AGREEMENTS – 4.0%
Barclays Capital, Inc. 0.15% dated 04/30/13, due 05/01/13, repurchase price $50,000,208, collateralized by a U.S. Treasury Security 0.38%, maturing 11/15/15; total market value of $51,000,096.		50,000,000		50,000,000

Description	Par Value		Value
TD Securities, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $25,000,104, collateralized by U.S. Government Securities 0.65% to 0.75%, maturing 01/15/16 to 02/01/16; total market value of $25,500,779.	$	25,000,000	$	25,000,000
TD Securities, Inc., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $75,000,354, collateralized by U.S. Government Securities 4.00% to 6.00%, maturing 01/01/42 to 04/01/43; total market value of $77,250,001.		75,000,000		75,000,000
TOTAL REPURCHASE AGREEMENTS (COST $150,000,000)			$	150,000,000
TOTAL INVESTMENTS – 100.0% (COST $3,770,528,170)			$	3,770,528,170
OTHER ASSETS LESS LIABILITIES – 0.0%**				899,494
TOTAL NET ASSETS – 100.0%			$	3,771,427,664

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 Fund’s 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 Fund’s 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 Fund’s 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
Total	$	—	$	3,770,528,170	$	—	$	3,770,528,170

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 Fund’s 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
TOTAL		100.0	%

(1) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(2) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 69.8%
FEDERAL FARM CREDIT BANK (FFCB) – 2.9%
0.10%, 10/03/13D	$	50,000,000	$	49,988,898
0.15%, 8/06/13‡		25,000,000		24,989,896
0.16%, 5/28/13‡		30,000,000		29,996,400
0.22%, 8/22/13D		16,750,000		16,753,480
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	121,728,674
FEDERAL HOME LOAN BANK (FHLB) – 24.7%
0.09%, 9/04/13D		25,000,000		25,000,000
0.10%, 6/12/13‡		30,000,000		29,996,500
0.10%, 10/25/13‡		75,000,000		74,963,125
0.11%, 5/17/13‡		50,000,000		49,997,556
0.11%, 8/01/13		50,000,000		49,998,017
0.11%, 10/16/13‡		25,000,000		24,987,458
0.11%, 10/18/13‡		25,000,000		24,987,309
0.11%, 10/23/13‡		50,000,000		49,974,480
0.13%, 8/16/13‡		100,000,000		99,962,847
0.14%, 5/24/13‡		34,000,000		33,997,068
0.14%, 6/17/13		108,100,000		108,099,772
0.14%, 8/28/13		50,000,000		49,996,318
0.14%, 2/28/14D		100,000,000		99,991,773
0.15%, 5/03/13‡		100,000,000		99,999,190
0.16%, 5/08/13‡		67,700,000		67,697,933

Description	Par Value		Value
0.16%, 5/23/13D	$	50,000,000	$	50,000,000
0.16%, 2/05/14D		100,000,000		100,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,039,649,346
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 21.8%
0.09%, 5/07/13		30,000,000		29,999,550
0.10%, 6/17/13‡		35,000,000		34,995,431
0.10%, 10/21/13‡		100,000,000		99,951,944
0.10%, 10/28/13‡		50,000,000		49,975,000
0.11%, 7/22/13‡		50,000,000		49,987,472
0.12%, 7/02/13‡		100,000,000		99,979,764
0.12%, 8/05/13‡		25,000,000		24,992,333
0.12%, 8/19/13‡		50,000,000		49,981,667
0.13%, 9/09/13‡		50,000,000		49,976,347
0.14%, 9/13/13D		159,785,000		159,786,429
0.15%, 5/06/13‡		26,648,000		26,647,445
0.15%, 5/16/13D		50,000,000		50,000,341
0.15%, 6/05/13‡		63,800,000		63,790,696
0.15%, 6/10/13‡		50,000,000		49,991,667
0.15%, 6/17/13D		50,000,000		50,001,320
0.17%, 11/04/13D		25,000,000		24,999,140
TOTAL FEDERAL HOME LOAN MORTGAGE     CORPORATION (FHLMC)			$	915,056,546

ANNUAL REPORT / April 30, 2013

10 PORTFOLIOS OF INVESTMENTS

Wilmington U.S. Government Money Market Fund (continued)

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 20.4%
0.10%, 7/03/13‡	$	25,176,000	$	25,171,594
0.10%, 10/16/13‡		75,000,000		74,965,000
0.11%, 5/20/13‡		20,000,000		19,998,839
0.11%, 10/09/13‡		82,500,000		82,461,259
0.11%, 11/01/13‡		50,000,000		49,973,167
0.12%, 7/01/13‡		38,812,000		38,804,108
0.12%, 7/22/13‡		50,000,000		49,986,333
0.12%, 8/21/13‡		50,000,000		49,981,333
0.13%, 6/06/13‡		50,000,000		49,993,500
0.14%, 5/08/13		100,000,000		99,997,365
0.14%, 7/02/13‡		75,000,000		74,981,917
0.15%, 6/12/13‡		50,000,000		49,991,542
0.15%, 9/03/13‡		25,000,000		24,986,979
0.15%, 2/03/14‡		22,517,000		22,490,918
0.17%, 11/08/13D		45,000,000		44,995,378
1.00%, 9/23/13		100,000,000		100,340,282
TOTAL FEDERAL NATIONAL MORTGAGE     ASSOCIATION (FNMA)			$	859,119,514
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,935,554,080)			$	2,935,554,080
U.S. TREASURY OBLIGATIONS – 2.6%
U.S. TREASURY NOTES – 2.6%
1.00%, 7/15/13		25,000,000		25,041,888
3.38%, 7/31/13		35,000,000		35,284,375
4.25%, 8/15/13		50,000,000		50,598,309
TOTAL U.S. TREASURY OBLIGATIONS (COST $110,924,572)			$	110,924,572
REPURCHASE AGREEMENTS – 27.6%
Barclays Capital, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $100,000,417, collateralized by a U.S. Treasury Security 0.25%, maturing 08/15/15; total market value of $102,000,000.		100,000,000		100,000,000

Description	Par Value		Value
Credit Suisse First Boston LLC, 0.14%, dated 04/30/13, due 05/01/13, repurchase price $94,000,366, collateralized by a U.S. Treasury Security 1.50%, maturing 06/30/16; total market value of $95,880,959.	$	94,000,000	$	94,000,000
Deutsche Bank Securities, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $450,001,875, collateralized by U.S. Government Securities 0.00% to 6.25%, maturing 06/21/13 to 05/15/29; total market value of $459,003,693.		450,000,000		450,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/1/13, repurchase price $65,000,253, collateralized by U.S. Treasury Securities 0.00% to 0.25%, maturing 07/25/13 to 11/30/14; total market value of $66,300,077.		65,000,000		65,000,000
TD Securities, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $375,001,563, collateralized by U.S. Government Securities 0.17% to 6.63%, maturing 05/07/13 to 11/15/30; total market value of $382,500,530.		375,000,000		375,000,000
TD Securities, Inc., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $75,000,354, collateralized by a U.S. Government Security 4.00%, maturing 01/01/42; total market value of $77,250,001.		75,000,000		75,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,159,000,000)			$	1,159,000,000
TOTAL INVESTMENTS – 100.0% (COST $4,205,478,652)			$	4,205,478,652
OTHER ASSETS LESS LIABILITIES – 0.0%**				1,092,490
TOTAL NET ASSETS – 100.0%			$	4,206,571,142

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 Fund’s 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 Fund’s 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 Fund’s 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
Total	$	—	$	4,205,478,652	$	—	$	4,205,478,652

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 Fund’s 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	%
TOTAL		100.0	%

(1) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 45.6%
U.S. TREASURY BILL – 2.1%
0.12%, 7/18/13‡	$	25,000,000	$	24,993,500
U.S. TREASURY NOTES – 43.5%
1.38%, 5/15/13		75,000,000		75,035,340
3.63%, 5/15/13		25,000,000		25,033,231
0.38%, 7/31/13		50,000,000		50,030,973
3.38%, 7/31/13		61,000,000		61,495,301
0.75%, 8/15/13		25,000,000		25,043,584
4.25%, 8/15/13		25,000,000		25,299,155
0.13%, 8/31/13		75,000,000		75,000,944
0.75%, 9/15/13		50,000,000		50,115,115
0.50%, 10/15/13		50,000,000		50,093,192
2.75%, 10/31/13		25,000,000		25,330,227
0.50%, 11/15/13		25,000,000		25,051,209
0.25%, 11/30/13		45,000,000		45,032,277
TOTAL U.S. TREASURY NOTES			$	532,560,548
TOTAL U.S. TREASURY OBLIGATIONS (COST $557,554,048)			$	557,554,048
REPURCHASE AGREEMENTS – 54.2%
Barclays Capital, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $175,000,729, collateralized by U.S. Treasury Securities 0.25% to 4.75%, maturing 11/30/14 to 02/15/41; total market value of $178,500,050.		175,000,000		175,000,000

Description	Par Value		Value
Credit Suisse First Boston LLC, 0.14%, dated 04/30/13, due 05/01/13, repurchase price $144,000,560, collateralized by a U.S. Treasury Security 0.25%, maturing 05/15/15; total market value of $146,883,744.	$	144,000,000	$	144,000,000
Deutsche Bank Securities, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $230,000,894, collateralized by U.S. Treasury Securities 0.00% to 8.88%, maturing 06/15/13 to 08/15/42; total market value of $234,600,000.		230,000,000		230,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $115,000,447, collateralized by a U.S. Treasury Security 3.13%, maturing 11/15/41; total market value of $117,300,082.		115,000,000		115,000,000
TOTAL REPURCHASE AGREEMENTS (COST $664,000,000)			$	664,000,000
TOTAL INVESTMENTS – 99.8% (COST $1,221,554,048)			$	1,221,554,048
OTHER ASSETS LESS LIABILITIES – 0.2%				2,157,424
TOTAL NET ASSETS – 100.0%			$	1,223,711,472

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 Fund’s 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 Fund’s 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 Fund’s 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
Total	$	—	$	1,221,554,048	$	—	$	1,221,554,048

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 Fund’s 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
TOTAL		100.0	%

(1) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(2) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
COMMERCIAL PAPER – 50.1%
ARIZONA – 1.4%
Salt River Project, AZ, Agricultural Improvement & Power District, (Series C), (US Bank, LIQ), 0.15%, 6/06/13	$	7,150,000	$	7,150,000
TOTAL ARIZONA			$	7,150,000
ILLINOIS – 1.4%
Illinois Educational Facilities Authority, Pooled Financing Program, (Series 95), (Northern Trust, LOC), 0.15%, 5/07/13		7,083,000		7,083,000
TOTAL ILLINOIS			$	7,083,000
MARYLAND – 2.7%
Anne Arundel County, MD, Consolidated Water & Sewer, GO BANs, (Series 97-A), (State Street, LIQ), 0.14%, 5/15/13		6,000,000		6,000,000

Description	Par Value		Value
Johns Hopkins University, (Series B), 0.15%, 7/03/13	$	7,700,000	$	7,700,000
TOTAL MARYLAND			$	13,700,000
MICHIGAN – 1.6%
University of Michigan, (Series I), 0.15%, 7/02/13		8,305,000		8,305,000
TOTAL MICHIGAN			$	8,305,000
MINNESOTA – 5.5%
Rochester, MN, Municipal Health Care Facilities (Mayo Clinic), (Series A), 0.14%, 5/16/13		5,000,000		5,000,000
University of Minnesota
0.15%, 6/05/13		12,600,000		12,600,000
0.15%, 6/11/13		10,000,000		10,000,000
TOTAL MINNESOTA			$	27,600,000

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 15

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value		Value
MISSOURI – 4.0%
University of Missouri, (Series A)
0.14%, 5/03/13	$	15,500,000	$	15,500,000
0.14%, 5/16/13		4,500,000		4,500,000
TOTAL MISSOURI			$	20,000,000
NEVADA – 2.6%
Las Vegas Valley Water District, (Series 2004-A), (JP Morgan Chase, LIQ)
0.15%, 5/07/13		8,000,000		8,000,000
0.16%, 6/11/13		5,000,000		5,000,000
TOTAL NEVADA			$	13,000,000
NORTH CAROLINA – 0.7%
Charlotte, NC, Water Sewer Systems, Revenue Bonds, (Wells Fargo, LIQ), 0.23%, 12/09/13		3,479,000		3,479,000
TOTAL NORTH CAROLINA			$	3,479,000
OHIO – 2.5%
Ohio Higher Educational Facility Commission, (Case Western University), (JPMorgan Chase, LIQ), 0.17%, 5/08/13		3,500,000		3,500,000
Ohio Higher Educational Facility Commission, (Case Western University), (Northern Trust, LIQ), 0.15%, 5/08/13		9,000,000		9,000,000
TOTAL OHIO			$	12,500,000
SOUTH CAROLINA – 4.1%
South Carolina State Public Service Authority, (Series A), (JPMorgan Chase, LIQ)
0.15%, 5/06/13		5,500,000		5,500,000
0.15%, 6/05/13		11,663,000		11,663,000
South Carolina State Public Service Authority, (Series B), (Wells Fargo, LIQ), 0.16%, 8/07/13		3,360,000		3,360,000
TOTAL SOUTH CAROLINA			$	20,523,000
TENNESSEE – 6.0%
Metropolitan Government of Nashville & Davidson County, TN, (State Street /CalSTRS / Calpers, LIQ), (Series A), 0.16%, 5/07/13		9,000,000		9,000,000
Metropolitan Government of Nashville & Davidson County, TN, (State Street /CalSTRS / Calpers, LIQ), (Series B), 0.18%, 5/07/13		3,000,000		3,000,000
State of Tennessee, (Series 00-A), (TN Consolidated Retirement Systems, LIQ)
0.17%, 8/07/13		6,370,000		6,370,000
0.17%, 8/08/13		12,000,000		12,000,000
TOTAL TENNESSEE			$	30,370,000
TEXAS – 11.2%
City of Houston, TX, GO, (Series H-2), 0.14%, 5/16/13		6,000,000		6,000,000

Description	Par Value		Value
City of Houston, TX, GO (JPMorgan Chase, LIQ), (Series E-1), 0.18%, 6/06/13	$	10,000,000	$	10,000,000
City of Houston, TX, GO (Wells Fargo, LIQ), (Series E-2), 0.17%, 5/16/13		5,000,000		5,000,000
City of San Antonio, TX, (Series B), (Wells Fargo, LIQ), 0.15%, 6/06/13		11,750,000		11,750,000
Texas A&M University, (Series B), 0.14%, 5/03/13		10,300,000		10,300,000
Texas Tech University, (Series A),
0.14%, 5/06/13		3,252,000		3,252,000
0.15%, 7/03/13		9,795,000		9,795,000
TOTAL TEXAS			$	56,097,000
VIRGINIA – 4.4%
University of Virginia Rector & Visitors
0.15%, 7/03/13		20,000,000		20,000,000
0.16%, 7/08/13		2,000,000		2,000,000
TOTAL VIRGINIA			$	22,000,000
WISCONSIN – 2.0%
Wisconsin State, GO, (Series 05-A), 0.15%, 5/08/13		10,000,000		10,000,000
TOTAL WISCONSIN			$	10,000,000
TOTAL COMMERCIAL PAPER (COST $251,807,000)			$	251,807,000
MUNICIPAL BONDS – 3.4%
IDAHO – 0.4%
Idaho State, GO Unlimited Notes, TANs, 2.00%, 6/28/13		2,000,000		2,005,707
TOTAL IDAHO			$	2,005,707
TEXAS – 3.0%
Texas State, Revenue Bonds, TRANs, 2.50%, 8/30/13		15,000,000		15,113,077
TOTAL TEXAS			$	15,113,077
TOTAL MUNICIPAL BONDS (COST $17,118,784)			$	17,118,784

ANNUAL REPORT / April 30, 2013

16 PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value		Value
SHORT-TERM MUNICIPAL BONDS – 46.5%
DELAWARE – 7.8%
Delaware State Health Facilities Authority, Revenue Bonds, (Christiana Care Health Services, OBG), Daily VRDNs, 0.17%, 5/01/13	$	16,200,000	$	16,200,000
Delaware State Health Facilities Authority, Revenue Bonds, (Christiana Care Health Services, OBG), Weekly VRDNs, 0.20%, 5/07/13		4,000,000		4,000,000
University of Delaware, DE, Refunding Revenue Bonds, (TD Bank N.A., SPA), Daily VRDNs, 0.19%, 5/01/13		18,955,000		18,955,000
TOTAL DELAWARE			$	39,155,000
FLORIDA – 0.8%
Orange County Housing Finance Authority, FL, Refunding Revenue Bonds, Weekly VRDNs, (Fannie Mae), 0.22%, 5/07/13		3,835,000		3,835,000
TOTAL FLORIDA			$	3,835,000
ILLINOIS – 0.8%
Illinois Finance Authority, Revenue Bonds, (Series E-1), Daily VRDNs, (University of Chicago Medical Center), (JPMorgan Chase Bank N.A., LOC), 0.18%, 5/01/13		4,000,000		4,000,000
TOTAL ILLINOIS			$	4,000,000
KENTUCKY – 0.9%
Shelby County, KY, Revenue Bonds, (Series A), Daily VRDNs, (U.S. Bank N.A., LOC), 0.18%, 5/01/13		4,390,000		4,390,000
TOTAL KENTUCKY			$	4,390,000
LOUISIANA – 3.8%
East Baton Rouge Parish Industrial Development Board, Inc., Revenue Bonds, Daily VRDNs, (Exxon Mobil Corp.), 0.19%, 5/01/13		2,000,000		2,000,000
Louisiana Public Facilities Authority, Revenue Bonds, Daily VRDNs, (Air Products & Chemicals)
0.17%, 5/01/13		5,500,000		5,500,000
0.17%, 5/01/13		5,200,000		5,200,000
0.17%, 5/01/13		5,000,000		5,000,000
Louisiana Public Facilities Authority, Revenue Bonds, (Series C), Daily VRDNs, (Air Products & Chemicals), 0.17%, 5/01/13		1,600,000		1,600,000
TOTAL LOUISIANA			$	19,300,000
MASSACHUSETTS – 5.6%
Commonwealth of Massachusetts, GO Limited Bonds, (Series B), Daily VRDNs, (U.S Bank N.A., SPA), 0.20%, 5/01/13		12,800,000		12,800,000

Description	Par Value		Value
Commonwealth of Massachusetts, GO Unlimited Bonds, (Series A), Daily VRDNs, (Wells Fargo Bank N.A., SPA), 0.20%, 5/01/13	$	7,200,000	$	7,200,000
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, (Amherst College), (Series J-2), Daily VRDNs, 0.18%, 5/01/13		8,000,000		8,000,000
TOTAL MASSACHUSETTS			$	28,000,000
MICHIGAN – 0.6%
University of Michigan, MI, Refunding Revenue Notes, (Series B), Daily VRDNs, (Northern Trust Co., SPA), 0.16%, 5/01/13		3,300,000		3,300,000
TOTAL MICHIGAN			$	3,300,000
MINNESOTA – 1.8%
Rochester, MN, Health Care Facilities, Refunding Revenue Bonds, (Series A), Weekly VRDNs, (Mayo Clinic OBG), 0.20%, 5/07/13		8,900,000		8,900,000
TOTAL MINNESOTA			$	8,900,000
MISSISSIPPI – 2.5%
Jackson County, MS, Port Facility, Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp.), 0.17%, 5/01/13		4,300,000		4,300,000
Mississippi Business Finance Corp., Revenue Bonds, (Series D), Daily VRDNs, (Chevron Corp.), 0.17%, 5/01/13		2,500,000		2,500,000
Mississippi Business Finance Corp., Revenue Bonds, (Series G), Daily VRDNs, (Chevron Corp.), 0.17%, 5/01/13		3,000,000		3,000,000
Mississippi Business Finance Corp., Revenue Bonds, (Series I), Daily VRDNs, (Chevron Corp.), 0.17%, 5/01/13		2,820,000		2,820,000
TOTAL MISSISSIPPI			$	12,620,000
NEW HAMPSHIRE – 2.8%
New Hampshire, HEFA, Refunding Revenue Bonds, Weekly VRDNs, (Dartmouth College)/(U.S. Bank N.A.), 0.21%, 5/07/13		6,400,000		6,400,000
New Hampshire, HEFA, Refunding Revenue Bonds, (Series A), Daily VRDNs, (Dartmouth College)/(JPMorgan Chase Bank N.A.), 0.17%, 5/01/13		7,495,000		7,495,000
TOTAL NEW HAMPSHIRE			$	13,895,000
OHIO – 2.7%
Ohio State Higher Educational Facility Commission, Revenue Bonds, (Series B-4), Daily VRDNs, (Cleveland Clinic, OBG), 0.17%, 5/01/13		13,415,000		13,415,000
TOTAL OHIO			$	13,415,000
OKLAHOMA – 1.6%
Oklahoma State Turnpike Authority, Refunding Revenue Bonds, (Series E), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.18%, 5/01/13		3,900,000		3,900,000

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 17

Wilmington Tax-Exempt Money Market Fund (concluded)

Description	Par Value		Value
Oklahoma State Turnpike Authority, Refunding Revenue Bonds, (Series F), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.18%, 5/01/13	$	4,000,000	$	4,000,000
TOTAL OKLAHOMA			$	7,900,000
PENNSYLVANIA – 1.2%
Geisinger Authority, PA, Refunding Revenue Bonds, (Series C), Daily VRDNs, (TD Bank N.A., SPA), 0.15%, 5/01/13		5,900,000		5,900,000
TOTAL PENNSYLVANIA			$	5,900,000
TEXAS – 7.7%
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil Corp.), 0.17%, 5/01/13		6,800,000		6,800,000
Lower Neches Valley Authority Industrial Development Corp., TX, Revenue Bonds, Daily VRDNs, (Exxon Mobil Corp.), 0.17%, 5/01/13		10,825,000		10,825,000
Port of Arthur Navigation District Industrial Development Corp., Revenue Bonds, Daily VRDNs, (Air Products & Chemicals), 0.21%, 5/01/13		5,000,000		5,000,000
Texas State, GO Unlimited Notes, Series B, (State Street / Calpers), 0.21%, 5/07/13		1,480,000		1,480,000
Texas Water Development Board, Refunding Revenue Bonds, (Series A), Daily VRDNs, (JPMorgan Chase Bank N.A., SPA), 0.19%, 5/01/13		14,840,000		14,840,000
TOTAL TEXAS			$	38,945,000

Description	Par Value		Value
UTAH – 4.4%
Murray, UT, Revenue Bonds, (Series C), Daily VRDNs, (IHC Health Services, Inc.), 0.17%, 5/01/13	$	2,000,000	$	2,000,000
Murray, UT, Revenue Bonds, (Series D), Daily VRDNs, (IHC Health Services, Inc.), 0.17%, 5/01/13		20,000,000		20,000,000
TOTAL UTAH			$	22,000,000
WYOMING – 1.5%
Uinta County, WY, Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp.), 0.17%, 5/01/13		7,800,000		7,800,000
TOTAL WYOMING			$	7,800,000
TOTAL SHORT-TERM MUNICIPAL BONDS (COST $233,355,000)			$	233,355,000
TOTAL INVESTMENTS – 100.0% (COST $502,280,784)			$	502,280,784
OTHER ASSETS LESS LIABILITIES – 0.0%**				214,585
TOTAL NET ASSETS – 100.0%			$	502,495,369

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 Fund’s 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 Fund’s 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 Fund’s 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
Total	$	—	$	502,280,784	$	—	$	502,280,784

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 Fund’s 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%

Ÿ 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
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

The following acronyms are used throughout this report:

BANs – Bond Anticipation Notes

FHLMC – Federal Home Loan Mortgage Corporation

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

FNMA – Federal National Mortgage Association

GO – General Obligation

HEFA – Health and Educational Facilities Authority

LIQ – Liquidity Agreement

LLC – Limited Liability Corporation

LOC – Letter of Credit

OBG – Obligation

SPA – Sales and Purchase Agreement

TANs – Tax Anticipation Notes

TRANs – Tax Revenue Anticipation Notes

VRDNs – Variable Rate Demand Notes

ANNUAL REPORT / April 30, 2013

20 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2013	Wilmington Prime Money Market Fund		Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund		Wilmington Tax-Exempt Money Market Fund
ASSETS:
Investments, at identified cost	$	3,770,528,170	$	4,205,478,652		$	1,221,554,048	$	502,280,784
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
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		3,770,528,170		4,205,478,652			1,221,554,048		502,280,784
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
TOTAL ASSETS		3,822,337,460		4,207,410,758			1,223,984,706		504,150,103
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
TOTAL LIABILITIES		50,909,796		839,616			273,234		1,654,734
NET ASSETS	$	3,771,427,664	$	4,206,571,142		$	1,223,711,472	$	502,495,369
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	)
TOTAL NET ASSETS	$	3,771,427,664	$	4,206,571,142		$	1,223,711,472	$	502,495,369
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	382,757,205	$	1,885,193,496		$	827,102,741	$	38,683,716
Shares outstanding (unlimited shares authorized)		382,859,640		1,885,385,773			827,133,637		38,686,181
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 Prime Money Market Fund			Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund			Wilmington Tax-Exempt Money Market Fund
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 fee—Administrative Class		1,058,844			4,714,703			2,096,633			108,431
Distribution services fee—Service Class		2,053,267			2,182,449			23,980			161,604
Shareholder services fee—Administrative Class		1,058,844			4,714,703			2,096,633			108,431
Shareholder services fee—Select Class		6,461,640			3,025,441			669,396			1,022,982
Shareholder services fee—Service 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 fee—Administrative Class		(1,058,844	)		(4,714,703	)		(2,096,633	)		(108,431	)
Waiver of distribution services fee—Service Class		(2,053,267	)		(2,182,449	)		(23,980	)		(161,604	)
Waiver of shareholder services fee—Administrative Class		(1,058,844	)		(4,714,703	)		(2,096,633	)		(108,431	)
Waiver of shareholder services fee—Select Class		(6,461,640	)		(3,025,441	)		(669,396	)		(1,022,982	)
Waiver of shareholder services fee—Service 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 Prime Money Market Fund						Wilmington U.S. Government Money Market 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	$	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 Prime Money Market Fund						Wilmington U.S. Government Money Market 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
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 U.S. Treasury Money Market Fund						Wilmington Tax-Exempt Money Market 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	$	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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 shareholder’s 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 Fund’s 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 Fund’s return on the transaction. It is each Fund’s 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 issuer’s 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 Fund’s 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 Expiration	Total Capital Loss 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 Fund’s 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 Fund’s operating expenses, or certain “class-specific fees and expenses” to prevent each Fund’s (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 Fund’s 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 Fund’s 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 Trust’s 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 fund’s 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 fund’s 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

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 fund’s 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 Trust’s 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 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

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 SEC’s 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 SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s 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 consumer’s 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 employee’s or agent’s need to know the information in order to service a customer’s 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 don’t 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 employer’s 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”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	29
Portfolios of Investments	31
Notes to Portfolios of Investments	70
Statements of Assets and Liabilities	73
Statements of Operations	75
Statements of Changes in Net Assets	77
Financial Highlights	83
Notes to Financial Statements	90
Report of Independent Registered Public Accounting Firm	100
Board of Trustees and Trust Officers	101
Shareholder Proxy Results	105

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i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (“Trust”). This report covers the Trust’s 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 Fund’s performance during the reporting period, as well as a complete listing of each Fund’s 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 2007–2009. 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 market’s 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 nation’s 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 continent’s 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 President’s 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.

PRESIDENT’S 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 hadn’t. 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 world’s 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 child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need.

Sincerely,

Sam Guerrieri

President

May 28, 2013

April 30, 2013 / PRESIDENT’S 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 DJIA’s 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.

PRESIDENT’S MESSAGE / April 30, 2013

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1

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of 3.93%* for Class A Shares and 4.32%* for Class I Shares, versus its benchmark, the Barclays Capital U.S. Aggregate Bond Index**, which had a total return of 3.68%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of 6.34%.

This past fiscal year saw record low interest rates, slow but steady economic growth, low inflation, additional quantitative easing from the Federal Reserve and a continuation of the search for yield by investors in this ultra-low interest rate environment. The search for yield contributed to the corporate bond market producing its second best year of outperformance as measured by excess returns for 2012.

The tepid economic recovery continued as Gross Domestic Product (“GDP”) grew at only a 1.8% rate for the year ended March 31, 2013, slightly slower than the prior year’s pace of 2.1%. Uncertainty surrounding fiscal policy, higher taxes and cuts in government spending brought on from the sequestration were some of the head-winds leading to slower growth. Consumers and business managers continue to remain cautious in their spending given these head-winds. On a positive note, the housing market is improving as evidenced by rising home prices and housing starts reaching a 5-year high.

The Federal Reserve (the “Fed”) maintained its accommodative monetary policy during the fiscal year and announced a 3rd round of quantitative easing last September that increased its monthly buying of mortgage and Treasury bonds to $85 billion per month. The Fed’s goal is to keep long-term interest rates low enough to continue to aid the housing market and stimulate the economy. The Fed has stated that it will maintain its policies until the unemployment rate declines to at least 6.5% and inflation moves up to 2%. Currently, the unemployment rate is at 7.5%, down from 8.1% a year ago. Although job growth has improved, it still remains slower than during past recoveries. The slack in the overall economy coupled with lower energy prices and wage growth of only 2% has caused the Consumer Price Index (“CPI”) to decline to 1.1% for the past year. Given the Fed’s mandate to lower unemployment and allow inflation to rise, we expect the current low interest rate polices to be maintained for the foreseeable future.

The combination of low inflation, slow economic growth, the Fed’s accommodative policies and concerns over the European debt crisis caused 10-year treasury yields to decline to a record low yield of 1.38% last July. Over the past year, interest rates declined all along the yield curve. Longer-term interest rates declined more than shorter-term interest rates causing the yield curve to flatten. At April 30, 2013 the 10-year treasury yield was 1.67%, down 24 basis points from April 30, 2012.

Source: Bloomberg, May 1, 2013

The corporate bond market continued to benefit as investors sought higher yields. With corporate balance sheets flush with cash and improving earnings, investors required smaller risk premiums. For the 12 months ended April 30, 2013, the average risk premium as measured by Barclays declined by 50 basis points to 135 basis points for the average investment grade bond.

Source: Barclays Capital, May 1, 2013

Looking forward, we expect economic growth to remain slow, inflation to remain low and the Fed to continue with its low interest rate policies. However, as the unemployment rate moves lower we do expect interest rates to slowly move higher as the Fed will look to taper its Quantitative Easing.

Over the course of the year, of all the sectors of the taxable bond market, we viewed the corporate sector as the most attractive. As such, the Fund continued its overweight position in corporate securities versus the benchmark. This resulted in the Fund outperforming its benchmark for the year. In addition, because the 1- to 10-year corporate yield curve was deemed to be very steep, the Fund sold corporate securities with maturities less than one year, and purchased corporate securities with greater durations as well as higher yields. The Fund’s overall duration profile over the year was slightly shorter than the benchmark. As interest rates fell over the course of the year, our duration posture detracted from our relative performance versus the benchmark. Our overweight to the intermediate portion of the yield curve also aided our relative performance as the yield curve flattened over the period.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -0.73%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Barclays Capital U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage backed obligations. The index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.

ANNUAL REPORT / April 30, 2013

2

Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

April 30, 2013 / ANNUAL REPORT

3

WILMINGTON BROAD MARKET BOND FUND – CLASS A^†

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Broad Market Bond Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-0.73%
5 Years	4.79%
10 Years	3.93%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for Class A.

Annual Operating Expense Ratio

Before Waivers	1.17%
After Waivers	1.00%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BCAB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Broad Market Bond Fund is the successor to the ARK Income Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Income Portfolio.

ANNUAL REPORT / April 30, 2013

4

WILMINGTON BROAD MARKET BOND FUND – CLASS I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Broad Market Bond Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital Aggregate Bond Index (“BCAB”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	4.32%
5 Years	6.07%
10 Years	4.67%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.92%
After Waivers	0.65%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and the BCAB assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Broad Market Bond Fund is the successor to the ARK Income Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Income Portfolio.

April 30, 2013 / ANNUAL REPORT

5

WILMINGTON INTERMEDIATE-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of 2.90%* for Class A Shares, and 3.15%* for Class I Shares, versus its benchmark, the Barclays Capital Intermediate U.S. Government/Credit Bond Index**, which had a total return of 3.23% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 3.84%.

This past fiscal year saw record low interest rates, slow but steady economic growth, low inflation, additional quantitative easing from the Federal Reserve and a continuation of the search for yield by investors in this ultra-low interest rate environment. The search for yield contributed to the corporate bond market producing its second best year of outperformance as measured by excess returns for 2012.

The tepid economic recovery continued as Gross Domestic Product (“GDP”) grew at only a 1.8% rate for the year ended March 31, 2013, slightly slower than the prior year’s pace of 2.1%. Uncertainty surrounding fiscal policy, higher taxes and cuts in government spending brought on from the sequestration were some of the head-winds leading to slower growth. Consumers and business managers continue to remain cautious in their spending given these head-winds. On a positive note, the housing market is improving as evidenced by rising home prices and housing starts reaching a 5-year high.

The Federal Reserve (the “Fed”) maintained its accommodative monetary policy during the fiscal year and announced a 3rd round of quantitative easing last September that increased its monthly buying of mortgage and Treasury bonds to $85 billion per month. The Fed’s goal is to keep long-term interest rates low enough to continue to aid the housing market and stimulate the economy. The Fed has stated that it will maintain its policies until the unemployment rate declines to at least 6.5% and inflation moves up to 2%. Currently, the unemployment rate is at 7.5%, down from 8.1% a year ago. Although job growth has improved, it still remains slower than during past recoveries. The slack in the overall economy coupled with lower energy prices and wage growth of only 2% has caused the Consumer Price Index (“CPI”) to decline to 1.1% for the past year. Given the Fed’s mandate to lower unemployment and allow inflation to rise, we expect the current low interest rate polices to be maintained for the foreseeable future.

The combination of low inflation, slow economic growth, the Fed’s accommodative policies and concerns over the European debt crisis caused 10-year treasury yields to decline to a record low yield of 1.38% last July. Over the past year, interest rates declined all along the yield curve. Longer-term interest rates declined more than shorter-term interest rates causing the yield curve to flatten. At April 30, 2013, the 10-year treasury yield was 1.67%, down 24 basis points from April 30, 2012.

Source: Bloomberg, May 1, 2013

The corporate bond market continued to benefit as investors sought higher yields. With corporate balance sheets flush with cash and improving earnings, investors required smaller risk premiums. For the 12 months ended April 30, 2013, the average risk premium as

measured by Barclays declined by 50 basis points to 135 basis points for the average investment grade bond.

Source: Barclays Capital, May 1, 2013

Looking forward, we expect economic growth to remain slow, inflation to remain low and the Fed to continue with its low interest rate policies. However, as the unemployment rate moves lower we do expect interest rates to slowly move higher as the Fed will look to taper its Quantitative Easing.

The modest underperformance of the Fund relative to the benchmark can be attributed to the following factors. For the balance of the year, the Fund maintained an average duration that was shorter than the benchmark index. Therefore, the Fund did not benefit to the same degree as its benchmark from the lower level of interest rates. In addition, the Fund was positioned to benefit from a steeper yield curve and a rise in longer-term interest rates. As highlighted above, longer-term interest rates declined more than short-term interest rates due to lower than expected inflation and weaker than expected economic growth. This flattening of the Treasury yield curve also detracted from Fund performance. Finally, the Fund did benefit from its overweight position in corporate bonds. However, the Fund’s higher quality composition relative to the benchmark also detracted from performance.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -1.72%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Barclays Capital Intermediate U.S. Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issued by or guaranteed by foreign governments and agencies. The index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or

ANNUAL REPORT / April 30, 2013

6

other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.

Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

April 30, 2013 / ANNUAL REPORT

7

WILMINGTON INTERMEDIATE-TERM BOND FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Intermediate-Term Bond Fund (Class A) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2013, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-1.72%
5 Years	4.79%
Start of Performance (8/18/03)	4.37%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for Class A.

Annual Operating Expense Ratio

Before Waivers	1.19%
After Waivers	0.95%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BCIGC assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2013

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WILMINGTON INTERMEDIATE-TERM BOND FUND – Class I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Intermediate-Term Bond Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	3.15%
5 Years	6.04%
10 Years	4.80%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.94%
After Waivers	0.60%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and the BCIGC assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Intermediate-Term Bond Fund is the successor to the ARK Intermediate Fixed-Income Portfolio pursuant to a reorganization that took place on August 15, 2003. The information presented above, for the periods prior to August 15, 2003, is historical information for the ARK Intermediate Fixed-Income Portfolio.

April 30, 2013 / ANNUAL REPORT

9

WILMINGTON SHORT-TERM CORPORATE BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Short-Term Corporate Bond Fund (the “Fund”) had a total return of 1.66%* for Class A Shares and 1.91%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 1.04%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 2.50%.

This past fiscal year saw record low interest rates, slow but steady economic growth, low inflation, additional quantitative easing from the Federal Reserve and a continuation of the search for yield by investors in this ultra-low interest rate environment. The search for yield contributed to the corporate bond market producing its second best year of outperformance as measured by excess returns for 2012.

The tepid economic recovery continued as Gross Domestic Products (“GDP”) grew at only a 1.8% rate for the year ended March 31, 2013, slightly slower than the prior year’s pace of 2.1%. Uncertainty surrounding fiscal policy, higher taxes and cuts in government spending brought on from the sequestration were some of the head-winds leading to slower growth. Consumers and business managers continue to remain cautious in their spending given these head-winds. On a positive note, the housing market is improving as evidenced by rising home prices and housing starts reaching a 5-year high.

The Federal Reserve (the “Fed”) maintained its accommodative monetary policy during the fiscal year and announced a 3rd round of quantitative easing last September that increased its monthly buying of mortgage and Treasury bonds to $85 billion per month. The Fed’s goal is to keep long-term interest rates low enough to continue to aid the housing market and stimulate the economy. The Fed has stated that it will maintain its policies until the unemployment rate declines to at least 6.5% and inflation moves up to 2%. Currently, the unemployment rate is at 7.5%, down from 8.1% a year ago. Although job growth has improved, it still remains slower than during past recoveries. The slack in the overall economy coupled with lower energy prices and wage growth of only 2% has caused the Consumer Price Index (“CPI”) to decline to 1.1% for the past year. Given the Fed’s mandate to lower unemployment and allow inflation to rise, we expect the current low interest rate polices to be maintained for the foreseeable future.

The combination of low inflation, slow economic growth, the Fed’s accommodative policies and concerns over the European debt crisis caused 10-year treasury yields to decline to a record low yield of 1.38% last July. Over the past year, interest rates declined all along the yield curve. Longer-term interest rates declined more than shorter-term interest rates causing the yield curve to flatten. At April 30, 2013, the 10-year treasury yield was 1.67%, down 24 basis points from April 30, 2012.

Source: Bloomberg, May 1, 2013

The corporate bond market continued to benefit as investors sought higher yields. With corporate balance sheets flush with cash and improving earnings, investors required smaller risk premiums. For the 12 months ended April 30, 2013, the average risk premium as

measured by Barclays declined by 50 basis points to 135 basis points for the average investment grade bond.

Source: Barclays Capital, May 1, 2013

Looking forward, we expect economic growth to remain slow, inflation to remain low and the Fed to continue with its low interest rate policies. However, as the unemployment rate moves lower we do expect interest rates to slowly move higher as the Fed will look to taper its Quantitative Easing.

The Fund focused on investment grade corporate securities with three to five year maturities. Over the course of the year, the Fund sold lower yielding U.S. Treasuries and U.S. Government Agencies, favoring higher yielding corporate securities. In addition, because the 1- to 5-year corporate yield curve was deemed to be very steep, the Fund sold corporate securities with maturities less than one year, and purchased corporate securities with greater durations as well as higher yields. The strategy of increasing our allocation to the corporate sector aided our outperformance to the benchmark. Recently, the Fund has increased its allocation to floating rate notes, anticipating higher future interest rates. The Fund’s overall duration profile over the year was slightly shorter than the benchmark. As interest rates fell slightly over the course of the year, our duration posture detracted from our relative performance versus the benchmark.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -0.09%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Barclays Capital 1-3 Year U.S. Government/Credit Bond Index is an index that captures funds with exposures to both government and commercial credit. The index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.

ANNUAL REPORT / April 30, 2013

10

Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

April 30, 2013 / ANNUAL REPORT

11

WILMINGTON SHORT-TERM CORPORATE BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short-Term Corporate Bond Fund (Class A) (the “Fund”) from August 25, 2003 (start of performance) to April 30, 2013, compared to the Barclays Capital 1-3 Year U.S. Government/ Credit Bond Index (“BC1-3GCB”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-0.09%
5 Years	2.57%
Start of Performance (8/25/03)	2.77%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 1.75% for Class A.

Annual Operating Expense Ratio

Before Waivers	1.19%
After Waivers	0.86%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BC1-3GCB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2013

12

WILMINGTON SHORT-TERM CORPORATE BOND FUND – CLASS I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Short-Term Corporate Bond Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	1.91%
5 Years	3.14%
10 Years	3.09%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.94%
After Waivers	0.61%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and BC1-3GCB assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

† Performance prior to August 22, 2003 reflects the performance of the ARK Short-Term Bond Portfolio, which the Wilmington Short-Term Corporate Bond Fund acquired pursuant to a reorganization that date.

April 30, 2013 / ANNUAL REPORT

13

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Short Duration Government Bond Fund (the “Fund”) had a total return of 0.82%* for Class A Shares, and 1.07%* for Class I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government Bond Index**, which had a total return of 0.55%, and its peer group, the Lipper Short U.S. Government Bond Funds Average***, which had a total return of 0.49%.

This past fiscal year saw record low interest rates, slow but steady economic growth, low inflation, additional quantitative easing from the Federal Reserve and a continuation of the search for yield by investors in this ultra-low interest rate environment. The search for yield contributed to the corporate bond market producing its second best year of outperformance as measured by excess returns for 2012.

The tepid economic recovery continued as Gross Domestic Product (“GDP”) grew at only a 1.8% rate for the year ended March 31, 2013, slightly slower than the prior year’s pace of 2.1%. Uncertainty surrounding fiscal policy, higher taxes and cuts in government spending brought on from the sequestration were some of the head-winds leading to slower growth. Consumers and business managers continue to remain cautious in their spending given these head-winds. On a positive note, the housing market is improving as evidenced by rising home prices and housing starts reaching a 5-year high.

The Federal Reserve (the “Fed”) maintained its accommodative monetary policy during the fiscal year and announced a 3rd round of quantitative easing last September that increased its monthly buying of mortgage and Treasury bonds to $85 billion per month. The Fed’s goal is to keep long-term interest rates low enough to continue to aid the housing market and stimulate the economy. The Fed has stated that it will maintain its policies until the unemployment rate declines to at least 6.5% and inflation moves up to 2%. Currently, the unemployment rate is at 7.5%, down from 8.1% a year ago. Although job growth has improved, it still remains slower than during past recoveries. The slack in the overall economy coupled with lower energy prices and wage growth of only 2% has caused the Consumer Price Index (“CPI”) to decline to 1.1% for the past year. Given the Fed’s mandate to lower unemployment and allow inflation to rise, we expect the current low interest rate polices to be maintained for the foreseeable future.

The combination of low inflation, slow economic growth, the Fed’s accommodative policies and concerns over the European debt crisis caused 10-year treasury yields to decline to a record low yield of 1.38% last July. Over the past year, interest rates declined all along the yield curve. Longer-term interest rates declined more than shorter-term interest rates causing the yield curve to flatten. At April 30 2013, the 10-year treasury yield was 1.67%, down 24 basis points from April 30, 2012.

Source: Bloomberg, May 1, 2013

The corporate bond market continued to benefit as investors sought higher yields. With corporate balance sheets flush with cash and improving earnings, investors required smaller risk premiums. For the 12 months ended April 30, 2013, the average risk premium as

measured by Barclays declined by 50 basis points to 135 basis points for the average investment grade bond.

Source: Barclays Capital, May 1, 2013

Looking forward, we expect economic growth to remain slow, inflation to remain low and the Fed to continue with its low interest rate policies. However, as the unemployment rate moves lower we do expect interest rates to slowly move higher as the Fed will look to taper its Quantitative Easing.

The outperformance of the Fund can be attributed to our strategy to overweight the higher yielding mortgage backed securities sector. In addition, our yield curve strategy to allocate some assets of the Fund to the intermediate portion of the yield curve also aided performance as the yield curve flattened with intermediate maturity yields falling more than short-term yields.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -0.91%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Barclays Capital 1-3 Year U.S. Government Bond Index is a widely recognized index of U.S. Government obligations with maturities between one and three years. This index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding the financial institutions with capital, in an effort to promote increased lending and liquidity.

Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

ANNUAL REPORT / April 30, 2013

14

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

April 30, 2013 / ANNUAL REPORT

15

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short Duration Government Bond Fund (Class A) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2013, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-0.91%
5 Years	2.05%
Start of Performance (8/18/03)	2.59%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 1.75% for Class A.

Annual Operating Expense Ratio

Before Waivers	1.18%
After Waivers	0.89%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BC1-3GB assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2013

16

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Short Duration Government Bond Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	1.07%
5 Years	2.66%
10 Years	2.86%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.93%
After Waivers	0.64%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and the BC1-3GB assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2013 / ANNUAL REPORT

17

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 3.74%* for Class A Shares and 4.06%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 4.71%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 3.98%.

The business of forecasting the timing, size, and direction of interest rate changes is an uncertain one. For this reason, we manage our clients’ municipal fixed income portfolios without expressing a view about the future path of interest rates. We do, however, recognize that many investors do not view the markets in this mannaer through our practical and dispassionate lens. Sentiment can drive relative valuations and create opportunity for nimble investors, and attitudes seemed to turn decidedly negative toward interest rates during the quarter. Many investors have been poised for higher rates over the last three years. Those who shortened their portfolios’ duration—simply, their sensitivity to interest rates, which move in the opposite direction of bond prices—in anticipation of higher rates likely experienced lost opportunities as interest rates fell over that same period.

What has changed to drive up that negative sentiment? First, investors have become increasingly enamored by equities once again. Time heals all wounds, and we are now five years from the 2008 financial meltdown. Many investors have been willing to increase their exposures to riskier assets, such as equities, at a time when domestic stock markets are at record highs, finally breaking through pre-crisis levels. Second, several core economic indicators appear to be trending higher. As recently as the last week of March, many economic prognosticators were lifting their gross domestic product estimates for the first quarter. According to a monthly Bloomberg survey, economists now believe the economy grew at a 2.0% annualized rate during the quarter, up from a 1.5% projected rate in January. Certainly the employment estimates for March caught some economists off guard and, naturally, survey trends can reverse as new and revised data is released.

Nevertheless, investors are diversifying out of fixed income into equities, or shifting their bond portfolios to reduce their interest rate exposure. Evidence of these moves can be gleaned from the weekly flows into and out of tax-exempt bond mutual funds, as measured by Lipper: Investors were net sellers of tax-exempt bond funds, including long-term funds, during the six weeks ended May 1, but they were net buyers of intermediate-term funds.

The S&P Municipal Intermediate Index posted a 1.63% total return during the first four months of 2013, with mixed monthly results. Positive results in January and February (which themselves were a recovery from a weak December) were followed by a rise in rates and negative total returns in March. April reversed the March move and then some, as the Intermediate index was up nearly 1% for that month alone.

Total new municipal bond issuance reached about $117 billion year-to-date through the end of April versus $114 billion for the same period in 2012, about a 2.5% increase. The year started strong out of the gate, with January’s deals totaling almost $27 billion. That

was a 53% increase over January 2012. February was slightly ahead of last year’s pace, with about $24 billion in supply, and March lagged on a year-over-year basis at $30.4 billion. April’s issuance of $34 billion was on par with April 2012 issuance. Thus far, California tops the leader board with almost $19.4 billion in deals, while Texas, New York, and New Jersey follow with $10.7, $9.9, and $7.1 billion, respectively.

Source: Bond Buyer, May 1, 2013

The Fund underperformed its benchmark. While the Fund and peer group performance are net of management fees, the benchmark returns reflect gross returns without any fee impact. One aspect hurting relative performance was the higher quality positions in the Fund. The lower rated bonds within the benchmark index (rated A and below) were stronger performers than the higher rated bonds (AA or better). The Fund was overweight inAAAbonds, offset by underweights in A and BBB rated bonds. Offsetting the negative impact of the quality positioning was an overweight to Healthcare bonds. The Fund’s nearly 5% overweight to high-grade healthcare bonds added to relative performance as the healthcare sector was one of the strongest performing sectors for the 12 months ending April 30, 2013.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -0.93% for the fiscal year ended April 30, 2013, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

ANNUAL REPORT / April 30, 2013

18

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

Income may be subject to the federal alternative minimum tax.

Basis Points (BPS) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

April 30, 2013 / ANNUAL REPORT

19

WILMINGTON MUNICIPAL BOND

FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Municipal Bond Fund (Class A) (the “Fund”) from December 19, 2005 to April 30, 2013, compared to the S&P Intermediate Municipal Index².

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-0.93%
5 Years	4.31%
Start of Performance (12/19/05)	4.10%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50%.

Annual Operating Expense Ratio

Before Waivers	1.18%
After Waivers	0.87%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2013

20

WILMINGTON MUNICIPAL BOND

FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the S&P Intermediate Municipal Index.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	4.06%
5 Years	5.54%
10 Years	4.25%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.93%
After Waivers	0.62%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and the S&P 500 Intermediate Municipal Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2013 / ANNUAL REPORT

21

WILMINGTON MARYLAND MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Maryland Municipal Bond Fund (the “Fund”) had a total return of 2.92%* for Class A Shares and 3.31%* for Class I Shares, versus its primary benchmark, the S&P Municipal Bond Intermediate Index**, and its secondary benchmark, the Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 4.71% and 5.21%, respectively. The Fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, had a total return of 3.37%.

The business of forecasting the timing, size, and direction of interest rate changes is an uncertain one. For this reason, we manage our clients’ municipal fixed income portfolios without expressing a view about the future path of interest rates. We do, however, recognize that many investors do not view the markets through our practical and dispassionate lens. Sentiment can drive relative valuations and create opportunity for nimble investors, and attitudes seemed to turn decidedly negative toward interest rates during the quarter. Many investors have been poised for higher rates over the last three years. Those who shortened their portfolios’ duration—simply, their sensitivity to interest rates, which move in the opposite direction of bond prices—in anticipation of higher rates likely experienced lost opportunities as interest rates fell over that same period.

What has changed to drive up that negative sentiment? First, investors have become increasingly enamored by equities once again. Time heals all wounds, and we are now five years from the 2008 financial meltdown. Many investors have been willing to increase their exposures to riskier assets, such as equities, at a time when domestic stock markets are at record highs, finally breaking through pre-crisis levels. Second, several core economic indicators appear to be trending higher. As recently as the last week of March, many economic prognosticators were lifting their gross domestic product estimates for the first quarter. According to a monthly Bloomberg survey, economists now believe the economy grew at a 2.0% annualized rate during the quarter, up from a 1.5% projected rate in January. Certainly the employment estimates for March caught some economists off guard and, naturally, survey trends can reverse as new and revised data is released.

Nevertheless, investors are diversifying out of fixed income into equities, or shifting their bond portfolios to reduce their interest rate exposure. Evidence of these moves can be gleaned from the weekly flows into and out of tax-exempt bond mutual funds, as measured by Lipper: Investors were net sellers of tax-exempt bond funds, including long-term funds, during the six weeks ended May 1, but they were net buyers of intermediate-term funds.

The S&P Municipal Intermediate Index posted a 1.63% total return during the first four months of 2013, with mixed monthly results. Positive results in January and February (which themselves were a recovery from a weak December) were followed by a rise in rates and negative total returns in March. April reversed the March move and then some, as the Intermediate index was up nearly 1% for that month alone.

Total new municipal bond issuance reached about $117 billion year-to-date through the end of April versus $114 billion for the same period in 2012, about a 2.5% increase. The year started strong out of the gate, with January’s deals totaling almost $27 billion. That was a 53% increase over January

2012. February was slightly ahead of last year’s pace, with about $24 billion in supply, and March lagged on a year-over-year basis at $30.4 billion. April’s issuance of $34 billion was on par with April 2012 issuance. Thus far, California tops the leader board with almost $19.4 billion in deals, while Texas, New York, and New Jersey follow with $10.7, $9.9, and $7.1 billion, respectively.

Source: Bond Buyer, May 1, 2013

The Fund underperformed both its benchmark and its Lipper peer group. While the Fund and peer group performance are net of management fees, the benchmark returns reflect gross returns without any fee impact. The largest driver of the return difference between the benchmark index and the Fund was the underperformance of Maryland (MD) bonds versus the national market during the 12 months ending April 30. While the national intermediate index generated a 4.71% return, the MD component of that index returned nearly 100 basis points less at 3.73%. Beyond that large difference, there were other factors impacting the Fund’s relative performance, both positive and negative. Higher grade bonds underperformed lower grade bonds during the year and the Fund’s overweights in AA and AAA rated bonds were a further drag on performance. A positive influence on relative performance was the Fund’s significant overweight in healthcare bonds. That sector was among the strongest performers in the benchmark index and the Fund’s nearly 11% overweight was beneficial.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -1.72%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The Barclays Capital 3-, 5-, 10-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named Index. The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

ANNUAL REPORT / April 30, 2013

22

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

Maryland Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by Maryland issuers. The economy of Maryland is relatively diversified across the service, trade and government sectors, but could be adversely impacted by changes to any of these sectors.

Income may be subject to the federal alternative minimum tax.

April 30, 2013 / ANNUAL REPORT

23

WILMINGTON MARYLAND MUNICIPAL BOND FUND – CLASS A^†

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Maryland Municipal Bond Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”)², the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”)² and the S&P Intermediate Municipal Index.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-1.72%
5 Years	3.50%
10 Years	3.21%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50% for Class A.

Annual Operating Expense Ratio

Before Waivers	1.19%
After Waivers	0.95%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BC10MB, the BC7MB and the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index,and the represented index is unmanaged.

† The Wilmington Maryland Municipal Bond Fund is the successor to the ARK Maryland Tax-Free Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the period prior to August 22, 2003, is historical information for the ARK Maryland Tax-Free Portfolio.

ANNUAL REPORT / April 30, 2013

24

WILMINGTON MARYLAND MUNICIPAL BOND FUND – CLASS I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Maryland Municipal Bond Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the BC10MB², the BC7MB² and the S&P Intermediate Municipal Index.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	3.31%
5 Years	4.67%
10 Years	3.87%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.94%
After Waivers	0.67%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund, the BC10MB, the BC7MB and the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index,and the represented index is unmanaged.

† The Wilmington Maryland Municipal Bond Fund is the successor to the ARK Maryland Tax-Free Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the period prior to August 22, 2003, is historical information for the ARK Maryland Tax-Free Portfolio.

April 30, 2013 / ANNUAL REPORT

25

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 3.48%* for Class A Shares and 3.74%* for Class I Shares, versus its primary benchmark, the S&P Municipal Bond Intermediate Index**, and its secondary benchmark, the Barclays Capital New York Tax-Exempt Index***, which had total returns of 4.71% and 4.85%, respectively. Its peer group, the Lipper New York Intermediate Municipal Debt Funds Average****, had a total return of 3.40%.

The business of forecasting the timing, size, and direction of interest rate changes is an uncertain one. For this reason, we manage our clients’ municipal fixed income portfolios without expressing a view about the future path of interest rates. We do, however, recognize that many investors do not view the markets through our practical and dispassionate lens. Sentiment can drive relative valuations and create opportunity for nimble investors, and attitudes seemed to turn decidedly negative toward interest rates during the quarter. Many investors have been poised for higher rates over the last three years. Those who shortened their portfolios’ duration—simply, their sensitivity to interest rates, which move in the opposite direction of bond prices—in anticipation of higher rates likely experienced lost opportunities as interest rates fell over that same period.

What has changed to drive up that negative sentiment? First, investors have become increasingly enamored by equities once again. Time heals all wounds, and we are now five years from the 2008 financial meltdown. Many investors have been willing to increase their exposures to riskier assets, such as equities, at a time when domestic stock markets are at record highs, finally breaking through pre-crisis levels. Second, several core economic indicators appear to be trending higher. As recently as the last week of March, many economic prognosticators were lifting their gross domestic product estimates for the first quarter. According to a monthly Bloomberg survey, economists now believe the economy grew at a 2.0% annualized rate during the quarter, up from a 1.5% projected rate in January. Certainly the employment estimates for March caught some economists off guard and, naturally, survey trends can reverse as new and revised data is released.

Nevertheless, investors are diversifying out of fixed income into equities, or shifting their bond portfolios to reduce their interest rate exposure. Evidence of these moves can be gleaned from the weekly flows into and out of tax-exempt bond mutual funds, as measured by Lipper: Investors were net sellers of tax-exempt bond funds, including long-term funds, during the six weeks ended May 1, but they were net buyers of intermediate-term funds.

The S&P Municipal Intermediate Index posted a 1.63% total return during the first four months of 2013, with mixed monthly results. Positive results in January and February (which themselves were a recovery from a weak December) were followed by a rise in rates and negative total returns in March. April reversed the March move and then some, as the Intermediate index was up nearly 1% for that month alone.

Total new municipal bond issuance reached about $117 billion year-to-date through the end of April versus $114 billion for the same period in 2012, about a 2.5% increase. The year started strong out

of the gate, with January’s deals totaling almost $27 billion. That was a 53% increase over January 2012. February was slightly ahead of last year’s pace, with about $24 billion in supply, and March lagged on a year-over-year basis at $30.4 billion. April’s issuance of $34 billion was on par with April 2012 issuance. Thus far, California tops the leader board with almost $19.4 billion in deals, while Texas, New York, and New Jersey follow with $10.7, $9.9, and $7.1 billion, respectively.

Source: Bond Buyer, May 1, 2013

The Fund underperformed its benchmark, but outperformed its Lipper peer group. While the Fund and peer group performance are net of management fees, the benchmark returns reflect gross returns without any fee impact. The largest driver of the return difference between the primary benchmark index and the Fund was the underperformance of New York (NY) bonds versus the national market during the 12 months ending April 30. While the national intermediate index generated a 4.71% return, the NY component of that index returned over 50 basis points less at 4.16%. Beyond that large difference, there were other factors impacting the Fund’s relative performance, both positive and negative. Higher grade bonds underperformed lower grade bonds during the year and the Fund’s overweights in AA and AAA rated bonds were a further drag on performance. A positive influence on relative performance was the Fund’s significant overweight in appropriated bonds. That sector was among the strongest performers in the benchmark index and the Fund’s nearly 22% overweight was beneficial.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -1.19%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The index include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

ANNUAL REPORT / April 30, 2013

26

*** The Barclays Capital NewYork Tax-Exempt Index is a total return performance benchmark for the New York long-term investment grade tax-exempt bond market. Returns and attributes for this index are calculated semi-monthly using approximately 22,000 municipal bonds classified as general obligation bonds (state and local), revenue bonds (excluding insured revenue bonds), insured bonds (includes all bond insurers with Aaa/AAA ratings), and pre-refunded bonds. The Barclays Capital 3-, 5-, 10-Year, and Long Municipal Bond Indices are widely recognized indices of investment grade tax-exempt bonds with maturities representative of the appropriately named index. The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The index is unmanaged and it is not possible to invest directly in an index.

**** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

New York Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by New York issuers. The economy of New York state is large and diverse, from agriculture, manufacturing, and high technology in upstate counties to advertising, finance and banking in New York City. Any major changes to the financial conditions on New York City, however, would ultimately have an effect on the state.

Income may be subject to the federal alternative minimum tax.

April 30, 2013 / ANNUAL REPORT

27

WILMINGTON NEW YORK MUNICIPAL BOND FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington New York Municipal Bond Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital New York Tax-Exempt Index (“BCNYTE”)² and the S&P Intermediate Municipal Index.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-1.19%
5 Years	3.20%
10 Years	3.12%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 4.50%.

Annual Operating Expense Ratio

Before Waivers	1.19%
After Waivers	0.84%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BCNYTE and the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2013

28

WILMINGTON NEW YORK MUNICIPAL BOND FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington New York Municipal Bond Fund (Class I) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2013, compared to the BCNYTE² and the S&P Intermediate Municipal Index.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	3.74%
5 Years	4.38%
Start of Performance (8/18/03)	4.05%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.94%
After Waivers	0.59%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund, the BCNYTE and the S&P Intermediate Municipal Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2013 / ANNUAL REPORT

29

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		59.3	%
Mortgage-Backed Securities		21.9	%
U.S. Treasury		13.3	%
Collateralized Mortgage Obligations		4.4	%
Government Agencies		4.0	%
Enhanced Equipment Trust Certificates		0.7	%
Asset-Backed Securities		0.6	%
Municipal Bond		0.2	%
Cash Equivalents1		3.4	%
Other Assets and Liabilities – Net2		(7.8	)%
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) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		5.5	%
AA		2.9	%
A		15.5	%
BBB		40.5	%
BB		2.5	%
B		0.2	%
CCC		0.3	%
NR		3.4	%
U.S. Government Agency Securities		23.7	%
U.S. Treasuries		13.3	%
Other Assets and Liabilities – Net2		(7.8	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
ASSET-BACKED SECURITIES – 0.6%
FINANCIAL SERVICES – 0.4%
LA Arena Funding LLC,
Series 1999-1, Class A, 7.66%, 12/15/26•,W	$	1,147,175	$	1,323,085
WHOLE LOAN – 0.2%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.20%, 10/15/24D,S,•,W		486,528		490,273
TOTAL ASSET-BACKED SECURITIES
(COST $1,633,703)			$	1,813,358
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.4%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.2%
Banc of America Commercial Mortgage Trust,
Series 2007-2, Class A2, 5.63%, 4/10/49D,S		251,287		258,139
Extended Stay America Trust,
Series 2013-ESH5, Class A15,
1.28%, 12/05/31•,W		800,000		809,625
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2007-CIBC18, Class A4,
5.44%, 6/12/47		588,000		683,495

Description	Par Value		Value
Merrill Lynch Mortgage Trust,
Series 2006-C1, Class A2,
5.83%, 5/12/39D,S	$	420,226	$	432,524
Morgan Stanley Capital I Trust,
Series 2004-IQ7, Class A4,
5.54%, 6/15/38D,S		886,948		915,365
Morgan Stanley Capital I Trust,
Series 2005-T19, Class AAB,
4.85%, 6/12/47		210,468		213,510
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	3,312,658
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.9%
Series 1988-23, Class C, 9.75%, 9/25/18		5,937		6,785
Series 2005-29, Class WC, 4.75%, 4/25/35		83,237		91,435
Series 2012-114, Class VM,
3.50%, 10/25/25		4,627,132		5,141,831
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	5,240,051
WHOLE LOAN – 1.3%
Banc of America Mortgage Trust,
Series 2004-A, Class 2A1,
2.92%, 2/25/34D,S		324,163		323,140

ANNUAL REPORT / April 30, 2013

32 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Countrywide Home Loan Mortgage
Pass-Through Trust,
Series 2004-8, Class 2A1, 4.50%, 6/25/19	$	1,167,415	$	1,174,993
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.90%, 11/25/35D		976,985		864,083
WaMu Mortgage Pass-Through Certificates,
Series 2004-CB1, Class 1A, 5.25%, 6/25/19		1,365,172		1,447,624
TOTAL WHOLE LOAN			$	3,809,840
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $12,346,120)			$	12,362,549
CORPORATE BONDS – 59.3%
AEROSPACE & DEFENSE – 1.1%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		1,735,000		1,872,440
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,117,439
TOTAL AEROSPACE & DEFENSE			$	2,989,879
AUTO PARTS & EQUIPMENT – 0.1%
Johnson Controls, Inc.,
Sr. Unsecured, 1.75%, 3/01/14		250,000		252,765
AUTOMOTIVE – 2.5%
Daimler Finance North America LLC,
Company Guaranteed, 3.88%, 9/15/21•,W		250,000		275,338
Ford Motor Credit Co., LLC,
Sr. Unsecured, 3.88%, 1/15/15		800,000		833,699
Ford Motor Credit Co., LLC,
Sr. Unsecured, 7.00%, 4/15/15		250,000		275,870
Ford Motor Credit Co., LLC,
Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,246,396
Ford Motor Credit Co., LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		294,029
Ford Motor Credit Co., LLC,
Sr. Unsecured, 5.75%, 2/01/21		500,000		579,812
Ford Motor Credit Co., LLC,
Sr. Unsecured, 5.88%, 8/02/21		1,000,000		1,167,367
Ford Motor Credit Co., LLC,
Sr. Unsecured, 4.25%, 9/20/22		450,000		476,834
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17•,W		300,000		318,750
Harley-Davidson Funding Corp.,
Company Guaranteed, 5.75%, 12/15/14•,W		500,000		538,331
Hyundai Capital America,
Company Guaranteed, 4.00%, 6/08/17•,W		250,000		270,503
Hyundai Capital America,
Sr. Unsecured, 1.63%, 10/02/15•,W		250,000		251,336
Hyundai Capital Services, Inc.,
Sr. Unsecured, 3.50%, 9/13/17•,W		250,000		266,867
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 2.05%, 1/12/17		300,000		311,394
TOTAL AUTOMOTIVE			$	7,106,526

Description	Par Value		Value
BEVERAGES – 0.7%
Anheuser-Busch InBev Worldwide, Inc.,
Company Guaranteed, 8.20%, 1/15/39	$	500,000	$	833,062
Coca-Cola Enterprises, Inc.,
Sr. Unsecured, 3.25%, 8/19/21		150,000		158,050
Diageo Capital PLC,
Company Guaranteed, 3.88%, 4/29/43		390,000		388,352
Dr Pepper Snapple Group, Inc.,
Company Guaranteed, 2.60%, 1/15/19		500,000		523,110
Dr Pepper Snapple Group, Inc.,
Company Guaranteed, 2.00%, 1/15/20		215,000		214,480
TOTAL BEVERAGES			$	2,117,054
BUILDING MATERIALS – 0.4%
Masco Corp.,
Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,048,497
CAPITAL MARKETS – 4.4%
Bank of New York Mellon Corp.,
Sr. Unsecured, MTN, 2.30%, 7/28/16		1,000,000		1,051,155
BlackRock, Inc.,
Sr. Unsecured, 5.00%, 12/10/19		250,000		299,171
BlackRock, Inc.,
Sr. Unsecured, 3.38%, 6/01/22		850,000		912,317
BNY Institutional Capital Trust A,
Limited Guarantee, 7.78%, 12/01/26•,W		1,500,000		1,530,937
Charles Schwab Corp.,
Sr. Unsecured, 4.45%, 7/22/20		250,000		290,006
Charles Schwab Corp.,
Sr. Unsecured, MTN, 6.38%, 9/01/17		1,000,000		1,200,517
Goldman Sachs Group, Inc.,
Sr. Notes, 3.30%, 5/03/15		1,000,000		1,041,093
Goldman Sachs Group, Inc.,
Sr. Unsecured, FRN, 1.48%, 4/30/18D,S		1,850,000		1,847,728
Merrill Lynch & Co., Inc.,
Sr. Unsecured, MTN, 5.45%, 7/15/14		400,000		420,980
Morgan Stanley,
Sr. Unsecured, 1.88%, 1/24/14D,S		450,000		453,141
Morgan Stanley,
Sr. Unsecured, 4.20%, 11/20/14		1,000,000		1,046,807
Morgan Stanley,
Sr. Unsecured, 1.54%, 2/25/16D,S		1,050,000		1,057,334
Raymond James Financial, Inc.,
Sr. Unsecured, 4.25%, 4/15/16		1,000,000		1,067,147
State Street Corp.,
Sr. Unsecured, 4.30%, 5/30/14		250,000		260,713
TOTAL CAPITAL MARKETS			$	12,479,046
CHEMICALS – 0.9%
Dow Chemical Co.,
Sr. Unsecured, 4.13%, 11/15/21		500,000		546,858
Dow Chemical Co.,
Sr. Unsecured, 3.00%, 11/15/22		1,555,000		1,564,193
Dow Chemical Co.,
Sr. Unsecured, 5.25%, 11/15/41		500,000		567,906
TOTAL CHEMICALS			$	2,678,957

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
COAL – 0.2%
Consol Energy, Inc.,
Company Guaranteed, 8.00%, 4/01/17	$	625,000	$	680,469
COMMERCIAL BANKS – 5.1%
BB&T Corp.,
Sr. Unsecured, MTN, 3.20%, 3/15/16		700,000		743,789
BB&T Corp.,
Sr. Unsecured, MTN, 6.85%, 4/30/19		905,000		1,160,573
Comerica, Inc.,
Sr. Unsecured, 3.00%, 9/16/15		1,300,000		1,371,764
Fifth Third Bancorp,
Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,320,940
KeyCorp,
Sr. Unsecured, MTN, 6.50%, 5/14/13S		1,000,000		1,002,212
PNC Bank N.A.,
Subordinated, 2.95%, 1/30/23		350,000		354,189
PNC Funding Corp.,
Bank Guaranteed, 0.48%, 1/31/14D,S		500,000		500,399
Royal Bank of Canada,
Sr. Unsecured, 2.30%, 7/20/16		1,500,000		1,569,632
SunTrust Banks, Inc.,
Sr. Unsecured, 3.60%, 4/15/16		2,100,000		2,247,005
Toronto-Dominion Bank,
Sr. Unsecured, 2.50%, 7/14/16		1,000,000		1,052,480
U.S. Bancorp,
Sr. Unsecured, MTN, 2.20%, 11/15/16		500,000		524,188
Wells Fargo & Co.,
Sr. Unsecured, 1.25%, 2/13/15		240,000		242,630
Wells Fargo & Co.,
Sr. Unsecured, 3.68%, 6/15/16		500,000		540,023
Wells Fargo & Co.,
Sr. Unsecured, 3.50%, 3/08/22		750,000		804,964
Wells Fargo & Co.,
Subordinated, 3.45%, 2/13/23		820,000		835,105
TOTAL COMMERCIAL BANKS			$	14,269,893
COMMERCIAL FINANCE – 1.0%
General Electric Capital Corp.,
Sr. Unsecured, 0.47%, 10/06/15D,S		200,000		199,056
General Electric Capital Corp.,
Sr. Unsecured, 2.90%, 1/09/17		1,000,000		1,061,459
General Electric Capital Corp.,
Subordinated, 5.30%, 2/11/21		250,000		290,935
International Lease Finance Corp.,
Sr. Unsecured, 5.88%, 5/01/13		1,150,000		1,150,141
TOTAL COMMERCIAL FINANCE			$	2,701,591
COMPUTERS – 0.9%
Apple, Inc.,
Sr. Unsecured, 3.85%, 5/04/43††		860,000		854,995
Hewlett-Packard Co.,
Sr. Unsecured, 2.20%, 12/01/15#		500,000		512,214
Hewlett-Packard Co.,
Sr. Unsecured, 3.00%, 9/15/16		500,000		518,198

Description	Par Value		Value
Hewlett-Packard Co.,
Sr. Unsecured, 2.60%, 9/15/17	$	500,000	$	510,911
International Business Machines Corp.,
Sr. Unsecured, 1.95%, 7/22/16		275,000		284,551
TOTAL COMPUTERS			$	2,680,869
CONSUMER FINANCE – 0.6%
American Express Co.,
Sr. Unsecured, 4.88%, 7/15/13S		335,000		338,001
Capital One Financial Corp.,
Sr. Unsecured, 7.38%, 5/23/14		250,000		267,797
SLM Corp.,
Sr. Unsecured, MTN, 5.00%, 10/01/13S		1,000,000		1,018,181
TOTAL CONSUMER FINANCE			$	1,623,979
DIVERSIFIED FINANCIAL SERVICES – 3.9%
Bank of America Corp.,
Sr. Unsecured, 6.50%, 8/01/16		1,250,000		1,442,284
Bank of America Corp.,
Sr. Unsecured, 2.00%, 1/11/18		1,275,000		1,278,720
Bank of America Corp.,
Sr. Unsecured, MTN, 1.35%, 3/22/18D,S		1,500,000		1,499,634
Citigroup, Inc.,
Sr. Unsecured, 0.41%, 3/07/14D,S		275,000		274,462
Citigroup, Inc.,
Sr. Unsecured, 5.50%, 10/15/14		500,000		533,064
Citigroup, Inc.,
Sr. Unsecured, 1.25%, 1/15/16		500,000		501,610
Citigroup, Inc.,
Sr. Unsecured, 4.45%, 1/10/17		250,000		276,874
Citigroup, Inc.,
Sr. Unsecured, 6.13%, 5/15/18		275,000		331,187
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39•,W		1,000,000		1,263,992
JPMorgan Chase & Co.,
Sr. Unsecured, 4.65%, 6/01/14		500,000		522,057
JPMorgan Chase & Co.,
Sr. Unsecured, 2.60%, 1/15/16		500,000		521,276
JPMorgan Chase & Co.,
Sr. Unsecured, 2.00%, 8/15/17		1,100,000		1,128,060
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		150,000		178,457
JPMorgan Chase & Co.,
Sr. Unsecured, 4.63%, 5/10/21		100,000		113,964
JPMorgan Chase & Co.,
Sub. Notes, 3.38%, 5/01/23		380,000		379,571
JPMorgan Chase Capital XXIII,
Limited Guarantee, 1.29%, 5/15/47D,S		1,000,000		800,327
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	11,045,539
EDUCATION – 0.2%
Stanford University,
Bonds, 4.75%, 5/01/19		500,000		598,231
ELECTRIC – 5.0%
Ameren Illinois Co.,
Sr. Secured, 9.75%, 11/15/18		600,000		847,262

ANNUAL REPORT / April 30, 2013

34 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
CMS Energy Corp.,
Sr. Unsecured, 4.25%, 9/30/15	$	2,000,000	$	2,152,500
CMS Energy Corp.,
Sr. Unsecured, 6.55%, 7/17/17		300,000		360,000
Commonwealth Edison Co.,
1st Mortgage, 1.95%, 9/01/16		1,000,000		1,037,388
Dominion Resources, Inc.,
Series A, Sr. Unsecured, 5.60%, 11/15/16		500,000		576,279
DTE Energy Co.,
Sr. Unsecured, 7.63%, 5/15/14		250,000		267,674
Duke Energy Corp.,
Sr. Unsecured, 6.30%, 2/01/14		714,000		744,374
Duke Energy Florida, Inc.,
1st Mortgage, 6.35%, 9/15/37		425,000		581,277
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		2,000,000		2,226,048
Exelon Generation Co., LLC,
Sr. Unsecured, 5.35%, 1/15/14		2,000,000		2,066,902
Exelon Generation Co., LLC,
Sr. Unsecured, 6.20%, 10/01/17#		650,000		767,584
FirstEnergy Corp.,
Series A, Sr. Unsecured, 2.75%, 3/15/18		285,000		290,018
Pacific Gas & Electric Co.,
Sr. Unsecured, 3.25%, 9/15/21		125,000		134,597
System Energy Resources, Inc.,
1st Mortgage, 4.10%, 4/01/23		500,000		531,029
UIL Holdings Corp.,
Sr. Unsecured, 4.63%, 10/01/20		1,500,000		1,625,742
TOTAL ELECTRIC			$	14,208,674
ENVIRONMENTAL CONTROL – 0.5%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		1,465,000		1,538,129
FOOD PRODUCTS – 1.1%
Kellogg Co.,
Sr. Unsecured, 1.88%, 11/17/16		1,000,000		1,032,861
McCormick & Co., Inc.,
Sr. Unsecured, 5.75%, 12/15/17		500,000		599,269
McCormick & Co., Inc.,
Sr. Unsecured, 3.90%, 7/15/21		500,000		553,612
Mondelez International, Inc.,
Sr. Unsecured, 5.25%, 10/01/13		400,000		407,886
WM Wrigley Jr. Co.,
Sr. Secured, 3.70%, 6/30/14•,W		500,000		514,834
TOTAL FOOD PRODUCTS			$	3,108,462
FOOD RETAILING – 0.4%
Kroger Co.,
Company Guaranteed, 3.90%, 10/01/15		250,000		268,257
Kroger Co.,
Company Guaranteed, 8.00%, 9/15/29		500,000		675,182
Kroger Co.,
Sr. Unsecured, 2.20%, 1/15/17		250,000		258,795
TOTAL FOOD RETAILING			$	1,202,234

Description	Par Value		Value
FOREST PRODUCTS & PAPER – 0.8%
International Paper Co.,
Sr. Unsecured, 5.30%, 4/01/15	$	2,000,000	$	2,163,006
HEALTH CARE PROVIDERS & SERVICES – 0.4%
UnitedHealth Group, Inc.,
Sr. Unsecured, 6.00%, 6/15/17		250,000		298,674
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.75%, 2/15/23		560,000		565,346
UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		284,604
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,148,624
HOME FURNISHINGS – 0.8%
Whirlpool Corp.,
Notes, MTN, 5.15%, 3/01/43		210,000		221,619
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		350,000		400,624
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,671,209
TOTAL HOME FURNISHINGS			$	2,293,452
HOUSEHOLD PRODUCTS – 0.6%
Tupperware Brands Corp.,
Company Guaranteed, 4.75%, 6/01/21		1,465,000		1,573,809
INSURANCE – 3.5%
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.40%, 5/15/42		2,000,000		2,086,128
CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,202,490
Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22#		1,000,000		1,108,120
MetLife, Inc.,
Sr. Unsecured, 5.00%, 6/15/15		400,000		435,063
MetLife, Inc.,
Sr. Unsecured, 4.75%, 2/08/21		500,000		583,981
Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		259,751
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 3.88%, 1/14/15		1,000,000		1,052,002
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 6.20%, 1/15/15		500,000		544,295
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 3.00%, 5/12/16		1,000,000		1,059,172
WR Berkley Corp.,
Sr. Unsecured, 7.38%, 9/15/19		280,000		353,572
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,109,348
TOTAL INSURANCE			$	9,793,922
INTERNET SOFTWARE & SERVICES – 0.2%
eBay, Inc.,
Sr. Unsecured, 1.63%, 10/15/15		500,000		514,495
IRON/STEEL – 0.4%
Cliffs Natural Resources, Inc.,
Sr. Unsecured, 3.95%, 1/15/18		1,030,000		1,044,901

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
LEISURE TIME – 0.1%
Royal Caribbean Cruises Ltd.,
Sr. Unsecured, 7.00%, 6/15/13S	$	300,000	$	302,262
MEDIA – 4.2%
Comcast Corp.,
Company Guaranteed, 5.90%, 3/15/16		1,000,000		1,145,056
Comcast Corp.,
Company Guaranteed, 4.65%, 7/15/42		825,000		907,955
COX Communications, Inc.,
Sr. Unsecured, 4.50%, 6/30/43•,W		1,900,000		1,903,305
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		1,.500,000		1,602,399
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 5.15%, 3/15/42		500,000		512,233
NBCUniversal Enterprise, Inc.,
Company Guaranteed, 0.82%, 4/15/16D,•,W		420,000		420,398
NBCUniversal Media LLC,
Company Guaranteed, 3.65%, 4/30/15		480,000		509,098
TCI Communications, Inc.,
Sr. Unsecured, 8.75%, 8/01/15		400,000		470,646
Time Warner, Inc.,
Company Guaranteed, 5.88%, 11/15/16		1,500,000		1,747,350
Viacom, Inc.,
Sr. Unsecured, 4.38%, 9/15/14		350,000		367,343
Viacom, Inc.,
Sr. Unsecured, 5.63%, 9/15/19		1,000,000		1,204,760
Viacom, Inc.,
Sr. Unsecured, 3.88%, 12/15/21		850,000		925,732
TOTAL MEDIA			$	11,716,275
METALS & MINING – 1.4%
Alcoa, Inc.,
Sr. Unsecured, 5.72%, 2/23/19		550,000		596,043
Barrick Gold Corp.,
Sr. Unsecured, 2.50%, 5/01/18•,W		500,000		503,021
Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		2,000,000		1,911,502
Rio Tinto Finance USA Ltd.,
Company Guaranteed, 9.00%, 5/01/19		750,000		1,038,979
TOTAL METALS & MINING			$	4,049,545
MISCELLANEOUS MANUFACTURING – 1.8%
Eaton Corp.,
Company Guaranteed, 2.75%, 11/02/22•,W		250,000		253,172
Eaton Corp.,
Company Guaranteed, 4.00%, 11/02/32•,W		400,000		412,690
GE Capital Trust I,
Limited Guaranteed, 6.38%, 11/15/67D		1,000,000		1,068,750
General Electric Co.,
Sr. Unsecured, 4.13%, 10/09/42		795,000		845,814
Ingersoll-Rand Co.,
Series B, Company Guaranteed,
6.02%, 2/15/28		900,000		1,075,895

Description	Par Value		Value
Ingersoll-Rand Global Holding Co., Ltd.,
Company Guaranteed, 6.00%, 8/15/13S	$	700,000	$	711,255
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.40%, 3/15/17		250,000		254,410
Textron, Inc.,
Sr. Unsecured, 6.20%, 3/15/15		500,000		543,339
TOTAL MISCELLANEOUS MANUFACTURING			$	5,165,325
OIL & GAS – 4.1%
Anadarko Finance Co.,
Series B, Company Guaranteed,
7.50%, 5/01/31		1,000,000		1,379,680
Anadarko Petroleum Corp.,
Sr. Unsecured, 5.75%, 6/15/14		250,000		263,341
BP Capital Markets PLC,
Company Guaranteed, 3.20%, 3/11/16		300,000		320,698
Murphy Oil Corp.,
Sr. Unsecured, 5.13%, 12/01/42		1,540,000		1,495,706
Nabors Industries, Inc.,
Company Guaranteed, 4.63%, 9/15/21		500,000		527,165
Phillips 66,
Company Guaranteed, 2.95%, 5/01/17		1,250,000		1,331,319
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		500,000		560,518
Sempra Energy,
Sr. Unsecured, 1.04%, 3/15/14D,S		1,000,000		1,004,454
Sempra Energy,
Sr. Unsecured, 6.50%, 6/01/16		500,000		581,336
Sunoco, Inc.,
Company Guaranteed, 9.63%, 4/15/15		550,000		637,478
Transocean, Inc.,
Company Guaranteed, 4.95%, 11/15/15		450,000		487,441
Transocean, Inc.,
Company Guaranteed, 6.50%, 11/15/20		1,175,000		1,395,683
Valero Energy Corp.,
Company Guaranteed, 4.75%, 4/01/14		550,000		570,832
Valero Energy Corp.,
Company Guaranteed, 4.50%, 2/01/15		1,000,000		1,064,425
TOTAL OIL & GAS			$	11,620,076
OIL & GAS FIELD SERVICES – 0.4%
Weatherford International Ltd.,
Company Guaranteed, 6.00%, 3/15/18		1,000,000		1,150,284
PHARMACEUTICALS – 0.8%
AbbVie, Inc.,
Sr. Unsecured, 2.90%, 11/06/22•,W		850,000		869,311
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42•,W		460,000		486,039
Teva Pharmaceutical Finance Co. BV,
Company Guaranteed, 2.40%, 11/10/16		400,000		420,697
Zoetis, Inc.,
Sr. Unsecured, 4.70%, 2/01/43•,W		400,000		423,987
TOTAL PHARMACEUTICALS			$	2,200,034

ANNUAL REPORT / April 30, 2013

36 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
PIPELINES – 2.6%
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23	$	870,000	$	887,307
Enterprise Products Operating LLC,
Company Guaranteed, 5.70%, 2/15/42		500,000		597,283
Enterprise Products Operating LLC,
Series B, Company Guaranteed,
7.03%, 1/15/68D		2,000,000		2,325,000
NuStar Pipeline Operating Partnership, LP,
Company Guaranteed, 5.88%, 6/01/13S		1,250,000		1,252,097
Plains All American Pipeline LP / PAA Finance Corp.,
Sr. Unsecured, 5.00%, 2/01/21		500,000		588,714
Plains All American Pipeline LP / PAA Finance Corp.,
Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,082,854
Rockies Express Pipeline LLC,
Sr. Unsecured, 5.63%, 4/15/20•,W		500,000		470,625
TOTAL PIPELINES			$	7,203,880
REAL ESTATE INVESTMENT TRUSTS – 4.6%
BioMed Realty LP,
Company Guaranteed, 3.85%, 4/15/16		1,000,000		1,068,790
Boston Properties LP,
Sr. Unsecured, 5.00%, 6/01/15		650,000		705,800
CommonWealth REIT,
Sr. Unsecured, 6.65%, 1/15/18		500,000		566,188
Digital Realty Trust LP,
Company Guaranteed, 5.25%, 3/15/21		500,000		570,828
HCP, Inc.,
Sr. Unsecured, MTN, 6.30%, 9/15/16		500,000		581,741
Health Care REIT, Inc.,
Sr. Unsecured, 4.95%, 1/15/21		1,000,000		1,133,257
Health Care REIT, Inc.,
Sr. Unsecured, 5.25%, 1/15/22		250,000		291,564
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		975,000		995,420
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17#		2,215,000		2,262,162
Mack-Cali Realty LP,
Sr. Unsecured, 7.75%, 8/15/19		250,000		321,258
ProLogis LP,
Company Guaranteed, 6.13%, 12/01/16		864,000		999,445
ProLogis LP,
Company Guaranteed, 4.50%, 8/15/17		250,000		276,455
ProLogis LP,
Company Guaranteed, 6.63%, 12/01/19		515,000		626,899
Simon Property Group LP,
Sr. Unsecured, 5.65%, 2/01/20		500,000		608,661
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 2.70%, 4/01/20		2,000,000		2,036,885
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	13,045,353
RESTAURANT – 0.1%
Yum! Brands, Inc.,
Sr. Unsecured, 3.75%, 11/01/21		250,000		266,317

Description	Par Value		Value
RETAIL – 0.3%
CVS Caremark Corp.,
Sr. Unsecured, 5.75%, 6/01/17	$	244,000	$	289,288
CVS Caremark Corp.,
Sr. Unsecured, 4.75%, 5/18/20		500,000		583,870
TOTAL RETAIL			$	873,158
SEMICONDUCTORS – 0.3%
Broadcom Corp.,
Sr. Unsecured, 2.70%, 11/01/18		500,000		534,961
Texas Instruments, Inc.,
Sr. Unsecured, 2.38%, 5/16/16		250,000		262,917
TOTAL SEMICONDUCTORS			$	797,878
TELECOMMUNICATIONS – 1.3%
Crown Castle Towers LLC,
Sr. Secured, 4.17%, 8/15/17•,W		2,000,000		2,193,348
Verizon Communications, Inc.,
Sr. Unsecured, 1.25%, 11/03/14		295,000		298,151
Verizon Communications, Inc.,
Sr. Unsecured, 3.00%, 4/01/16		1,000,000		1,060,531
TOTAL TELECOMMUNICATIONS			$	3,552,030
TRANSPORTATION – 1.4%
CSX Corp.,
Sr. Unsecured, 7.90%, 5/01/17		1,114,000		1,390,190
CSX Corp.,
Sr. Unsecured, 4.75%, 5/30/42		250,000		271,680
Norfolk Southern Corp.,
Sr. Unsecured, 5.90%, 6/15/19		250,000		308,713
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.15%, 3/02/15		300,000		311,367
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/17		500,000		516,933
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18		1,155,000		1,189,810
TOTAL TRANSPORTATION			$	3,988,693
TRUCKING & LEASING – 0.2%
GATX Corp.,
Sr. Unsecured, 8.75%, 5/15/14		500,000		539,222
TOTAL CORPORATE BONDS
(COST $158,099,469)			$	167,333,335
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.7%
AIRLINES – 0.7%
American Airlines 2011-1,
Series A, Pass-Through Certificates, 5.25%, 1/31/21		450,858		493,126
Continental Airlines 2009-2,
Pass-Through Certificates, 7.25%, 11/10/19		219,145		257,632
Delta Air Lines 2007-1,
Series A, Pass-Through Certificates, 6.82%, 8/10/22		344,036		401,232

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Delta Air Lines 2009-1,
Series A, Pass-Through Certificates,
7.75%, 12/17/19	$	383,474	$	451,781
United Air Lines 2009-2A,
Pass-Through Certificates, 9.75%, 1/15/17		355,618		414,518
TOTAL AIRLINES			$	2,018,289
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $1,753,131)			$	2,018,289
GOVERNMENT AGENCIES – 4.0%
FEDERAL HOME LOAN BANK (FHLB) – 0.1%
5.25%, 6/18/14		175,000		184,970
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.5%
1.25%, 10/02/19		4,300,000		4,321,548
1.75%, 5/30/19#		2,000,000		2,078,805
2.38%, 1/13/22		125,000		131,734
4.38%, 7/17/15		500,000		544,997
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	7,077,084
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.4%
1.38%, 11/15/16#		500,000		515,552
4.88%, 12/15/16		700,000		810,086
5.00%, 5/11/17		750,000		881,608
6.25%, 5/15/29		750,000		1,087,068
7.25%, 5/15/30		400,000		640,319
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	3,934,633
TOTAL GOVERNMENT AGENCIES
(COST $10,443,884)			$	11,196,687
MORTGAGE-BACKED SECURITIES – 21.9%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 14.5%
Pool A13990, 4.50%, 10/01/33		112,714		121,704
Pool A93415, 4.00%, 8/01/40		6,573,220		7,016,624
Pool A93505, 4.50%, 8/01/40		4,288,826		4,591,752
Pool A97047, 4.50%, 2/01/41		4,820,256		5,172,768
Pool B17616, 5.50%, 1/01/20		173,821		185,187
Pool C00478, 8.50%, 9/01/26		28,040		32,595
Pool C01272, 6.00%, 12/01/31		87,355		96,332
Pool C03750, 3.50%, 2/01/42		707,158		751,957
Pool C04305, 3.00%, 11/01/42		5,610,306		5,850,051
Pool C09020, 3.50%, 11/01/42		7,127,454		7,583,952
Pool E00560, 6.00%, 7/01/13∑		2,056		2,075
Pool E09010, 2.50%, 9/01/27		2,651,555		2,770,890
Pool G01625, 5.00%, 11/01/33		125,672		135,907
Pool G02296, 5.00%, 6/01/36		782,261		845,484
Pool G02390, 6.00%, 9/01/36		33,531		36,537
Pool G03703, 5.50%, 12/01/37		260,112		281,054
Pool G04776, 5.50%, 7/01/38		375,838		405,628

Description	Par Value		Value
Pool G06222, 4.00%, 1/01/41	$	4,401,155	$	4,699,415
Pool G08097, 6.50%, 11/01/35		46,031		52,002
Pool G12709, 5.00%, 7/01/22		187,612		200,991
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	40,832,905
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 7.2%
Pool 254007, 6.50%, 10/01/31		40,883		46,114
Pool 254759, 4.50%, 6/01/18		189,527		204,016
Pool 254833, 4.50%, 8/01/18		32,140		34,326
Pool 256515, 6.50%, 12/01/36		78,865		87,870
Pool 256639, 5.00%, 2/01/27∑		57,482		62,519
Pool 256752, 6.00%, 6/01/27		82,263		90,267
Pool 329794, 7.00%, 2/01/26		50,252		57,953
Pool 398162, 6.50%, 1/01/28		15,216		15,976
Pool 402255, 6.50%, 12/01/27		5,976		6,351
Pool 535939, 6.00%, 5/01/16		57,125		60,395
Pool 629603, 5.50%, 2/01/17		22,765		24,355
Pool 638023, 6.50%, 4/01/32		85,200		95,914
Pool 642345, 6.50%, 5/01/32		104,592		117,745
Pool 651292, 6.50%, 7/01/32		235,531		265,149
Pool 686398, 6.00%, 3/01/33		237,213		263,112
Pool 688987, 6.00%, 5/01/33		358,111		397,210
Pool 695818, 5.00%, 4/01/18		199,516		214,701
Pool 745412, 5.50%, 12/01/35		91,032		99,855
Pool 838891, 6.00%, 7/01/35		34,864		38,431
Pool 975207, 5.00%, 3/01/23		180,710		195,255
Pool AB1796, 3.50%, 11/01/40		1,924,394		2,050,619
Pool AE2520, 3.00%, 1/01/26		1,752,309		1,854,543
Pool TBA, 5.00%, 5/01/37		13,000,000		14,074,531
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	20,357,207
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 2077, 7.00%, 9/20/25		20,746		23,764
Pool 354677, 7.50%, 10/15/23		41,974		48,330
Pool 354713, 7.50%, 12/15/23		31,120		35,832
Pool 354765, 7.00%, 2/15/24		60,641		69,658
Pool 354827, 7.00%, 5/15/24		57,913		66,524
Pool 360869, 7.50%, 5/15/24		29,943		34,584
Pool 361843, 7.50%, 10/15/24		52,888		60,897
Pool 373335, 7.50%, 5/15/22		23,130		26,549
Pool 385623, 7.00%, 5/15/24		60,336		69,308
Pool 503405, 6.50%, 4/15/29		83,680		96,465
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	531,911
TOTAL MORTGAGE-BACKED SECURITIES
(COST $60,352,078)			$	61,722,023

ANNUAL REPORT / April 30, 2013

38 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
MUNICIPAL BOND – 0.2%
BUILD AMERICA BONDS – 0.2%
New Jersey State, EDA,
Revenue Bonds, 1.28%, 6/15/13D,∑	$	650,000	$	650,162
TOTAL MUNICIPAL BOND
(COST $650,000)			$	650,162
U.S. TREASURY – 13.3%
U.S. TREASURY BONDS – 2.9%
2.75%, 8/15/42		2,815,000		2,738,268
3.00%, 5/15/42		500,000		512,703
5.25%, 2/15/29		500,000		695,492
5.38%, 2/15/31		600,000		858,042
6.25%, 5/15/30		500,000		774,959
6.38%, 8/15/27		450,000		684,038
7.50%, 11/15/16		300,000		374,576
8.88%, 2/15/19		1,130,000		1,648,411
TOTAL U.S. TREASURY BONDS			$	8,286,489
U.S. TREASURY NOTES – 10.4%
0.63%, 8/31/17		1,860,000		1,866,593
0.63%, 9/30/17		750,000		751,957
0.75%, 10/31/17		2,380,000		2,397,743
0.75%, 12/31/17#		500,000		503,183
0.88%, 2/28/17		4,000,000		4,063,699
0.88%, 4/30/17		2,000,000		2,030,938
1.00%, 3/31/17		1,500,000		1,530,689
1.25%, 9/30/15		1,000,000		1,023,998
1.25%, 1/31/19		250,000		256,051
1.38%, 2/28/19		2,500,000		2,576,924
1.63%, 11/15/22		1,928,000		1,926,014
1.75%, 7/31/15		500,000		516,918
1.75%, 5/15/22		1,380,000		1,405,120
2.00%, 11/15/21		1,210,000		1,265,455
2.13%, 8/15/21		250,000		264,660
2.25%, 1/31/15		1,000,000		1,035,714
2.25%, 3/31/16		1,250,000		1,320,844
2.25%, 7/31/18		500,000		539,520
2.50%, 4/30/15		1,000,000		1,045,233
2.63%, 11/15/20		500,000		551,345
3.13%, 5/15/19		750,000		850,196
3.63%, 2/15/20		750,000		878,455
4.00%, 8/15/18		500,000		586,009
TOTAL U.S. TREASURY NOTES			$	29,187,258
TOTAL U.S. TREASURY
(COST $35,398,908)			$	37,473,747

Description	Par Value		Value
REPURCHASE AGREEMENT – 1.5%
Credit Suisse First Boston LLC, 0.14%, dated 04/30/13, due 05/01/13, repurchase price $4,116,973, collateralized by a U.S. Treasury Security 2.75%, maturing 08/15/42; total market value of $4,200,174.	$	4,116,957	$	4,116,957
TOTAL REPURCHASE AGREEMENT
(COST $4,116,957)			$	4,116,957
TOTAL INVESTMENTS IN SECURITIES – 105.9%
(COST $284,794,250)			$	298,687,107
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.9%
REPURCHASE AGREEMENTS – 1.9%
Citigroup Global Markets, Inc., 0.18%, dated 04/30/13, due 05/01/13, repurchase price $1,302,352, collateralized by U.S. Government Securities 0.84% to 6. 50%, maturing 11/01/18 to 03/15/53; total market value of $ 1,328,964.		1,302,345		1,302,345
Deutsche Bank Securities, Inc., 0. 15%, dated 04/30/13, due 05/01/13, repurchase price $273,551, collateralized by U.S. Treasury Securities 0.00% to 10. 63%, maturing 05/15/13 to 05/15/42; total market value of $ 279,021.		273,550		273,550
Goldman Sachs & Co., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $1,302,351, collateralized by U.S. Government Securities 2.50% to 6. 50%, maturing 05/01/20 to 04/01/43; total market value of $ 1,328,392.		1,302,345		1,302,345
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $1,303,352, collateralized by U.S. Government Securities 2.08% to 7. 00%, maturing 01/01/22 to 04/15/52; total market value of $ 1,328,392.		1,302,345		1,302,345
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $1,302,351, collateralized by U.S. Government Securities 1.97% to 4. 50%, maturing 08/01/24 to 12/15/44; total market value of $ 1,328,392.		1,302,345		1,302,345
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $5,482,930)			$	5,482,930
			Value
TOTAL INVESTMENTS – 107.8%
(COST $290,277,180)			$	304,170,037
COLLATERAL FOR SECURITIES ON LOAN – (1.9%)				(5,482,930	)
OTHER LIABILITIES LESS ASSETS – (5.9%)				(16,562,653	)
TOTAL NET ASSETS – 100.0%			$	282,124,454

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		55.7	%
U.S. Treasury		18.2	%
Government Agencies		16.0	%
Mortgage-Backed Securities		6.4	%
Collateralized Mortgage Obligations		2.1	%
Municipal Bond		0.7	%
Asset-Backed Security		0.2	%
Cash Equivalents1		7.4	%
Other Assets and Liabilities – Net2		(6.7	)%
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) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		17.7	%
AA		5.3	%
A		17.9	%
BBB		32.3	%
BB		1.0	%
CCC		0.4	%
Not Rated		7.4	%
U.S. Government Agency Securities		6.5	%
U.S. Treasury		18.2	%
Other Assets and Liabilities – Net2		(6.7	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
ASSET-BACKED SECURITY – 0.2%
WHOLE LOAN – 0.2%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.20%, 10/15/24D,•, W	$	486,528	$	490,273
TOTAL ASSET-BACKED SECURITY
(COST $486,528)			$	490,273
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.1%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 0.7%
Merrill Lynch Mortgage Trust,
Series 2006-C1, Class A2, 5.83%, 5/12/39D		420,226		432,524
Morgan Stanley Capital I Trust,
Series 2004-IQ7, Class A4, 5.54%, 6/15/38D		886,948		915,365
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	1,347,889
FEDERAL HOME LOAN BANK (FHLB) – 0.9%
Series 1, 4.88%, 5/17/17#		1,615,000		1,894,992
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.1%
Series 2005-29, Class WC, 4.75%, 4/25/35		180,347		198,108

Description	Par Value		Value
WHOLE LOAN – 0.4%
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
2.90%, 11/25/35D	$	976,985	$	864,083
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $4,242,753)			$	4,305,072
CORPORATE BONDS – 55.7%
AEROSPACE & DEFENSE – 0.8%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		250,000		269,804
L-3 Communications Corp.,
Company Guaranteed, 4.75%, 7/15/20		1,250,000		1,396,799
TOTAL AEROSPACE & DEFENSE			$	1,666,603
AUTO PARTS & EQUIPMENT – 0.4%
Johnson Controls, Inc.,
Sr. Unsecured, 2.60%, 12/01/16		845,000		884,079
AUTOMOTIVE – 2.5%
Ford Motor Credit Co., LLC,
Sr. Unsecured, 3.88%, 1/15/15		1,500,000		1,563,185
Ford Motor Credit Co., LLC,
Sr. Unsecured, 6.63%, 8/15/17		250,000		294,029
Ford Motor Credit Co., LLC,
Sr. Unsecured, 5.88%, 8/02/21		1,000,000		1,167,367

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17•,W	$	250,000	$	265,625
Hyundai Capital America,
Sr. Unsecured, 1.63%, 10/02/15•,W		825,000		829,408
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 1.00%, 2/17/15		500,000		504,723
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, 2.05%, 1/12/17		700,000		726,587
TOTAL AUTOMOTIVE			$	5,350,924
BEVERAGES – 1.6%
Anheuser-Busch InBev Worldwide, Inc.,
Company Guaranteed, 7.75%, 1/15/19		1,000,000		1,324,469
Coca-Cola Co.,
Sr. Unsecured, 1.80%, 9/01/16#		2,000,000		2,077,343
TOTAL BEVERAGES			$	3,401,812
BIOTECHNOLOGY – 0.5%
Gilead Sciences, Inc.,
Sr. Unsecured, 4.50%, 4/01/21		500,000		575,689
Gilead Sciences, Inc.,
Sr. Unsecured, 4.40%, 12/01/21		350,000		401,969
TOTAL BIOTECHNOLOGY			$	977,658
CAPITAL MARKETS – 2.1%
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		777,844
Charles Schwab Corp.,
Sr. Unsecured, MTN, 6.38%, 9/01/17		1,000,000		1,200,517
Goldman Sachs Group, Inc.,
Sr. Unsecured, 6.25%, 9/01/17		655,000		770,749
Goldman Sachs Group, Inc.,
Sr. Unsecured, FRN, 1.48%, 4/30/18D		750,000		749,079
Morgan Stanley,
Sr. Unsecured, 1.54%, 2/25/16D		867,000		873,056
TOTAL CAPITAL MARKETS			$	4,371,245
CHEMICALS – 0.5%
Dow Chemical Co.,
Sr. Unsecured, 2.50%, 2/15/16		501,000		522,715
Dow Chemical Co.,
Sr. Unsecured, 4.13%, 11/15/21		500,000		546,858
TOTAL CHEMICALS			$	1,069,573
COAL – 0.3%
Consol Energy, Inc.,
Company Guaranteed, 8.00%, 4/01/17		625,000		680,469
COMMERCIAL BANKS – 6.8%
Bank of Montreal,
Sr. Unsecured, MTN, 2.50%, 1/11/17		1,500,000		1,575,083
Bank of Nova Scotia,
Sr. Unsecured, 1.38%, 12/18/17		1,000,000		1,006,901
BB&T Corp.,
Sr. Unsecured, MTN, 3.20%, 3/15/16		1,000,000		1,062,556

Description	Par Value		Value
Comerica, Inc.,
Sr. Unsecured, 3.00%, 9/16/15	$	1,000,000	$	1,055,203
Fifth Third Bancorp,
Sr. Unsecured, 3.63%, 1/25/16		850,000		910,398
Fifth Third Bank,
Sr. Unsecured, BKNT, 1.45%, 2/28/18		425,000		426,626
KeyCorp,
Sr. Unsecured, MTN, 3.75%, 8/13/15		750,000		799,334
SunTrust Banks, Inc.,
Sr. Unsecured, 3.60%, 4/15/16		1,475,000		1,578,254
Toronto-Dominion Bank,
Sr. Unsecured, 2.50%, 7/14/16		1,000,000		1,052,480
U.S. Bancorp,
Sr. Unsecured, MTN, 2.20%, 11/15/16		500,000		524,188
Wells Fargo & Co.,
Sr. Unsecured, 1.50%, 1/16/18		1,000,000		1,002,741
Wells Fargo & Co.,
Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		804,964
Wells Fargo & Co.,
Series M, Subordinated, 3.45%, 2/13/23		750,000		763,816
Westpac Banking Corp.,
Sr. Unsecured, 2.00%, 8/14/17#		825,000		856,156
Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		750,000		887,656
TOTAL COMMERCIAL BANKS			$	14,306,356
COMMERCIAL FINANCE – 0.4%
General Electric Capital Corp.,
Sr. Unsecured, MTN, 2.30%, 4/27/17		750,000		781,716
COMPUTERS – 0.9%
Apple, Inc.,
Sr. Unsecured, 1.00%, 5/03/18		500,000		498,155
Apple, Inc.,
Sr. Unsecured, 2.40%, 5/03/23		645,000		644,142
International Business Machines Corp.,
Sr. Unsecured, 1.95%, 7/22/16		725,000		750,179
TOTAL COMPUTERS			$	1,892,476
CONSUMER FINANCE – 1.2%
American Express Co.,
Sr. Unsecured, 6.15%, 8/28/17		750,000		901,695
Capital One Financial Corp.,
Sr. Unsecured, 2.15%, 3/23/15		1,655,000		1,690,233
TOTAL CONSUMER FINANCE			$	2,591,928
DIVERSIFIED FINANCIAL SERVICES – 2.6%
Bank of America Corp.,
Sr. Unsecured, MTN, 1.10%, 3/22/16D		750,000		748,817
Bank of America Corp.,
Sr. Unsecured, MTN, 2.00%, 1/11/18		750,000		752,188
Citigroup, Inc.,
Sr. Unsecured, 5.85%, 8/02/16		750,000		858,443
Citigroup, Inc.,
Sr. Unsecured, 6.13%, 5/15/18		750,000		903,238
JPMorgan Chase & Co.,
Sr. Unsecured, 6.00%, 1/15/18		250,000		297,428

ANNUAL REPORT / April 30, 2013

42 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
JPMorgan Chase & Co.,
Sr. Unsecured, GMTN, 0.91%, 2/26/16D	$	1,005,000	$	1,007,978
JPMorgan Chase & Co.,
Subordinated, 3.38%, 5/01/23		855,000		854,035
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	5,422,127
ELECTRIC – 6.6%
Ameren Illinois Co.,
Sr. Secured, 9.75%, 11/15/18		2,775,000		3,918,589
CMS Energy Corp.,
Sr. Unsecured, 6.55%, 7/17/17		625,000		750,000
Commonwealth Edison Co.,
1st Mortgage, 1.95%, 9/01/16		1,000,000		1,037,388
Detroit Edison Co.,
Series G, Sr. Secured, 5.60%, 6/15/18		950,000		1,153,965
Dominion Resources, Inc.,
Sr. Unsecured, 2.25%, 9/01/15		500,000		518,166
Entergy Corp.,
Sr. Unsecured, 4.70%, 1/15/17		1,950,000		2,136,499
Exelon Generation Co. LLC,
Sr. Unsecured, 4.25%, 6/15/22		750,000		797,524
Exelon Generation Co., LLC,
Sr. Unsecured, 6.20%, 10/01/17#		200,000		236,180
FirstEnergy Corp.,
Series A, Sr. Unsecured, 2.75%, 3/15/18		230,000		234,050
Florida Power & Light Co.,
1st Mortgage, 5.55%, 11/01/17		500,000		599,634
Florida Power Corp.,
1st Mortgage, 3.10%, 8/15/21		500,000		536,705
Southern California Edison Co.,
Series 05-A, 1st Mortgage, 5.00%, 1/15/16		654,000		732,469
UIL Holdings Corp.,
Sr. Unsecured, 4.63%, 10/01/20		1,250,000		1,354,785
TOTAL ELECTRIC			$	14,005,954
ELECTRONICS – 0.8%
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 2.25%, 8/15/16		1,605,000		1,653,137
FOOD PRODUCTS – 0.3%
Mondelez International, Inc.,
Sr. Unsecured, 4.13%, 2/09/16		500,000		544,692
FOOD RETAILING – 0.7%
Kroger Co.,
Company Guaranteed, 4.95%, 1/15/15		675,000		722,148
Kroger Co.,
Company Guaranteed, 3.90%, 10/01/15		250,000		268,257
Kroger Co.,
Sr. Unsecured, 2.20%, 1/15/17		500,000		517,590
TOTAL FOOD RETAILING			$	1,507,995
HEALTH CARE PROVIDERS & SERVICES – 0.3%
UnitedHealth Group, Inc.,
Sr. Unsecured, 6.00%, 6/15/17		500,000		597,348

Description	Par Value		Value
HOME FURNISHINGS – 0.7%
Whirlpool Corp.,
Notes, MTN, 3.70%, 3/01/23	$	275,000	$	286,544
Whirlpool Corp.,
Sr. Unsecured, 6.50%, 6/15/16		1,000,000		1,144,641
TOTAL HOME FURNISHINGS			$	1,431,185
HOUSEHOLD PRODUCTS – 0.6%
Tupperware Brands Corp.,
Company Guaranteed, 4.75%, 6/01/21		1,250,000		1,342,840
INSURANCE – 1.9%
Hartford Financial Services Group, Inc.,
Sr. Unsecured, 4.00%, 10/15/17		500,000		553,060
MetLife, Inc.,
Sr. Unsecured, 5.00%, 6/15/15		730,000		793,989
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 3.88%, 1/14/15		1,000,000		1,052,002
Prudential Financial, Inc.,
Sr. Unsecured, MTN, 6.00%, 12/01/17		650,000		778,472
WR Berkley Corp.,
Sr. Unsecured, 7.38%, 9/15/19		710,000		896,559
TOTAL INSURANCE			$	4,074,082
LEISURE TIME – 0.6%
Royal Caribbean Cruises Ltd.,
Sr. Unsecured, 7.00%, 6/15/13		1,200,000		1,209,049
MEDIA – 2.7%
Comcast Corp.,
Company Guaranteed, 5.90%, 3/15/16		500,000		572,528
Comcast Corp.,
Company Guaranteed, 5.70%, 7/01/19		500,000		616,692
COX Communications, Inc.,
Sr. Unsecured, 2.95%, 6/30/23•,W		240,000		240,232
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		250,000		267,066
Discovery Communications LLC,
Company Guaranteed, 3.25%, 4/01/23		750,000		779,778
NBCUniversal Media LLC,
Sr. Unsecured, 3.65%, 4/30/15		1,000,000		1,060,620
Time Warner Entertainment Co., LP,
Company Guaranteed, 8.38%, 3/15/23		175,000		243,896
Time Warner, Inc.,
Company Guaranteed, 5.88%, 11/15/16		890,000		1,036,761
Viacom, Inc.,
Sr. Unsecured, 3.50%, 4/01/17		750,000		810,795
TOTAL MEDIA			$	5,628,368
METALS & MINING – 0.6%
Alcoa, Inc.,
Sr. Unsecured, 5.72%, 2/23/19		1,100,000		1,192,087
MISCELLANEOUS MANUFACTURING – 3.5%
Eaton Corp.,
Company Guaranteed, 2.75%, 11/02/22•,W		500,000		506,343

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 43

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
General Electric Co.,
Sr. Unsecured, 5.25%, 12/06/17	$	1,160,000	$	1,367,871
Ingersoll-Rand Co.,
Series B, Company Guaranteed, MTN,
6.02%, 2/15/28		2,015,000		2,408,808
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.40%, 3/15/17		1,040,000		1,058,345
Textron, Inc.,
Sr. Unsecured, 6.20%, 3/15/15		1,900,000		2,064,687
TOTAL MISCELLANEOUS MANUFACTURING			$	7,406,054
OIL & GAS – 3.9%
Anadarko Petroleum Corp.,
Sr. Unsecured, 6.38%, 9/15/17		695,000		833,620
BP Capital Markets PLC,
Company Guaranteed, 1.85%, 5/05/17		525,000		541,748
BP Capital Markets PLC,
Company Guaranteed, 3.25%, 5/06/22		525,000		555,155
Hess Corp.,
Sr. Unsecured, 8.13%, 2/15/19		700,000		914,084
Marathon Oil Corp.,
Sr. Unsecured, 0.90%, 11/01/15		750,000		751,218
Marathon Oil Corp.,
Sr. Unsecured, 6.00%, 10/01/17		1,000,000		1,190,217
Sempra Energy,
Sr. Unsecured, 2.30%, 4/01/17		800,000		835,885
Sunoco, Inc.,
Sr. Unsecured, 9.63%, 4/15/15		1,200,000		1,390,860
Transocean, Inc.,
Company Guaranteed, 6.50%, 11/15/20		1,000,000		1,187,815
TOTAL OIL & GAS			$	8,200,602
PHARMACEUTICALS – 1.9%
AbbVie, Inc.,
Company Guaranteed, 1.20%, 11/06/15•,W		250,000		252,578
AbbVie, Inc.,
Company Guaranteed, 1.75%, 11/06/17•,W		500,000		510,387
AstraZeneca PLC,
Sr. Unsecured, 5.90%, 9/15/17		1,000,000		1,204,510
Express Scripts Holding Co.,
Company Guaranteed, 3.50%, 11/15/16		500,000		540,227
McKesson Corp.,
Sr. Unsecured, 1.40%, 3/15/18		1,075,000		1,083,380
Zoetis, Inc.,
Sr. Unsecured, 3.25%, 2/01/23•,W		500,000		516,105
TOTAL PHARMACEUTICALS			$	4,107,187
PIPELINES – 2.3%
Energy Transfer Partners LP,
Sr. Unsecured, 5.95%, 2/01/15		300,000		324,825
Energy Transfer Partners LP,
Sr. Unsecured, 6.70%, 7/01/18		300,000		367,907
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23		200,000		203,979

Description	Par Value		Value
Enterprise Products Operating LLC,
Company Guaranteed, 3.70%, 6/01/15	$	1,000,000	$	1,060,187
Enterprise Products Operating LLC,
Company Guaranteed, 4.05%, 2/15/22		500,000		555,825
Kinder Morgan Energy Partners LP,
Sr. Unsecured, 3.95%, 9/01/22		1,000,000		1,084,529
ONEOK, Inc.,
Sr. Unsecured, 5.20%, 6/15/15		650,000		705,111
Plains All American Pipeline LP / PAA
Finance Corp.,
Company Guaranteed, 5.00%, 2/01/21		500,000		588,714
TOTAL PIPELINES			$	4,891,077
REAL ESTATE INVESTMENT TRUSTS – 3.0%
Boston Properties LP,
Sr. Unsecured, 3.70%, 11/15/18		700,000		774,634
Digital Realty Trust LP,
Company Guaranteed, 3.63%, 10/01/22		750,000		771,502
HCP, Inc.,
Sr. Unsecured, MTN, 6.70%, 1/30/18		500,000		609,981
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		500,000		510,472
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		250,000		255,323
ProLogis LP,
Company Guaranteed, 4.50%, 8/15/17		1,250,000		1,382,276
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 3.13%, 11/30/15		965,000		1,019,931
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 2.70%, 4/01/20		550,000		560,143
Vornado Realty LP,
Sr. Unsecured, 4.25%, 4/01/15		500,000		525,570
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	6,409,832
RETAIL – 0.5%
Walgreen Co.,
Sr. Unsecured, 1.80%, 9/15/17		1,000,000		1,024,828
SEMICONDUCTORS – 0.2%
Broadcom Corp.,
Sr. Unsecured, 2.50%, 8/15/22#,•,W		490,000		487,238
TELECOMMUNICATIONS – 0.5%
AT&T, Inc.,
Sr. Unsecured, 0.90%, 2/12/16		360,000		360,897
Verizon Communications, Inc.,
Sr. Unsecured, 1.25%, 11/03/14		760,000		768,118
TOTAL TELECOMMUNICATIONS			$	1,129,015
TRANSPORTATION – 2.7%
CSX Corp.,
Sr. Unsecured, 7.90%, 5/01/17		685,000		854,829
CSX Corp.,
Sr. Unsecured, 4.25%, 6/01/21		500,000		567,611
Ryder System, Inc.,
Sr. Unsecured, MTN, 7.20%, 9/01/15		590,000		669,633

ANNUAL REPORT / April 30, 2013

44 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18	$	1,850,000	$	1,905,757
Union Pacific Corp.,
Sr. Unsecured, 5.75%, 11/15/17#		1,500,000		1,796,996
TOTAL TRANSPORTATION			$	5,794,826
TRUCKING & LEASING – 0.8%
GATX Corp.,
Sr. Unsecured, 8.75%, 5/15/14		1,000,000		1,078,445
GATX Corp.,
Sr. Unsecured, 2.38%, 7/30/18		625,000		642,397
TOTAL TRUCKING & LEASING			$	1,720,842
TOTAL CORPORATE BONDS
(COST $111,576,574)			$	117,755,204
GOVERNMENT AGENCIES – 16.0%
FEDERAL HOME LOAN BANK (FHLB) – 1.0%
1.00%, 6/21/17#		2,000,000		2,033,809
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.9%
1.25%, 5/12/17		3,000,000		3,076,816
1.75%, 5/30/19#		2,000,000		2,078,805
2.38%, 1/13/22		795,000		837,828
2.50%, 5/27/16#		2,500,000		2,661,515
3.75%, 3/27/19#		2,000,000		2,311,398
4.38%, 7/17/15		1,315,000		1,433,343
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	12,399,705
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 9.1%
0.38%, 3/16/15		1,500,000		1,504,144
0.50%, 5/27/15#		1,500,000		1,508,070
0.88%, 10/26/17		4,000,000		4,029,866
1.25%, 9/28/16		4,000,000		4,108,579
1.38%, 11/15/16#		2,500,000		2,577,758
1.63%, 10/26/15		2,000,000		2,063,912
5.00%, 5/11/17		3,000,000		3,526,430
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	19,318,759
TOTAL GOVERNMENT AGENCIES
(COST $32,970,780)			$	33,752,273
MORTGAGE-BACKED SECURITIES – 6.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.7%
Pool A18401, 6.00%, 2/01/34		118,457		130,408
Pool A93415, 4.00%, 8/01/40		3,228,950		3,446,763
Pool B19228, 4.50%, 4/01/20		58,123		62,060
Pool C90293, 7.50%, 9/01/19		177,196		202,626
Pool C90504, 6.50%, 12/01/21		65,146		72,925
Pool E76204, 5.50%, 4/01/14		199		202
Pool E83022, 6.00%, 4/01/16		19,732		20,854

Description	Par Value		Value
Pool E92817, 5.00%, 12/01/17	$	188,414	$	201,262
Pool G01625, 5.00%, 11/01/33		125,672		135,907
Pool G02390, 6.00%, 9/01/36		58,679		63,939
Pool G08097, 6.50%, 11/01/35		74,489		84,153
Pool G08193, 6.00%, 4/01/37		155,293		169,214
Pool G11311, 5.00%, 10/01/17		122,092		130,417
Pool G12709, 5.00%, 7/01/22		1,220,820		1,307,880
Pool G13077, 5.50%, 4/01/23		1,724,219		1,835,885
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	7,864,495
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.4%
Pool 254240, 7.00%, 3/01/32		116,062		133,195
Pool 254833, 4.50%, 8/01/18		42,853		45,768
Pool 256639, 5.00%, 2/01/27		114,964		125,038
Pool 256752, 6.00%, 6/01/27		102,829		112,834
Pool 257007, 6.00%, 12/01/27		184,901		202,893
Pool 526062, 7.50%, 12/01/29		14,953		16,246
Pool 612514, 2.72%, 5/01/33D		79,967		83,223
Pool 619054, 5.50%, 2/01/17		85,821		91,815
Pool 629603, 5.50%, 2/01/17		37,942		40,592
Pool 688996, 8.00%, 11/01/24		14,456		15,888
Pool 745412, 5.50%, 12/01/35		91,760		100,654
Pool 832365, 5.50%, 8/01/20		1,145,379		1,229,844
Pool 838741, 5.00%, 9/01/20		948,763		1,022,751
Pool 839291, 5.00%, 9/01/20		11,281		12,182
Pool AE2520, 3.00%, 1/01/26		1,752,309		1,854,543
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	5,087,466
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 2616, 7.00%, 7/20/28		83,320		95,982
Pool 2701, 6.50%, 1/20/29		157,944		186,207
Pool 426727, 7.00%, 2/15/29		16,937		19,626
Pool 780825, 6.50%, 7/15/28		152,073		175,308
Pool 781231, 7.00%, 12/15/30		75,140		87,389
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	564,512
TOTAL MORTGAGE-BACKED SECURITIES
(COST $12,767,569)			$	13,516,473
MUNICIPAL BOND – 0.7%
BUILD AMERICA BONDS – 0.7%
New Jersey State, EDA,
Revenue Bonds, 1.31%, 6/15/13D		1,500,000		1,500,373
TOTAL MUNICIPAL BOND
(COST $1,500,000)			$	1,500,373
U.S. TREASURY – 18.2%
U.S. TREASURY INFLATION INDEXED NOTES – 1.1%
0.13%, 4/15/16		1,500,000		1,652,841

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
1.25%, 7/15/20	$	500,000	$	632,365
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	2,285,206
U.S. TREASURY NOTES – 17.1%
0.25%, 12/15/14		1,000,000		1,000,862
0.88%, 1/31/17		4,000,000		4,064,313
1.00%, 9/30/19		1,000,000		1,001,405
1.25%, 1/31/19		1,750,000		1,792,358
1.25%, 2/29/20		1,000,000		1,012,197
1.50%, 8/31/18		1,750,000		1,819,686
1.63%, 8/15/22		500,000		501,670
2.00%, 1/31/16		1,000,000		1,046,824
2.00%, 4/30/16		1,600,000		1,680,184
2.00%, 11/15/21		500,000		522,915
2.63%, 4/30/16		485,000		518,324
2.63%, 8/15/20		750,000		827,599
2.63%, 11/15/20		500,000		551,345
2.75%, 2/15/19		1,500,000		1,663,818
3.50%, 2/15/18		1,500,000		1,704,097
3.63%, 2/15/20		500,000		585,636
4.00%, 8/15/18		1,000,000		1,172,017
4.13%, 5/15/15		1,125,000		1,214,035
4.25%, 8/15/15		2,000,000		2,182,681
4.25%, 11/15/17		2,500,000		2,911,243
4.50%, 2/15/16		2,000,000		2,234,286
4.75%, 8/15/17		5,250,000		6,193,972
TOTAL U.S. TREASURY NOTES			$	36,201,467
TOTAL U.S. TREASURY
(COST $36,511,142)			$	38,486,673
REPURCHASE AGREEMENT – 0.9%
Credit Suisse First Boston LLC, 0. 14%, dated 04/30/13, due 05/01/13, repurchase price $1,955,008, collateralized by a U.S. Treasury Security 2.75%, maturing 08/15/42; total market value of $1,997,286.		1,955,000		1,955,000
TOTAL REPURCHASE AGREEMENT
(COST $1,955,000)			$	1,955,000
TOTAL INVESTMENTS IN SECURITIES – 100.2%
(COST $202,010,346)			$	211,761,341

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 6.5%
REPURCHASE AGREEMENTS – 6.5%
Citigroup Global Markets, Inc., 0.18%, dated 04/30/13, due 05/01/13, repurchase price $3,262,633, collateralized by U.S. Government Securities 0.84% to 6. 50%, maturing 11/01/18 to 03/15/53; total market value of $ 3,329,302.	$	3,262,617	$	3,262,617
Deutsche Bank Securities, Inc., 0. 15%, dated 04/30/13, due 05/01/13, repurchase price $685,736, collateralized by U.S. Treasury Securities 0.00% to 10. 63%, maturing 05/15/13 to 05/15/42; total market value of $ 699,448.		685,733		685,733
Goldman Sachs & Co., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $3,262,632, collateralized by U.S. Government Securities 2.50% to 6. 50%, maturing 05/01/20 to 04/01/43; total market value of $ 3,327,869.		3,262,617		3,262,617
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $3,262,635, collateralized by U.S. Government Securities 2.08% to 7. 00%, maturing 01/01/22 to 04/15/52; total market value of $ 3,327,869.		3,262,617		3,262,617
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $3,262,632, collateralized by U.S. Government Securities 1.97% to 4. 50%, maturing 08/01/24 to 12/15/44; total market value of $ 3,327,869.		3,262,617		3,262,617
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $13,736,201)			$	13,736,201
TOTAL INVESTMENTS – 106.7%
(COST $215,746,547)			$	225,497,542
COLLATERAL FOR SECURITIES ON LOAN – (6.5%)				(13,736,201	)
OTHER LIABILITIES LESS ASSETS – (0.2%)				(459,791	)
TOTAL NET ASSETS – 100.0%			$	211,301,550

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Commercial Banks		13.0	%
Media		10.3	%
Real Estate Investment Trusts		9.0	%
Oil & Gas		8.1	%
Electric		6.8	%
Capital Markets		6.5	%
Food Products		4.0	%
Consumer Finance		3.4	%
Diversified Financial Services		3.4	%
Insurance		3.4	%
Automotive		3.1	%
Pipelines		2.6	%
Biotechnology		2.5	%
Beverages		2.0	%
Commercial Mortgage-Backed Securities (CMBS)		2.0	%
Miscellaneous Manufacturing		1.8	%
Telecommunications		1.6	%
Healthcare Providers & Services		1.6	%
Chemicals		1.4	%
Pharmaceuticals		1.4	%
Transportation		1.3	%
Forest Products & Paper		1.3	%
U.S. Treasury Notes		1.1	%
Computers		1.1	%
Home Furnishings		1.1	%
Commercial Finance		1.0	%
Software		0.8	%
Retail		0.7	%
Aerospace & Defense		0.7	%
Environmental Control		0.6	%
Electronics		0.6	%
Building Materials		0.6	%
Oil & Gas Field Services		0.6	%
Iron/Steel		0.5	%
Whole Loan		0.4	%
Metals & Mining		0.3	%
Federal Home Loan Mortgage Corporation (FHLMC)		0.2	%
Federal National Mortgage Association (FNMA)		0.0	%4
Cash Equivalents1		2.1	%
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.

(3) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

(4) Represents less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		2.3	%
AA		4.4	%
A		24.7	%
BBB		66.8	%
BB		1.2	%
Not Rated		2.2	%
U.S. Government Agency Securities		0.2	%
U.S. Treasuries		1.1	%
Other Assets and Liabilities – Net2		(2.9	)%
TOTAL		100.0	%

ANNUAL REPORT /

48 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (continued)

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, 2.19%, 9/01/27D	$	61	$	64
TOTAL ADJUSTABLE RATE MORTGAGE (COST $61)			$	64
ASSET-BACKED SECURITY – 0.4%
WHOLE LOAN – 0.4%
SLM Private Education Loan Trust,
Series 2011-A, Class A1,
1.20%, 10/15/24D,•,W		648,704		653,697
TOTAL ASSET-BACKED SECURITY (COST $648,704)			$	653,697
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.2%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 2.0%
Extended Stay America Trust,
Series 2013-ESH5, Class A15,
1.28%, 12/05/31•,W		505,000		511,076
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		587,000		682,332
Merrill Lynch Mortgage Trust,
Series 2006-C1, Class A2, 5.83%, 5/12/39D		560,301		576,699
Morgan Stanley Capital I Trust,
Series 2004-IQ7, Class A4, 5.54%, 6/15/38D		1,773,896		1,830,730
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	3,600,837
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.2%
Series 2003-2632, Class A, 4.00%, 1/15/18		214,204		217,842
Series 2003-2649, Class KA,
4.50%, 7/15/18		183,913		193,920
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	411,762
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $4,090,197)			$	4,012,599
CORPORATE BONDS – 97.1%
AEROSPACE & DEFENSE – 0.7%
L-3 Communications Corp.,
Company Guaranteed, 3.95%, 11/15/16		1,235,000		1,332,832
AUTOMOTIVE – 3.1%
Daimler Finance North America LLC,
Company Guaranteed, 0.88%, 1/09/15D,•,W		1,000,000		1,001,278
Ford Motor Credit Co., LLC,
Sr. Unsecured, 3.88%, 1/15/15		400,000		416,849
Ford Motor Credit Co., LLC,
Sr. Unsecured, 2.50%, 1/15/16#		2,000,000		2,046,373

Description	Par Value		Value
General Motors Financial Co., Inc.,
Company Guaranteed, 4.75%, 8/15/17•,W	$	200,000	$	212,500
Hyundai Capital America,
Sr. Unsecured, 1.63%, 10/02/15•,W		250,000		251,336
Hyundai Motor Manufacturing Czech,
Company Guaranteed, 4.50%, 4/15/15•,W		250,000		264,368
Toyota Motor Credit Corp.,
Sr. Unsecured, 0.88%, 7/17/15		1,500,000		1,510,371
TOTAL AUTOMOTIVE			$	5,703,075
BEVERAGES – 2.0%
Anheuser-Busch InBev Worldwide, Inc.,
Series WI, Company Guaranteed,
5.38%, 11/15/14#		2,000,000		2,146,048
Diageo Capital PLC,
Company Guaranteed, 0.63%, 4/29/16		475,000		475,309
Diageo Finance BV,
Company Guaranteed, 3.25%, 1/15/15		1,000,000		1,047,431
TOTAL BEVERAGES			$	3,668,788
BIOTECHNOLOGY – 2.5%
Amgen, Inc.,
Sr. Unsecured, 1.88%, 11/15/14		2,500,000		2,551,122
Gilead Sciences, Inc.,
Sr. Unsecured, 2.40%, 12/01/14		2,000,000		2,055,993
TOTAL BIOTECHNOLOGY			$	4,607,115
BUILDING MATERIALS – 0.6%
Masco Corp.,
Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,048,497
CAPITAL MARKETS – 6.5%
Bank of New York Mellon Corp.,
Sr. Unsecured, MTN, 1.20%, 2/20/15		1,000,000		1,011,803
Charles Schwab Corp.,
Sr. Unsecured, 0.85%, 12/04/15		570,000		573,967
Goldman Sachs Group, Inc.,
Sr. Unsecured, 0.73%, 3/22/16D		3,000,000		2,977,844
Goldman Sachs Group, Inc.,
Sr. Unsecured, FRN, 1.48%, 4/30/18D		700,000		699,140
Morgan Stanley,
Sr. Unsecured, 4.20%, 11/20/14		1,000,000		1,046,807
Morgan Stanley,
Sr. Unsecured, 1.54%, 2/25/16D		2,000,000		2,013,970
Raymond James Financial, Inc.,
Sr. Unsecured, 4.25%, 4/15/16		1,500,000		1,600,720
TD Ameritrade Holding Corp.,
Company Guaranteed, 4.15%, 12/01/14		2,000,000		2,109,724
TOTAL CAPITAL MARKETS			$	12,033,975
CHEMICALS – 1.4%
Dow Chemical Co.,
Sr. Unsecured, 5.90%, 2/15/15		2,000,000		2,180,817

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
Ecolab, Inc.,
Sr. Unsecured, 1.00%, 8/09/15	$	500,000	$	502,307
TOTAL CHEMICALS			$	2,683,124
COMMERCIAL BANKS – 13.0%
Bank of Nova Scotia,
Sr. Unsecured, 0.75%, 10/09/15		2,000,000		2,002,118
Branch Banking & Trust Co.,
Subordinated, BKNT, 0.60%, 9/13/16D		1,000,000		991,163
Comerica, Inc.,
Sr. Unsecured, 3.00%, 9/16/15		2,000,000		2,110,406
Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA,
Sr. Unsecured, FRN, 0.76%, 3/18/16D		725,000		726,674
Fifth Third Bancorp,
Subordinated, 0.70%, 12/20/16D		3,000,000		2,944,473
KeyBank N.A.,
Subordinated, BKNT, 5.80%, 7/01/14		2,000,000		2,118,712
KeyBank N.A.,
Subordinated, MTN, 5.45%, 3/03/16		1,000,000		1,120,613
National City Bank,
Subordinated, BKNT, 0.63%, 12/15/16D		2,000,000		1,981,858
National City Corp.,
Sr. Unsecured, 4.90%, 1/15/15		1,000,000		1,070,683
PNC Funding Corp.,
Bank Guaranteed, 3.63%, 2/08/15		1,000,000		1,052,826
Royal Bank of Canada,
Sr. Unsecured, GMTN, 0.65%, 3/08/16D		700,000		701,882
SunTrust Banks, Inc.,
Sr. Unsecured, 3.60%, 4/15/16		3,000,000		3,210,007
Wells Fargo & Co.,
Sr. Unsecured, 3.63%, 4/15/15		250,000		264,342
Wells Fargo & Co.,
Sr. Unsecured, 0.91%, 4/23/18D		1,750,000		1,756,459
Wells Fargo & Co.,
Sr. Unsecured, FRN, 1.20%, 6/26/15D		1,000,000		1,014,618
Wells Fargo & Co.,
Sr. Unsecured, MTN, 1.25%, 2/13/15		1,000,000		1,010,958
TOTAL COMMERCIAL BANKS			$	24,077,792
COMMERCIAL FINANCE – 1.0%
General Electric Capital Corp.,
Sr. Unsecured, MTN, 0.54%, 8/07/18D		2,000,000		1,966,550
COMPUTERS – 1.1%
Apple, Inc.,
Sr. Unsecured, 0.52%, 5/03/18D,††		2,000,000		2,000,000
CONSUMER FINANCE – 3.4%
American Express Co.,
Sr. Unsecured, 7.25%, 5/20/14		1,000,000		1,069,598
American Express Credit Corp.,
Sr. Unsecured, MTN, 5.13%, 8/25/14		1,000,000		1,060,711
Capital One Bank USA N.A.,
Subordinated, 6.50%, 6/13/13		1,000,000		1,006,790

Description	Par Value		Value
Capital One Financial Corp.,
Sr. Unsecured, 7.38%, 5/23/14	$	250,000	$	267,797
Capital One Financial Corp.,
Sr. Unsecured, 2.13%, 7/15/14		675,000		685,990
Capital One Financial Corp.,
Sr. Unsecured, 2.15%, 3/23/15		1,000,000		1,021,289
Capital One Financial Corp.,
Sr. Unsecured, 1.00%, 11/06/15		150,000		149,599
SLM Corp.,
Series A, Sr. Unsecured, MTN,
5.00%, 10/01/13		1,000,000		1,018,181
TOTAL CONSUMER FINANCE			$	6,279,955
DIVERSIFIED FINANCIAL SERVICES – 3.4%
Bank of America Corp.,
Sr. Unsecured, MTN, 1.35%, 3/22/18D		1,500,000		1,499,634
JPMorgan Chase & Co.,
Sr. Unsecured, 3.70%, 1/20/15		1,000,000		1,048,396
JPMorgan Chase & Co.,
Sr. Unsecured, FRN, 1.18%, 1/25/18D		2,000,000		2,018,681
JPMorgan Chase & Co.,
Sr. Unsecured, GMTN, 1.10%, 10/15/15		1,000,000		1,003,177
JPMorgan Chase Capital XXIII,
Limited Guarantee, 1.29%, 5/15/47D		1,000,000		800,327
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	6,370,215
ELECTRIC – 6.8%
CMS Energy Corp.,
Sr. Unsecured, 4.25%, 9/30/15		2,000,000		2,152,500
Consolidated Edison Co. of New York, Inc.,
Series 05-C, Sr. Unsecured,
5.38%, 12/15/15		110,000		123,267
Dominion Resources, Inc.,
Sr. Unsecured, 2.25%, 9/01/15		2,000,000		2,072,665
Entergy Corp.,
Sr. Unsecured, 4.70%, 1/15/17		2,000,000		2,191,281
Exelon Generation Co., LLC,
Sr. Unsecured, 6.20%, 10/01/17#		2,000,000		2,361,798
FirstEnergy Corp.,
Series A, Sr. Unsecured, 2.75%, 3/15/18		2,000,000		2,035,216
Progress Energy, Inc.,
Sr. Unsecured, 6.05%, 3/15/14		1,640,000		1,716,483
TOTAL ELECTRIC			$	12,653,210
ELECTRONICS – 0.6%
Agilent Technologies, Inc.,
Sr. Unsecured, 5.50%, 9/14/15		1,000,000		1,104,010
ENVIORNMENTAL CONTROL – 0.6%
Waste Management, Inc.,
Company Guaranteed, 2.60%, 9/01/16		1,100,000		1,154,909
FOOD PRODUCTS – 4.0%
General Mills, Inc.,
Sr. Unsecured, FRN, 0.58%, 1/29/16D		500,000		500,619

ANNUAL REPORT / April 30, 2013

50 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
Kellogg Co.,
Sr. Unsecured, 1.13%, 5/15/15	$	1,000,000	$	1,009,902
McCormick & Co., Inc.,
Sr. Unsecured, 5.20%, 12/15/15		2,000,000		2,228,284
Mondelez International, Inc.,
Sr. Unsecured, 4.13%, 2/09/16		2,000,000		2,178,769
WM Wrigley Jr. Co.,
Sr. Secured, 3.70%, 6/30/14•,W		1,500,000		1,544,502
TOTAL FOOD PRODUCTS			$	7,462,076
FOREST PRODUCTS & PAPER – 1.3%
International Paper Co.,
Sr. Unsecured, 5.25%, 4/01/16		2,250,000		2,496,679
HEALTH CARE PROVIDERS & SERVICES – 1.6%
Quest Diagnostics, Inc.,
Company Guaranteed, 1.13%, 3/24/14D		2,000,000		2,010,114
UnitedHealth Group, Inc.,
Sr. Unsecured, 0.85%, 10/15/15		1,000,000		1,007,679
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,017,793
HOME FURNISHINGS – 1.1%
Whirlpool Corp.,
Sr. Unsecured, MTN, 8.60%, 5/01/14		2,000,000		2,157,474
INSURANCE – 3.4%
AON Corp.,
Company Guaranteed, 3.50%, 9/30/15		2,730,000		2,891,718
Jefferson-Pilot Corp.,
Sr. Unsecured, 4.75%, 1/30/14		1,000,000		1,028,049
Prudential Financial, Inc.,
Sr. Unsecured, GMTN, 5.50%, 3/15/16		1,000,000		1,124,454
WR Berkley Corp.,
Sr. Unsecured, 5.60%, 5/15/15		1,150,000		1,239,638
TOTAL INSURANCE			$	6,283,859
IRON/STEEL – 0.5%
Cliffs Natural Resources, Inc.,
Sr. Unsecured, 3.95%, 1/15/18		885,000		897,803
MEDIA – 10.3%
COX Communications, Inc.,
Sr. Unsecured, 5.45%, 12/15/14		2,000,000		2,156,687
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.55%, 3/15/15		2,000,000		2,096,574
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		2,000,000		2,136,531
NBCUniversal Enterprise, Inc.,
Company Guaranteed, 0.82%, 4/15/16D,•,W		630,000		630,598
NBCUniversal Media LLC,
Company Guaranteed, 2.88%, 4/01/16		1,730,000		1,835,995
News America, Inc.,
Company Guaranteed, 5.30%, 12/15/14		2,000,000		2,149,505
TCI Communications, Inc.,
Sr. Unsecured, 8.75%, 8/01/15		2,000,000		2,353,230

Description	Par Value		Value
Time Warner Cable, Inc.,
Company Guaranteed, 7.50%, 4/01/14	$	1,000,000	$	1,061,876
Time Warner, Inc.,
Company Guaranteed, 5.88%, 11/15/16		2,000,000		2,329,801
Viacom, Inc.,
Sr. Unsecured, 4.38%, 9/15/14		2,001,000		2,100,155
Viacom, Inc.,
Sr. Unsecured, 1.25%, 2/27/15		300,000		302,896
TOTAL MEDIA			$	19,153,848
METALS & MINING – 0.3%
Barrick Gold Corp.,
Sr. Unsecured, 2.50%, 5/01/18•,W		500,000		503,021
MISCELLANEOUS MANUFACTURING – 1.8%
Eaton Corp.,
Company Guaranteed, 0.95%, 11/02/15•,W		2,000,000		2,007,695
John Deere Capital Corp.,
Sr. Unsecured, 0.88%, 4/17/15#		750,000		755,992
Textron, Inc.,
Sr. Unsecured, 6.20%, 3/15/15		515,000		559,639
TOTAL MISCELLANEOUS MANUFACTURING			$	3,323,326
OIL & GAS – 8.1%
Anadarko Petroleum Corp.,
Sr. Unsecured, 5.75%, 6/15/14		1,000,000		1,053,362
BP Capital Markets PLC,
Company Guaranteed, 0.70%, 11/06/15		2,000,000		2,000,790
Devon Energy Corp.,
Sr. Unsecured, 5.63%, 1/15/14		2,000,000		2,071,312
Diamond Offshore Drilling, Inc.,
Sr. Unsecured, 4.88%, 7/01/15		1,000,000		1,090,648
Hess Corp.,
Sr. Unsecured, 7.00%, 2/15/14		1,390,000		1,457,046
Husky Energy, Inc.,
Sr. Unsecured, 5.90%, 6/15/14		2,210,000		2,334,107
Marathon Oil Corp.,
Sr. Unsecured, 0.90%, 11/01/15		1,810,000		1,812,939
Phillips 66,
Company Guaranteed, 1.95%, 3/05/15		1,000,000		1,023,090
Valero Energy Corp.,
Company Guaranteed, 4.50%, 2/01/15		2,000,000		2,128,850
TOTAL OIL & GAS			$	14,972,144
OIL & GAS FIELD SERVICES – 0.6%
Weatherford International Ltd.,
Company Guaranteed, 6.00%, 3/15/18		1,000,000		1,150,284
PHARMACEUTICALS – 1.4%
AbbVie, Inc.,
Company Guaranteed, 1.20%, 11/06/15•,W		2,200,000		2,222,682
Zoetis, Inc.,
Sr. Unsecured, 1.15%, 2/01/16•,W		400,000		403,150
TOTAL PHARMACEUTICALS			$	2,625,832
PIPELINES – 2.6%
Energy Transfer Partners LP,
Sr. Unsecured, 5.95%, 2/01/15		1,000,000		1,082,750

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 51

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
Enterprise Products Operating LLC,
Series G, Company Guaranteed,
5.60%, 10/15/14	$	1,000,000	$	1,070,502
Kinder Morgan Energy Partners LP,
Sr. Unsecured, 5.63%, 2/15/15		2,500,000		2,714,338
TOTAL PIPELINES			$	4,867,590
REAL ESTATE INVESTMENT TRUSTS – 9.0%
Boston Properties LP,
Sr. Unsecured, 5.63%, 4/15/15		1,000,000		1,092,471
Digital Realty Trust LP,
Company Guaranteed, 4.50%, 7/15/15		885,000		938,186
HCP, Inc.,
Sr. Unsecured, 2.70%, 2/01/14		3,000,000		3,045,882
Health Care REIT, Inc.,
Sr. Unsecured, 6.00%, 11/15/13		2,000,000		2,056,626
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		2,021,000		2,064,031
ProLogis LP,
Company Guaranteed, 6.13%, 12/01/16		1,000,000		1,156,765
ProLogis LP,
Company Guaranteed, 4.50%, 8/15/17		925,000		1,022,884
Simon Property Group LP,
Sr. Unsecured, 5.10%, 6/15/15		1,325,000		1,447,149
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 3.13%, 11/30/15		3,637,000		3,844,028
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	16,668,022
RETAIL – 0.7%
Walgreen Co.,
Sr. Unsecured, 1.00%, 3/13/15		1,000,000		1,007,872
Wal-Mart Stores Pass-Through Trust 1994,
Series A-2, Pass-Through Certificates,
8.85%, 1/02/15		251,569		267,450
TOTAL RETAIL			$	1,275,322
SOFTWARE – 0.8%
Symantec Corp.,
Sr. Unsecured, 2.75%, 9/15/15		1,415,000		1,466,887
TELECOMMUNICATIONS – 1.6%
AT&T, Inc.,
Sr. Unsecured, FRN, 0.66%, 2/12/16D		3,000,000		3,011,341
TRANSPORTATION – 1.3%
CSX Corp.,
Sr. Unsecured, 6.25%, 4/01/15		265,000		292,687
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.15%, 3/02/15		2,000,000		2,075,777
TOTAL TRANSPORTATION			$	2,368,464
TOTAL CORPORATE BONDS (COST $178,567,989)			$	180,385,812
U.S. TREASURY – 1.1%
U.S. TREASURY NOTES – 1.1%
0.25%, 3/31/15		100,000		100,088

Description	Par Value		Value
0.75%, 3/31/18	$	2,000,000	$	2,008,992
TOTAL U.S. TREASURY NOTES			$	2,109,080
TOTAL U.S. TREASURY (COST $2,105,954)			$	2,109,080
REPURCHASE AGREEMENT – 0.1%
Credit Suisse First Boston LLC, 0.14%, dated 04/30/13, due 05/01/13, repurchase price $161,018, collateralized by a U.S. Treasury Security 2.75%, maturing 08/15/42; total market value of $ 166,440.		161,017		161,017
TOTAL REPURCHASE AGREEMENT (COST $161,017)			$	161,017
TOTAL INVESTMENTS IN SECURITIES – 100.9% (COST $185,573,922)			$	187,322,269
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.0%
REPURCHASE AGREEMENTS – 2.0%
Citigroup Global Markets, Inc., 0.18%, dated 04/30/13, due 05/01/13, repurchase price $1,000,005, collateralized by U.S. Government Securities 0.84% to 6.50%, maturing 11/01/18 to 03/15/53; total market value of $ 1,020,439.		1,000,000		1,000,000
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.08% to 7.00%, maturing 01/01/22 to 04/15/52; total market value of $ 1,020,000.		1,000,000		1,000,000
RBS Securities, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $798,044, collateralized by U.S. Treasury Securities 0.13% to 3.88%, maturing 07/15/13 to 02/15/43; total market value of $ 814,005.		798,041		798,041
Royal Bank of Scotland PLC, 0.19%, dated 04/30/13, due 05/01/13, repurchase price $1,000,005, collateralized by U.S. Government & Treasury Securities 1.75% to 6.25%, maturing 11/15/13 to 05/15/29; total market value of $ 1,020,001.		1,000,000		1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,798,041)			$	3,798,041
TOTAL INVESTMENTS – 102.9% (COST $189,371,963)			$	191,120,310
COLLATERAL FOR SECURITIES ON LOAN – (2.0%)				(3,798,041	)
OTHER LIABILITIES LESS ASSETS – (0.9%)				(1,606,007	)
TOTAL NET ASSETS – 100.0%			$	185,716,262

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Federal National Mortgage Association (FNMA)		26.7	%
Federal Home Loan Mortgage Corporation (FHLMC)		24.5	%
U.S. Treasury Notes		19.3	%
Federal Home Loan Bank (FHLB)		10.4	%
Government National Mortgage Association (GNMA)		9.4	%
U.S. Treasury Inflation Indexed Notes		3.0	%
Student Loan Marketing Association		1.6	%
Whole Loan		1.6	%
Transportation		0.5	%
Healthcare Providers & Services		0.4	%
Small Business Administration		0.3	%
Facilities		0.1	%
Development		0.1	%
Cash Equivalents1		1.9	%
Other Assets and Liabilities – Net2		0.2	%
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) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		34.7	%
AA		0.2	%
BB		0.5	%
CCC		1.1	%
Not Rated		1.9	%
U.S. Government Agency Securities		39.1	%
U.S. Treasuries		22.3	%
Other Assets and Liabilities – Net2		0.2	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 26.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 7.3%
Series 1988-6, Class C, 9.05%, 6/15/19	$	13,111	$	14,428
Series 1989-112, Class I, 6.50%, 1/15/21		2,412		2,641
Series 1990-136, Class E, 6.00%, 4/15/21		6,657		7,296
Series 1990-141, Class D, 5.00%, 5/15/21		2,529		2,719
Series 1993-1577, Class PK, 6.50%, 9/15/23		96,863		108,583
Series 1993-1644, Class K, 6.75%, 12/15/23		84,219		94,497
Series 1994-1686, Class PJ, 5.00%, 2/15/24		13,635		14,617

Description	Par Value		Value
Series 2004-2773, Class JD, 5.00%, 3/15/18	$	204,400	$	206,200
Series 2004-2786, Class PD, 4.50%, 1/15/18		72,546		72,789
Series 2004-2844, Class PV, 5.00%, 8/15/15		321,151		332,369
Series 2005-2931, Class QC, 4.50%, 1/15/19		352,982		357,525
Series 2005-3062, Class LU, 5.50%, 10/15/16		3,177,189		3,399,768
Series 2005-3074, Class BG, 5.00%, 9/15/33		961,787		998,580
Series 2009-3610, Class AB, 1.40%, 12/15/14		506,342		510,570
Series 2012-K710, Class A1, 1.44%, 1/25/19		2,924,506		2,986,309

ANNUAL REPORT / April 30, 2013

54 PORTFOLIOS OF INVESTMENTS

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
Series 3799, Class GK, 2.75%, 1/15/21	$	387,410	$	404,796
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	9,513,687
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.2%
Series 1993-113, Class PK, 6.50%, 7/25/23		66,833		75,062
Series 1993-127, Class H, 6.50%, 7/25/23		64,917		72,801
Series 1993-202, Class J, 6.50%, 11/25/23		35,204		39,740
Series 1994-3, Class PL, 5.50%, 1/25/24		64,536		71,266
Series 1994-55, Class H, 7.00%, 3/25/24		72,383		82,619
Series 2002-52, Class QA, 6.00%, 7/18/32		35,546		38,866
Series 2003-3, Class BC, 5.00%, 2/25/18		1,211,781		1,294,522
Series 2003-45, Class AB, 3.75%, 5/25/33		21,957		22,416
Series 2003-74, Class VA, 5.50%, 7/25/14		1,079,955		1,100,586
Series 2003-80, Class BA, 5.00%, 5/25/31		53,342		53,735
Series 2003-80, Class CD, 5.00%, 4/25/30		43,497		43,741
Series 2004-96, Class QB, 5.00%, 2/25/32		28,578		28,668
Series 2007-26, Class C, 5.50%, 3/25/33		337,600		341,749
Series 2011-66, Class QE, 2.00%, 7/25/21		1,365,379		1,405,240
Series 2011-71, Class DJ, 3.00%, 3/25/25		1,839,815		1,876,271
Series 2011-81, Class PA, 3.50%, 8/25/26		3,890,657		4,110,567
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	10,657,849
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 8.9%
Series 2003-10, Class PV, 5.50%, 1/20/14		977,011		992,440
Series 2005-44, Class PC, 5.00%, 12/20/33		1,665,404		1,781,449
Series 2010-17, Class K, 4.00%, 3/16/22		6,453,619		6,692,946
Series 2010-91, Class PA, 3.00%, 8/20/31		2,107,075		2,151,051
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	11,617,886
WHOLE LOAN – 1.6%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.92%, 2/25/34D		347,484		346,387
Banc of America Mortgage Securities, Inc., Series 2004-B, Class 2A1, 3.04%, 3/25/34D		294,677		301,000
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.90%, 11/25/35D		1,628,308		1,440,138
TOTAL WHOLE LOAN			$	2,087,525
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $34,006,987)			$	33,876,947
CORPORATE BOND – 0.4%
HEALTH CARE PROVIDERS & SERVICES – 0.4%
Howard Hughes Medical Institute, Sr. Unsecured, 3.45%, 9/01/14		500,000		520,312
TOTAL CORPORATE BOND (COST $499,378)			$	520,312

Description	Par Value		Value
GOVERNMENT AGENCIES – 35.0%
FEDERAL HOME LOAN BANK (FHLB) – 10.4%
0.50%, 11/20/15	$	2,000,000	$	2,009,352
1.75%, 9/11/15		4,000,000		4,138,391
3.13%, 12/13/13		5,000,000		5,091,755
5.38%, 5/18/16		2,000,000		2,303,298
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	13,542,796
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 14.5%
0.50%, 5/13/16		2,000,000		2,007,476
0.63%, 12/29/14		3,000,000		3,020,194
0.88%, 3/07/18		1,650,000		1,656,975
1.00%, 3/08/17		3,000,000		3,054,889
2.00%, 8/25/16		1,000,000		1,051,443
4.75%, 1/19/16		1,000,000		1,119,844
4.88%, 6/13/18		2,000,000		2,403,770
5.13%, 10/18/16		2,000,000		2,320,555
5.25%, 4/18/16		2,000,000		2,287,048
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	18,922,194
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) –7.7%
0.38%, 3/16/15		4,000,000		4,011,050
0.38%, 12/21/15		3,000,000		3,004,228
0.50%, 5/27/15		3,000,000		3,016,140
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	10,031,418
SMALL BUSINESS ADMINISTRATION – 0.3%
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-C, 6.70%, 3/01/16		21,847		23,284
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16		186,083		198,123
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16		85,162		90,015
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		4,713		5,120
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19		7,467		8,282
TOTAL SMALL BUSINESS ADMINISTRATION			$	324,824
STUDENT LOAN MARKETING ASSOCIATION – 1.6%
Sallie Mae, Inc., Sr. Unsecured, 2.77%, 10/03/22‡		2,595,000		2,064,668
TRANSPORTATION – 0.5%
Vessel Management Services, Inc., U.S. Government Guaranteed, 6.75%, 7/15/25		518,000		630,735
TOTAL GOVERNMENT AGENCIES (COST $43,394,443)			$	45,516,635

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
MORTGAGE-BACKED SECURITIES – 14.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.7%
Pool 287773, 7.50%, 3/01/17	$	803	$	849
Pool 538733, 9.00%, 9/01/19		298		343
Pool A18401, 6.00%, 2/01/34		976,229		1,074,720
Pool C78010, 5.50%, 4/01/33		1,446,746		1,576,791
Pool C80328, 7.50%, 7/01/25		49,016		56,310
Pool G01425, 7.50%, 5/01/32		110,414		127,502
Pool G01831, 6.00%, 5/01/35		302,891		333,260
Pool G12709, 5.00%, 7/01/22		286,257		306,670
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,476,445
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 10.8%
Pool 202957, 8.00%, 8/01/21		4,258		4,719
Pool 252439, 6.50%, 5/01/29		49,209		55,381
Pool 255933, 5.50%, 11/01/35		359,483		393,990
Pool 323419, 6.00%, 12/01/28		87,645		96,831
Pool 334593, 7.00%, 5/01/24		87,675		100,108
Pool 39862, 9.75%, 9/01/17		6,536		7,276
Pool 436746, 6.50%, 8/01/28		68,284		76,388
Pool 440401, 6.50%, 8/01/28		196,608		219,735
Pool 485678, 6.50%, 3/01/29		98,670		110,399
Pool 494375, 6.50%, 4/01/29		29,020		32,661
Pool 545051, 6.00%, 9/01/29		165,580		182,830
Pool 604867, 7.00%, 1/01/25		10,460		11,317
Pool 625596, 7.00%, 2/01/32		17,373		19,217
Pool 725418, 6.50%, 5/01/34		259,539		292,744
Pool 763704, 5.00%, 4/01/34		530,296		587,952
Pool 833143, 5.50%, 9/01/35		1,447,061		1,588,225
Pool 843323, 5.50%, 10/01/35		150,975		165,467
Pool AB1796, 3.50%, 11/01/40		641,464		683,539
Pool AB3417, 4.00%, 8/01/41		1,365,681		1,463,820
Pool AE2520, 3.00%, 1/01/26		584,103		618,181
Pool MA0921, 3.00%, 12/01/21		6,937,814		7,388,752
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	14,099,532
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.5%
Pool 1061, 9.00%, 4/20/23		18,136		21,281
Pool 1886, 9.00%, 10/20/24		1,536		1,790
Pool 188603, 9.00%, 11/15/16		6,197		7,138
Pool 208196, 9.00%, 2/15/17		9,498		10,941
Pool 306066, 8.50%, 7/15/21		5,491		6,393
Pool 307983, 8.50%, 7/15/21		17,978		20,929
Pool 341948, 8.50%, 1/15/23		11,646		13,361
Pool 346572, 7.00%, 5/15/23		13,167		15,125
Pool 484269, 7.00%, 9/15/28		48,454		56,147

Description	Par Value		Value
Pool 581522, 6.00%, 5/15/33	$	244,828	$	279,326
Pool 592505, 6.00%, 4/15/33		210,252		238,958
Pool 780440, 8.50%, 11/15/17		1,700		1,942
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	673,331
TOTAL MORTGAGE-BACKED SECURITIES (COST $17,349,080)			$	18,249,308
MUNICIPAL BONDS – 0.2%
DEVELOPMENT – 0.1%
Miami, FL, Rent Revenue, Series 1998 (Lease payments guaranteed by U.S. Government), 8.65%, 7/01/19		130,000		163,495
FACILITIES – 0.1%
Tacoma City, WA, Lease Revenue Bonds, (Lease payments guaranteed by U.S. Government), 8.20%, 9/15/13		105,000		106,916
TOTAL MUNICIPAL BONDS (COST $334,656)			$	270,411
U.S. TREASURY – 22.3%
U.S. TREASURY INFLATION INDEXED NOTES – 3.0%
1.13%, 1/15/21		1,100,000		1,372,195
2.00%, 1/15/14		2,000,000		2,562,545
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	3,934,740
U.S. TREASURY NOTES – 19.3%
0.25%, 10/31/13		2,300,000		2,301,854
0.25%, 4/30/14		9,000,000		9,010,899
0.50%, 10/15/13		6,700,000		6,712,716
3.13%, 8/31/13		7,000,000		7,070,118
TOTAL U.S. TREASURY NOTES			$	25,095,587
TOTAL U.S. TREASURY
(COST $28,736,533)			$	29,030,327
REPURCHASE AGREEMENT – 1.9%
Credit Suisse First Boston LLC, 0.14%, dated 04/30/13, due 05/01/13, repurchase price $2,413,533, collateralized by a U.S. Treasury Security 2.75%, maturing 08/15/42; total market value of $2,462,340.		2,413,524		2,413,524
TOTAL REPURCHASE AGREEMENT
(COST $2,413,524)			$	2,413,524
TOTAL INVESTMENTS – 99.8%
(COST $126,734,601)			$	129,877,464
OTHER ASSETS LESS LIABILITIES – 0.2%				293,603
TOTAL NET ASSETS – 100.0%			$	130,171,067

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General Obligation		18.1	%
Higher Education		15.8	%
Dedicated Tax		13.3	%
Lease		11.3	%
Medical		11.0	%
School District		9.2	%
Water & Sewer		6.7	%
Pre-Refunded/Escrow		3.9	%
Transportation		3.3	%
Power		2.0	%
Airport		0.9	%
Cash Equivalents1		2.0	%
Other Assets and Liabilities – Net2		2.5	%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund.

(2) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(3) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		18.5	%
AA		49.2	%
A		22.9	%
BBB		1.2	%
Not Rated		5.7	%
Other Assets and Liabilities – Net2		2.5	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
MUNICIPAL BONDS – 95.5%
ALABAMA – 0.4%
MEDICAL – 0.4%
University of Alabama, Hospital Revenue, Refunding Bonds, (Series A), 5.75%, 9/01/22	$	1,000,000	$	1,180,260
TOTAL ALABAMA			$	1,180,260
ARIZONA – 2.2%
DEDICATED TAX – 0.4%
Mesa, AZ, Highway Revenue Bonds, (Series A), 5.00%, 7/01/19		1,000,000		1,097,780
LEASE – 0.4%
Tucson, AZ, Certificate Participation Bonds, (Series A), (National Reinsurance), 5.00%, 7/01/21		1,000,000		1,125,520
WATER & SEWER – 1.4%
Arizona State, Water Infrastructure Finance Authority, Revenue Bonds, (Series A), 5.00%, 10/01/23		3,000,000		3,561,960
TOTAL ARIZONA			$	5,785,260

Description	Par Value		Value
CALIFORNIA – 9.1%
GENERAL OBLIGATION – 1.4%
State of California, CA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 10/01/21	$	3,000,000	$	3,736,230
HIGHER EDUCATION – 0.9%
University of California, CA, Refunding Revenue Bonds, (Series A-F), 5.00%, 5/15/27		2,000,000		2,459,800
LEASE – 1.7%
Sacramento, CA, City Financing Authority, Refunding Revenue Bonds, (Series B), 5.40%, 11/01/20		4,000,000		4,621,800
MEDICAL – 1.1%
California State, Health Facilities Financing Authority, Revenue Bonds, (Series H), (Catholic Healthcare West, OBG), 5.13%, 7/01/22		685,000		749,130
California State, Statewide Communities Development Authority, Revenue Bonds, (Series E-1), 5.00%, 5/01/17		2,000,000		2,321,540
TOTAL MEDICAL			$	3,070,670

ANNUAL REPORT / April 30, 2013

58 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
POWER – 2.0%
Southern California Public Power Authority, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/17	$	4,500,000	$	5,263,425
WATER & SEWER – 2.0%
Orange County Sanitation District, Refunding Revenue Bonds, (Series B), 5.00%, 2/01/21		3,000,000		3,819,360
San Diego County Water Authority, CA, Refunding Revenue Bonds, (Series A), 5.00%, 5/01/23		1,240,000		1,529,862
TOTAL WATER & SEWER			$	5,349,222
TOTAL CALIFORNIA			$	24,501,147
COLORADO – 1.3%
AIRPORT – 0.9%
Denver County, CO, Airport System Revenue, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/25		2,000,000		2,433,720
DEDICATED TAX – 0.4%
Grand Junction, CO, Refunding Revenue Bonds, 5.00%, 3/01/16		1,000,000		1,124,500
TOTAL COLORADO			$	3,558,220
DELAWARE – 0.5%
GENERAL OBLIGATION – 0.5%
State of Delaware, DE, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 8/01/18		1,000,000		1,218,110
TOTAL DELAWARE			$	1,218,110
DISTRICT OF COLUMBIA – 0.9%
DEDICATED TAX – 0.9%
District of Columbia, Income Tax Secured, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/27		2,000,000		2,445,920
TOTAL DISTRICT OF COLUMBIA			$	2,445,920
FLORIDA – 1.2%
LEASE – 1.2%
City of Jacksonville, FL, Special Refunding Revenue Bonds, (Series C), 5.00%, 10/01/26		2,640,000		3,173,623
TOTAL FLORIDA			$	3,173,623
GEORGIA – 2.4%
GENERAL OBLIGATION – 0.9%
Georgia State, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 7/01/21		2,000,000		2,355,140
HIGHER EDUCATION – 0.9%
Fulton County Development Authority, GA, Refunding Revenue Bonds, (Series A), (Georgia Technology Foundation Inc., OBG), 5.25%, 11/01/24		1,750,000		2,345,315

Description	Par Value		Value
MEDICAL – 0.6%
Cobb County Kennestone Hospital Authority, Refunding Revenue Bonds, 5.00%, 4/01/27	$	1,500,000	$	1,784,055
TOTAL GEORGIA			$	6,484,510
ILLINOIS – 1.8%
DEDICATED TAX – 1.8%
Illinois State, Sales Tax Revenue Bonds, 5.00%, 6/15/19		1,195,000		1,257,988
Illinois State, Sales Tax Revenue Bonds, (National Reinsurance FGIC), 6.00%, 6/15/26		2,500,000		3,462,250
TOTAL DEDICATED TAX			$	4,720,238
TOTAL ILLINOIS			$	4,720,238
INDIANA – 0.9%
MEDICAL – 0.9%
Indiana State, Finance Authority Health System, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21		2,000,000		2,302,360
TOTAL INDIANA			$	2,302,360
LOUISIANA – 0.4%
HIGHER EDUCATION – 0.4%
Louisiana State, Public Facilities Authority, Revenue Bonds, (Loyola University, OBG), 5.00%, 10/01/19		1,000,000		1,203,420
TOTAL LOUISIANA			$	1,203,420
MARYLAND – 1.4%
LEASE – 0.9%
Baltimore County, MD, Certificate Participation Bonds, 5.00%, 10/01/21		2,000,000		2,501,880
TRANSPORTATION – 0.5%
Maryland State Department of Transportation, Refunding Revenue Bonds, 5.00%, 5/01/17		1,000,000		1,174,870
TOTAL MARYLAND			$	3,676,750
MASSACHUSETTS – 2.7%
DEDICATED TAX – 1.5%
Massachusetts Bay, MA, Transportation Authority, Sales Tax Refunding Revenue Bonds, (Series C), 5.50%, 7/01/23		2,000,000		2,664,040
School Building Authority, MA, Sales Tax Revenue, Refunding Revenue Bonds, (Series B), 5.00%, 8/15/19		1,000,000		1,236,820
TOTAL DEDICATED TAX			$	3,900,860
LEASE – 0.1%
Massachusetts State, Development Finance Agency, Lease Revenue Bonds, (Visual & Performing Arts Project), 6.00%, 8/01/16		310,000		360,356

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
WATER & SEWER – 1.1%
Massachusetts State, Water Resources Authority, Revenue Bonds, (Series B), (AGM), 5.25%, 8/01/27	$	2,325,000	$	3,016,594
TOTAL MASSACHUSETTS			$	7,277,810
MICHIGAN – 3.2%
LEASE – 1.6%
Michigan State, Finance Authority, Refunding Revenue Bonds, (Series A), 5.00%,7/01/18		3,500,000		4,247,950
SCHOOL DISTRICT – 1.6%
Ann Arbor School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/17		1,000,000		1,165,360
Dexter Community Schools, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/15		1,000,000		1,088,070
Lansing School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 4.00%, 5/01/16		2,000,000		2,180,060
TOTAL SCHOOL DISTRICT			$	4,433,490
TOTAL MICHIGAN			$	8,681,440
NEVADA – 2.6%
DEDICATED TAX – 0.9%
Clark County, NV, Highway Improvement, Motor Vehicle Fuel Tax, Refunding Revenue Bonds, 5.00%, 7/01/18		2,000,000		2,389,280
GENERAL OBLIGATIONS – 1.3%
Clark County, NV, GO Limited Bonds, (AMBAC), 5.00%, 11/01/25		1,000,000		1,133,360
Las Vegas Valley, NV, Water District, GO Limited Bonds, (Series A), (AGM), 5.00%, 6/01/20		2,000,000		2,260,040
TOTAL GENERAL OBLIGATIONS			$	3,393,400
SCHOOL DISTRICT – 0.4%
Washoe County, NV, School District, GO Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18		1,000,000		1,141,920
TOTAL NEVADA			$	6,924,600
NEW YORK – 9.2%
DEDICATED TAX – 5.2%
Nassau County Interim Finance Authority, NY, Sales Tax Refunding Revenue Bonds, 5.00%, 11/15/21		1,960,000		2,508,290
New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Refunding Revenue Bonds, (Subseries E), 5.00%, 11/01/22		4,125,000		5,116,774
New York Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), (GO OF CORP), 5.00%, 4/01/19		1,500,000		1,843,560

Description	Par Value		Value
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds, (Series B), (AMBAC), 5.50%, 3/15/25	$	1,750,000	$	2,322,320
New York State Environmental Facilities Corp., Personal Income Tax, Revenue Bonds, (Series A), 5.00%, 12/15/21		2,000,000		2,238,220
TOTAL DEDICATED TAX			$	14,029,164
GENERAL OBLIGATIONS – 3.6%
County of Sullivan, NY, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/15/18		1,100,000		1,318,174
New York City, NY, GO Unlimited Bonds, (Series D), 5.00%, 8/01/19		5,000,000		6,134,150
New York City, NY, GO Unlimited Bonds, (Series D1), 5.00%, 12/01/21		1,000,000		1,180,090
New York City, NY, GO Unlimited Bonds, (Series E-1), 6.00%, 10/15/23		750,000		931,920
TOTAL GENERAL OBLIGATIONS			$	9,564,334
LEASE – 0.4%
Erie County, NY, IDA, School Facility, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/18		1,000,000		1,193,220
TOTAL NEW YORK			$	24,786,718
NORTH CAROLINA – 1.8%
GENERAL OBLIGATIONS – 1.2%
City of Charlotte, NC, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/22		1,000,000		1,295,330
State of North Carolina, NC, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 5/01/26		1,500,000		1,978,395
TOTAL GENERAL OBLIGATIONS			$	3,273,725
WATER & SEWER – 0.6%
Charlotte, NC, Water & Sewer System, Refunding Revenue Bonds, 5.00%, 12/01/19		1,250,000		1,563,225
TOTAL NORTH CAROLINA			$	4,836,950
OHIO – 3.1%
DEDICATED TAX – 0.6%
Hamilton County, OH, Sales Tax Revenue Bonds, (Series A), (AMBAC), 5.00%, 12/01/17		1,500,000		1,723,740
GENERAL OBLIGATIONS – 1.4%
Akron, OH, GO Limited, (AMBAC), 5.00%, 12/01/24		1,275,000		1,405,267
Akron-Summit County, OH, Public Library, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20		1,960,000		2,421,482
TOTAL GENERAL OBLIGATIONS			$	3,826,749

ANNUAL REPORT / April 30, 2013

60 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
WATER & SEWER – 1.1%
Ohio State, Water Development Authority, Refunding Revenue Bonds, (Series C), (Water Pollution Center), 5.00%, 12/01/20	$	2,275,000	$	2,882,721
TOTAL OHIO			$	8,433,210
PENNSYLVANIA – 28.9%
DEDICATED TAX – 0.5%
Pittsburgh & Allegheny County, PA, Sports & Exhibition Authority, Regional Asset District, Sales Tax Refunding Revenue Bonds, (AGM), 5.00%, 2/01/23		1,250,000		1,459,513
GENERAL OBLIGATIONS – 4.0%
Commonwealth of Pennsylvania, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/18		2,910,000		3,517,084
Northampton County, PA, GO Unlimited, Refunding Revenue Bonds, (Series B), 5.00%, 10/01/24		2,000,000		2,502,520
Philadelphia, PA, GO Unlimited Bonds, (CIFG), 5.00%, 8/01/23		1,000,000		1,060,220
Philadelphia, PA, GO Unlimited, Refunding Revenue Bonds, (Series A)
5.00%, 9/15/19		1,000,000		1,190,240
5.00%, 9/15/21		2,040,000		2,439,534
TOTAL GENERAL OBLIGATIONS			$	10,709,598
HIGHER EDUCATION – 7.4%
Huntingdon County, PA, General Authority Refunding Revenue Bonds, (Series A), (Juniata College), 5.00%, 5/01/27		1,765,000		1,987,319
Lancaster, PA, Higher Education Authority, College Revenue, Refunding Bonds, (Franklin & Marshall College), 5.00%, 4/15/18		2,350,000		2,607,466
Montgomery County, PA, Higher Education & Health Authority Hospital, (Series FF1), (Dickinson College)/(CIFG INS)
5.00%, 5/01/19		1,420,000		1,595,981
5.00%, 5/01/20		1,490,000		1,674,656
Pennsylvania State Higher Education Facilities Authority, (Series EE 1), (York College of PA)/(XLCA), 5.00%, 11/01/18		1,020,000		1,101,386
Pennsylvania State Higher Educational Facilities Authority, Refunding Revenue Bonds, (Drexel University, OBG), 5.00%, 5/01/18		1,000,000		1,179,300
Pennsylvania State Higher Educational Revenue, (National Reinsurance FGIC)/(Drexel University), 5.00%, 5/01/27		1,250,000		1,384,438

Description	Par Value		Value
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Bryn Mawr College), 5.00%, 12/01/17	$	2,400,000	$	2,859,552
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Ursinus College, OBG)
5.00%, 1/01/23		1,620,000		1,920,769
5.00%, 1/01/25		1,000,000		1,153,700
State Public School Building Authority, PA, College Revenue Bonds, (Harrisburg Area Community College, OBG), 5.00%, 10/01/19		2,150,000		2,492,474
TOTAL HIGHER EDUCATION			$	19,957,041
LEASE – 2.5%
Berks County, PA, Vocational Technical School Authority, Refunding Revenue Bonds, (National-Reinsurance), 5.00%, 6/01/14		1,655,000		1,728,565
Philadelphia Redevelopment Authority, PA, Transportation Initiative, Refunding Revenue Bonds, 5.00%, 4/15/24		3,000,000		3,524,670
Philadelphia, PA, Redevelopment Authority, (Series C), (National Reinsurance FGIC), 5.00%, 4/15/27		1,500,000		1,548,795
TOTAL LEASE			$	6,802,030
MEDICAL – 4.3%
Allegheny County, PA, Hospital Development Authority, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,430,000		1,764,391
Central Bradford Progress Authority, PA, Refunding Revenue Bonds, (Guthrie Healthcare System, OBG), 5.00%, 12/01/26		2,000,000		2,309,760
Lancaster County, PA, Hospital Authority, (Series B), (Lancaster General Hospital), 5.00%, 3/15/23		1,770,000		1,983,533
Lancaster County, PA, Hospital Authority, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG), 5.00%, 3/15/19		1,485,000		1,685,044
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/24		2,000,000		2,436,060
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/18		1,200,000		1,421,304
TOTAL MEDICAL			$	11,600,092
PRE-REFUNDED/ESCROW – 3.8%
Bucks County, PA, IDA, Refunding Revenue Bonds, ETM, (Series A), (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19		4,775,000		7,275,238
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC INS), 6.00%, 9/01/19		2,410,000		3,081,812
TOTAL PRE-REFUNDED/ESCROW			$	10,357,050

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 61

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
SCHOOL DISTRICT – 3.6%
Eastern York, PA, School District, GO Unlimited Bonds, (Series A), (FSA State Aid Withholding), 5.00%, 9/01/24	$	1,200,000	$	1,353,996
Hamburg, PA, Area School District, GO Unlimited, Refunding Revenue Notes, (Series A), (AGM State Aid Withholding), 5.50%, 4/01/24		2,405,000		2,940,016
Philadelphia, PA, School District, GO Unlimited, (Series D), (FSA State Aid Withholding), 5.50%, 6/01/17		1,300,000		1,510,444
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 9/01/16		1,500,000		1,702,260
Pittsburgh School District, PA, GO Unlimited Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,144,892
TOTAL SCHOOL DISTRICT			$	9,651,608
TRANSPORTATION – 2.8%
Allegheny County Port Authority, PA, Special Refunding Revenue Bonds, 5.00%, 3/01/16		1,000,000		1,112,070
Delaware River Joint Toll Bridge Commission, PA, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/26		1,000,000		1,191,500
Pennsylvania State Turnpike Commission, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21		1,400,000		1,678,642
Pittsburgh, PA, Public Parking Authority, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 12/01/20		2,565,000		2,701,920
Southeastern Pennsylvania Transportation Authority, Refunding Revenue Bonds, 5.00%, 3/01/28		650,000		747,767
TOTAL TRANSPORTATION			$	7,431,899
TOTAL PENNSYLVANIA			$	77,968,831
TENNESSEE – 1.2%
GENERAL OBLIGATION – 0.7%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17		1,610,000		1,900,911
HIGHER EDUCATION – 0.5%
Tennessee State, School Bond Authority, Higher Educational Facilities, Refunding Revenue Bonds, (Series A), 5.00%, 5/01/19		1,035,000		1,268,330
TOTAL TENNESSEE			$	3,169,241
TEXAS – 8.5%
HIGHER EDUCATION – 2.8%
Harris County, TX, Cultural Education Facilities Finance Corp., Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG), 5.00%, 11/15/19		3,105,000		3,719,573

Description	Par Value		Value
Texas State A&M University, Permanent University Fund, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/24	$	3,000,000	$	3,793,590
TOTAL HIGHER EDUCATION			$	7,513,163
MEDICAL – 2.5%
North Central Texas, Health Facility Development Corp., Refunding Revenue Bonds, (Children’s Medical Center, OBG), 5.00%, 8/15/18		1,000,000		1,193,910
Tarrant County, TX, Cultural Education Facilities Finance Corp., Refunding Revenue Bonds, (Series A), (Texas Health Resources, OBG), 5.00%, 2/15/21		5,000,000		5,655,000
TOTAL MEDICAL			$	6,848,910
SCHOOL DISTRICT – 3.2%
Lewisville, TX, Independent School District, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/17		715,000		818,661
San Antonio, TX, Independent School District, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/21		5,000,000		5,522,350
Spring, TX, Independent School District, GO Unlimited Bonds, (Series A), (PSF-GTD), 5.00%, 8/15/16		2,000,000		2,296,300
TOTAL SCHOOL DISTRICT			$	8,637,311
TOTAL TEXAS			$	22,999,384
UTAH – 0.9%
MEDICAL – 0.9%
Utah County, UT, Hospital Revenue Bonds, (IHC Health Services Inc., OBG)
5.00%, 5/15/25		1,025,000		1,218,643
5.00%, 5/15/26		1,000,000		1,179,100
TOTAL MEDICAL			$	2,397,743
TOTAL UTAH			$	2,397,743
VIRGINIA – 8.8%
GENERAL OBLIGATIONS – 3.1%
Alexandria, VA, GO Unlimited Bonds, (Series B), (State Aid Withholding), 5.00%, 6/15/18		500,000		606,965
Chesterfield County, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 1/01/24		850,000		1,069,351
Hampton, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 4/01/24		1,000,000		1,259,070
Henrico County, VA, GO Unlimited, Refunding Bonds, 5.00%, 7/15/19		600,000		746,946
Leesburg, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 1/15/24		500,000		610,365
Norfolk, VA, GO Unlimited, Revenue Bonds, (Series C), 5.00%, 4/01/16		1,405,000		1,588,451
Poquoson, VA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 2/15/18		500,000		595,085

ANNUAL REPORT / April 30, 2013

62 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
Prince William County, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 8/01/27	$	620,000	$	819,026
Virginia Beach, Public Improvement, GO Unlimited Bonds, (Series B), 5.00%, 5/01/20		400,000		458,156
Virginia Beach, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 4/01/24		500,000		627,195
TOTAL GENERAL OBLIGATIONS			$	8,380,610
HIGHER EDUCATION – 2.9%
Virginia College Building Authority, Educational Facilities, Refunding Revenue Bonds, (Series B), (University of Richmond, OBG), 5.00%, 3/01/21		250,000		314,085
Virginia State, College Building Authority, Educational Facilities Revenue Bonds, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19		6,000,000		7,386,240
TOTAL HIGHER EDUCATION			$	7,700,325
LEASE – 1.5%
Fairfax County, VA, EDA, Refunding Revenue Bonds, (Series A), (Laurel Hill Public Facilities Projects), 5.00%, 6/01/17		750,000		876,547
Frederick County, VA, IDA, Revenue Bonds, (AMBAC INS), 5.00%, 12/01/14		455,000		486,718
Henrico County, VA, EDA, Refunding Revenue Bonds, (Series B), 4.50%, 8/01/21		325,000		384,748
Virginia State, Public Building Authority, Public Facility Revenue Bonds, (Series B), 5.00%, 8/01/23		500,000		573,230
Virginia State, Public School Authority, Revenue Bonds, (Series B), (School Financing-1997 Resolution)/(National- Reinsurance), 5.00%, 8/01/26		400,000		461,712
Virginia State, Resources Authority Infrastructure, Refunding Revenue Bonds, (Series A), (VA Pooled Funding Program), 5.00%, 11/01/17		1,000,000		1,190,430
TOTAL LEASE			$	3,973,385
MEDICAL – 0.3%
Fairfax County, VA, IDA, Refunding Revenue Bonds, (Inova Health System), 5.25%, 8/15/19		500,000		589,935
Fairfax County, VA, IDA, Revenue Bonds, (Inova Health System), 5.00%, 8/15/23		250,000		313,147
TOTAL MEDICAL			$	903,082
PRE-REFUNDED/ESCROW – 0.1%
Southeastern Public Service Authority, VA, Prerefunded Revenue Bonds, ETM, (AMBAC), 5.00%, 7/01/15		255,000		274,344

Description	Par Value		Value
SCHOOL DISTRICT – 0.4%
Fauquier County, VA, GO Unlimited, Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 7/15/20	$	1,000,000	$	1,183,610
WATER & SEWER – 0.5%
Henrico County, VA, Water & Sewer Revenue, Refunding Bonds, 5.00%, 5/01/24		550,000		666,506
Upper Occoquan Sewage Authority, VA, (Series A), (National Reinsurance), 5.15%, 7/01/20		575,000		690,592
TOTAL WATER & SEWER			$	1,357,098
TOTAL VIRGINIA			$	23,772,454
WASHINGTON – 2.1%
DEDICATED TAX – 1.1%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (National Reinsurance FGIC), 5.25%, 2/01/21		2,300,000		2,835,210
LEASE – 1.0%
Washington State, Economic Development Finance Authority, Lease Revenue Bonds, (National Reinsurance)/(Washington Biomedical, OBG)
5.00%, 6/01/23		1,510,000		1,690,581
5.25%, 6/01/21		1,000,000		1,117,810
TOTAL LEASE			$	2,808,391
TOTAL WASHINGTON			$	5,643,601
TOTAL MUNICIPAL BONDS (COST $242,769,797)			$	257,141,800
	Number of Shares
MONEY MARKET FUND – 2.0%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		5,370,041	$	5,370,041
TOTAL MONEY MARKET FUND (COST $5,370,041)			$	5,370,041
TOTAL INVESTMENTS – 97.5% (COST $248,139,838)			$	262,511,841
OTHER ASSETS LESS LIABILITIES – 2.5%				6,837,633
TOTAL NET ASSETS – 100.0%			$	269,349,474

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s sector classifications as follows (unaudited):

	Percentage of Total Net Assets
General Obligation		38.1	%
Transportation		20.9	%
Medical		11.0	%
Lease		9.9	%
Higher Education		8.2	%
Pre-Refunded/Escrow		6.2	%
Water & Sewer		2.1	%
Continuing Care		1.2	%
Cash Equivalents1		3.2	%
Other Assets and Liabilities – Net2		(0.8	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund.

(2) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(3) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		21.4	%
AA		61.3	%
A		4.6	%
BBB		5.7	%
Not Rated		7.8	%
Other Assets and Liabilities – Net2		(0.8	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
MUNICIPAL BONDS – 97.6%
MARYLAND – 97.6%
CONTINUING CARE – 1.2%
Baltimore County, MD, Revenue Refunding Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22	$	1,200,000	$	1,281,252
GENERAL OBLIGATIONS – 38.1%
Anne Arundel County, MD, GO Limited Bonds, General Improvements, 4.50%, 3/01/25		2,000,000		2,237,840
Anne Arundel County, MD, Tax Allocation, Refunding Bonds, (National Business Park Project)/(County Guaranty), 5.13%, 7/01/28		2,200,000		2,311,584
Baltimore County, MD, GO Unlimited, Refunding Notes, 5.00%, 11/01/18		1,000,000		1,224,940
Baltimore County, MD, GO Unlimited, Refunding Revenue Notes, 5.00%, 2/01/25		2,200,000		2,749,824
Cecil County, MD, GO Unlimited, Public Improvements, (AGM), 4.00%, 12/01/16		1,000,000		1,122,520
Cecil County, MD, GO Unlimited, Refunding Bonds, 5.00%, 11/01/23		2,590,000		3,294,920
Charles County, MD, GO Unlimited, Refunding Bonds, 5.00%, 3/01/20		4,020,000		5,034,246

Description	Par Value		Value
Frederick County, MD, GO Unlimited Bonds, Public Improvements, 5.00%, 5/01/25	$	1,600,000	$	2,030,176
Frederick County, MD, GO Unlimited, Refunding Bonds, 5.25%, 11/01/19		1,500,000		1,891,920
Harford County, MD, GO Unlimited Bonds, Public Improvements, 4.00%, 7/01/20		2,000,000		2,352,220
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18		2,500,000		3,042,650
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,563,780
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A)
5.00%, 8/01/19		2,315,000		2,881,527
5.00%, 7/01/22		2,000,000		2,457,280
Prince Georges County, MD, GO Limited Bonds, Public Improvements, (Series A), 5.00%, 9/15/27		2,570,000		3,130,311
Queen Anne’s County, MD, GO Unlimited, Refunding Bonds, (National Reinsurance), 5.00%, 11/15/16		1,000,000		1,111,360
Washington Suburban Sanitation District, MD, GO Unlimited, Refunding Bonds, 6.00%, 6/01/18		1,000,000		1,260,190
TOTAL GENERAL OBLIGATIONS			$	40,697,288

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 65

Wilmington Maryland Municipal Bond Fund (continued)

Description	Par Value		Value
HIGHER EDUCATION – 8.2%
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (John Hopkins University, OBG)
5.00%, 7/01/24	$	2,000,000	$	2,502,260
5.00%, 7/01/26		3,000,000		3,675,840
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series 2006), (Washington Christian Academy), 5.00%, 7/01/38†≠		1,000,000		350,020
University System, MD, Auxiliary Facility & Tuition Revenue Bonds, (Series A), 4.00%, 4/01/16		2,000,000		2,206,300
TOTAL HIGHER EDUCATION			$	8,734,420
LEASE – 9.9%
Baltimore County, MD, Certificate of Participation, Public Improvements, 5.00%, 10/01/22		1,200,000		1,506,192
Maryland Economic Development Corp., Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21		2,570,000		3,041,826
Maryland Economic Development Corp., Revenue Bonds, General Improvements, (Public Health Laboratory), 5.00%, 6/01/19		1,000,000		1,226,240
Maryland Stadium Authority, MD, Refunding Revenue Bonds
5.00%, 6/15/17		1,055,000		1,234,466
5.00%, 6/15/19		1,160,000		1,418,193
Prince Georges County, MD, Certificates of Participation, Public Improvements, (Equipments Acquisition Program), 4.00%, 10/15/15		2,000,000		2,171,420
TOTAL LEASE			$	10,598,337
MEDICAL – 11.0%
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Anne Arundel Health Systems), 5.00%, 7/01/27		535,000		624,639
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Baltimore Medical Center), 5.00%, 7/01/25		1,015,000		1,203,019
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Western Maryland Health System)/(National Reinsurance FHA 242), 4.00%, 1/01/18		1,935,000		2,070,179
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28		2,500,000		2,781,275
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System) 5.00%, 7/01/19		1,000,000		1,231,010

Description	Par Value		Value
5.00%, 7/01/22	$	1,000,000	$	1,261,170
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Peninsula Regional Medical Center), 5.00%, 7/01/17		1,745,000		1,967,453
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series A), (Suburban Hospital), 5.50%, 7/01/16		600,000		631,632
TOTAL MEDICAL			$	11,770,377
PRE-REFUNDED/ESCROW – 6.2%
Baltimore City, MD, Water Projects Revenue Bonds, ETM, (Series A), (FGIC INS), 5.38%, 7/01/15		775,000		820,539
Maryland State Health & Higher Educational Facilities Authority, ETM, (Helix Health Systems, Inc.), (AMBAC), 5.00%, 7/01/27		3,630,000		4,573,219
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A), (PRF 5/1/17 @ 100), 5.00%, 5/01/19		1,000,000		1,173,710
TOTAL PRE-REFUNDED/ESCROW			$	6,567,468
TRANSPORTATION – 20.9%
Baltimore City, MD, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.25%, 7/01/17		1,000,000		1,106,910
Maryland State Department of Transportation, Refunding Revenue Bonds
5.00%, 5/01/17		2,000,000		2,349,740
5.00%, 5/01/18		825,000		995,437
Maryland State Department of Transportation, Revenue Bonds, General Improvements
5.50%, 2/01/16		1,000,000		1,138,580
5.50%, 2/01/17		1,785,000		2,112,351
5.50%, 2/15/17		1,740,000		2,030,145
Maryland State Transportation Authority, Refunding Bonds, 5.00%, 7/01/18		2,500,000		3,020,125
Maryland State Transportation Authority, Revenue Bonds, General Improvements, 5.25%, 3/01/18		3,520,000		4,258,285
Montgomery County, MD, Parking System Revenue, Refunding Revenue Bonds
4.00%, 6/01/15		1,385,000		1,486,770
4.00%, 6/01/16		1,440,000		1,589,472
5.00%, 6/01/21		1,820,000		2,293,382
TOTAL TRANSPORTATION			$	22,381,197
WATER & SEWER – 2.1%
Baltimore City, MD, Wastewater Project Revenue Bonds, (Series A), 5.00%, 7/01/22		1,810,000		2,267,731
TOTAL MARYLAND			$	104,298,070
TOTAL MUNICIPAL BONDS (COST $99,733,588)			$	104,298,070

ANNUAL REPORT / April 30, 2013

66 PORTFOLIOS OF INVESTMENTS

Wilmington Maryland Municipal Bond Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 3.2%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		3,411,378	$	3,411,378
TOTAL MONEY MARKET FUND (COST $3,411,378)			$	3,411,378

	Value
TOTAL INVESTMENTS – 100.8% (COST $103,144,966)	$	107,709,448
OTHER LIABILITIES LESS ASSETS – (0.8%)		(802,347	)
TOTAL NET ASSETS – 100.0%	$	106,907,101

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
School District		18.1	%
Lease		17.8	%
Dedicated Tax		16.2	%
General Obligations		15.0	%
Water & Sewer		12.1	%
Transportation		7.8	%
Medical		4.5	%
Pre-Refunded/Escrow		4.2	%
Higher Education		1.1	%
Not-For-Profit		1.0	%
Cash Equivalents1		4.2	%
Other Assets and Liabilities – Net2		(2.0	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund.

(2) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(3) Derived from data provided by Moody’s Investors Service and Standard and Poor’s.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		21.7	%
AA		54.5	%
A		17.4	%
Not Rated		8.4	%
Other Assets and Liabilities – Net2		(2.0	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Par Value		Value
MUNICIPAL BONDS – 97.8%
NEW YORK – 97.8%
DEDICATED TAX – 16.2%
Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/24	$	1,750,000	$	2,183,510
Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Refunding Revenue Bonds, (Subseries B-2), 5.00%, 11/01/16		1,000,000		1,153,160
Nassau County Interim Finance Authority, Sales Tax Secured, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21		1,000,000		1,279,740
New York State Dormitory Authority, Revenue Refunding Bonds, (Series A), 5.00%, 12/15/24		2,440,000		3,045,998
New York State Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), 5.00%, 4/01/16		2,000,000		2,266,140

Description	Par Value		Value
New York State Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/20	$	3,000,000	$	3,763,260
New York State Thruway Authority, State Personal Income Tax Revenue, (Series A)
5.00%, 3/15/27		1,000,000		1,172,160
5.25%, 3/15/23		2,500,000		2,953,175
TOTAL DEDICATED TAX			$	17,817,143
GENERAL OBLIGATIONS – 15.0%
City of New York NY, GO Unlimited, Refunding Revenue Bonds, (Series B), 4.00%, 8/01/16		1,500,000		1,662,075
New York City, NY, GO Unlimited Bonds, (Subseries G-1), 5.00%, 4/01/19		3,000,000		3,653,880
New York City, NY, GO Unlimited, Refunding Revenue Bonds, (Series E), 5.00%, 8/01/17		1,390,000		1,635,210

ANNUAL REPORT / April 30, 2013

68 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York State, GO Unlimited Bonds, (Series E), 5.00%, 12/15/21	$	2,090,000	$	2,689,600
New York State Municipal Bond Bank Agency, Recovery Act, Refunding Revenue Bonds, (Subseries B1), (AGM), 5.00%, 4/15/21		3,000,000		3,546,630
Southampton Town, NY, Public Improvement, GO Limited, Refunding Revenue Bonds, 4.00%, 10/01/15		1,385,000		1,505,453
Westchester County, NY, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 10/15/17		1,425,000		1,701,137
TOTAL GENERAL OBLIGATIONS			$	16,393,985
HIGHER EDUCATION – 1.1%
New York State Dormitory Authority, Non-State Supported Debt, Refunding Revenue Bonds, (Yeshiva University, OBG), 5.00%, 9/01/26		1,000,000		1,153,110
LEASE – 17.8%
Erie County, NY, IDA, School Facility Revenue Bonds, (Series A), (School District Buffalo Project), (AGM), 5.75%, 5/01/21		1,000,000		1,185,170
Erie County, NY, IDA, School Facility Revenue Bonds, (Series A), (School District Buffalo Project)/(State Aid Withholding), 5.00%, 5/01/23		3,000,000		3,632,550
Erie County, NY, IDA, School Facility Revenue, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/17		1,400,000		1,628,298
Monroe County, NY, IDA, School Facility Revenue Bonds, (Series A), (Rochester School Modernization Project), 5.00%, 5/01/16		2,000,000		2,249,920
New York City, NY, Transitional Finance Authority, Building Aid Revenue Bonds, (Series S-5), (State Aid Withholding), 5.00%, 1/15/27		2,770,000		3,213,338
New York State Dormitory Authority, State Supported Debt, Refunding Revenue Bonds, (AGM), 5.00%, 7/01/18		1,000,000		1,167,190
New York State Urban Development Corp., Service Contract Obligation, Refunding Revenue Bonds, (Series B), 5.25%, 1/01/23		5,500,000		6,470,035
TOTAL LEASE			$	19,546,501
MEDICAL – 4.5%
Monroe County, NY, IDA, Refunding Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/22		1,000,000		1,072,110

Description	Par Value		Value
New York State Dormitory Authority, Highland Hospital Rochester, Refunding Revenue Bond, (Series C), (Sloan Kettering Cancer Center), (National Reinsurance), 5.75%, 7/01/19	$	1,010,000	$	1,276,317
New York State Dormitory Authority, Non-State Supported Debt, Refunding Revenue Bonds, (Series A), (North Shore Long Island Jewish, OBG)
5.00%, 5/01/16		1,000,000		1,125,380
5.00%, 5/01/17		1,300,000		1,499,576
TOTAL MEDICAL			$	4,973,383
NOT-FOR-PROFIT – 1.0%
New York City, NY, Trust for Cultural Resources, Refunding Revenue Bonds, (Series A), 5.00%, 4/01/15		1,000,000		1,089,480
PRE-REFUNDED/ESCROW – 4.2%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, ETM, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21		3,500,000		4,625,355
SCHOOL DISTRICT – 18.1%
Arlington Central School District, NY, GO Unlimited, (State Aid Withholding), 5.00%, 12/15/25		1,295,000		1,613,907
Byram Hills Central School District, NY, GO Unlimited, Refunding Bonds, (State Aid Withholding), 5.00%, 11/15/17		1,000,000		1,197,590
Greece Central School District, NY, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 6/15/18		1,000,000		1,186,960
New Rochelle City School District, NY, GO Limited, Refunding Bonds, (State Aid Withholding)
4.00%, 9/01/15		1,395,000		1,512,040
4.00%, 9/01/16		1,000,000		1,117,350
5.00%, 9/01/17		1,530,000		1,814,213
New York State Dormitory Authority, Current Refunding Bonds, (Series F), (AGM State Aid Withholding), 5.00%, 10/01/27		1,720,000		2,037,615
New York State Dormitory Authority, Non-State Supported Debt, School District Board Funding Program, Refunding Revenue Bonds, (Series C), (State Aid Withholding)/(GO of Authority), 7.25%, 10/01/28		3,000,000		3,809,910
New York State Dormitory Authority, Non-State Supported Debt, School District Board Funding Program, Revenue Bonds, (Series B), (Assured Guaranty State Aid Withholding), 5.25%, 10/01/23		2,000,000		2,438,120
New York State Dormitory Authority, School Districts Financing Program, (Series D), (National Reinsurance State Aid Withholding), 5.50%, 10/01/17		30,000		30,118

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 69

Wilmington New York Municipal Bond Fund (concluded)

Description	Par Value		Value
Pittsford Central School District, NY, GO Unlimited, Refunding Bonds, (Series B), (State Aid Withholding), 5.00%, 12/15/24	$	1,390,000	$	1,739,335
Rye City School District, NY, GO Unlimited, Refunding Bonds, (State Aid Withholding), 4.00%, 8/15/15		1,280,000		1,389,466
TOTAL SCHOOL DISTRICT			$	19,886,624
TRANSPORTATION – 7.8%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series B), 5.00%, 11/15/22		1,000,000		1,150,220
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series A), (Highway Improvements), 5.00%, 11/15/20		2,070,000		2,602,238
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series B)
5.00%, 11/15/25		1,000,000		1,249,340
5.00%, 11/15/28		1,500,000		1,830,825
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series C), (Highway Improvements), 5.00%, 11/15/25		1,350,000		1,672,421
TOTAL TRANSPORTATION			$	8,505,044
WATER & SEWER – 12.1%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Refunding Revenue Bonds, (Series BB), 5.00%, 6/15/27		5,000,000		6,002,550
New York State Environmental Facilities Corp., State Clean Water & Drinking, Refunding Revenue Bonds, (Subseries A), 5.00%, 6/15/24		2,500,000		3,154,325
New York State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York Municipal Water, Refunding Revenue Bonds, 5.00%, 6/15/17		1,020,000		1,204,814

Description	Par Value		Value
New York State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, Pooled Financing Program, (Series B), 5.00%, 11/15/18	$	1,450,000	$	1,521,761
New York State Environmental Facilities Corp., State Revolving Funds, Refunding Revenue Bonds, (Series B), 5.00%, 8/15/16		1,235,000		1,422,028
TOTAL WATER & SEWER			$	13,305,478
TOTAL NEW YORK			$	107,296,103
TOTAL MUNICIPAL BONDS (COST $101,201,022)			$	107,296,103
Description	Number of Shares		Value
MONEY MARKET FUND – 4.2%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^		4,593,038	$	4,593,038
TOTAL MONEY MARKET FUND (COST $4,593,038)			$	4,593,038
TOTAL INVESTMENTS – 102.0% (COST $105,794,060)			$	111,889,141
OTHER LIABILITIES LESS ASSETS – (2.0%)				(2,179,445	)
TOTAL NET ASSETS – 100.0%			$	109,709,696

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 of Total 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 Fund’s 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

The following acronyms are used throughout this report:

AGM – Assured Guaranty Municipal

AMBAC – American Bond Assurance Corporation

BKNT – Bank Note

CAPMAC – Capital Markets Assurance Corporation

EDA – Economic Development Agency

ETM – Escrowed to Maturity

FHA – Federal Housing Administration

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FGIC – Financial Guarantee Insurance Company

FNMA – Federal National Mortgage Association

FRN – Floating Rate Note

FSA – Financial Security Assurance Inc.

GMTN –Global Medium Term Note

GNMA – Government National Mortgage Association

GO – General Obligation

GTD – Guaranteed

IDA – Industrial Development Authority/Agency

INS – Insured

LLC – Limited Liability Corporation

LP – Limited Partnership

MTN – Medium Term Note

PLC – Public Company Limited

PRF – Prerefunded

PSF – Permanent School Fund

Q-SBLF – Qualified School Bond Loan Fund

REIT – Real Estate Investment Trust

TBA – To Be Announced

TRANs – Tax & Revenue Anticipation Notes

UPMC – University of Pittsburgh Medical Center

VRDNs – Variable Rate Demand Notes

XLCA – XL Capital Assurance Inc.

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 Broad Market 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 fee—Class A		18,804			29,417			9,601			53,747
Distribution services fee—Class C		—			10,172	(a)		2,790	(a)		6,727	(a)
Shareholder services fee—Class A		18,804			29,417			9,601			53,747
Shareholder services fee—Class 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 fee—Class A		(1	)		—			—			(37	)
Waiver of shareholder services fee—Class A		(11,640	)		(18,793	)		(9,601	)		(53,747	)
Waiver of shareholder services fee—Class C		—			(1,787	)(a)		(697	)(a)		(1,682	)(a)
Waiver of shareholder services fee—Class 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 Fund
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 fee—Class A		29,253			87,954			82,931
Shareholder services fee—Class 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 fee—Class A		—			(12	)		—
Waiver of shareholder services fee—Class A		(29,253	)		(77,685	)		(82,931	)
Waiver of shareholder services fee—Class 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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 July 1, 2011 through 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		$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 (000’s)		$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 July 1, 2011 through 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		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 Fund’s financial and performance history prior to the reorganization has been carried forward and is reflected in the Fund’s 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 shareholder’s 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 Fund’s 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 Fund’s return on the transaction. It is each Fund’s 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 Inflation–Protected 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 country’s 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 issuer’s 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 Fund’s 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 lender’s 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
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 (Distributions in Excess of) Net Investment Income			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/ (Over Distributed) Ordinary Income		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 Fund’s 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 Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

Fund	Advisory Fee Annual Rate
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 Expense Limitations
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   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) 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 Fund’s 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 Fund’s 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 Trust’s 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 fund’s 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 fund’s 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 fund’s 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 fund’s 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 Trust’s 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

SHAREHOLDER PROXY RESULTS

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 Trust’s 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 SEC’s 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 SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s 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 consumer’s 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 employee’s or agent’s need to know the information in order to service a customer’s 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.

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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 don’t 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 employer’s 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”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	20
Portfolios of Investments	22
Notes to Portfolios of Investments	78
Statements of Assets and Liabilities	79
Statements of Operations	81
Statements of Changes in Net Assets	83
Financial Highlights	86
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	101
Board of Trustees and Trust Officers	102

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i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (“Trust”). This report covers the Trust’s 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 Fund’s performance during the reporting period, as well as a complete listing of each Fund’s 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 2007–2009. 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 market’s 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 nation’s 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 continent’s 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 President’s 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.

PRESIDENT’S 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 hadn’t. 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 world’s 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 child’s higher education, pursue tax-free income17, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility and professional management you need.

Sincerely,

Sam Guerrieri

President

May 28, 2013

April 30, 2013  /  PRESIDENT’S 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 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. These 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.

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 DJIA’s 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.

PRESIDENT’S MESSAGE  /  April 30, 2013

[This Page Intentionally Left Blank]

1

WILMINGTON LARGE-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Large-Cap Growth Fund (the “Fund”) had a total return of 5.39%* for Class A Shares and 5.92%* for Class I Shares, versus its benchmark, the Russell 1000 Growth Index**, which had a total return of 12.60%.

Over the twelve month period which ended April 30, 2013, the stock market reached a new all time high as measured by the S&P 500 Index (“S&P 500”). The crossover point was on April 10, 2013 when the S&P 500 rose through the 1576 level that was attained on October 11, 2007. At that time, little did investors know that the Great Recession was looming, and that the S&P 500 would be more than cut in half to its ultimate low point of 666 on March 6, 2009. Fortunately, since then, the Federal Reserve has implemented repeated rounds of monetary easing with the latest version, called Quantitative Easing, still going strong. The result has been near zero money market rates and record low interest rates in U.S. Treasury notes and other high quality bonds. This has forced investors to move into riskier asset classes such as junk bonds and higher yielding equities in the pursuit of yield. Corporations have also been active buyers of their own shares, as borrowing costs fell well below the cost of equity and, in many cases, below the dividend yield itself.

The resulting rise in equity values has served to boost retirement accounts and re-liquefy consumer balance sheets, which in turn has boosted consumer confidence (at least among higher level consumers). Of course, mortgage rates have also dropped to all time lows and finally begun to stimulate the housing market. Up until this year, “Wall Street” seemed to be ahead of “Main Street” as employment trends remained sluggish. This too seems to have shifted into positive mode as payroll employment gains have averaged 173,000 over the past twelve months. The unemployment rate is now down to 7.5%, and a regular feature of the monthly payroll employment report is upward revision to prior month job totals. This is a strong indication that the financially led recovery is finally beginning to benefit mainstream America. That gives us confidence that the economic recovery is taking on an aura of sustainability that we had not felt previously. Despite record low interest rates, investors had been so disillusioned by the equity market pummeling of 2008 and the subsequent (European-related) corrections in 2010 and 2011 that money flows to equity mutual funds had remained largely negative.

        Source: Bureau of Labor Statistics, May 3, 2013

As growth rates have moderated, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, value may be found with cyclical stocks with low valuations versus defensive companies with above average dividend yields and higher valuations. If growth rates accelerate at all, a shift towards longer duration cyclical exposure should take place. One of the remaining pieces of the puzzle is business confidence among small to medium enterprises which is critical for continued hiring and investment for the broad economy. Even here there appears to be good news with a sharp upturn since November that followed many months of decline. It remains to be seen whether or not we

are on the verge of a new secular bull market in equities. The final test will be the durability of equity prices once the Federal Reserve begins pull back on monetary stimulus. If the stock market can withstand the competition from gradually rising interest rates, both the real economy and the financial markets can be viewed as re-entering a prolonged period of recovery and prosperity. In our opinion, valuations in the equity market are reasonable enough that, even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.

The Fund was managed by two different portfolio management teams, each with Wilmington Trust Investment Advisors, Inc., during the fiscal year ended April 30, 2013. In June 2012, the old portfolio management team which had managed the Fund for several years was replaced with a new portfolio management team. Unfortunately, the strategies utilized by both portfolio management teams underperformed the Fund’s benchmark, the Russell 1000 Growth Index, during the periods they managed assets for the Fund.

During the period from May 1, 2012 through June 30, 2012, the Fund returned -7.21% trailing the benchmark which returned -3.87%. This underperformance was broad based across all sectors, except health care and utilities, which performed in line with the benchmark. The bigger underperforming sectors within the Fund were consumer discretionary, consumer staples, energy and information technology. In consumer discretionary, the worst performing stocks were Borg Warner in the autos industry and Target, Lululemon, Nike and Limited Brands in the retail sector. Outperforming was the position in homebuilder D.R. Horton. In consumer staples, the larger underperformers were Green Mountain Coffee, Estee Lauder and Walmart which were somewhat offset by good relative performance by Whole Foods Market and Pepsi. Poor performance in the energy sector was punctuated by underperformance by oil service companies Halliburton and National Oilwell Varco, as well as coal company Alpha Natural Resources. In technology, poor performance by Qualcomm, Riverbed, Juniper and AMD contributed to the underperformance.

For the period July 1, 2012 through April 30, 2013, the Fund returned 14.14%, which trailed the benchmark return of 17.14%. The largest underperformance within the Fund came from the technology and industrial sectors while the health care sector posted positive relative performance. Within technology, overweight positions in Apple and EMC contributed to the underperformance. Industrials underperformed due to insufficient weight in aerospace companies like Boeing and Honeywell along with underweighted positions in transportation stocks. The health care sector benefitted from positive performance from bio-technology positions such as Gilead Sciences, Celgene, Regeneron and Biogen Idec all of which were up between 50% and 100% over this period.

ANNUAL REPORT  /  April 30, 2013

2

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -0.39%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Russell 1000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital, in an effort to promote increased lending and liquidity.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.

Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment of a stock.

April 30, 2013  /  ANNUAL REPORT

3

WILMINGTON LARGE-CAP GROWTH FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Russell 1000 Growth Index (“Russell 1000 Growth”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	-0.39%
5 Years	0.82%
10 Years	3.46%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.66%
After Waivers	1.42%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell 1000 Growth Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT  /  April 30, 2013

4

WILMINGTON LARGE-CAP GROWTH FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Large-Cap Growth Fund (Class I) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2013, compared to the Russell 1000 Growth.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	5.92%
5 Years	2.28%
Start of Performance (8/18/03)	3.84%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.41%
After Waivers	1.04%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance shown for Class I of the Fund and the Russell 1000 Growth Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2013  /  ANNUAL REPORT

5

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 16.25%* for Class I Shares, versus its benchmark, the Russell 1000 Index**, which had a total return of 17.17%.

The Fund attempts to outperform the Russell 1000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team (IST). During the period May 2012 through October 2012, the Fund was positioned to track a custom index of 60% growth and 40% value companies. Over this period, the Russell 1000 Value Index returned 4.7% and the Russell 1000 Growth Index returned -0.9%. The tactical overweight to growth had a -0.6% impact on relative performance.

At the end of the October meeting, the IST recommended removing the overweight to growth companies for domestic large cap portfolios. The fund was rebalanced to track the Russell 1000 Index. For the period November 2012 to February 2013 the Russell 1000 Index returned 8.9% and the Fund returned 8.7%. The majority of the 0.2% underperformance over the period is explained by expenses and transaction costs.

At the February IST meeting, the proprietary U.S. Large-cap style model continued to signal neutral on style. The IST voted to follow the models and recommended maintaining the neutral position. However, the team wanted to increase exposure to mid-cap stocks which the momentum models had been favoring. The IST recommended overweighting mid-cap companies relative to the Russell 1000 Index. The Russell 1000 Index can be divided into the Russell Top 200 Index of mega-cap stocks and the Russell Midcap Index which represents the 800 mid-cap companies. The weight of the Russell Midcap Index has been approximately 30% of the Russell 1000 Index. The Fund was rebalanced at the end of February to target the IST recommended benchmark of 65% Russell Top 200 and 35% Russell Midcap. For the period March 2013 to April 2013, the Russell Top 200 Index returned 5.8% and the Russell Midcap Index returned 5.6%. The tactical tilt toward mid cap had no impact on relative performance for the period.

The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the Fund.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

ANNUAL REPORT  /  April 30, 2013

6

WILMINGTON LARGE-CAP STRATEGY FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Large-Cap Strategy Fund (Class I) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2013, compared to the Russell 1000 Index2 and the S&P 500.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	16.25%
5 Years	3.94%
Start of Performance (7/01/03)	5.92%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	0.88%
After Waivers	0.25%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance shown for Class I of the Fund, the Russell 1000 Index and the S&P 500 assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2013  /  ANNUAL REPORT

7

WILMINGTON LARGE-CAP VALUE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Large-Cap Value Fund (the “Fund”) had a total return of 10.65%* for Class A Shares and 10.91%* for Class I Shares, versus its benchmark, the Russell 1000 Value Index,** which had a total return of 21.80%.

Over the twelve month period which ended April 30, 2013, the stock market reached a new all time high as measured by the S&P 500 Index (“S&P 500”). The crossover point was on April 10, 2013 when the S&P 500 rose through the 1576 level that was attained on October 11, 2007. At that time, little did investors know that the Great Recession was looming, and that the S&P 500 would be more than cut in half to its ultimate low point of 666 on March 6, 2009. Fortunately, since then, the Federal Reserve has implemented repeated rounds of monetary easing with the latest version, called Quantitative Easing, still going strong. The result has been near zero money market rates and record low interest rates in U.S. Treasury notes and other high quality bonds. This has forced investors to move into riskier asset classes such as junk bonds and higher yielding equities in the pursuit of yield. Corporations have also been active buyers of their own shares, as borrowing costs fell well below the cost of equity and, in many cases, below the dividend yield itself.

The resulting rise in equity values has served to boost retirement accounts and re-liquefy consumer balance sheets, which in turn has boosted consumer confidence (at least among higher level consumers). Of course, mortgage rates have also dropped to all time lows and finally begun to stimulate the housing market. Up until this year, “Wall Street” seemed to be ahead of “Main Street” as employment trends remained sluggish. This too seems to have shifted into positive mode as payroll employment gains have averaged 173,000 over the past twelve months. The unemployment rate is now down to 7.5%, and a regular feature of the monthly payroll employment report is upward revision to prior month job totals. This is a strong indication that the financially led recovery is finally beginning to benefit mainstream America. That gives us confidence that the economic recovery is taking on an aura of sustainability that we had not felt previously. Despite record low interest rates, investors had been so disillusioned by the equity market pummeling of 2008 and the subsequent (European-related) corrections in 2010 and 2011 that money flows to equity mutual funds had remained largely negative.

As growth rates have moderated, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, value may be found with cyclical stocks with low valuations versus defensive companies with above average dividend yields and higher valuations. If growth rates accelerate at all, a shift towards longer duration cyclical exposure should take place. One of the remaining pieces of the puzzle is business confidence among small to medium enterprises which is critical for continued hiring and investment for the broad economy. Even here there appears to be good news with a sharp upturn since November that followed many months of decline. It remains to be seen whether or not we are on the verge of a new secular bull market in equities. The final test will be the durability of equity prices once the Federal Reserve begins pull back on monetary stimulus. If the stock market can withstand the competition from gradually rising interest rates, both the real economy and the

financial markets can be viewed as re-entering a prolonged period of recovery and prosperity. In our opinion, valuations in the equity market are reasonable enough that, even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.

The Fund was managed by two different portfolio management teams during the fiscal year ended April 30, 2013. The old portfolio management team, with NWQ Investment Management Company LLC, which had managed the Fund for several years was replaced in December 2012 with a new portfolio management team with Wilmington Trust Investment Advisors, Inc. Unfortunately, the strategies utilized by both portfolio management teams underperformed the Fund’s benchmark, the Russell 1000 Value Index, during the periods they managed the Fund.

During the period from May 1, 2012 through December 31, 2012, the Fund returned -0.45% trailing significantly the benchmark which returned 6.84%. Stock selection and, to a lesser extent, sector positioning, contributed to relative underperformance in the Fund. Positioning in the information technology sector was the leading detractor in the Fund during the period. Information technology was the worst performing sector in the benchmark over the span, and the Fund’s sizeable overweight proved a headwind to relative performance. Stock selection in the sector also hurt performance, led by underperforming positions in Hewlett-Packard, CA Inc., and Microsoft. The energy sector was the second leading detractor in the period, with holdings reacting to movement in energy prices. Apache Corp., Canadian Natural Resources, Talisman Energy, Occidental Petroleum, and Noble Energy were all represented on the list of leading detractors for the period. The contribution from the financial sector was mixed, as an overweight to the outperforming sector was countered by a shortfall in stock selection. Looking at individual contributors, strength in the Fund’s bank holdings, particularly Citigroup and Goldman Sachs, unfortunately was offset by weakness in the Fund’s insurance holdings, including Metlife and Unum. Stock selection and sector positioning in the utilities sector was a source of positive contribution in the period, as an underweight to the sector, and a strong contribution from NRG energy, combined to benefit relative performance. Healthcare also contributed, led by strength in the ADR of French pharmaceutical giant Sanofi. Sanofi was the leading individual contributor in the Fund over the period.

For the period January 1, 2013 through April 30, 2013, the Fund returned 11.42% which trailed the benchmark return of 14.01%. The largest underperformance came from technology, financials and health care sectors. Basic materials outperformed during this period. Within technology, the majority of the underperformance came from Apple computer and Qualcomm along with no position in Hewlett Packard which outperformed during this period. The financial sector underperformance came from the commercial bank industry with underperformance from BB&T and US Bancorp. Relative outperformance in the basic material sector came mainly from having no weight in the poorly performing metals and mining industry.

ANNUAL REPORT  /  April 30, 2013

8

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.54%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital, in an effort to promote increased lending and liquidity.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.

Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment of a stock.

April 30, 2013  /  ANNUAL REPORT

9

WILMINGTON LARGE-CAP VALUE FUND – Class A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large-Cap Value Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Russell 1000 Value Index (“Russell 1000 Value”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	4.54%
5 Years	0.34%
10 Years	5.62%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.42%
After Waivers	1.32%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell 1000 Value Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT  /  April 30, 2013

10

WILMINGTON LARGE-CAP VALUE FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Large-Cap Value Fund (Class I) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2013, compared to the Russell 1000 Value.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	10.91%
5 Years	1.65%
Start of Performance (8/18/03)	5.45%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.17%
After Waivers	1.04%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance shown for Class I of the Fund and the Russell 1000 Value Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2013  /  ANNUAL REPORT

11

WILMINGTON MID-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Mid-Cap Growth Fund (the “Fund”) had a total return of 9.55%* for Class A Shares and 9.70%* for Class I Shares, versus its benchmark, the Russell 1000 Mid Cap Growth Index**, which had a total return of 14.42%.

Since the beginning of the U.S. equity market recovery in 2009, there has been a discernible and puzzling rhythm to returns. Each spring, investors have been confronted with economic data that suggests the recovery is faltering and the stock market pulls back on concerns that corporate earnings have peaked. As each year progressed, the data firmed, investors’ confidence in the outlook for growth recovered, their appetite for equities returned, and the market resumed its upward path.

Since the market lows of 2008 and 2009, we have retained to our benefit a consistent pro-growth tilt, which explains the broad contours of the Fund’s performance this past year. Broadly speaking, our year divided into two periods: a very disappointing pullback –both absolute and relative to the benchmark – from May through mid-July 2012 and a subsequent strong recovery – again, both absolute and relative – from mid-July to the end of April 2013. The early period of underperformance accounts for more than the entire benchmark-relative performance deficit for the year and was attributable primarily to the Fund being more exposed to cyclical stocks and sectors than the benchmark (and the peer group). This worked to our disadvantage as the market became defensive due to concerns regarding the sustainability of global economic growth. This explains, for example, the bulk of underperformance in our Industrials holdings, which was our weakest sector even though no single stock in the sector had a large impact on overall results.

In July 2012, the pattern reversed; the Fund’s pro-growth positioning worked to our advantage, but the rebound was insufficient to recover the ground we lost in the early months of the year. The difference was not due to overall positioning; in fact, the impact of sector allocation was only slightly negative. Rather, adverse stock selection explains the gap between the downturn and the rebound. To some extent, this reflects investors’ pronounced preference for value sectors and high(er) dividend-paying stocks, even within the growth universe and even as the overall market ascends to all-time highs. Stocks of companies with attractive growth characteristics have not always been rewarded if they cannot promise impatient investors a near-term payoff.

However, it is still true that the Fund’s performance was harmed by several stocks that disappointed investors’ expectations. Whiting Petroleum Corporation, Coach, Inc., ITT Educational Services, Inc., and Adtran, Inc. stand out. (A short-seller attack on Herbalife Ltd. impaired the performance of the stock to the detriment of the Fund.) Unfortunately, the impact of these, and other, underperforming stocks offset notable successes such as Stratasys Ltd., MAP Pharmaceuticals Inc., Cabot Oil & Gas Corporation, CBS Corporation, and LKQ Corporation.

Our mandate is to construct a portfolio of U.S. midcap companies with superior growth prospects. At the end of a disappointing year, we remind ourselves that we cannot control the periodic growth

scares that have swept the market. Ultimately, they make for distressing weeks and months, but have had little impact on performance. What does have a durable impact is our ability to identify companies with superior growth prospects and attractive valuations, and invest in them. A hospitable environment for growth stocks would support our efforts, but we believe a patient, disciplined approach to company and stock analysis to identify successful growth companies will support our manadate.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 3.49%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell Mid Cap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Mid Cap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.

ANNUAL REPORT  /  April 30, 2013

12

WILMINGTON MID-CAP GROWTH FUND – Class A†

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Mid-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	3.49%
5 Years	5.20%
10 Years	10.16%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.57%
After Waivers	1.24%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell Mid Cap Growth Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Mid-Cap Growth Fund is the successor to the ARK Mid-Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Mid-Cap Equity Portfolio.

April 30, 2013  /  ANNUAL REPORT

13

WILMINGTON MID-CAP

GROWTH FUND – Class I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Mid-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Russell Mid Cap Growth.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	9.70%
5 Years	6.56%
10 Years	10.95%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800- 836-2211.

Annual Operating Expense Ratio

Before Waivers	1.32%
After Waivers	1.08%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance shown for Class I of the Fund and the Russell Mid Cap Growth assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Mid-Cap Growth Fund is the successor to the ARK Mid-Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 22, 2003, is historical information for the ARK Mid-Cap Equity Portfolio.

ANNUAL REPORT  /  April 30, 2013

14

WILMINGTON SMALL-CAP GROWTH FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Small-Cap Growth Fund (the “Fund”) had a total return of 10.21%* for Class A Shares, and 10.47%* for Class I Shares, versus its benchmark, the Russell 2000 Growth Index,** which had a total return of 15.67%.

Over the twelve month period which ended April 30, 2013, the stock market reached a new all time high as measured by the S&P 500 Index (“S&P 500”). The crossover point was on April 10, 2013 when the S&P 500 rose through the 1576 level that was attained on October 11, 2007. At that time, little did investors know that the Great Recession was looming, and that the S&P 500 would be more than cut in half to its ultimate low point of 666 on March 6, 2009. Fortunately, since then, the Federal Reserve has implemented repeated rounds of monetary easing with the latest version, called Quantitative Easing, still going strong. The result has been near zero money market rates and record low interest rates in U.S. Treasury notes and other high quality bonds. This has forced investors to move into riskier asset classes such as junk bonds and higher yielding equities in the pursuit of yield. Corporations have also been active buyers of their own shares, as borrowing costs fell well below the cost of equity and, in many cases, below the dividend yield itself.

The resulting rise in equity values has served to boost retirement accounts and re-liquefy consumer balance sheets, which in turn has boosted consumer confidence (at least among higher level consumers). Of course, mortgage rates have also dropped to all time lows and finally begun to stimulate the housing market. Up until this year, “Wall Street” seemed to be ahead of “Main Street” as employment trends remained sluggish. This too seems to have shifted into positive mode as payroll employment gains have averaged 173,000 over the past twelve months. The unemployment rate is now down to 7.5%, and a regular feature of the monthly payroll employment report is upward revision to prior month job totals. This is a strong indication that the financially led recovery is finally beginning to benefit mainstream America. That gives us confidence that the economic recovery is taking on an aura of sustainability that we had not felt previously. Despite record low interest rates, investors had been so disillusioned by the equity market pummeling of 2008 and the subsequent (European-related) corrections in 2010 and 2011 that money flows to equity mutual funds had remained largely negative.

As growth rates have moderated, the attractiveness of lower risk, lower duration equities with yield characteristics have been bid up versus their cyclical counterparts. Within the equity market, value may be found with cyclical stocks with low valuations versus defensive companies with above average dividend yields and higher valuations. If growth rates accelerate at all, a shift towards longer duration cyclical exposure should take place. One of the remaining pieces of the puzzle is business confidence among small to medium enterprises which is critical for continued hiring and investment for the broad economy. Even here there appears to be good news with a sharp upturn since November that followed many months of decline. It remains to be seen whether or not we are on the verge of a new secular bull market in equities. The final test will be the durability of equity prices once the Federal Reserve begins pull back on monetary stimulus. If the stock market can withstand the competition

from gradually rising interest rates, in our opinion both the real economy and the financial markets could be viewed as re-entering a prolonged period of recovery and prosperity. In our opinion, valuations in the equity market are reasonable enough that, even with a continuation of only modest mid-single-digit earnings growth, the stock market can continue to rise.

The Fund was managed by two different portfolio management teams, each with Wilmington Trust Investment Advisors, Inc., during the fiscal year ended April 30, 2013. The old portfolio management team which had managed the Fund for several years was replaced with a new portfolio management team in June 2012. The strategy utilized by the old portfolio management team underperformed the Fund’s benchmark, the Russell 2000 Growth Index, during the period they managed the Fund. The new portfolio management team slightly exceeded the benchmark during the period it managed the Fund.

During the period from May 1, 2012 through June 30, 2012, the Fund returned -7.05% trailing the benchmark which returned -2.33%. The largest underperformance came from consumer discretionary, health care and industrials while positive performance came from the energy sector. In the discretionary sector, the larger underperformers were Red Robin, Gourmet Burgers, Arctic Cat, Francesca’s Holdings, Sonic Automotive, Body Central, Penske Automotive, and Orient Express Hotels. Lumber Liquidators was one of the few significant positive performers in the discretionary sector. Within health care, LCA Vision and Starr Surgical were significant underperformers while an underweighted position in top performer Pharmacyclics and no position in Onyx Pharmaceutical contributed to underperformance that was slightly offset by an outperforming position in Questor Pharmaceuticals. Within the industrial sector, Triumph Group, Kirby, TrueBlue, United Rentals, Wesco, Owens Corning, and H&E Equipment Services were all significant underperformers which were offset by positive performance from US Airways and Armstrong World Industries. In the energy sector, positive performance was achieved from underweighted or no weight in several underperforming energy companies such as Cheniere Energy, Energy XXI and Rosetta Resources.

For the period July 1, 2012 through April 30, 2013, the Fund returned 18.86% which slightly outperformed the benchmark return of 18.44%. The largest outperformance came from the consumer discretionary, technology and financial sectors while the industrial sector posted negative relative performance. Within consumer discretionary, media companies Sinclair Broadcast and Nexstar Broadcasting led performance along with retailer Steve Madden. Financials were led by capital markets companies Virtus Financials, Alliance Bernstein and Medallion Financial along with REITs Newcastle Investment and Glimcher Realty Trust. In technology, positive performance came from acquisition target Brightpoint as well as IT services company Maximus and software company Manhattan Associates which were offset by poor performance from Pulse Electronics and Adtran. The model utilized by the portfolio management team has been favoring market factors like lower valuation, higher growth rates of earnings and positive price momentum during this period.

April 30, 2013  /  ANNUAL REPORT

15

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.13%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital, in an effort to promote increased lending and liquidity.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.

Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment of a stock.

ANNUAL REPORT  /  April 30, 2013

16

WILMINGTON SMALL-CAP GROWTH FUND – Class A^†

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Small-Cap Growth Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Russell 2000 Growth Index (“Russell 2000 Growth”).²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	4.13%
5 Years	2.20%
10 Years	8.40%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.64%
After Waivers	1.47%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell 2000 Growth Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Small-Cap Growth Fund is the successor to the ARK Small Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 23, 2003, is historical information for the ARK Small Cap Equity Portfolio.

April 30, 2013  /  ANNUAL REPORT

17

WILMINGTON SMALL-CAP GROWTH FUND – Class I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Small-Cap Growth Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Russell 2000 Growth.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	10.47%
5 Years	3.53%
10 Years	9.18%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.39%
After Waivers	1.25%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance shown for Class I of the Fund and the Russell 2000 Growth Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

† The Wilmington Small-Cap Growth Fund is the successor to the ARK Small-Cap Equity Portfolio pursuant to a reorganization which took place on August 22, 2003. The information presented above, for the periods prior to August 23, 2003, is historical information for the ARK Small-Cap Equity Portfolio.

ANNUAL REPORT  /  April 30, 2013

18

WILMINGTON SMALL-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Small-Cap Strategy Fund (the “Fund”) had a total return of 18.07%* for Class I Shares, versus its benchmark, the Russell 2000 Index**, which had a total return of 17.69%.

The Fund attempts to outperform the Russell 2000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Advisors, Inc. Investment Strategy Team (IST). During the period May 2012 through October 2012, the IST style recommendation for domestic small-cap equities was to overweight growth companies. The Russell 2000 Value Index returned 2.8% and the Russell 2000 Growth Index returned -0.7% during this period, so the style tilt had a -0.3% impact on relative performance.

At the October 2012 meeting of the IST, the team voted to remove the style tilt for domestic small-cap portfolios. The Fund was rebalanced to track to Russell 2000 Index at the end of October. IST advice remained neutral on style tilt through February 2013. During this period, the Fund returned 11.9%, slightly outperforming the Russell 2000 Index return of 11.8%.

The IST voted in February 2013 to target a benchmark of 65% value and 35% growth companies for domestic small-cap equities. The Fund was rebalanced at the end of February to target the new custom benchmark. The value-overweight remained through the end of April. During March and April, the Russell 2000 Value Index narrowly outperformed the Russell 2000 Growth Index by 0.3%. The style tilt had essentially no impact on relative return.

At the April IST meeting, the proprietary U.S. small-cap style model continued to favor value stocks. The IST voted to follow the models and recommended maintaining the overweight to value companies in domestic small cap-equity portfolios. The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the Fund.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of the Index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure large stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

April 30, 2013  /  ANNUAL REPORT

19

WILMINGTON SMALL-CAP STRATEGY FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Small-Cap Strategy Fund (Class I) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2013, compared to the Russell 2000 Index.²

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	18.07%
5 Years	6.52%
Start of Performance (7/01/03)	7.80%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.39%
After Waivers	0.31%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance shown for Class I of the Fund and the Russell 2000 Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index, and the represented index is unmanaged.

ANNUAL REPORT  /  April 30, 2013

20

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for

Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	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 Fund’s 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.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Number of Shares		Value
COMMON STOCKS – 100.0%
CONSUMER DISCRETIONARY – 18.1%
AUTO COMPONENTS – 0.6%
BorgWarner, Inc.*		4,800	$	375,216
DISTRIBUTORS – 0.6%
LKQ Corp.*		17,800		428,624
HOTELS, RESTAURANTS & LEISURE – 0.8%
DineEquity, Inc.		3,580		255,039
Panera Bread Co.*		1,580		280,023
			$	535,062
INTERNET & CATALOG RETAIL – 3.0%
Amazon.com, Inc.*		6,033		1,531,236
priceline.com, Inc.*		746		519,209
			$	2,050,445
MEDIA – 4.2%
CBS Corp., Non-Voting		39,891		1,826,210
Comcast Corp.		18,296		755,625
Scripps Networks Interactive, Inc.		3,780		251,672
			$	2,833,507

Description	Number of Shares		Value
MULTILINE RETAIL – 2.0%
Nordstrom, Inc.		6,300	$	356,517
Target Corp.		14,571		1,028,130
			$	1,384,647
SPECIALTY RETAIL – 2.5%
Bed Bath & Beyond, Inc.*		7,459		513,179
GameStop Corp.#		8,700		303,630
L Brands, Inc.		6,750		340,268
Tile Shop Holdings, Inc.*		10,085		250,108
Vitamin Shoppe, Inc.*		5,700		280,155
			$	1,687,340
TEXTILES, APPAREL & LUXURY GOODS – 4.4%
Coach, Inc.		5,575		328,145
Lululemon Athletica, Inc.#,*		4,080		310,610
Michael Kors Holdings Ltd.*		10,982		625,315
NIKE, Inc.		20,134		1,280,522
PVH Corp.		4,025		464,525
			$	3,009,117
TOTAL CONSUMER DISCRETIONARY			$	12,303,958

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

    Wilmington Large-Cap Growth Fund (continued)

Description	Number of Shares		Value
CONSUMER STAPLES – 10.3%
BEVERAGES – 3.2%
PepsiCo, Inc.		26,480	$	2,183,806
FOOD & STAPLES RETAILING – 2.8%
Costco Wholesale Corp.		10,066		1,091,456
Whole Foods Market, Inc.		9,151		808,216
			$	1,899,672
FOOD PRODUCTS – 0.5%
Green Mountain Coffee Roasters, Inc.#,*		5,975		342,965
HOUSEHOLD PRODUCTS – 0.4%
Church & Dwight Co., Inc.		4,650		297,089
PERSONAL PRODUCTS – 1.2%
Estee Lauder Cos., Inc.		8,237		571,236
Herbalife Ltd.#		6,680		265,263
			$	836,499
TOBACCO – 2.2%
Philip Morris International, Inc.		15,548		1,486,233
TOTAL CONSUMER STAPLES			$	7,046,264
ENERGY – 5.7%
ENERGY EQUIPMENT & SERVICES – 4.3%
Cameron International Corp.*		6,025		370,839
CARBO Ceramics, Inc.#		2,500		176,625
Core Laboratories NV		2,035		294,627
Lufkin Industries, Inc.		1,990		175,697
National Oilwell Varco, Inc.		8,237		537,217
Schlumberger Ltd.		18,297		1,361,846
			$	2,916,851
OIL, GAS & CONSUMABLE FUELS – 1.4%
Cabot Oil & Gas Corp.		5,110		347,735
Noble Energy, Inc.		2,670		302,484
Whiting Petroleum Corp.*		7,380		328,410
			$	978,629
TOTAL ENERGY			$	3,895,480
FINANCIALS – 5.5%
CAPITAL MARKETS – 1.0%
Raymond James Financial, Inc.		9,680		400,946
T Rowe Price Group, Inc.		3,810		276,225
			$	677,171
COMMERCIAL BANKS – 0.5%
SVB Financial Group*		4,625		328,884
CONSUMER FINANCE – 1.1%
American Express Co.		10,979		751,073
DIVERSIFIED FINANCIAL SERVICES – 0.4%
IntercontinentalExchange, Inc.*		1,875		305,494

Description	Number of Shares		Value
INSURANCE – 0.5%
Brown & Brown, Inc.		10,500	$	325,395
REAL ESTATE INVESTMENT TRUSTS – 1.1%
American Tower Corp.		9,149		768,425
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.9%
CBRE Group, Inc.*		14,500		351,190
Realogy Holdings Corp.*		5,100		244,800
			$	595,990
TOTAL FINANCIALS			$	3,752,432
HEALTH CARE – 15.5%
BIOTECHNOLOGY – 6.2%
Biogen Idec, Inc.*		4,576		1,001,824
Celgene Corp.*		7,465		881,393
Cepheid, Inc.*		4,826		184,015
Gilead Sciences, Inc.*		35,570		1,801,265
Regeneron Pharmaceuticals, Inc.*		1,800		387,252
			$	4,255,749
HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%
Alere, Inc.*		12,150		312,012
Intuitive Surgical, Inc.*		682		335,742
ResMed, Inc.#		6,600		316,932
Stryker Corp.		10,435		684,327
			$	1,649,013
HEALTH CARE PROVIDERS & SERVICES – 3.7%
Express Scripts Holding Co.*		25,882		1,536,614
UnitedHealth Group, Inc.		16,255		974,162
			$	2,510,776
HEALTH CARE TECHNOLOGY – 0.5%
Cerner Corp.*		3,150		304,825
LIFE SCIENCES TOOLS & SERVICES – 0.2%
Life Technologies Corp.*		2,120		156,223
PHARMACEUTICALS – 2.5%
Allergan, Inc.		2,745		311,695
Auxilium Pharmaceuticals, Inc.*		5,900		88,087
Bristol-Myers Squibb Co.		22,864		908,158
Perrigo Co.		3,415		407,785
			$	1,715,725
TOTAL HEALTH CARE			$	10,592,311
INDUSTRIALS – 11.7%
AEROSPACE & DEFENSE – 4.1%
HEICO Corp.		6,557		221,758
Precision Castparts Corp.		3,551		679,271
United Technologies Corp.		21,046		1,921,289
			$	2,822,318

ANNUAL REPORT  /  April 30, 2013

24 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Growth Fund (continued)

Description	Number of Shares		Value
AIR FREIGHT & LOGISTICS – 1.8%
CH Robinson Worldwide, Inc.		4,800	$	285,072
Expeditors International of Washington, Inc.		5,750		206,598
United Parcel Service, Inc.		8,235		706,892
			$	1,198,562
COMMERCIAL SERVICES & SUPPLIES – 0.4%
Waste Connections, Inc.		6,850		259,958
ELECTRICAL EQUIPMENT – 1.2%
AMETEK, Inc.		7,460		303,697
Babcock & Wilcox Co.		6,600		179,520
Rockwell Automation, Inc.		3,750		317,925
			$	801,142
INDUSTRIAL CONGLOMERATES – 2.0%
Danaher Corp.		22,878		1,394,185
MACHINERY – 1.8%
Cummins, Inc.		2,600		276,614
Graco, Inc.		6,150		372,260
Joy Global, Inc.		5,270		297,860
Pall Corp.		3,755		250,496
			$	1,197,230
TRADING COMPANIES & DISTRIBUTORS – 0.4%
Fastenal Co.		6,200		304,110
TOTAL INDUSTRIALS			$	7,977,505
INFORMATION TECHNOLOGY – 30.2%
COMMUNICATIONS EQUIPMENT – 3.8%
Aruba Networks, Inc.*		10,615		238,731
F5 Networks, Inc.*		3,120		238,462
QUALCOMM, Inc.		33,826		2,084,358
			$	2,561,551
COMPUTERS & PERIPHERALS – 8.5%
Apple, Inc.		9,749		4,316,370
EMC Corp.*		54,908		1,231,586
Stratasys Ltd.#,*		3,100		257,455
			$	5,805,411
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.0%
FEI Co.		3,525		225,177
IPG Photonics Corp.		4,475		284,968
National Instruments Corp.		7,275		198,826
			$	708,971
INTERNET SOFTWARE & SERVICES – 2.5%
Google, Inc.*		2,100		1,731,597
IT SERVICES – 5.5%
Global Payments, Inc.		5,650		262,160

Description	Number of Shares		Value
International Business Machines Corp.		9,945	$	2,014,260
Mastercard, Inc.		2,466		1,363,525
Teradata Corp.*		2,320		118,482
			$	3,758,427
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.1%
Altera Corp.		10,525		336,905
Lam Research Corp.*		4,950		228,789
MKS Instruments, Inc.		5,610		150,741
			$	716,435
SOFTWARE – 7.8%
ANSYS, Inc.*		4,600		371,956
Autodesk, Inc.*		10,500		413,490
Citrix Systems, Inc.*		5,795		360,275
Microsoft Corp.		64,500		2,134,950
Nuance Communications, Inc.*		14,125		268,940
Oracle Corp.		44,842		1,469,921
Sourcefire, Inc.*		5,380		256,949
			$	5,276,481
TOTAL INFORMATION TECHNOLOGY			$	20,558,873
MATERIALS – 1.9%
CHEMICALS – 1.5%
Airgas, Inc.		1,880		181,702
Ashland, Inc.		4,790		408,156
WR Grace & Co.*		5,300		408,683
			$	998,541
CONTAINERS & PACKAGING – 0.4%
Crown Holdings, Inc.*		7,300		311,564
TOTAL MATERIALS			$	1,310,105
TELECOMMUNICATION SERVICES – 1.1%
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.1%
Verizon Communications, Inc.		13,510		728,324
TOTAL COMMON STOCKS (COST $48,663,366)			$	68,165,252
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $48,663,366)			$	68,165,252
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.9%
REPURCHASE AGREEMENTS – 2.9%
Deutsche Bank Securities, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $947,566, collateralized by U.S. Treasury Securities 0.00% to 10.63%, maturing 05/15/13 to 05/15/42; total market value of $ 966,514.	$	947,562		947,562

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

    Wilmington Large-Cap Growth Fund (concluded)

Description	Par Value		Value
Morgan Stanley & Co. LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $1,000,005, collateralized by U.S. Government Securities 2.19% to 5.78%, maturing 09/01/23 to 03/01/43; total market value of $ 1,020,000.	$	1,000,000	$	1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,947,562)			$	1,947,562

	Value
TOTAL INVESTMENTS – 102.9% (COST $50,610,928)	$	70,112,814
COLLATERAL FOR SECURITIES ON LOAN – (2.9%)		(1,947,562	)
OTHER LIABILITIES LESS ASSETS – 0.0%**		(19,615	)
TOTAL NET ASSETS – 100.0%	$	68,145,637

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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

Description	Number of Shares		Value
COMMON STOCKS – 99.4%
CONSUMER DISCRETIONARY – 12.9%
AUTO COMPONENTS – 0.5%
BorgWarner, Inc.*		3,440	$	268,905
Delphi Automotive PLC		9,700		448,237
Gentex Corp.		2,390		53,775
Goodyear Tire & Rubber Co.*		4,660		58,227
Johnson Controls, Inc.		16,730		585,717
Lear Corp.		2,400		138,672
TRW Automotive Holdings Corp.*		2,910		174,804
Visteon Corp.*		1,500		88,185
			$	1,816,522
AUTOMOBILES – 0.5%
Ford Motor Co.		79,220		1,086,106

Description	Number of Shares		Value
General Motors Co.*		18,700	$	576,708
Harley-Davidson, Inc.		7,950		434,467
Tesla Motors, Inc.#, *		1,500		80,985
Thor Industries, Inc.		280		10,385
			$	2,188,651
DISTRIBUTORS – 0.2%
Genuine Parts Co.		4,960		378,597
LKQ Corp.*		12,480		300,518
			$	679,115
DIVERSIFIED CONSUMER SERVICES – 0.1%
Apollo Group, Inc.#,*		2,487		45,686
DeVry, Inc.		2,020		56,580
H&R Block, Inc.		6,160		170,878

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 27

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Service Corp. International		10,870	$	183,486
Weight Watchers International, Inc.#		1,560		65,785
			$	522,415
HOTELS, RESTAURANTS & LEISURE – 2.0%
Bally Technologies, Inc.#,*		700		37,296
Brinker International, Inc.		4,020		156,378
Carnival Corp.		6,620		228,456
Chipotle Mexican Grill, Inc.*		1,150		417,668
Choice Hotels International, Inc.#		60		2,344
Darden Restaurants, Inc.		2,540		131,140
Dunkin’ Brands Group, Inc.		900		34,929
International Game Technology		7,000		118,650
Las Vegas Sands Corp.		12,120		681,750
Marriott International, Inc.		7,072		304,520
McDonald’s Corp.		23,299		2,379,760
MGM Resorts International*		9,810		138,517
Panera Bread Co.*		845		149,759
Penn National Gaming, Inc.*		2,480		145,204
Royal Caribbean Cruises Ltd.		4,080		149,042
Starbucks Corp.		19,760		1,202,198
Starwood Hotels & Resorts Worldwide, Inc.		4,330		279,372
Wendy’s Co.		1,200		6,828
Wyndham Worldwide Corp.		3,460		207,877
Wynn Resorts Ltd.		2,320		318,536
Yum! Brands, Inc.		12,150		827,658
			$	7,917,882
HOUSEHOLD DURABLES – 0.5%
DR Horton, Inc.		7,070		184,386
Garmin Ltd.#		1,290		45,253
Harman International Industries, Inc.		1,180		52,758
Jarden Corp.*		2,340		105,323
Leggett & Platt, Inc.		3,670		118,321
Lennar Corp.#		5,410		223,000
Mohawk Industries, Inc.*		1,650		182,952
Newell Rubbermaid, Inc.		7,820		205,979
NVR, Inc.*		130		133,900
PulteGroup, Inc.*		10,140		212,839
Toll Brothers, Inc.*		4,050		138,956
Tupperware Brands Corp.		2,700		216,810
Whirlpool Corp.		2,450		279,986
			$	2,100,463
INTERNET & CATALOG RETAIL – 1.0%
Amazon.com, Inc.*		7,830		1,987,332
Expedia, Inc.		3,120		174,221
Liberty Interactive Corp.*		18,350		390,672
Liberty Ventures*		1,223		89,854
Netflix, Inc.*		1,880		406,212

Description	Number of Shares		Value
priceline.com, Inc.*		1,330	$	925,667
TripAdvisor, Inc.*		3,120		164,050
			$	4,138,008
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Hasbro, Inc.#		3,490		165,321
Mattel, Inc.		10,650		486,279
Polaris Industries, Inc.		2,000		172,380
			$	823,980
MEDIA – 3.9%
AMC Networks, Inc.*		1,685		106,172
Cablevision Systems Corp.		6,540		97,184
CBS Corp., Non-Voting		16,530		756,743
Charter Communications, Inc.*		1,300		130,962
Clear Channel Outdoor Holdings, Inc.*		500		3,615
Comcast Corp.		62,380		2,576,294
DIRECTV*		12,990		734,714
Discovery Communications, Inc.*		6,500		512,330
DISH Network Corp.		4,680		183,409
DreamWorks Animation SKG, Inc.#,*		2,490		48,007
Gannett Co., Inc.		7,690		155,030
Interpublic Group of Cos., Inc.#		8,720		120,685
John Wiley & Sons, Inc.		2,100		80,157
Lamar Advertising Co.*		2,400		112,368
Liberty Global, Inc.*		7,220		522,511
Liberty Media Corp.*		1,943		223,212
Madison Square Garden Co.*		2,187		131,810
Morningstar, Inc.		1,100		72,611
News Corp.		49,230		1,524,653
Omnicom Group, Inc.#		8,090		483,539
Regal Entertainment Group#		770		13,814
Scripps Networks Interactive, Inc.		2,280		151,802
Sirius XM Radio, Inc.#		123,100		400,075
Starz - Liberty Capital*		2,343		54,779
Thomson Reuters Corp.		5,800		194,242
Time Warner Cable, Inc.		8,524		800,318
Time Warner, Inc.		23,696		1,416,547
Viacom, Inc.		14,020		897,140
Virgin Media, Inc.		6,970		339,997
Walt Disney Co.		40,746		2,560,479
Washington Post Co.		140		62,068
			$	15,467,267
MULTILINE RETAIL – 0.7%
Big Lots, Inc.*		1,324		48,220
Dillard’s, Inc.		1,400		115,374
Dollar General Corp.*		3,900		203,151
Dollar Tree, Inc.*		6,562		312,089
Family Dollar Stores, Inc.		2,356		144,588

ANNUAL REPORT  /  April 30, 2013

28 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
JC Penney Co., Inc.#		2,330	$	38,259
Kohl’s Corp.		6,210		292,243
Macy’s, Inc.		9,280		413,888
Nordstrom, Inc.		5,880		332,749
Sears Canada, Inc.#		29		272
Sears Holdings Corp.#,*		70		3,594
Target Corp.		13,560		956,794
			$	2,861,221
SPECIALTY RETAIL – 2.5%
Aaron’s, Inc.		4,300		123,453
Abercrombie & Fitch Co.		2,400		118,944
Advance Auto Parts, Inc.		2,150		180,342
American Eagle Outfitters, Inc.		3,150		61,267
Ascena Retail Group, Inc.*		4,500		83,250
AutoNation, Inc.*		580		26,396
AutoZone, Inc.*		560		229,090
Bed Bath & Beyond, Inc.*		6,690		460,272
Best Buy Co., Inc.		5,680		147,623
CarMax, Inc.*		4,300		197,972
Chico’s FAS, Inc.		4,890		89,340
Dick’s Sporting Goods, Inc.		2,300		110,630
Foot Locker, Inc.		4,930		171,909
GameStop Corp.#		5,520		192,648
Gap, Inc.		7,190		273,148
GNC Holdings, Inc.		1,800		81,594
Guess?, Inc.#		1,160		32,109
Home Depot, Inc.		35,640		2,614,194
L Brands, Inc.		8,250		415,883
Lowe’s Cos., Inc.		26,300		1,010,446
O’Reilly Automotive, Inc.*		3,600		386,352
PetSmart, Inc.		3,860		263,406
Ross Stores, Inc.		5,880		388,492
Signet Jewelers Ltd.		1,420		97,597
Staples, Inc.		19,410		256,988
Tiffany & Co.		3,090		227,671
TJX Cos., Inc.		19,240		938,335
Tractor Supply Co.		2,800		300,076
Ulta Salon Cosmetics & Fragrance, Inc.*		1,600		140,240
Urban Outfitters, Inc.*		4,060		168,246
Williams-Sonoma, Inc.		3,640		195,395
			$	9,983,308
TEXTILES, APPAREL & LUXURY GOODS – 0.8%
Carter’s, Inc.*		1,400		91,546
Coach, Inc.		6,650		391,419
Deckers Outdoor Corp.#,*		400		22,048
Fossil, Inc.*		1,600		156,992
Hanesbrands, Inc.*		3,700		185,592

Description	Number of Shares		Value
Michael Kors Holdings Ltd.*		1,800	$	102,492
NIKE, Inc.		18,120		1,152,432
PVH Corp.		1,580		182,348
Ralph Lauren Corp.		1,900		345,002
Under Armour, Inc.#,*		2,200		125,576
VF Corp.		2,350		418,817
			$	3,174,264
TOTAL CONSUMER DISCRETIONARY			$	51,673,096
CONSUMER STAPLES – 10.0%
BEVERAGES – 2.1%
Beam, Inc.		4,760		308,020
Brown-Forman Corp.		5,097		359,338
Coca-Cola Co.		90,882		3,847,035
Coca-Cola Enterprises, Inc.		8,840		323,809
Constellation Brands, Inc.*		4,630		228,490
Dr Pepper Snapple Group, Inc.		3,150		153,814
Molson Coors Brewing Co.		2,550		131,580
Monster Beverage Corp.*		3,668		206,875
PepsiCo, Inc.		35,299		2,911,109
			$	8,470,070
FOOD & STAPLES RETAILING – 2.1%
Costco Wholesale Corp.		9,160		993,219
CVS Caremark Corp.		30,800		1,791,944
Kroger Co.		12,336		424,112
Safeway, Inc.		6,550		147,506
Sysco Corp.		13,490		470,261
Walgreen Co.		20,420		1,010,994
Wal-Mart Stores, Inc.		39,333		3,056,961
Whole Foods Market, Inc.		5,570		491,942
			$	8,386,939
FOOD PRODUCTS – 1.9%
Archer-Daniels-Midland Co.		16,640		564,762
Bunge Ltd.		3,070		221,685
Campbell Soup Co.		3,656		169,675
ConAgra Foods, Inc.		12,530		443,186
Dean Foods Co.*		3,360		64,310
Flowers Foods, Inc.		6,225		205,051
General Mills, Inc.		16,184		815,997
Green Mountain Coffee Roasters, Inc.#,*		3,940		226,156
Hershey Co.		4,640		413,702
Hillshire Brands Co.		3,300		118,503
HJ Heinz Co.		8,980		650,332
Hormel Foods Corp.		3,460		142,794
Ingredion, Inc.		2,270		163,463
JM Smucker Co.		2,799		288,941
Kellogg Co.		4,340		282,274

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 29

    Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Kraft Foods Group, Inc.		11,762	$	605,625
McCormick & Co., Inc.		5,030		361,858
Mead Johnson Nutrition Co.		5,050		409,505
Mondelez International, Inc.		40,587		1,276,461
Smithfield Foods, Inc.*		4,810		123,136
Tyson Foods, Inc.		6,100		150,243
WhiteWave Foods Co.#,*		7,500		126,825
			$	7,824,484
HOUSEHOLD PRODUCTS – 2.0%
Church & Dwight Co., Inc.		4,792		306,161
Clorox Co.		2,068		178,365
Colgate-Palmolive Co.		11,588		1,383,723
Energizer Holdings, Inc.		2,290		221,191
Kimberly-Clark Corp.		9,440		974,114
Procter & Gamble Co.		62,506		4,798,586
			$	7,862,140
PERSONAL PRODUCTS – 0.3%
Avon Products, Inc.		13,970		323,545
Estee Lauder Cos., Inc.		7,580		525,673
Herbalife Ltd.#		3,960		157,252
Nu Skin Enterprises, Inc.#		1,600		81,168
			$	1,087,638
TOBACCO – 1.6%
Altria Group, Inc.		49,250		1,798,117
Lorillard, Inc.		9,820		421,180
Philip Morris International, Inc.		39,760		3,800,658
Reynolds American, Inc.		10,040		476,097
			$	6,496,052
TOTAL CONSUMER STAPLES			$	40,127,323
ENERGY – 9.6%
ENERGY EQUIPMENT & SERVICES – 1.6%
Atwood Oceanics, Inc.*		2,650		129,982
Baker Hughes, Inc.		8,800		399,432
Cameron International Corp.*		7,180		441,929
CARBO Ceramics, Inc.#		700		49,455
Diamond Offshore Drilling, Inc.#		1,440		99,504
Dresser-Rand Group, Inc.*		2,070		115,113
Era Group, Inc.*		660		15,081
FMC Technologies, Inc.*		5,060		274,758
Halliburton Co.		21,630		925,115
Helmerich & Payne, Inc.		3,080		180,550
McDermott International, Inc.*		5,080		54,254
Nabors Industries Ltd.		7,430		109,890
National Oilwell Varco, Inc.		9,655		629,699
Oceaneering International, Inc.		3,480		244,192
Oil States International, Inc.*		1,360		121,530

Description	Number of Shares		Value
Patterson-UTI Energy, Inc.		4,330	$	91,320
Rowan Cos. PLC*		3,240		105,397
RPC, Inc.#		450		5,958
Schlumberger Ltd.		28,584		2,127,507
SEACOR Holdings, Inc.		660		47,593
Superior Energy Services, Inc.*		2,740		75,597
Tidewater, Inc.		1,660		87,067
Unit Corp.*		220		9,247
			$	6,340,170
OIL, GAS & CONSUMABLE FUELS – 8.0%
Alpha Natural Resources, Inc.*		7,134		52,934
Anadarko Petroleum Corp.		11,850		1,004,406
Apache Corp.		9,373		692,477
Cabot Oil & Gas Corp.		6,240		424,632
Cheniere Energy, Inc.*		5,400		153,792
Chesapeake Energy Corp.		17,500		341,950
Chevron Corp.		44,700		5,453,847
Cimarex Energy Co.		2,050		150,019
Cobalt International Energy, Inc.*		3,900		108,966
Concho Resources, Inc.*		3,280		282,506
ConocoPhillips		27,560		1,666,002
CONSOL Energy, Inc.		7,300		245,572
Continental Resources, Inc.*		1,360		108,691
Denbury Resources, Inc.*		9,115		163,067
Devon Energy Corp.		9,400		517,564
Energen Corp.		3,830		181,619
EOG Resources, Inc.		5,800		702,728
EQT Corp.		3,450		259,164
EXCO Resources, Inc.#		2,470		17,932
Exxon Mobil Corp.		105,483		9,386,932
Hess Corp.		7,890		569,500
HollyFrontier Corp.		5,240		259,118
Kinder Morgan, Inc.		10,605		414,656
Marathon Oil Corp.		18,430		602,108
Marathon Petroleum Corp.		9,065		710,333
Murphy Oil Corp.		5,550		344,600
Newfield Exploration Co.*		2,560		55,782
Noble Energy, Inc.		4,360		493,944
Occidental Petroleum Corp.		18,000		1,606,680
Peabody Energy Corp.		9,470		189,968
Phillips 66		14,730		897,794
Pioneer Natural Resources Co.		3,720		454,696
Plains Exploration & Production Co.*		2,591		117,113
QEP Resources, Inc.		6,500		186,615
Range Resources Corp.		3,750		275,700
Sandridge Energy, Inc.#,*		19,430		99,870
SM Energy Co.		1,570		95,770

ANNUAL REPORT  /  April 30, 2013

30 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Southwestern Energy Co.*		10,028	$	375,248
Spectra Energy Corp.		13,700		431,961
Teekay Corp.		520		18,512
Tesoro Corp.		4,440		237,096
Ultra Petroleum Corp.#,*		4,800		102,720
Valero Energy Corp.		15,470		623,750
Whiting Petroleum Corp.*		4,100		182,450
Williams Cos., Inc.		15,850		604,361
World Fuel Services Corp.		3,100		125,705
WPX Energy, Inc.*		5,116		79,963
			$	32,070,813
TOTAL ENERGY			$	38,410,983
FINANCIALS – 16.7%
CAPITAL MARKETS – 2.2%
Affiliated Managers Group, Inc.*		1,470		228,850
American Capital Ltd.*		11,200		169,456
Ameriprise Financial, Inc.		5,240		390,537
Ares Capital Corp.		7,500		136,200
Bank of New York Mellon Corp.		30,670		865,507
BlackRock, Inc.		3,160		842,140
Charles Schwab Corp.		28,070		476,067
E*TRADE Financial Corp.*		4,900		50,421
Eaton Vance Corp.		4,670		186,240
Federated Investors, Inc.#		470		10,791
Franklin Resources, Inc.		2,780		429,955
Goldman Sachs Group, Inc.		11,590		1,692,951
Invesco Ltd.		8,870		281,534
Janus Capital Group, Inc.#		6,350		56,642
Lazard Ltd.		3,550		120,345
Legg Mason, Inc.		3,910		124,573
LPL Financial Holdings, Inc.		1,100		38,016
Morgan Stanley		35,196		779,591
Northern Trust Corp.		5,680		306,266
Raymond James Financial, Inc.		2,010		83,254
SEI Investments Co.		1,940		55,600
State Street Corp.		12,520		732,044
T Rowe Price Group, Inc.		8,280		600,300
TD Ameritrade Holding Corp.		5,650		112,492
Waddell & Reed Financial, Inc.		2,740		117,464
			$	8,887,236
COMMERCIAL BANKS – 2.6%
Associated Banc-Corp.#		5,285		75,417
Bank of Hawaii Corp.		770		36,721
BB&T Corp.		17,690		544,321
BOK Financial Corp.		320		19,997
CapitalSource, Inc.		4,720		42,244

Description	Number of Shares		Value
CIT Group, Inc.*		6,200	$	263,562
City National Corp.#		940		53,796
Comerica, Inc.		3,630		131,587
Commerce Bancshares, Inc.		487		19,534
Cullen/Frost Bankers, Inc.#		1,440		86,990
East West Bancorp, Inc.		2,500		60,825
Fifth Third Bancorp		19,900		338,897
First Citizens Bancshares, Inc.		50		9,321
First Horizon National Corp.		6,384		66,394
First Niagara Financial Group, Inc.		10,030		95,385
First Republic Bank		1,000		37,980
Fulton Financial Corp.		7,410		81,955
Huntington Bancshares, Inc.		21,541		154,449
KeyCorp		29,870		297,804
M&T Bank Corp.§		3,410		341,682
PNC Financial Services Group, Inc.		13,160		893,301
Popular, Inc.*		4,400		125,356
Regions Financial Corp.		40,756		346,018
Signature Bank*		1,100		78,771
SunTrust Banks, Inc.		14,880		435,240
Synovus Financial Corp.		15,640		42,072
TCF Financial Corp.		4,310		62,711
US Bancorp		38,620		1,285,274
Valley National Bancorp#		5,622		50,542
Wells Fargo & Co.		105,605		4,010,878
Zions Bancorporation		4,790		117,930
			$	10,206,954
CONSUMER FINANCE – 0.8%
American Express Co.		25,260		1,728,037
Capital One Financial Corp.		14,100		814,698
Discover Financial Services		12,480		545,875
SLM Corp.		11,460		236,649
			$	3,325,259
DIVERSIFIED FINANCIAL SERVICES – 3.2%
Bank of America Corp.		250,690		3,085,994
CBOE Holdings, Inc.		500		18,765
Citigroup, Inc.		65,702		3,065,655
CME Group, Inc.		5,600		340,816
Interactive Brokers Group, Inc.		8,800		132,528
IntercontinentalExchange, Inc.*		2,100		342,153
JPMorgan Chase & Co.		86,220		4,225,642
Leucadia National Corp.		7,710		238,162
McGraw Hill Financial, Inc.		7,440		402,578
Moody’s Corp.		5,440		331,024
MSCI, Inc.*		2,520		85,932

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 31

    Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
NASDAQ OMX Group, Inc.		3,830	$	112,908
NYSE Euronext		7,120		276,327
			$	12,658,484
INSURANCE – 4.1%
ACE Ltd.		7,700		686,378
Aflac, Inc.		10,450		568,898
Alleghany Corp.*		256		100,797
Allied World Assurance Co. Holdings AG		930		84,453
Allstate Corp.		10,780		531,023
American Financial Group, Inc.		3,800		183,426
American International Group, Inc.*		16,150		668,933
American National Insurance Co.		2,100		197,463
Aon PLC		9,150		552,203
Arch Capital Group Ltd.*		3,540		187,832
Arthur J Gallagher & Co.		3,880		164,706
Aspen Insurance Holdings, Ltd.		190		7,256
Assurant, Inc.		3,530		167,816
Assured Guaranty Ltd.		6,700		138,221
Axis Capital Holdings Ltd.		3,280		146,386
Berkshire Hathaway, Inc.*		41,206		4,381,022
Brown & Brown, Inc.		2,170		67,248
Chubb Corp.		6,650		585,665
Cincinnati Financial Corp.		4,606		225,279
CNA Financial Corp.		1,050		35,395
Endurance Specialty Holdings Ltd.		3,000		146,910
Erie Indemnity Co.		2,170		172,667
Everest Re Group Ltd.		1,770		238,932
Fidelity National Financial, Inc.		6,220		167,007
Genworth Financial, Inc.*		10,160		101,905
Hanover Insurance Group, Inc.		3,600		181,548
Hartford Financial Services Group, Inc.		13,390		376,125
HCC Insurance Holdings, Inc.		3,670		156,342
Kemper Corp.		370		11,788
Lincoln National Corp.		6,070		206,441
Loews Corp.		8,090		361,380
Markel Corp.#,*		180		96,525
Marsh & McLennan Cos., Inc.		14,040		533,660
MBIA, Inc.#,*		1,650		15,609
Mercury General Corp.		370		16,913
MetLife, Inc.		17,401		678,465
Old Republic International Corp.		6,600		89,100
PartnerRe Ltd.		870		82,076
Principal Financial Group, Inc.		4,690		169,309
ProAssurance Corp.		500		24,495
Progressive Corp.		15,080		381,373
Protective Life Corp.		1,130		43,008
Prudential Financial, Inc.		9,430		569,761

Description	Number of Shares		Value
Reinsurance Group of America, Inc.		1,690	$	105,710
RenaissanceRe Holdings Ltd.		1,320		123,935
StanCorp Financial Group, Inc.		2,140		92,405
Torchmark Corp.		2,730		169,451
Travelers Cos., Inc.		9,180		784,064
Unum Group		7,510		209,454
Validus Holdings Ltd.		3,370		130,116
White Mountains Insurance Group Ltd.		160		92,530
WR Berkley Corp.		3,580		155,444
XL Group PLC		6,420		199,919
			$	16,564,767
REAL ESTATE INVESTMENT TRUSTS – 3.5%
Alexandria Real Estate Equities, Inc.		2,640		192,113
American Capital Agency Corp.		9,500		316,445
American Tower Corp.		10,160		853,338
Annaly Capital Management, Inc.		26,450		421,613
Apartment Investment & Management Co.		3,970		123,507
AvalonBay Communities, Inc.		2,622		348,831
BioMed Realty Trust, Inc.		10,100		227,351
Boston Properties, Inc.		4,150		454,134
Brandywine Realty Trust		9,630		143,776
BRE Properties, Inc.		5,400		272,592
Camden Property Trust		1,970		142,510
CBL & Associates Properties, Inc.		5,000		120,700
Chimera Investment Corp.		42,300		139,590
CommonWealth REIT		4,542		101,423
Corporate Office Properties Trust		1,820		52,762
Corrections Corp. of America		3,600		130,320
DDR Corp.		2,800		51,352
Digital Realty Trust, Inc.#		4,660		328,623
Douglas Emmett, Inc.		4,410		115,410
Duke Realty Corp.		6,310		111,308
Equity Residential		7,350		426,741
Essex Property Trust, Inc.		1,050		164,902
Extra Space Storage, Inc.		2,200		95,876
Federal Realty Investment Trust		1,170		136,902
General Growth Properties, Inc.		16,243		369,041
Hatteras Financial Corp.		4,300		117,519
HCP, Inc.		10,670		568,711
Health Care REIT, Inc.		6,220		466,313
Home Properties, Inc.		1,000		64,460
Hospitality Properties Trust		4,950		145,580
Host Hotels & Resorts, Inc.		12,540		229,106
Kilroy Realty Corp.		2,000		113,180
Kimco Realty Corp.		6,880		163,606
Liberty Property Trust		1,340		57,607
Macerich Co.		2,510		175,826

ANNUAL REPORT  /  April 30, 2013

32 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Mack-Cali Realty Corp.		7,230	$	200,777
MFA Financial, Inc.		13,600		126,072
Mid-America Apartment Communities, Inc.		500		34,365
National Retail Properties, Inc.#		3,600		142,848
Piedmont Office Realty Trust, Inc.		3,300		67,716
Plum Creek Timber Co., Inc.		3,210		165,443
Post Properties, Inc.		3,200		158,176
Prologis, Inc.		9,810		411,530
Public Storage		3,760		620,400
Rayonier, Inc.		3,915		232,629
Realty Income Corp.#		3,910		199,293
Regency Centers Corp.		2,060		115,896
Senior Housing Properties Trust		7,640		217,205
Simon Property Group, Inc.		7,633		1,359,208
SL Green Realty Corp.		1,990		180,493
Tanger Factory Outlet Centers		3,100		115,072
Taubman Centers, Inc.		1,850		158,194
UDR, Inc.		8,480		208,438
Ventas, Inc.		6,866		546,740
Vornado Realty Trust		2,773		242,804
Weingarten Realty Investors		3,560		121,289
Weyerhaeuser Co.		14,010		427,445
			$	13,995,101
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
Alexander & Baldwin, Inc.*		260		8,856
CBRE Group, Inc.*		8,910		215,800
Forest City Enterprises, Inc.*		11,400		212,838
Howard Hughes Corp.*		658		62,102
Jones Lang LaSalle, Inc.		1,370		135,657
St Joe Co.#,*		2,820		55,187
			$	690,440
THRIFTS & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.		16,032		133,226
New York Community Bancorp, Inc.#		10,240		138,752
People’s United Financial, Inc.		7,600		100,016
TFS Financial Corp.*		250		2,718
Washington Federal, Inc.		270		4,636
			$	379,348
TOTAL FINANCIALS			$	66,707,589
HEALTH CARE – 12.3%
BIOTECHNOLOGY – 2.2%
Alexion Pharmaceuticals, Inc.*		5,540		542,920
Amgen, Inc.		18,684		1,947,060
Ariad Pharmaceuticals, Inc.*		3,900		69,693
Biogen Idec, Inc.*		6,400		1,401,152
BioMarin Pharmaceutical, Inc.*		3,000		196,800

Description	Number of Shares		Value
Celgene Corp.*		10,083	$	1,190,500
Gilead Sciences, Inc.*		35,754		1,810,583
Incyte Corp. Ltd.#,*		800		17,720
Medivation, Inc.*		1,800		94,878
Myriad Genetics, Inc.*		2,310		64,334
Onyx Pharmaceuticals, Inc.*		2,500		237,000
Regeneron Pharmaceuticals, Inc.*		2,400		516,336
United Therapeutics Corp.*		1,340		89,485
Vertex Pharmaceuticals, Inc.*		5,983		459,614
			$	8,638,075
HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%
Abbott Laboratories		34,109		1,259,304
Alere, Inc.*		2,650		68,052
Baxter International, Inc.		12,850		897,829
Becton Dickinson & Co.		6,160		580,888
Boston Scientific Corp.*		42,300		316,827
CareFusion Corp.*		4,900		163,856
Cooper Cos., Inc.		2,050		226,320
Covidien PLC		10,700		683,088
CR Bard, Inc.		2,280		226,541
DENTSPLY International, Inc.		3,670		155,424
Edwards Lifesciences Corp.*		3,286		209,614
Hill-Rom Holdings, Inc.		2,260		76,998
Hologic, Inc.*		8,040		163,775
IDEXX Laboratories, Inc.#,*		1,790		157,448
Intuitive Surgical, Inc.*		1,000		492,290
Medtronic, Inc.		23,960		1,118,453
ResMed, Inc.#		4,620		221,852
Sirona Dental Systems, Inc.*		1,700		125,018
St Jude Medical, Inc.		7,370		303,791
Stryker Corp.		9,400		616,452
Teleflex, Inc.		1,160		90,631
Thoratec Corp.*		100		3,620
Varian Medical Systems, Inc.*		2,750		179,135
Zimmer Holdings, Inc.		3,010		230,115
			$	8,567,321
HEALTH CARE PROVIDERS & SERVICES – 2.1%
Aetna, Inc.		9,220		529,597
AmerisourceBergen Corp.		8,170		442,160
Brookdale Senior Living, Inc.*		470		12,121
Cardinal Health, Inc.		11,200		495,264
Catamaran Corp.*		5,812		335,527
Cigna Corp.		7,890		522,081
Community Health Systems, Inc.		2,990		136,254
Coventry Health Care, Inc.		3,890		192,749
DaVita Healthcare Partners, Inc.*		2,294		272,183

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

    Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Express Scripts Holding Co.*		17,862	$	1,060,467
HCA Holdings, Inc.		5,500		219,395
Health Management Associates, Inc.*		3,700		42,513
Health Net, Inc.*		1,220		35,868
Henry Schein, Inc.*		3,760		339,904
Humana, Inc.		3,970		294,217
Laboratory Corp. of America Holdings*		3,110		290,350
LifePoint Hospitals, Inc.*		2,330		111,840
McKesson Corp.		6,300		666,666
MEDNAX, Inc.*		1,370		121,560
Omnicare, Inc.		1,959		85,745
Patterson Cos., Inc.		970		36,812
Quest Diagnostics, Inc.		2,850		160,541
Tenet Healthcare Corp.*		2,425		109,998
UnitedHealth Group, Inc.		19,920		1,193,806
Universal Health Services, Inc.		2,580		171,802
VCA Antech, Inc.*		5,570		134,237
WellPoint, Inc.		7,010		511,169
			$	8,524,826
HEALTH CARE TECHNOLOGY – 0.1%
Allscripts Healthcare Solutions, Inc.*		4,700		65,048
Cerner Corp.*		4,820		466,431
			$	531,479
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Agilent Technologies, Inc.		9,890		409,842
Bio-Rad Laboratories, Inc.*		890		106,577
Charles River Laboratories International,
Inc.*		1,920		83,501
Covance, Inc.*		2,340		174,470
Illumina, Inc.#,*		2,600		168,194
Life Technologies Corp.*		4,831		355,996
Mettler-Toledo International, Inc.*		920		192,243
PerkinElmer, Inc.		3,470		106,356
QIAGEN NV*		7,500		149,100
Thermo Fisher Scientific, Inc.		9,120		735,802
Waters Corp.*		2,810		259,644
			$	2,741,725
PHARMACEUTICALS – 5.0%
AbbVie, Inc.		31,209		1,437,174
Actavis, Inc.*		3,920		414,462
Allergan, Inc.		7,800		885,690
Bristol-Myers Squibb Co.		38,600		1,533,192
Eli Lilly & Co.		24,090		1,334,104
Endo Health Solutions, Inc.*		3,410		124,942
Forest Laboratories, Inc.*		5,230		195,654
Hospira, Inc.*		2,070		68,558
Johnson & Johnson		61,220		5,217,781

Description	Number of Shares		Value
Merck & Co., Inc.		68,046	$	3,198,162
Mylan, Inc.*		12,130		353,104
Perrigo Co.		1,460		174,339
Pfizer, Inc.		167,007		4,854,893
Salix Pharmaceuticals Ltd.*		1,600		83,664
Valeant Pharmaceuticals International, Inc.#,*		2		152
Warner Chilcott PLC		5,600		80,528
			$	19,956,399
TOTAL HEALTH CARE			$	48,959,825
INDUSTRIALS – 10.9%
AEROSPACE & DEFENSE – 2.2%
Alliant Techsystems, Inc.		1,020		75,847
B/E Aerospace, Inc.*		2,900		181,946
Boeing Co.		17,890		1,635,325
Engility Holdings, Inc.*		285		6,829
Exelis, Inc.		5,070		56,632
General Dynamics Corp.		4,710		348,352
Honeywell International, Inc.		18,770		1,380,346
Huntington Ingalls Industries, Inc.		1,645		87,020
L-3 Communications Holdings, Inc.		1,610		130,813
Lockheed Martin Corp.		5,350		530,132
Northrop Grumman Corp.		5,470		414,298
Precision Castparts Corp.		3,590		686,731
Raytheon Co.		7,620		467,716
Rockwell Collins, Inc.		2,870		180,580
Spirit Aerosystems Holdings, Inc.*		1,940		38,781
Textron, Inc.		6,370		164,028
TransDigm Group, Inc.		1,290		189,372
Triumph Group, Inc.		1,500		119,850
United Technologies Corp.		21,860		1,995,599
			$	8,690,197
AIR FREIGHT & LOGISTICS – 0.6%
CH Robinson Worldwide, Inc.		4,384		260,366
Expeditors International of Washington, Inc.		4,180		150,187
FedEx Corp.		6,560		616,706
United Parcel Service, Inc.		17,250		1,480,740
UTi Worldwide, Inc.		800		11,752
			$	2,519,751
AIRLINES – 0.3%
Copa Holdings SA		720		90,418
Delta Air Lines, Inc.*		27,020		463,123
Southwest Airlines Co.		14,830		203,171
United Continental Holdings, Inc.*		9,933		320,836
			$	1,077,548

ANNUAL REPORT  /  April 30, 2013

34 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
BUILDING PRODUCTS – 0.1%
Armstrong World Industries, Inc.*		40	$	2,042
Fortune Brands Home & Security, Inc.*		4,760		173,216
Lennox International, Inc.		1,490		92,380
Masco Corp.		9,130		177,487
Owens Corning*		3,690		155,201
			$	600,326
COMMERCIAL SERVICES & SUPPLIES – 0.7%
ADT Corp.		8,850		386,214
Avery Dennison Corp.		3,210		133,054
Cintas Corp.		3,520		157,942
Clean Harbors, Inc.*		1,300		74,061
Copart, Inc.*		1,880		66,270
Iron Mountain, Inc.		4,134		156,513
KAR Auction Services, Inc.		100		2,237
Pitney Bowes, Inc.#		2,430		33,218
Republic Services, Inc.		8,540		291,043
RR Donnelley & Sons Co.#		11,770		144,889
Stericycle, Inc.*		2,852		308,929
Tyco International Ltd.		16,500		529,980
Waste Connections, Inc.		5,175		196,391
Waste Management, Inc.		9,040		370,459
			$	2,851,200
CONSTRUCTION & ENGINEERING – 0.3%
AECOM Technology Corp.*		1,800		52,326
Chicago Bridge & Iron Co. NV		1,682		90,475
Fluor Corp.		5,270		300,285
Jacobs Engineering Group, Inc.*		3,750		189,300
KBR, Inc.		5,870		176,570
Quanta Services, Inc.*		5,010		137,675
URS Corp.		2,220		97,502
			$	1,044,133
ELECTRICAL EQUIPMENT – 0.8%
AMETEK, Inc.		6,780		276,014
Babcock & Wilcox Co.		2,940		79,968
Eaton Corp. PLC		12,428		763,203
Emerson Electric Co.		15,290		848,748
General Cable Corp.*		1,060		36,549
GrafTech International Ltd.#,*		5,400		38,772
Hubbell, Inc.		1,590		152,576
Polypore International, Inc.#,*		1,700		71,281
Regal-Beloit Corp.		600		47,172
Rockwell Automation, Inc.		3,820		323,860
Roper Industries, Inc.		3,210		384,077
			$	3,022,220

Description	Number of Shares		Value
INDUSTRIAL CONGLOMERATES – 2.0%
3M Co.		16,310	$	1,707,820
Carlisle Cos., Inc.		1,890		122,604
Danaher Corp.		15,480		943,351
General Electric Co.		236,720		5,276,489
			$	8,050,264
MACHINERY – 2.2%
AGCO Corp.		2,760		146,970
Caterpillar, Inc.		15,100		1,278,517
CNH Global N.V.		100		4,113
Crane Co.		50		2,691
Cummins, Inc.		4,420		470,244
Deere & Co.		10,350		924,255
Donaldson Co., Inc.		4,860		176,807
Dover Corp.		3,860		266,263
Flowserve Corp.		1,140		180,257
Gardner Denver, Inc.		1,030		77,343
Graco, Inc.		2,140		129,534
Harsco Corp.		1,810		39,512
IDEX Corp.		2,120		110,304
Illinois Tool Works, Inc.		11,000		710,160
Ingersoll-Rand PLC		8,500		457,300
ITT Corp.		2,535		69,966
Joy Global, Inc.		3,180		179,734
Kennametal, Inc.		2,650		105,974
Lincoln Electric Holdings, Inc.		2,600		137,176
Manitowoc Co., Inc.		3,910		73,352
Navistar International Corp.#,*		1,680		55,642
Nordson Corp.		2,000		138,980
Oshkosh Corp.*		3,290		129,165
PACCAR, Inc.		10,190		507,258
Pall Corp.		3,170		211,471
Parker Hannifin Corp.		4,500		398,565
Pentair Ltd.		4,766		259,032
Snap-On, Inc.		1,780		153,436
SPX Corp.		1,230		91,647
Stanley Black & Decker, Inc.		3,320		248,369
Tempur-Pedic International, Inc.*		3,000		145,500
Terex Corp.*		2,030		58,058
Timken Co.		2,400		126,168
Toro Co.		3,140		141,331
Trinity Industries, Inc.		1,080		45,587
Valmont Industries, Inc.		1,060		154,474
WABCO Holdings, Inc.*		2,050		148,072
Wabtec Corp.		910		95,495
Xylem, Inc.		1,270		35,243
			$	8,683,965

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

    Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MARINE – 0.0%**
Kirby Corp.*		1,500	$	112,335
Matson, Inc.		760		17,890
			$	130,225
PROFESSIONAL SERVICES – 0.3%
Dun & Bradstreet Corp.#		930		82,258
Equifax, Inc.		4,060		248,472
IHS, Inc.*		2,140		208,500
Manpowergroup, Inc.		1,860		98,878
Nielsen Holdings NV		2,100		72,702
Robert Half International, Inc.		4,810		157,864
Towers Watson & Co.		2,800		204,176
Verisk Analytics, Inc.*		4,000		245,160
			$	1,318,010
ROAD & RAIL – 1.0%
Con-way, Inc.		1,840		62,192
CSX Corp.		31,200		767,208
Hertz Global Holdings, Inc.*		8,050		193,844
JB Hunt Transport Services, Inc.		2,980		211,789
Kansas City Southern		2,800		305,396
Landstar System, Inc.		1,590		86,909
Norfolk Southern Corp.		6,860		531,101
Ryder System, Inc.		1,640		95,235
Union Pacific Corp.		11,660		1,725,214
			$	3,978,888
TRADING COMPANIES & DISTRIBUTORS – 0.4%
Air Lease Corp.		4,200		115,542
Fastenal Co.		9,660		473,823
GATX Corp.		2,490		126,865
MSC Industrial Direct Co., Inc.		1,390		109,532
United Rentals, Inc.*		2,600		136,786
WESCO International, Inc.#,*		2,180		156,284
WW Grainger, Inc.		1,510		372,170
			$	1,491,002
TOTAL INDUSTRIALS			$	43,457,729
INFORMATION TECHNOLOGY – 16.8%
COMMUNICATIONS EQUIPMENT – 1.5%
Brocade Communications Systems, Inc.*		8,790		51,158
Cisco Systems, Inc.		119,320		2,496,174
EchoStar Corp.*		270		10,603
F5 Networks, Inc.*		1,710		130,695
Harris Corp.		1,740		80,388
JDS Uniphase Corp.*		5,850		78,975
Juniper Networks, Inc.*		16,040		265,462
Motorola Solutions, Inc.		7,790		445,588
Polycom, Inc.*		3,200		33,600

Description	Number of Shares		Value
QUALCOMM, Inc.		38,900	$	2,397,018
Riverbed Technology, Inc.*		4,200		62,412
			$	6,052,073
COMPUTERS & PERIPHERALS – 3.3%
Apple, Inc.		20,840		9,226,910
Dell, Inc.		37,750		505,850
Diebold, Inc.		973		28,499
EMC Corp.*		52,570		1,179,145
Fusion-io, Inc.#,*		300		5,634
Hewlett-Packard Co.		47,090		970,054
Lexmark International, Inc.#		2,230		67,591
NCR Corp.*		5,320		145,076
NetApp, Inc.*		8,543		298,065
SanDisk Corp.*		6,450		338,238
Stratasys Ltd.#,*		200		16,610
Western Digital Corp.		7,080		391,382
			$	13,173,054
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp.		5,350		404,032
Arrow Electronics, Inc.*		3,540		138,874
Avnet, Inc.*		6,360		208,290
AVX Corp.		200		2,262
Corning, Inc.		35,340		512,430
Dolby Laboratories, Inc.#		1,350		44,347
FLIR Systems, Inc.		3,390		82,411
Ingram Micro, Inc.*		4,200		74,802
IPG Photonics Corp.		100		6,368
Itron, Inc.*		70		2,775
Jabil Circuit, Inc.		5,240		93,272
Molex, Inc.		3,650		100,631
National Instruments Corp.		2,880		78,710
Tech Data Corp.*		1,700		79,441
Trimble Navigation Ltd.*		7,700		221,298
Vishay Intertechnology, Inc.*		2,370		33,275
			$	2,083,218
INTERNET SOFTWARE & SERVICES – 2.2%
Akamai Technologies, Inc.*		4,850		212,963
AOL, Inc.		2,331		90,070
eBay, Inc.*		25,220		1,321,276
Equinix, Inc.*		1,290		276,189
Facebook, Inc.*		11,200		310,912
Google, Inc.*		5,885		4,852,594
IAC/InterActiveCorp		1,130		53,189
Linkedin Corp.*		2,200		422,598
Rackspace Hosting, Inc.*		2,800		134,960

ANNUAL REPORT  /  April 30, 2013

36 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
VeriSign, Inc.*		3,950	$	181,977
Yahoo!, Inc.*		27,970		691,698
			$	8,548,426
IT SERVICES – 3.6%
Accenture PLC		16,100		1,311,184
Alliance Data Systems Corp.*		2,090		358,999
Amdocs Ltd.		2,720		97,104
Automatic Data Processing, Inc.		12,330		830,302
Broadridge Financial Solutions, Inc.		3,630		91,403
Cognizant Technology Solutions Corp.*		7,470		484,056
Computer Sciences Corp.		3,600		168,660
CoreLogic, Inc.*		680		18,550
DST Systems, Inc.		170		11,755
Fidelity National Information Services, Inc.		7,543		317,183
Fiserv, Inc.*		3,830		348,951
FleetCor Technologies, Inc.*		2,100		161,490
Gartner, Inc.*		1,700		98,345
Genpact Ltd.		400		7,440
Global Payments, Inc.		3,250		150,800
International Business Machines Corp.		25,100		5,083,754
Jack Henry & Associates, Inc.		1,900		88,160
Lender Processing Services, Inc.		770		21,360
Mastercard, Inc.		2,580		1,426,559
NeuStar, Inc.*		3,350		146,965
Paychex, Inc.#		9,570		348,444
SAIC, Inc.#		8,800		131,472
Teradata Corp.*		4,070		207,855
Total System Services, Inc.		4,520		106,762
VeriFone Systems, Inc.*		2,600		55,848
Visa, Inc.		12,130		2,043,420
Western Union Co.		19,890		294,571
			$	14,411,392
OFFICE ELECTRONICS – 0.1%
Xerox Corp.		33,560		287,945
Zebra Technologies Corp.*		350		16,328
			$	304,273
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.1%
Advanced Micro Devices, Inc.#,*		12,850		36,237
Altera Corp.		7,030		225,030
Analog Devices, Inc.		8,820		387,992
Applied Materials, Inc.		32,580		472,736
Atmel Corp.*		11,220		72,593
Avago Technologies Ltd.		6,100		194,956
Broadcom Corp.		9,630		346,680
Cree, Inc.#,*		3,430		194,035
Cypress Semiconductor Corp.		5,630		56,807

Description	Number of Shares		Value
Fairchild Semiconductor International, Inc.*		1,810	$	23,349
Intel Corp.		111,670		2,674,496
KLA-Tencor Corp.		3,550		192,588
Lam Research Corp.*		4,680		216,310
Linear Technology Corp.		6,470		236,155
LSI Corp.*		19,800		129,492
Marvell Technology Group Ltd.		11,030		118,683
Maxim Integrated Products, Inc.		11,920		368,686
Microchip Technology, Inc.#		7,240		263,681
Micron Technology, Inc.*		30,770		289,853
NVIDIA Corp.		21,480		295,780
ON Semiconductor Corp.*		10,570		83,080
PMC - Sierra, Inc.*		7,550		43,488
Silicon Laboratories, Inc.*		1,380		54,800
Skyworks Solutions, Inc.*		4,800		105,936
Teradyne, Inc.*		3,450		56,718
Texas Instruments, Inc.		29,750		1,077,248
Xilinx, Inc.		8,200		310,862
			$	8,528,271
SOFTWARE – 3.5%
Activision Blizzard, Inc.		8,770		131,111
Adobe Systems, Inc.*		14,080		634,726
ANSYS, Inc.*		2,280		184,361
Autodesk, Inc.*		5,030		198,081
BMC Software, Inc.*		2,550		115,974
CA, Inc.		7,980		215,221
Cadence Design Systems, Inc.*		12,310		169,878
Citrix Systems, Inc.*		5,930		368,668
Compuware Corp.*		1,080		12,960
Concur Technologies, Inc.#,*		1,100		80,421
Electronic Arts, Inc.*		11,160		196,528
FactSet Research Systems, Inc.		1,540		144,868
Fortinet, Inc.*		4,000		71,840
Informatica Corp.*		3,500		115,255
Intuit, Inc.		9,040		539,146
MICROS Systems, Inc.*		3,420		145,042
Microsoft Corp.		166,540		5,512,474
Netsuite, Inc.#,*		1,200		105,552
Nuance Communications, Inc.#,*		7,200		137,088
Oracle Corp.		84,200		2,760,076
Red Hat, Inc.*		6,330		303,397
Rovi Corp.*		1,650		38,594
Salesforce.Com, Inc.*		13,680		562,385
SolarWinds, Inc.*		1,300		66,105
Solera Holdings, Inc.		3,000		172,740
Symantec Corp.*		21,220		515,646
Synopsys, Inc.*		5,700		202,749

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

    Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
TIBCO Software, Inc.*		5,000	$	97,050
VMware, Inc.*		2,310		162,855
			$	13,960,791
TOTAL INFORMATION TECHNOLOGY			$	67,061,498
MATERIALS – 3.9%
CHEMICALS – 2.6%
Air Products & Chemicals, Inc.		4,370		380,015
Airgas, Inc.		1,960		189,434
Albemarle Corp.		3,080		188,650
Ashland, Inc.		1,840		156,786
Cabot Corp.		2,560		96,154
Celanese Corp.		5,570		275,214
CF Industries Holdings, Inc.		1,623		302,706
Cytec Industries, Inc.		980		71,403
Dow Chemical Co.		28,850		978,303
Eastman Chemical Co.		4,388		292,460
Ecolab, Inc.		8,077		683,476
EI du Pont de Nemours & Co.		23,130		1,260,816
FMC Corp.		3,660		222,162
Huntsman Corp.		7,270		137,112
International Flavors & Fragrances, Inc.		1,600		123,504
Intrepid Potash, Inc.		100		1,841
Lyondellbasell Industries NV		6,600		400,620
Monsanto Co.		12,550		1,340,591
Mosaic Co.		7,750		477,323
PPG Industries, Inc.		3,920		576,789
Praxair, Inc.		7,550		862,965
Rockwood Holdings, Inc.		2,000		129,780
RPM International, Inc.		3,760		121,824
Scotts Miracle-Gro Co.#		1,470		66,665
Sherwin-Williams Co.		2,758		505,017
Sigma-Aldrich Corp.		3,490		274,628
Valspar Corp.		2,720		173,590
WR Grace & Co.*		2,500		192,775
			$	10,482,603
CONSTRUCTION MATERIALS – 0.1%
Martin Marietta Materials, Inc.#		1,500		151,485
Vulcan Materials Co.		3,300		164,604
			$	316,089
CONTAINERS & PACKAGING – 0.4%
Aptargroup, Inc.		580		32,538
Ball Corp.		7,000		308,840
Bemis Co., Inc.		3,440		135,364
Crown Holdings, Inc.*		4,340		185,231
Greif, Inc.		270		13,006

Description	Number of Shares		Value
MeadWestvaco Corp.		4,680	$	161,366
Owens-Illinois, Inc.*		3,380		88,826
Packaging Corp. of America		2,850		135,546
Rock-Tenn Co.		2,000		200,280
Sealed Air Corp.		3,900		86,268
Silgan Holdings, Inc.		1,900		90,953
Sonoco Products Co.		510		17,870
			$	1,456,088
METALS & MINING – 0.6%
Alcoa, Inc.		35,600		302,600
Allegheny Technologies, Inc.		2,650		71,497
Allied Nevada Gold Corp.*		1,600		17,120
Carpenter Technology Corp.		3,080		138,477
Cliffs Natural Resources, Inc.#		2,540		54,204
Commercial Metals Co.		870		12,719
Compass Minerals International, Inc.		900		77,886
Freeport-McMoRan Copper & Gold, Inc.		18,660		567,824
Molycorp, Inc.#,*		1,900		11,096
Newmont Mining Corp.		11,570		374,868
Nucor Corp.		9,150		399,123
Reliance Steel & Aluminum Co.		2,450		159,422
Royal Gold, Inc.		2,400		133,392
Southern Copper Corp.		2,170		72,326
Steel Dynamics, Inc.		5,700		85,728
United States Steel Corp.#		3,620		64,436
Walter Industries, Inc.		1,950		34,944
			$	2,577,662
PAPER & FOREST PRODUCTS – 0.2%
Domtar Corp.		1,800		125,118
International Paper Co.		10,540		495,169
			$	620,287
TOTAL MATERIALS			$	15,452,729
TELECOMMUNICATION SERVICES – 2.7%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.3%
AT&T, Inc.		132,857		4,976,823
Centurylink, Inc.		13,219		496,638
Frontier Communications Corp.#		21,600		89,856
Level 3 Communications, Inc.*		2,028		40,824
tw telecom, Inc.*		4,100		111,028
Verizon Communications, Inc.		64,020		3,451,318
Windstream Corp.#		15,700		133,764
			$	9,300,251
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
Clearwire Corp.*		8,700		29,232
Crown Castle International Corp.*		6,940		534,380
MetroPCS Communications, Inc.*		4,930		58,371

ANNUAL REPORT  /  April 30, 2013

38 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
NII Holdings, Inc.#,*		5,590	$	48,633
SBA Communications Corp.*		3,210		253,558
Sprint Nextel Corp.*		91,540		645,357
Telephone & Data Systems, Inc.		2,424		54,395
United States Cellular Corp.*		90		3,460
			$	1,627,386
TOTAL TELECOMMUNICATION SERVICES			$	10,927,637
UTILITIES – 3.6%
ELECTRIC UTILITIES – 1.9%
American Electric Power Co., Inc.		10,690		549,787
Duke Energy Corp.		16,695		1,255,464
Edison International		8,620		463,756
Entergy Corp.		4,570		325,521
Exelon Corp.		19,499		731,407
FirstEnergy Corp.		10,326		481,192
Great Plains Energy, Inc.		6,220		150,089
Hawaiian Electric Industries, Inc.		2,710		76,693
ITC Holdings Corp.		1,320		121,730
NextEra Energy, Inc.		8,440		692,333
Northeast Utilities		5,713		258,970
NV Energy, Inc.		5,880		127,184
OGE Energy Corp.		3,110		225,257
Pepco Holdings, Inc.		14,750		333,350
Pinnacle West Capital Corp.		3,200		194,880
PPL Corp.		16,900		564,122
Southern Co.		16,081		775,587
Westar Energy, Inc.		2,960		103,482
Xcel Energy, Inc.		11,770		374,168
			$	7,804,972
GAS UTILITIES – 0.2%
AGL Resources, Inc.		3,820		167,507
Atmos Energy Corp.		2,610		115,806
National Fuel Gas Co.		1,410		88,435
ONEOK, Inc.		5,160		265,018
Questar Corp.		6,500		165,035
UGI Corp.		1,890		77,452
			$	879,253
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.2%
AES Corp.		19,910		275,953
Calpine Corp.*		8,450		183,618
NRG Energy, Inc.		7,100		197,877
			$	657,448
MULTI-UTILITIES – 1.2%
Alliant Energy Corp.		2,000		107,020

Description	Number of Shares		Value
Ameren Corp.		6,450	$	233,812
CenterPoint Energy, Inc.		5,060		124,881
CMS Energy Corp.		7,770		232,634
Consolidated Edison, Inc.		7,340		467,191
Dominion Resources, Inc.		14,370		886,342
DTE Energy Co.		3,900		284,232
Integrys Energy Group, Inc.		1,760		108,346
MDU Resources Group, Inc.		4,280		106,786
NiSource, Inc.		5,400		165,942
PG&E Corp.		11,120		538,653
Public Service Enterprise Group, Inc.		11,000		402,710
SCANA Corp.		740		40,108
Sempra Energy		6,750		559,238
TECO Energy, Inc.		16,930		323,871
Vectren Corp.		1,680		63,101
Wisconsin Energy Corp.		7,340		329,860
			$	4,974,727
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		4,390		183,853
Aqua America, Inc.		1,500		47,595
			$	231,448
TOTAL UTILITIES			$	14,547,848
TOTAL COMMON STOCKS (COST $266,878,319)			$	397,326,257
INVESTMENT COMPANY – 0.5%
EQUITY FUND – 0.5%
iShares Russell 1000 Index Fund#		22,400		1,990,688
TOTAL INVESTMENT COMPANY (COST $1,942,314)			$	1,990,688
PREFERRED STOCK – 0.0%**
CONSUMER DISCRETIONARY – 0.0%**
SPECIALTY RETAIL – 0.0%**
Orchard Supply Hardware Stores Corp.*		57		46
TOTAL PREFERRED STOCK (COST $132)			$	46
RIGHTS – 0.0%**
Celgene Corp.*		89		632
Fresenius Kabi Pharmaceuticals Holding, Inc.*		132		—
TOTAL RIGHTS (COST $0)			$	632

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   39  

    Wilmington Large-Cap Strategy Fund (concluded)

Description	Number of Shares		Value
WARRANTS – 0.0%**
American International Group, Inc. CW21*		2,055	$	36,373
Kinder Morgan, Inc.*		16,345		91,042
TOTAL WARRANTS (COST $48,690)			$	127,415
TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $268,869,455)			$	399,445,038
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.3%
REPURCHASE AGREEMENTS – 2.3%
Deutsche Bank Securities, Inc., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $2,126,100, collateralized by U.S. Government Securities 2.13% to 7.50%, maturing 12/01/16 to 04/01/48; total market value of $ 2,168,612.	$	2,126,090		2,126,090
HSBC Securities USA, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $2,126,099, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 07/15/13 to 03/17/31; total market value of $ 2,168,613.		2,126,090		2,126,090
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $447,576, collateralized by U.S. Treasury Securities 0.25% to 2.75%, maturing 10/15/15 to 08/15/42; total market value of $ 456,526.		447,574		447,574

Description	Par Value		Value
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $2,126,102, collateralized by U.S. Government Securities 2.08% to 7. 00%, maturing 01/01/22 to 04/15/52; total market value of $ 2,168,612.	$	2,126,090	$	2,126,090
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $2,126,100, collateralized by U.S. Government Securities 1.97% to 4.50%, maturing 08/01/24 to 12/15/44; total market value of $ 2,168,612.		2,126,090		2,126,090
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $8,951,934)			$	8,951,934
TOTAL INVESTMENTS – 102.2% (COST $277,821,389)			$	408,396,972
COLLATERAL FOR SECURITIES ON LOAN – (2.3%)				(8,951,934	)
OTHER ASSETS LESS LIABILITIES – 0.1%				264,566
TOTAL NET ASSETS – 100.0%			$	399,709,604

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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

Description	Number of Shares		Value
COMMON STOCKS – 100.4%
CONSUMER DISCRETIONARY – 7.7%
MEDIA – 2.9%
Omnicom Group, Inc.		60,947	$	3,642,802
MULTILINE RETAIL – 4.8%
Nordstrom, Inc.		51,907		2,937,417
Target Corp.		45,978		3,244,208
			$	6,181,625
TOTAL CONSUMER DISCRETIONARY			$	9,824,427
CONSUMER STAPLES – 9.4%
BEVERAGES – 2.3%
PepsiCo, Inc.		35,480		2,926,036
FOOD & STAPLES RETAILING – 3.5%
Costco Wholesale Corp.		14,095		1,528,321
CVS Caremark Corp.		49,769		2,895,560
			$	4,423,881
FOOD PRODUCTS – 1.6%
Mondelez International, Inc.		64,633		2,032,708

Description	Number of Shares		Value
TOBACCO – 2.0%
Philip Morris International, Inc.		27,502	$	2,628,916
TOTAL CONSUMER STAPLES			$	12,011,541
ENERGY – 15.3%
ENERGY EQUIPMENT & SERVICES – 3.8%
National Oilwell Varco, Inc.		27,703		1,806,790
Schlumberger Ltd.		41,015		3,052,746
			$	4,859,536
OIL, GAS & CONSUMABLE FUELS – 11.5%
Chevron Corp.		49,380		6,024,854
ConocoPhillips		62,114		3,754,791
Exxon Mobil Corp.		26,148		2,326,911
Occidental Petroleum Corp.		15,553		1,388,261
Phillips 66		19,441		1,184,929
			$	14,679,746
TOTAL ENERGY			$	19,539,282
FINANCIALS – 25.1%
CAPITAL MARKETS – 2.0%
T Rowe Price Group, Inc.		35,577		2,579,333
COMMERCIAL BANKS – 9.3%
BB&T Corp.		123,352		3,795,541

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

    Wilmington Large-Cap Value Fund (continued)

Description	Number of Shares		Value
PNC Financial Services Group, Inc.		42,284	$	2,870,238
US Bancorp		41,013		1,364,913
Wells Fargo & Co.		100,121		3,802,596
			$	11,833,288
DIVERSIFIED FINANCIAL SERVICES – 2.8%
JPMorgan Chase & Co.		71,530		3,505,685
INSURANCE – 8.4%
ACE Ltd.		38,293		3,413,438
MetLife, Inc.		78,638		3,066,096
Travelers Cos., Inc.		49,769		4,250,770
			$	10,730,304
REAL ESTATE INVESTMENT TRUSTS – 2.6%
Simon Property Group, Inc.		18,566		3,306,048
TOTAL FINANCIALS			$	31,954,658
HEALTH CARE – 13.8%
HEALTH CARE PROVIDERS & SERVICES – 2.3%
Cardinal Health, Inc.		64,852		2,867,755
PHARMACEUTICALS – 11.5%
Johnson & Johnson		54,532		4,647,762
Merck & Co., Inc.		76,014		3,572,658
Pfizer, Inc.		164,664		4,786,782
Teva Pharmaceutical Industries Ltd. ADR		42,964		1,645,092
			$	14,652,294
TOTAL HEALTH CARE			$	17,520,049
INDUSTRIALS – 10.5%
AIR FREIGHT & LOGISTICS – 1.8%
United Parcel Service, Inc.		26,926		2,311,328
ELECTRICAL EQUIPMENT – 1.0%
Emerson Electric Co.		23,426		1,300,377
INDUSTRIAL CONGLOMERATES – 4.8%
Danaher Corp.		40,437		2,464,231
General Electric Co.		160,361		3,574,447
			$	6,038,678
ROAD & RAIL – 1.9%
Union Pacific Corp.		16,330		2,416,187

Description	Number of Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 1.0%
Fastenal Co.		26,537	$	1,301,640
TOTAL INDUSTRIALS			$	13,368,210
INFORMATION TECHNOLOGY – 9.2%
COMMUNICATIONS EQUIPMENT – 3.0%
QUALCOMM, Inc.		62,114		3,827,465
COMPUTERS & PERIPHERALS – 1.1%
Apple, Inc.		3,318		1,469,044
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.1%
Applied Materials, Inc.		174,871		2,537,378
Intel Corp.		86,020		2,060,179
Maxim Integrated Products, Inc.		60,850		1,882,090
			$	6,479,647
TOTAL INFORMATION TECHNOLOGY			$	11,776,156
MATERIALS – 1.6%
CHEMICALS – 1.6%
Air Products & Chemicals, Inc.		23,615		2,053,560
TELECOMMUNICATION SERVICES – 1.3%
WIRELESS TELECOMMUNICATION SERVICES – 1.3%
Vodafone Group PLC ADR		55,407		1,694,900
UTILITIES – 6.5%
ELECTRIC UTILITIES – 4.7%
PPL Corp.		103,037		3,439,375
Southern Co.		52,296		2,522,236
			$	5,961,611
MULTI-UTILITIES – 1.8%
Dominion Resources, Inc.		36,549		2,254,342
TOTAL UTILITIES			$	8,215,953
TOTAL COMMON STOCKS (COST $109,907,274)			$	127,958,736
TOTAL INVESTMENTS – 100.4% (COST $109,907,274)			$	127,958,736
OTHER LIABILITIES LESS ASSETS – (0.4%)				(523,846	)
TOTAL NET ASSETS – 100.0%			$	127,434,890

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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

Description	Number of Shares		Value
COMMON STOCKS – 99.5%
CONSUMER DISCRETIONARY – 21.9%
AUTO COMPONENTS – 1.8%
BorgWarner, Inc.*		67,650	$	5,288,200
DISTRIBUTORS – 2.0%
LKQ Corp.*		248,800		5,991,104
HOTELS, RESTAURANTS & LEISURE – 2.6%
DineEquity, Inc.		51,200		3,647,488
Panera Bread Co.*		23,200		4,111,736
			$	7,759,224
MEDIA – 3.6%
CBS Corp., Non-Voting		160,650		7,354,557
Scripps Networks Interactive, Inc.		54,050		3,598,649
			$	10,953,206
MULTILINE RETAIL – 1.6%
Nordstrom, Inc.		85,800		4,855,422
SPECIALTY RETAIL – 5.4%
GameStop Corp.#		122,200		4,264,780
L Brands, Inc.		91,750		4,625,118
Tile Shop Holdings, Inc.*		138,900		3,444,720

Description	Number of Shares		Value
Vitamin Shoppe, Inc.*		78,600	$	3,863,190
			$	16,197,808
TEXTILES, APPAREL & LUXURY GOODS – 4.9%
Coach, Inc.		75,900		4,467,474
Lululemon Athletica, Inc.#,*		53,900		4,103,407
PVH Corp.		54,800		6,324,468
			$	14,895,349
TOTAL CONSUMER DISCRETIONARY			$	65,940,313
CONSUMER STAPLES – 4.2%
FOOD PRODUCTS – 1.5%
Green Mountain Coffee Roasters, Inc.#,*		80,775		4,636,485
HOUSEHOLD PRODUCTS – 1.4%
Church & Dwight Co., Inc.		65,400		4,178,406
PERSONAL PRODUCTS – 1.3%
Herbalife Ltd.#		95,200		3,780,392
TOTAL CONSUMER STAPLES			$	12,595,283
ENERGY – 9.1%
ENERGY EQUIPMENT & SERVICES – 4.6%
Cameron International Corp.*		81,750		5,031,713
CARBO Ceramics, Inc.#		34,300		2,423,295
Core Laboratories NV		27,900		4,039,362

ANNUAL REPORT  /  April 30, 2013

44 PORTFOLIOS OF INVESTMENTS

Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
Lufkin Industries, Inc.		27,300	$	2,410,317
			$	13,904,687
OIL, GAS & CONSUMABLE FUELS – 4.5%
Cabot Oil & Gas Corp.		70,900		4,824,745
Noble Energy, Inc.		37,400		4,237,046
Whiting Petroleum Corp.*		99,700		4,436,650
			$	13,498,441
TOTAL ENERGY			$	27,403,128
FINANCIALS – 10.3%
CAPITAL MARKETS – 3.1%
Raymond James Financial, Inc.		132,600		5,492,292
T Rowe Price Group, Inc.		52,700		3,820,750
			$	9,313,042
COMMERCIAL BANKS – 1.5%
SVB Financial Group*		63,150		4,490,597
DIVERSIFIED FINANCIAL SERVICES – 1.4%
IntercontinentalExchange, Inc.*		26,200		4,268,766
INSURANCE – 1.5%
Brown & Brown, Inc.		147,750		4,578,772
REAL ESTATE MANAGEMENT & DEVELOPMENT – 2.8%
CBRE Group, Inc.*		200,250		4,850,055
Realogy Holdings Corp.*		71,650		3,439,200
			$	8,289,255
TOTAL FINANCIALS			$	30,940,432
HEALTH CARE – 12.9%
BIOTECHNOLOGY – 2.7%
Cepheid, Inc.*		68,500		2,611,905
Regeneron Pharmaceuticals, Inc.*		25,575		5,502,206
			$	8,114,111
HEALTH CARE EQUIPMENT & SUPPLIES – 4.5%
Alere, Inc.*		167,400		4,298,832
Intuitive Surgical, Inc.*		9,815		4,831,826
ResMed, Inc.#		90,800		4,360,216
			$	13,490,874
HEALTH CARE PROVIDERS & SERVICES – 1.4%
Express Scripts Holding Co.*		68,400		4,060,908
HEALTH CARE TECHNOLOGY – 1.4%
Cerner Corp.*		44,475		4,303,846
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Life Technologies Corp.*		29,700		2,188,593
PHARMACEUTICALS – 2.2%
Auxilium Pharmaceuticals, Inc.*		82,400		1,230,232

Description	Number of Shares		Value
Perrigo Co.		45,975	$	5,489,875
			$	6,720,107
TOTAL HEALTH CARE			$	38,878,439
INDUSTRIALS – 15.8%
AEROSPACE & DEFENSE – 2.0%
HEICO Corp.		91,675		3,100,449
Precision Castparts Corp.		15,700		3,003,253
			$	6,103,702
AIR FREIGHT & LOGISTICS – 2.1%
CH Robinson Worldwide, Inc.		61,600		3,658,424
Expeditors International of Washington, Inc.		78,100		2,806,133
			$	6,464,557
COMMERCIAL SERVICES & SUPPLIES – 1.2%
Waste Connections, Inc.		93,700		3,555,915
ELECTRICAL EQUIPMENT – 3.6%
AMETEK, Inc.		99,650		4,056,751
Babcock & Wilcox Co.		89,000		2,420,800
Rockwell Automation, Inc.		50,800		4,306,824
			$	10,784,375
MACHINERY – 5.5%
Cummins, Inc.		36,600		3,893,874
Graco, Inc.		82,825		5,013,397
Joy Global, Inc.		71,700		4,052,484
Pall Corp.		54,200		3,615,682
			$	16,575,437
TRADING COMPANIES & DISTRIBUTORS – 1.4%
Fastenal Co.		84,500		4,144,725
TOTAL INDUSTRIALS			$	47,628,711
INFORMATION TECHNOLOGY – 19.2%
COMMUNICATIONS EQUIPMENT – 2.1%
Aruba Networks, Inc.#,*		149,735		3,367,540
F5 Networks, Inc.*		39,700		3,034,271
			$	6,401,811
COMPUTERS & PERIPHERALS – 1.2%
Stratasys Ltd.#,*		42,200		3,504,710
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.2%
FEI Co.		48,100		3,072,628
IPG Photonics Corp.		61,300		3,903,584
National Instruments Corp.		99,800		2,727,534
			$	9,703,746
IT SERVICES – 1.8%
Global Payments, Inc.		78,200		3,628,480

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
Teradata Corp.*		35,600	$	1,818,092
			$	5,446,572
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.3%
Altera Corp.		144,375		4,621,444
Lam Research Corp.*		68,400		3,161,448
MKS Instruments, Inc.		77,500		2,082,425
			$	9,865,317
SOFTWARE – 7.6%
ANSYS, Inc.*		64,800		5,239,728
Autodesk, Inc.*		144,000		5,670,720
Citrix Systems, Inc.*		79,625		4,950,286
Nuance Communications, Inc.*		193,200		3,678,528
Sourcefire, Inc.*		73,925		3,530,658
			$	23,069,920
TOTAL INFORMATION TECHNOLOGY			$	57,992,076
MATERIALS – 6.1%
CHEMICALS – 4.7%
Airgas, Inc.		30,350		2,933,327
Ashland, Inc.		67,900		5,785,759
WR Grace & Co.*		70,400		5,428,544
			$	14,147,630
CONTAINERS & PACKAGING – 1.4%
Crown Holdings, Inc.*		101,100		4,314,948
TOTAL MATERIALS			$	18,462,578
TOTAL COMMON STOCKS (COST $211,925,354)			$	299,840,960
MONEY MARKET FUND – 0.4%
Dreyfus Cash Management Fund, Institutional Shares, 0.05%^		1,180,457		1,180,457
TOTAL MONEY MARKET FUND (COST $1,180,457)			$	1,180,457
TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $213,105,811)			$	301,021,417

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 9.7%
REPURCHASE AGREEMENTS – 9.7%
Deutsche Bank Securities, Inc., 0.17%, dated 04/30/13, due 05/01/13, repurchaseprice $6,914,777, collateralized by U.S. Government Securities 2.13% to 7.50%, maturing 12/01/16 to 04/01/48; total market value of $ 7,053,039.	$	6,914,744	$	6,914,744
HSBC Securities USA, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $6,914,773, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 07/15/13 to 03/17/31; total market value of $ 7,053,043.		6,914,744		6,914,744
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $1,455,670, collateralized by U.S. Treasury Securities 0.25% to 2.75%, maturing 10/15/15 to 08/15/42; total market value of $ 1,484,777.		1,455,664		1,455,664
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $6,914,782, collateralized by U.S. Government Securities 2.08% to 7.00%, maturing 01/01/22 to 04/15/52; total market value of $ 7,053,039.		6,914,744		6,914,744
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $6,914,777, collateralized by U.S. Government Securities 1.97% to 4.50%maturing 08/01/24 to 12/15/44; total market value of $ 7,053,039.		6,914,744		6,914,744
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $29,114,640)			$	29,114,640
TOTAL INVESTMENTS – 109.6% (COST $242,220,451)			$	330,136,057
COLLATERAL FOR SECURITIES ON LOAN – (9.7%)				(29,114,640	)
OTHER ASSETS LESS LIABILITIES – 0.1%				242,620
TOTAL NET ASSETS – 100.0%			$	301,264,037

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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

Description	Number of Shares		Value
COMMON STOCKS – 97.8%
CONSUMER DISCRETIONARY – 15.8%
AUTO COMPONENTS – 0.8%
Cooper Tire & Rubber Co.		8,500	$	211,565
Tenneco, Inc.*		24,000		928,080
			$	1,139,645
DISTRIBUTORS – 0.3%
Core-Mark Holding Co., Inc.		7,130		371,045
DIVERSIFIED CONSUMER SERVICES – 0.4%
Steiner Leisure Ltd.*		11,400		552,102
HOTELS, RESTAURANTS & LEISURE – 2.7%
AFC Enterprises, Inc.*		6,210		197,975
Bally Technologies, Inc.#,*		2,690		143,323
Carrols Restaurant Group, Inc.*		27,590		131,052
Cheesecake Factory, Inc.		16,000		637,120
DineEquity, Inc.		2,400		170,976
Life Time Fitness, Inc.*		17,500		808,150
Premier Exhibitions, Inc.*		86,600		236,418
Six Flags Entertainment Corp.		9,100		663,117
Sonic Corp.*		35,050		439,177

Description	Number of Shares		Value
Town Sports International Holdings, Inc.		42,400	$	426,968
			$	3,854,276
HOUSEHOLD DURABLES – 2.8%
Libbey, Inc.*		132,560		2,567,687
Meritage Homes Corp.*		10,900		531,811
Ryland Group, Inc.#		19,580		882,275
			$	3,981,773
LEISURE EQUIPMENT & PRODUCTS – 0.6%
Brunswick Corp.		6,470		204,840
LeapFrog Enterprises, Inc.#,*		13,780		123,193
Polaris Industries, Inc.		4,890		421,469
Sturm Ruger & Co., Inc.#		720		36,914
			$	786,416
MEDIA – 3.2%
Arbitron, Inc.		4,670		218,042
Belo Corp.		81,370		872,286
Lions Gate Entertainment Corp.*		16,600		411,846
MDC Partners, Inc.		32,150		549,444
National CineMedia, Inc.		6,600		107,184

ANNUAL REPORT  /  April 30, 2013

48 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Nexstar Broadcasting Group, Inc.		15,450	$	376,208
Sinclair Broadcast Group, Inc.		58,700		1,573,160
Valassis Communications, Inc.#		18,300		469,029
			$	4,577,199
SPECIALTY RETAIL – 2.8%
Aeropostale, Inc.#,*		9,000		131,940
Cabela’s, Inc.*		6,280		403,176
Hibbett Sports, Inc.*		10,000		548,500
Hot Topic, Inc.		5,690		79,376
Lumber Liquidators Holdings, Inc.#,*		6,590		540,116
Monro Muffler Brake, Inc.#		11,700		483,912
Select Comfort Corp.*		7,860		166,789
Tractor Supply Co.		9,800		1,050,266
Winmark Corp.		5,800		358,846
Zumiez, Inc.*		5,130		148,616
			$	3,911,537
TEXTILES, APPAREL & LUXURY GOODS – 2.2%
Crocs, Inc.*		20,550		329,211
Deckers Outdoor Corp.#,*		540		29,765
Steven Madden Ltd.*		22,080		1,073,750
Under Armour, Inc.#,*		9,130		521,140
Wolverine World Wide, Inc.#		23,190		1,107,786
			$	3,061,652
TOTAL CONSUMER DISCRETIONARY			$	22,235,645
CONSUMER STAPLES – 4.4%
BEVERAGES – 0.2%
National Beverage Corp.		20,760		305,795
FOOD & STAPLES RETAILING – 1.9%
Andersons, Inc.		16,300		888,676
Nash Finch Co.		34,800		715,140
Pricesmart, Inc.#		8,630		770,055
SUPERVALU, Inc.#		49,760		290,598
			$	2,664,469
FOOD PRODUCTS – 1.2%
Darling International, Inc.*		24,480		453,125
Hain Celestial Group, Inc.#,*		4,700		306,675
J&J Snack Foods Corp.		4,100		307,582
Lancaster Colony Corp.		4,870		384,389
Pilgrim’s Pride Corp.*		28,000		274,120
			$	1,725,891
HOUSEHOLD PRODUCTS – 0.7%
Spectrum Brands Holdings, Inc.		4,910		274,960
WD-40 Co.		11,540		622,352
			$	897,312

Description	Number of Shares		Value
PERSONAL PRODUCTS – 0.4%
Nature’s Sunshine Products, Inc.		17,000	$	248,710
Nu Skin Enterprises, Inc.#		730		37,033
Prestige Brands Holdings, Inc.*		10,260		276,507
			$	562,250
TOTAL CONSUMER STAPLES			$	6,155,717
ENERGY – 2.9%
ENERGY EQUIPMENT & SERVICES – 1.6%
Dril-Quip, Inc.*		14,200		1,188,682
ION Geophysical Corp.*		49,160		306,758
Lufkin Industries, Inc.		3,880		342,565
Mitcham Industries, Inc.*		17,260		256,311
TGC Industries, Inc.		24,318		215,701
			$	2,310,017
OIL, GAS & CONSUMABLE FUELS – 1.3%
Energy XXI Bermuda Ltd.		1,440		32,746
Halcon Resources Corp.#,*		18,940		123,868
Kodiak Oil & Gas Corp.*		110,460		864,902
Oasis Petroleum, Inc.*		10,040		343,669
Sanchez Energy Corp.#,*		23,290		421,782
			$	1,786,967
TOTAL ENERGY			$	4,096,984
FINANCIALS – 9.0%
CAPITAL MARKETS – 2.6%
AllianceBernstein Holding LP#		27,400		649,106
HFF, Inc.		21,150		443,093
Lazard Ltd.		13,600		461,040
Medallion Financial Corp.		103,250		1,542,555
Virtus Investment Partners, Inc.*		2,800		534,800
			$	3,630,594
COMMERCIAL BANKS – 0.1%
FNB United Corp.#,*		19,110		143,325
CONSUMER FINANCE – 1.0%
First Cash Financial Services, Inc.*		22,910		1,179,178
Portfolio Recovery Associates, Inc.*		1,300		159,575
QC Holdings, Inc.		21,167		64,348
			$	1,403,101
INSURANCE – 0.1%
First American Financial Corp.		6,150		164,635
Montpelier Re Holdings Ltd.		1,710		44,050
			$	208,685
REAL ESTATE INVESTMENT TRUSTS – 5.0%
Geo Group, Inc.		6,603		247,282
Glimcher Realty Trust		264,800		3,320,592
Investors Real Estate Trust		110,900		1,079,057

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

    Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
National Health Investors, Inc.		15,300	$	1,013,472
Newcastle Investment Corp.		89,180		1,010,409
Omega Healthcare Investors, Inc.#		9,740		320,154
			$	6,990,966
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
Tejon Ranch Co.*		9,080		264,954
TOTAL FINANCIALS			$	12,641,625
HEALTH CARE – 16.9%
BIOTECHNOLOGY – 4.7%
Achillion Pharmaceuticals, Inc.*		29,700		223,938
Aegerion Pharmaceuticals, Inc.#, *		13,900		584,356
Affymax, Inc.#, *		15,580		14,024
Arena Pharmaceuticals, Inc.#, *		35,560		293,014
Array BioPharma, Inc.*		48,990		291,490
Cubist Pharmaceuticals, Inc.*		8,250		378,840
Dendreon Corp.#, *		22,040		103,808
Idenix Pharmaceuticals, Inc.#, *		26,200		96,940
Infinity Pharmaceuticals, Inc.*		5,480		236,133
Keryx Biopharmaceuticals, Inc.#, *		40,120		326,978
Novavax, Inc.#, *		102,400		240,640
OncoGenex Pharmaceutical, Inc.#, *		50,000		506,500
Orexigen Therapeutics, Inc.#, *		37,200		226,176
PDL BioPharma, Inc.#		40,250		311,535
Pharmacyclics, Inc.*		13,642		1,111,823
Raptor Pharmaceutical Corp.#, *		20,000		138,000
Rigel Pharmaceuticals, Inc.*		25,080		120,133
Seattle Genetics, Inc.#, *		5,910		218,375
Spectrum Pharmaceuticals, Inc.#		12,610		93,440
Synageva BioPharma Corp.*		2,990		154,553
Theravance, Inc.#, *		22,680		765,450
United Therapeutics Corp.*		700		46,746
ZIOPHARM Oncology, Inc.#, *		56,300		94,584
			$	6,577,476
HEALTH CARE EQUIPMENT & SUPPLIES – 5.8%
Abaxis, Inc.		9,620		410,678
ABIOMED, Inc.#, *		27,610		509,957
Align Technology, Inc.*		20,200		669,024
Cantel Medical Corp.		7,100		224,431
Cardiovascular Systems, Inc.*		36,300		622,908
Cynosure, Inc.*		23,800		615,468
Haemonetics Corp.*		13,400		515,900
ICU Medical, Inc.*		3,000		180,750
Neogen Corp.*		19,920		1,012,534
NuVasive, Inc.*		7,180		150,565
OraSure Technologies, Inc.*		52,270		233,124

Description	Number of Shares		Value
RTI Biologics, Inc.*		153,000	$	608,940
Sirona Dental Systems, Inc.*		4,000		294,160
Staar Surgical Co.*		9,330		65,123
STERIS Corp.		15,900		661,281
Utah Medical Products, Inc.		14,500		642,785
West Pharmaceutical Services, Inc.		12,530		800,166
			$	8,217,794
HEALTH CARE PROVIDERS & SERVICES – 2.6%
Accretive Health, Inc.#, *		12,800		134,912
Centene Corp.*		8,290		382,998
Corvel Corp.*		18,400		873,448
Emeritus Corp.*		25,220		648,154
HealthSouth Corp.*		14,410		396,275
National Research Corp.		8,240		493,988
Providence Service Corp.*		16,310		285,588
Skilled Healthcare Group, Inc.*		70,260		494,630
			$	3,709,993
HEALTH CARE TECHNOLOGY – 0.4%
athenahealth, Inc.#, *		1,920		184,819
Cerner Corp.*		2,040		197,411
HMS Holdings Corp.*		7,090		178,739
			$	560,969
LIFE SCIENCES TOOLS & SERVICES – 0.6%
Furiex Pharmaceuticals, Inc.*		5,460		185,367
Luminex Corp.*		4,500		74,835
PAREXEL International Corp.*		13,300		544,635
			$	804,837
PHARMACEUTICALS – 2.8%
Cadence Pharmaceuticals, Inc.#, *		47,000		332,760
Endocyte, Inc.#, *		15,570		216,267
Hi-Tech Pharmacal Co., Inc.		21,980		726,659
Jazz Pharmaceuticals PLC*		23,340		1,361,889
Nektar Therapeutics#, *		17,900		194,036
Questcor Pharmaceuticals, Inc.#		2,810		86,379
Salix Pharmaceuticals Ltd.*		10,828		566,196
Santarus, Inc.*		12,140		223,012
Vivus, Inc.#, *		14,740		195,895
			$	3,903,093
TOTAL HEALTH CARE			$	23,774,162
INDUSTRIALS – 25.2%
AEROSPACE & DEFENSE – 1.2%
DigitalGlobe, Inc.*		7,190		209,876
GenCorp., Inc.#, *		28,990		378,899
HEICO Corp.		5,100		224,451

ANNUAL REPORT  /  April 30, 2013

50 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Hexcel Corp.*		20,090	$	612,745
Sypris Solutions, Inc.		27,220		87,104
Teledyne Technologies, Inc.*		3,100		232,686
			$	1,745,761
AIR FREIGHT & LOGISTICS – 0.8%
Park-Ohio Holdings Corp.*		23,800		875,364
XPO Logistics, Inc.#,*		15,430		251,663
			$	1,127,027
AIRLINES – 1.3%
Hawaiian Holdings, Inc.#,*		90,720		498,053
Republic Airways Holdings, Inc.*		61,700		690,423
US Airways Group, Inc.#,*		35,250		595,725
			$	1,784,201
BUILDING PRODUCTS – 1.8%
American Woodmark Corp.*		8,800		296,120
Builders FirstSource, Inc.*		51,950		321,570
Trex Co., Inc.*		21,580		1,050,514
USG Corp.#,*		31,930		829,861
			$	2,498,065
COMMERCIAL SERVICES & SUPPLIES – 2.7%
ACCO Brands Corp.*		61,190		413,033
Healthcare Services Group, Inc.		23,600		526,044
Herman Miller, Inc.		800		20,072
InnerWorkings, Inc.#,*		57,770		581,744
Knoll, Inc.		7,000		108,920
Mobile Mini, Inc.*		10,000		281,300
Standard Parking Corp.*		41,650		895,059
Team, Inc.*		25,910		1,004,272
TRC Cos., Inc.*		2,913		17,595
			$	3,848,039
CONSTRUCTION & ENGINEERING – 5.5%
Aegion Corp.*		36,900		777,114
Ameresco, Inc.*		71,380		526,071
Argan, Inc.		59,470		1,052,619
Comfort Systems USA, Inc.		15,600		200,148
Dycom Industries, Inc.*		57,400		1,108,968
Great Lakes Dredge & Dock Corp.		113,340		784,313
MasTec, Inc.*		19,870		552,386
MYR Group, Inc.*		6,490		147,972
Primoris Services Corp.		84,200		1,855,768
Sterling Construction Co., Inc.*		78,509		794,511
			$	7,799,870
ELECTRICAL EQUIPMENT – 1.9%
Acuity Brands, Inc.		14,700		1,072,512
AZZ, Inc.		14,460		611,513
Coleman Cable, Inc.		23,887		358,305

Description	Number of Shares		Value
Encore Wire Corp.		19,600	$	641,900
			$	2,684,230
MACHINERY – 1.5%
Blount International, Inc.*		9,600		133,344
CLARCOR, Inc.		1,790		92,543
Commercial Vehicle Group, Inc.*		109,160		765,212
Gorman-Rupp Co.		340		9,605
Meritor, Inc.*		27,390		158,862
Mueller Water Products, Inc.		24,910		147,467
Trimas Corp.*		14,700		448,350
Valmont Industries, Inc.		700		102,011
Wabash National Corp.*		28,670		270,358
			$	2,127,752
MARINE – 0.3%
Rand Logistics, Inc.*		62,966		366,462
PROFESSIONAL SERVICES – 3.2%
Acacia Research Corp.		18,340		436,859
Advisory Board Co.*		21,100		1,037,065
Exponent, Inc.		20,000		1,054,000
GP Strategies Corp.*		35,280		777,924
Navigant Consulting, Inc.*		45,700		563,481
On Assignment, Inc.*		9,430		228,866
Resources Connection, Inc.		34,050		386,808
			$	4,485,003
ROAD & RAIL – 0.4%
Genesee & Wyoming, Inc.*		2,760		235,152
Swift Transportation Co.*		19,810		277,736
			$	512,888
TRADING COMPANIES & DISTRIBUTORS – 4.6%
Aceto Corp.		50,610		526,344
Beacon Roofing Supply, Inc.*		11,450		436,588
CAI International, Inc.*		11,500		293,135
DXP Enterprises, Inc.*		10,160		679,501
H&E Equipment Services, Inc.		14,630		297,867
Houston Wire & Cable Co.		88,470		1,204,961
Textainer Group Holdings Ltd.		21,890		846,486
Titan Machinery, Inc.#,*		22,330		503,765
United Rentals, Inc.*		15,870		834,921
Watsco, Inc.		10,220		862,364
			$	6,485,932
TOTAL INDUSTRIALS			$	35,465,230
INFORMATION TECHNOLOGY – 16.7%
COMMUNICATIONS EQUIPMENT – 1.8%
ARRIS Group, Inc.*		30,100		496,951

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 51

    Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Aruba Networks, Inc.#,*		20,000	$	449,800
Black Box Corp.		10,900		236,748
InterDigital, Inc.		7,000		310,870
Ixia*		12,000		197,640
Loral Space & Communications, Inc.		6,900		424,488
Tessco Technologies, Inc.		18,290		373,848
			$	2,490,345
COMPUTERS & PERIPHERALS – 0.5%
3D Systems Corp.#,*		10,290		393,490
Cray, Inc.*		14,410		304,916
			$	698,406
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9%
Anixter International, Inc.		11,880		852,271
RealD, Inc.#,*		9,900		148,203
Universal Display Corp.#,*		10,040		315,658
			$	1,316,132
INTERNET SOFTWARE & SERVICES – 3.4%
CoStar Group, Inc.*		5,790		627,694
Keynote Systems, Inc.		18,480		207,161
LivePerson, Inc.*		9,040		115,893
Market Leader, Inc.*		45,260		453,505
MeetMe, Inc.#,*		61,900		119,467
OpenTable, Inc.#,*		4,900		271,411
Spark Networks, Inc.#,*		41,550		283,371
Stamps.com, Inc.*		24,110		815,882
support.com, Inc.*		48,300		192,717
TechTarget, Inc.*		16,700		74,148
ValueClick, Inc.*		41,240		1,272,666
Web.com Group, Inc.*		19,090		332,166
			$	4,766,081
IT SERVICES – 4.8%
Cardtronics, Inc.*		37,900		1,061,579
Computer Task Group, Inc.		20,160		413,683
CSG Systems International, Inc.*		3,700		79,957
Global Cash Access Holdings, Inc.*		20,400		145,452
Hackett Group, Inc.		31,780		155,086
iGATE Corp.*		49,970		833,999
Jack Henry & Associates, Inc.		15,000		696,000
Lender Processing Services, Inc.		7,260		201,392
ManTech International Corp.#		6,640		177,222
MAXIMUS, Inc.		16,810		1,339,589
MoneyGram International, Inc.*		47,500		784,225
TeleTech Holdings, Inc.*		9,000		191,610
Unisys Corp.*		28,570		546,544

Description	Number of Shares		Value
WEX, Inc.*		2,270	$	172,021
			$	6,798,359
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.1%
Microsemi Corp.*		5,500		114,400
SOFTWARE – 5.2%
ACI Worldwide, Inc.*		4,400		206,844
American Software, Inc.		11,800		98,058
ANSYS, Inc.*		4,600		371,956
Aspen Technology, Inc.*		6,120		186,538
Blackbaud, Inc.		9,800		287,238
CommVault Systems, Inc.*		2,970		218,414
Concur Technologies, Inc.#,*		6,800		497,148
Digimarc Corp.		5,680		124,619
Ebix, Inc.#		9,200		171,212
Fair Isaac Corp.		3,600		167,688
Glu Mobile, Inc.#,*		28,890		88,981
Guidance Software, Inc.*		35,960		378,299
Manhattan Associates, Inc.*		18,490		1,298,183
Mentor Graphics Corp.		18,200		332,332
PROS Holdings, Inc.*		9,880		256,090
PTC, Inc.*		12,800		307,328
QLIK Technologies, Inc.*		16,770		436,188
Solera Holdings, Inc.		5,500		316,690
Sourcefire, Inc.*		2,880		137,549
Symantec Corp.*		23,900		580,770
Ultimate Software Group, Inc.*		5,270		509,029
VirnetX Holding Corp.#,*		15,880		324,270
			$	7,295,424
TOTAL INFORMATION TECHNOLOGY			$	23,479,147
MATERIALS – 6.7%
CHEMICALS – 4.3%
American Vanguard Corp.		5,150		148,526
Axiall Corp.		11,990		628,875
Hawkins, Inc.		18,300		680,577
HB Fuller Co.		22,700		860,330
KMG Chemicals, Inc.		22,700		416,772
Koppers Holdings, Inc.		19,400		851,854
Landec Corp.*		50,590		678,412
OMNOVA Solutions, Inc.*		146,520		977,288
Quaker Chemical Corp.		10,000		617,200
Zep, Inc.		13,790		209,608
			$	6,069,442
CONSTRUCTION MATERIALS – 1.1%
Eagle Materials, Inc.		16,680		1,130,070
Headwaters, Inc.*		37,140		403,340
			$	1,533,410

ANNUAL REPORT  /  April 30, 2013

52 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
CONTAINERS & PACKAGING – 0.1%
Myers Industries, Inc.		12,980	$	192,364
METALS & MINING – 0.7%
Haynes International, Inc.		7,000		340,270
Materion Corp.		15,090		399,734
Midway Gold Corp.*		102,500		96,391
Noranda Aluminum Holding Corp.		29,980		114,224
			$	950,619
PAPER & FOREST PRODUCTS – 0.5%
Deltic Timber Corp.		8,200		512,336
Neenah Paper, Inc.		5,490		157,892
			$	670,228
TOTAL MATERIALS			$	9,416,063
UTILITIES – 0.2%
WATER UTILITIES –0.2%
Cadiz, Inc.#,*		7,246		42,679
Connecticut Water Service, Inc.		4,800		136,704
			$	179,383
TOTAL UTILITIES			$	179,383
TOTAL COMMON STOCKS (COST $112,884,185)			$	137,443,956
MONEY MARKET FUND – 2.4%
Dreyfus Cash Management Fund, Institutional Shares, 0.05%^		3,348,482		3,348,482
TOTAL MONEY MARKET FUND (COST $3,348,482)			$	3,348,482
TOTAL INVESTMENTS IN SECURITIES – 100.2% (COST $116,232,667)			$	140,792,438
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 12.7%
REPURCHASE AGREEMENTS – 12.7%
Deutsche Bank Securities, Inc., 0.17%,dated 04/30/13, due 05/01/13, repurchase price $4,250,681, collateralized by U.S. Government Securities 2.13% to 7.50%, maturing 12/01/16 to 04/01/48; total market value of $ 4,335,674.	$	4,250,661		4,250,661

Description	Par Value		Value
HSBC Securities USA, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $4,250,679, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 07/15/13 to 03/17/31; total market value of $ 4,335,677.	$	4,250,661	$	4,250,661
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $894,838, collateralized by U.S. Treasury Securities 0.25% to 2.75%, maturing 10/15/15 to 08/15/42; total market value of $ 912,732.		894,835		894,835
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $4,250,685, collateralized by U.S. Government Securities 2.08% to 7.00%, maturing 01/01/22 to 04/15/52; total market value of $ 4,335,674.		4,250,661		4,250,661
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $4,250,681, collateralized by U.S. Government Securities 1.97% to 4.50%, maturing 08/01/24 to 12/15/44; total market value of $ 4,335,674.		4,250,661		4,250,661
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $17,897,479)			$	17,897,479
TOTAL INVESTMENTS – 112.9% (COST $134,130,146)			$	158,689,917
COLLATERAL FOR SECURITIES ON LOAN – (12.7%)				(17,897,479	)
OTHER LIABILITIES LESS ASSETS – (0.2%)				(195,450	)
TOTAL NET ASSETS – 100.0%			$	140,596,988

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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

Description	Number of Shares		Value
COMMON STOCKS – 99.4%
CONSUMER DISCRETIONARY – 13.6%
AUTO COMPONENTS – 0.9%
American Axle & Manufacturing Holdings, Inc.*		3,645	$	48,734
Cooper Tire & Rubber Co.		2,916		72,579
Dana Holding Corp.#		7,970		137,482
Dorman Products, Inc.		1,072		40,457
Drew Industries, Inc.		1,094		39,493
Exide Technologies*		5,202		4,407
Federal-Mogul Corp.*		1,190		8,901
Fuel Systems Solutions, Inc.*		566		8,892
Gentherm, Inc.*		1,127		17,164
Modine Manufacturing Co.*		2,175		19,880
Spartan Motors, Inc.		2,409		12,816
Standard Motor Products, Inc.		1,350		41,364
Stoneridge, Inc.*		2,798		21,181

Description	Number of Shares		Value
Superior Industries International, Inc.		1,546	$	28,385
Tenneco, Inc.*		2,500		96,675
Tower International, Inc.*		1,220		19,630
			$	618,040
AUTOMOBILES – 0.0%**
Winnebago Industries, Inc.*		1,365		25,007
DISTRIBUTORS – 0.2%
Core-Mark Holding Co., Inc.		573		29,819
Pool Corp.		1,955		95,834
VOXX International Corp.*		1,868		17,802
Weyco Group, Inc.		591		14,184
			$	157,639
DIVERSIFIED CONSUMER SERVICES – 1.0%
American Public Education, Inc.*		735		24,645
Ascent Capital Group, Inc.*		900		59,841
Bridgepoint Education, Inc.#,*		900		9,702

April 30, 2013  /  ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 55

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Bright Horizons Family Solutions, Inc.*		420	$	13,625
Capella Education Co.*		425		15,053
Career Education Corp.*		3,120		6,833
Carriage Services, Inc.		740		12,943
Coinstar, Inc.#,*		1,348		71,188
Corinthian Colleges, Inc.*		7,641		15,282
Education Management Corp.#,*		2,850		16,159
Grand Canyon Education, Inc.*		1,914		48,941
Hillenbrand, Inc.		2,480		62,322
K12, Inc.#,*		1,550		39,478
LifeLock, Inc.*		1,050		9,450
Lincoln Educational Services Corp.		1,680		9,358
Mac-Gray Corp.		1,000		12,950
Matthews International Corp.		1,172		43,141
Regis Corp.		3,118		58,463
Sotheby’s		3,402		120,703
Steiner Leisure Ltd.*		605		29,300
Stewart Enterprises, Inc.		3,839		34,205
Strayer Education, Inc.#		400		18,944
Universal Technical Institute, Inc.		901		10,695
			$	743,221
HOTELS, RESTAURANTS & LEISURE – 3.0%
AFC Enterprises, Inc.*		1,045		33,315
Ameristar Casinos, Inc.		1,655		43,675
Biglari Holdings, Inc.*		40		15,491
BJ’s Restaurants, Inc.*		920		31,556
Bloomin’ Brands, Inc.*		580		12,615
Bob Evans Farms, Inc.		1,626		70,471
Boyd Gaming Corp.#,*		5,210		62,520
Bravo Brio Restaurant Group, Inc.*		1,030		17,510
Buffalo Wild Wings, Inc.*		732		65,880
Caesars Entertainment Corp.#,*		1,110		17,660
Carrols Restaurant Group, Inc.*		1,060		5,035
CEC Entertainment, Inc.		928		30,967
Cheesecake Factory, Inc.		2,276		90,630
Churchill Downs, Inc.		582		44,500
Chuy’s Holdings, Inc.#,*		400		13,080
Cracker Barrel Old Country Store, Inc.		732		60,566
Denny’s Corp.*		3,860		21,886
DineEquity, Inc.		682		48,586
Domino’s Pizza, Inc.		2,314		127,733
Einstein Noah Restaurant Group, Inc.		704		10,145
Fiesta Restaurant Group, Inc.*		1,060		28,896
International Speedway Corp.		1,850		60,809
Interval Leisure Group, Inc.		1,500		28,590
Isle of Capri Casinos, Inc.*		321		2,459
Jack In The Box, Inc.*		2,166		77,651

Description	Number of Shares		Value
Jamba, Inc.*		2,990	$	7,953
Krispy Kreme Doughnuts, Inc.*		4,370		59,694
Life Time Fitness, Inc.*		1,847		85,294
Luby’s, Inc.*		1,420		9,670
Marcus Corp.		487		6,253
Marriott Vacations Worldwide Corp.*		1,890		85,957
Monarch Casino & Resort, Inc.*		928		11,943
Morgans Hotel Group Co.*		943		5,781
Multimedia Games Holding Co., Inc.*		1,530		37,730
Orient-Express Hotels Ltd.*		6,310		63,731
Papa John’s International, Inc.*		836		52,668
Pinnacle Entertainment, Inc.*		3,757		71,608
Red Lion Hotels Corp.*		520		3,396
Red Robin Gourmet Burgers, Inc.*		762		36,858
Ruby Tuesday, Inc.*		4,000		38,560
Ruth’s Hospitality Group, Inc.		610		6,045
Scientific Games Corp.*		2,380		21,134
SHFL Entertainment, Inc.*		2,590		40,922
Six Flags Entertainment Corp.		1,590		115,863
Sonic Corp.*		3,415		42,790
Speedway Motorsports, Inc.		1,491		26,883
Texas Roadhouse, Inc.		2,635		61,923
Town Sports International Holdings, Inc.		980		9,869
Vail Resorts, Inc.		1,880		113,364
WMS Industries, Inc.*		3,780		95,936
			$	2,134,051
HOUSEHOLD DURABLES – 1.3%
American Greetings Corp.		2,667		49,179
Bassett Furniture Industries, Inc.		760		10,663
Beazer Homes USA, Inc.#,*		1,468		23,723
Blyth, Inc.#		210		3,461
Cavco Industries, Inc.*		395		18,020
CSS Industries, Inc.		1,088		31,182
Ethan Allen Interiors, Inc.		956		27,992
Flexsteel Industries, Inc.		720		14,825
Helen of Troy Ltd.*		2,133		74,399
Hooker Furniture Corp.		770		13,313
Hovnanian Enterprises, Inc.#,*		6,663		36,313
iRobot Corp.*		1,300		37,817
KB Home#		5,550		125,097
La-Z-Boy, Inc.		2,496		45,078
Libbey, Inc.*		780		15,109
Lifetime Brands, Inc.		120		1,620
M/I Homes, Inc.*		1,414		34,784
MDC Holdings, Inc.		2,370		89,112
Meritage Homes Corp.*		1,822		88,895

ANNUAL REPORT  /  April 30, 2013

56 PORTFOLIO OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
NACCO Industries, Inc.		216	$	12,532
Ryland Group, Inc.#		2,291		103,232
Skullcandy, Inc.#,*		760		3,906
Standard Pacific Corp.#,*		7,870		71,224
TRI Pointe Homes, Inc.#,*		740		14,060
Universal Electronics, Inc.*		648		14,891
Zagg, Inc.#,*		880		5,958
			$	966,385
INTERNET & CATALOG RETAIL – 0.4%
1-800-Flowers.com, Inc.*		572		3,392
Blue Nile, Inc.#,*		662		21,601
Geeknet, Inc.*		300		3,924
HSN, Inc.		1,330		69,931
Kayak Software Corp.*		290		11,548
Nutrisystem, Inc.		1,229		9,955
Orbitz Worldwide, Inc.#,*		2,949		17,635
Overstock.com, Inc.#,*		402		8,362
PetMed Express, Inc.#		947		11,838
Shutterfly, Inc.*		2,092		93,157
US Auto Parts Network, Inc.*		1,920		2,400
Vitacost.com, Inc.#,*		1,410		10,970
			$	264,713
LEISURE EQUIPMENT & PRODUCTS – 0.4%
Arctic Cat, Inc.#,*		760		34,192
Black Diamond, Inc.#,*		940		9,212
Brunswick Corp.		3,511		111,158
Callaway Golf Co.		2,811		18,834
JAKKS Pacific, Inc.#		2,400		26,184
Johnson Outdoors, Inc.*		120		2,815
LeapFrog Enterprises, Inc.#,*		1,727		15,439
Marine Products Corp.		1,100		7,953
Smith & Wesson Holding Corp.#,*		2,887		25,348
Steinway Musical Instruments, Inc.*		588		14,665
Sturm Ruger & Co., Inc.#		680		34,864
			$	300,664
MEDIA – 1.4%
Arbitron, Inc.		1,214		56,682
Belo Corp.		4,120		44,166
Carmike Cinemas, Inc.*		680		11,941
Central European Media Enterprises Ltd.*		3,730		13,801
Cumulus Media, Inc.#,*		3,560		11,356
Daily Journal Corp.#,*		130		13,720
Digital Domain Media Group, Inc.*		1,470		25
Digital Generation, Inc.#,*		1,047		7,015
Entercom Communications Corp.#,*		1,600		12,656
Entravision Communications Corp.		4,740		18,296
EW Scripps Co.*		1,410		19,585

Description	Number of Shares		Value
Fisher Communications, Inc.		497	$	20,586
Global Sources Ltd.*		619		4,222
Harte-Hanks, Inc.		3,546		28,120
Journal Communications, Inc.*		3,160		21,520
LIN TV Corp.*		2,690		33,114
Lions Gate Entertainment Corp.*		3,220		79,888
Live Nation Entertainment, Inc.*		9,176		115,893
Martha Stewart Living Omnimedia*		1,683		4,157
McClatchy Co.#,*		3,460		7,993
MDC Partners, Inc.		980		16,748
Meredith Corp.#		2,460		95,497
National CineMedia, Inc.		2,932		47,616
New York Times Co.*		8,840		78,322
Nexstar Broadcasting Group, Inc.		530		12,906
Outdoor Channel Holdings, Inc.		1,170		10,238
ReachLocal, Inc.*		260		4,334
Reading International, Inc.*		1,510		8,788
Rentrak Corp.*		280		6,339
Saga Communications, Inc.		230		10,589
Scholastic Corp.		1,556		42,712
Shutterstock, Inc.*		320		13,344
Sinclair Broadcast Group, Inc.		3,508		94,014
Valassis Communications, Inc.		1,760		45,109
World Wrestling Entertainment, Inc.		1,017		9,336
			$	1,020,628
MULTILINE RETAIL – 0.2%
Bon-Ton Stores, Inc.		340		5,216
Fred’s, Inc.		2,032		28,915
Gordmans Stores, Inc.*		160		1,805
Saks, Inc.#,*		3,860		44,583
Tuesday Morning Corp.*		3,530		28,628
			$	109,147
SPECIALTY RETAIL – 3.3%
Aeropostale, Inc.#,*		2,910		42,661
America’s Car-Mart, Inc.*		310		14,344
ANN, Inc.*		2,140		63,216
Asbury Automotive Group, Inc.*		1,274		51,075
Barnes & Noble, Inc.#,*		2,170		39,342
bebe stores, Inc.		2,446		13,844
Big 5 Sporting Goods Corp.		1,352		22,714
Body Central Corp.*		510		5,192
Brown Shoe Co., Inc.		2,555		43,205
Buckle, Inc.#		1,175		57,046
Cabela’s, Inc.*		2,014		129,299
Cato Corp.		1,463		35,127
Childrens Place Retail Stores, Inc.*		1,418		69,369

April 30, 2013  /  ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 57

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Citi Trends, Inc.*		936	$	11,017
Conn’s, Inc.#,*		1,086		47,035
Destination Maternity Corp.		930		22,087
Destination XL Group, Inc.*		2,440		12,151
Express, Inc.*		3,310		60,275
Finish Line, Inc.		3,014		58,441
Five Below, Inc.#,*		600		21,594
Francesca’s Holdings Corp.#,*		1,440		41,126
Genesco, Inc.*		1,081		66,536
Group 1 Automotive, Inc.		1,534		92,776
Haverty Furniture Cos., Inc.		1,437		34,172
hhgregg, Inc.*		715		9,660
Hibbett Sports, Inc.*		1,114		61,103
Hot Topic, Inc.		2,501		34,889
Jos A Bank Clothiers, Inc.#,*		1,180		51,542
Kirkland’s, Inc.*		330		3,980
Lithia Motors, Inc.		1,440		71,309
Lumber Liquidators Holdings, Inc.#,*		1,081		88,599
MarineMax, Inc.*		800		9,272
Mattress Firm Holding Corp.*		590		22,609
Men’s Wearhouse, Inc.		2,899		97,116
Monro Muffler Brake, Inc.#		1,322		54,678
New York & Co., Inc.*		2,080		9,277
Office Depot, Inc.*		17,890		69,055
OfficeMax, Inc.		5,340		61,463
Penske Automotive Group, Inc.		2,600		80,392
Pep Boys-Manny Moe & Jack*		2,843		32,979
Perfumania Holdings, Inc.*		2,080		12,958
Pier 1 Imports, Inc.		4,000		92,840
RadioShack Corp.#		8,250		26,153
Rent-A-Center, Inc.		3,754		131,127
Restoration Hardware Holdings, Inc.#,*		290		11,296
rue21, Inc.*		520		16,588
Select Comfort Corp.*		2,420		51,352
Shoe Carnival, Inc.		553		11,519
Sonic Automotive, Inc.		2,918		64,167
Stage Stores, Inc.		2,138		59,201
Stein Mart, Inc.		680		5,379
Systemax, Inc.		272		2,492
Tilly’s, Inc.*		710		10,252
Vitamin Shoppe, Inc.*		1,250		61,438
West Marine, Inc.*		60		710
Wet Seal, Inc.*		5,056		16,483
Zumiez, Inc.*		1,163		33,692
			$	2,419,214
TEXTILES, APPAREL & LUXURY GOODS – 1.5%
Cherokee, Inc.		150		1,954

Description	Number of Shares		Value
Columbia Sportswear Co.		723	$	42,368
Crocs, Inc.*		3,450		55,269
Culp, Inc.		640		10,394
Delta Apparel, Inc.*		1,210		16,190
Fifth & Pacific Cos., Inc.*		7,870		162,279
G-III Apparel Group Ltd.*		1,137		46,230
Iconix Brand Group, Inc.*		4,845		138,809
Jones Group, Inc.		6,160		86,240
K-Swiss, Inc.*		2,058		9,755
Maidenform Brands, Inc.*		929		16,722
Movado Group, Inc.		1,085		32,810
Oxford Industries, Inc.		640		37,843
Perry Ellis International, Inc.		617		10,841
PVH Corp.		98		11,310
Quiksilver, Inc.*		8,690		58,484
RG Barry Corp.		990		13,652
Skechers U.S.A., Inc.*		2,253		46,817
Steven Madden Ltd.*		1,656		80,531
True Religion Apparel, Inc.		1,377		37,262
Tumi Holdings, Inc.*		1,020		23,491
Unifi, Inc.*		926		18,057
Vera Bradley, Inc.#,*		1,210		27,612
Wolverine World Wide, Inc.#		2,016		96,304
			$	1,081,224
TOTAL CONSUMER DISCRETIONARY			$	9,839,933
CONSUMER STAPLES – 3.5%
BEVERAGES – 0.1%
Boston Beer Co., Inc.#,*		355		60,109
Central European Distribution Corp.*		1,400		98
Coca-Cola Bottling Co. Consolidated		261		16,051
National Beverage Corp.		510		7,512
			$	83,770
FOOD & STAPLES RETAILING – 1.2%
Andersons, Inc.		1,145		62,425
Arden Group, Inc.		53		5,242
Casey’s General Stores, Inc.		1,546		89,529
Chefs’ Warehouse, Inc.*		570		10,482
Harris Teeter Supermarkets, Inc.		2,640		110,326
Ingles Markets, Inc.		1,040		22,173
Nash Finch Co.		1,408		28,934
Natural Grocers by Vitamin Cottage, Inc.#,*		510		12,791
Pantry, Inc.*		2,400		35,064
Pricesmart, Inc.#		806		71,919
Rite Aid Corp.*		42,030		111,380
Roundy’s, Inc.#		2,010		14,392
Spartan Stores, Inc.		1,879		31,530

ANNUAL REPORT  /  April 30, 2013

58 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
SUPERVALU, Inc.#		10,740	$	62,722
Susser Holdings Corp.*		591		31,423
United Natural Foods, Inc.*		1,977		98,731
Village Super Market, Inc.		650		22,880
Weis Markets, Inc.		510		21,333
			$	843,276
FOOD PRODUCTS – 1.5%
Alico, Inc.		260		10,871
Annie’s, Inc.#,*		290		10,959
B&G Foods, Inc.		2,206		68,077
Boulder Brands, Inc.#,*		4,199		37,833
Calavo Growers, Inc.#		307		8,707
Cal-Maine Foods, Inc.		642		27,401
Chiquita Brands International, Inc.#,*		2,481		21,411
Darling International, Inc.*		6,237		115,447
Diamond Foods, Inc.#,*		995		15,005
Dole Food Co., Inc.*		2,350		25,286
Farmer Bros Co.*		388		5,878
Fresh Del Monte Produce, Inc.		2,539		64,516
Griffin Land & Nurseries, Inc.		246		7,343
Hain Celestial Group, Inc.#,*		1,533		100,028
J&J Snack Foods Corp.		544		40,811
John B Sanfilippo & Son, Inc.		590		12,378
Lancaster Colony Corp.		812		64,091
Limoneira Co.#		180		3,353
Omega Protein Corp.*		550		5,121
Pilgrim’s Pride Corp.*		3,300		32,307
Post Holdings, Inc.*		1,180		51,672
Sanderson Farms, Inc.		1,061		64,997
Seaboard Corp.		17		46,682
Seneca Foods Corp.*		420		13,688
Snyders-Lance, Inc.		2,101		52,903
Tootsie Roll Industries, Inc.#		1,243		38,819
TreeHouse Foods, Inc.*		1,762		112,257
			$	1,057,841
HOUSEHOLD PRODUCTS – 0.2%
Central Garden and Pet Co.*		1,854		16,315
Harbinger Group, Inc.*		2,990		27,030
Oil-Dri Corp. of America		160		4,402
Orchids Paper Products Co.		480		11,040
Spectrum Brands Holdings, Inc.		1,030		57,680
WD-40 Co.		654		35,270
			$	151,737
PERSONAL PRODUCTS – 0.3%
Elizabeth Arden, Inc.*		1,137		46,560
Female Health Co.		1,410		10,815
Inter Parfums, Inc.		898		26,015

Description	Number of Shares		Value
Medifast, Inc.*		440	$	11,528
Nature’s Sunshine Products, Inc.		380		5,559
Nutraceutical International Corp.		460		8,496
Prestige Brands Holdings, Inc.*		2,507		67,564
Revlon, Inc.*		780		15,093
Star Scientific, Inc.#,*		4,009		4,971
Synutra International, Inc.#,*		429		2,072
USANA Health Sciences, Inc.#,*		475		26,800
			$	225,473
TOBACCO – 0.2%
Alliance One International, Inc.*		8,162		30,607
Universal Corp.#		1,372		78,959
Vector Group Ltd.#		2,867		46,761
			$	156,327
TOTAL CONSUMER STAPLES			$	2,518,424
ENERGY – 6.0%
ENERGY EQUIPMENT & SERVICES – 2.2%
Basic Energy Services, Inc.#,*		2,022		27,762
Bolt Technology Corp.		800		12,800
Bristow Group, Inc.		2,301		145,423
C&J Energy Services, Inc.#,*		2,120		41,955
Cal Dive International, Inc.*		3,789		6,328
Dawson Geophysical Co.*		343		10,544
Dril-Quip, Inc.*		1,578		132,094
Exterran Holdings, Inc.*		4,170		110,171
Forbes Energy Services Ltd.*		3,210		12,102
Forum Energy Technologies, Inc.#,*		800		22,248
Geospace Technologies Corp.*		522		44,041
Global Geophysical Services, Inc.#,*		490		1,784
Gulf Island Fabrication, Inc.		463		9,519
Gulfmark Offshore, Inc.		1,781		74,125
Heckmann Corp.#,*		9,220		34,022
Helix Energy Solutions Group, Inc.*		6,960		160,358
Hercules Offshore, Inc.*		10,340		76,206
Hornbeck Offshore Services, Inc.*		2,128		95,590
ION Geophysical Corp.*		5,947		37,109
Key Energy Services, Inc.*		11,070		65,756
Lufkin Industries, Inc.		1,310		115,660
Matrix Service Co.*		1,613		24,243
Mitcham Industries, Inc.*		240		3,564
Natural Gas Services Group, Inc.*		704		14,214
Newpark Resources, Inc.*		5,522		57,981
Parker Drilling Co.*		8,824		36,355
PHI, Inc.*		935		25,965
Pioneer Energy Services Corp.*		4,488		31,640
RigNet, Inc.*		480		11,616

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Tesco Corp.*		1,580	$	19,276
TETRA Technologies, Inc.*		5,340		48,754
TGC Industries, Inc.		1,260		11,176
Vantage Drilling Co.*		19,290		32,600
Willbros Group, Inc.*		2,928		27,816
			$	1,580,797
OIL, GAS & CONSUMABLE FUELS – 3.8%
Abraxas Petroleum Corp.#,*		4,480		10,035
Adams Resources & Energy, Inc.		350		17,391
Alon USA Energy, Inc.		624		10,358
Amyris, Inc.#,*		990		2,693
Apco Oil and Gas International, Inc.#,*		480		4,853
Approach Resources, Inc.#,*		1,430		33,920
Arch Coal, Inc.#		14,270		69,209
ATP Oil & Gas Corp.*		2,852		399
Berry Petroleum Co.		2,134		102,240
Bill Barrett Corp.#,*		3,465		68,815
Bonanza Creek Energy, Inc.*		730		25,075
BPZ Resources, Inc.*		4,853		10,385
Callon Petroleum Co.*		1,680		6,014
Carrizo Oil & Gas, Inc.*		2,076		50,281
Clayton Williams Energy, Inc.*		313		12,082
Clean Energy Fuels Corp.#,*		2,379		31,379
Cloud Peak Energy, Inc.*		4,280		83,631
Comstock Resources, Inc.*		3,470		54,340
Contango Oil & Gas Co.		649		24,415
Crimson Exploration, Inc.*		110		338
Crosstex Energy, Inc.		1,773		32,641
CVR Energy, Inc.		746		36,755
Delek US Holdings, Inc.		1,232		44,463
Diamondback Energy, Inc.#,*		470		12,342
Emerald Oil, Inc.*		2,347		15,091
Endeavour International Corp.#,*		1,533		4,200
Energy XXI Bermuda Ltd.		3,620		82,319
EPL Oil & Gas, Inc.*		2,020		65,993
Evolution Petroleum Corp.*		1,160		11,530
Forest Oil Corp.*		6,750		28,282
Frontline Ltd.#,*		2,000		3,640
FX Energy, Inc.*		2,593		9,957
GasLog Ltd.		1,180		15,104
Gastar Exploration Ltd.*		1,490		4,172
Gevo, Inc.#,*		1,380		2,546
Goodrich Petroleum Corp.#,*		1,285		16,756
Green Plains Renewable Energy, Inc.*		1,390		17,389
Gulfport Energy Corp.*		4,470		233,289
Halcon Resources Corp.#,*		5,621		36,761

Description	Number of Shares		Value
Hallador Energy Co.		1,410	$	10,096
Harvest Natural Resources, Inc.#,*		1,209		3,966
Isramco, Inc.#,*		40		3,654
KiOR, Inc.#,*		1,360		6,623
Knightsbridge Tankers Ltd.#		2,663		18,242
Kodiak Oil & Gas Corp.*		10,480		82,058
Magnum Hunter Resources Corp.#,*		8,460		23,011
Matador Resources Co.*		1,590		15,693
McMoRan Exploration Co.#,*		7,058		116,810
Midstates Petroleum Co., Inc.*		1,460		8,424
Miller Energy Resources, Inc.#,*		540		2,052
Nordic American Tankers Ltd.		3,698		32,949
Northern Oil and Gas, Inc.#,*		2,460		31,709
Oasis Petroleum, Inc.*		3,170		108,509
Panhandle Oil and Gas, Inc.		586		16,689
Patriot Coal Corp.*		3,730		347
PDC Energy, Inc.*		1,979		85,691
Penn Virginia Corp.#		3,564		14,363
PetroQuest Energy, Inc.*		3,153		13,495
Quicksilver Resources, Inc.#,*		10,290		25,931
Renewable Energy Group, Inc.*		2,130		20,938
Resolute Energy Corp.*		2,790		25,724
REX American Resources Corp.*		200		3,738
Rex Energy Corp.*		2,195		35,274
Rosetta Resources, Inc.*		2,128		91,312
Sanchez Energy Corp.#,*		460		8,331
Scorpio Tankers, Inc.		7,180		62,107
SemGroup Corp.		2,630		136,366
Ship Finance International Ltd.		3,303		54,433
Solazyme, Inc.#,*		1,820		16,562
Stone Energy Corp.*		3,234		63,807
Swift Energy Co.*		3,336		43,168
Synergy Resources Corp.*		1,650		11,138
Targa Resources Corp.		1,210		79,570
Teekay Tankers Ltd.#		7,768		19,653
Triangle Petroleum Corp.*		1,410		7,741
Uranerz Energy Corp.#,*		1,910		1,948
Uranium Energy Corp.*		3,940		6,107
Vaalco Energy, Inc.*		2,387		16,041
W&T Offshore, Inc.#		2,030		23,710
Warren Resources, Inc.*		2,940		7,732
Western Refining, Inc.#		2,825		87,321
Westmoreland Coal Co.*		140		1,690
			$	2,735,806
TOTAL ENERGY			$	4,316,603

ANNUAL REPORT  /  April 30, 2013

60 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
FINANCIALS – 27.3%
CAPITAL MARKETS – 2.8%
Apollo Investment Corp.		13,022	$	114,724
Arlington Asset Investment Corp.		830		22,485
Artio Global Investors, Inc.		2,080		5,699
BGC Partners, Inc.		4,390		25,111
BlackRock Kelso Capital Corp.#		5,740		57,113
Calamos Asset Management, Inc.		1,585		17,990
Capital Southwest Corp.		102		12,004
CIFC Corp.*		1,380		10,805
Cohen & Steers, Inc.#		873		34,492
Cowen Group, Inc.*		5,765		14,758
Diamond Hill Investment Group, Inc.		160		12,078
Evercore Partners, Inc.		1,753		66,176
FBR & Co.*		1,897		39,515
Fidus Investment Corp.		570		10,716
Fifth Street Finance Corp.		6,746		74,476
Financial Engines, Inc.		1,980		72,013
FXCM, Inc.		1,730		23,441
GAMCO Investors, Inc.		202		10,605
GFI Group, Inc.		6,051		24,265
Gladstone Capital Corp.		1,822		16,890
Gladstone Investment Corp.		3,547		26,390
Golub Capital BDC, Inc.#		1,490		26,269
Greenhill & Co., Inc.		1,170		54,042
GSV Capital Corp.#,*		1,170		8,997
Harris & Harris Group, Inc.*		2,760		9,108
Hercules Technology Growth Capital, Inc.		3,617		48,106
HFF, Inc.		1,900		39,805
Horizon Technology Finance Corp.#		850		12,486
ICG Group, Inc.*		1,734		20,583
INTL. FCStone, Inc.#,*		1,696		29,036
Investment Technology Group, Inc.*		3,060		33,323
JMP Group, Inc.		3,030		19,574
KCAP Financial, Inc.#		1,700		18,394
Knight Capital Group, Inc.*		11,042		39,089
Ladenburg Thalmann Financial Services, Inc.*		5,250		7,717
Main Street Capital Corp.		1,745		52,455
Manning & Napier, Inc.		1,080		18,911
MCG Capital Corp.		4,950		25,443
Medallion Financial Corp.		1,311		19,586
Medley Capital Corp.		1,600		24,928
MVC Capital, Inc.		2,454		31,877
New Mountain Finance Corp.		2,020		30,785
NGP Capital Resources Co.		3,107		20,693
Oppenheimer Holdings, Inc.		850		15,725
PennantPark Investment Corp.		5,130		60,021

Description	Number of Shares		Value
Piper Jaffray Cos.*		770	$	25,995
Prospect Capital Corp.		12,909		142,386
Pzena Investment Management, Inc.		715		4,533
Safeguard Scientifics, Inc.*		1,135		18,319
Solar Capital Ltd.		2,810		67,243
Solar Senior Capital Ltd.		790		15,144
Stifel Financial Corp.*		2,976		95,887
SWS Group, Inc.*		1,777		10,111
TCP Capital Corp.		800		12,536
Teton Advisors, Inc.#		10		180
THL Credit, Inc.		800		12,304
TICC Capital Corp.#		3,759		38,229
Triangle Capital Corp.#		1,986		55,548
Virtus Investment Partners, Inc.*		323		61,693
Walter Investment Management Corp.*		2,202		73,899
Westwood Holdings Group, Inc.		460		20,102
WhiteHorse Finance, Inc.#		910		14,424
WisdomTree Investments, Inc.*		2,650		30,740
			$	2,057,972
COMMERCIAL BANKS – 7.4%
1st Source Corp.		1,188		27,954
1st United Bancorp, Inc.		740		4,906
American National Bankshares, Inc.		490		10,648
Ameris Bancorp*		830		11,512
Ames National Corp.#		11		216
Arrow Financial Corp.#		924		22,352
Bancfirst Corp.		134		5,607
Banco Latinoamericano de Comercio
Exterior SA		2,264		51,370
Bancorp, Inc.*		1,510		19,630
BancorpSouth, Inc.		6,010		96,160
Bank of Kentucky Financial Corp.		370		9,701
Bank of Marin Bancorp		310		12,276
Bank of the Ozarks, Inc.		1,422		58,202
Banner Corp.		1,200		39,204
Bar Harbor Bankshares		400		14,400
BBCN Bancorp, Inc.		4,601		59,261
Boston Private Financial Holdings, Inc.		5,138		49,530
Bridge Bancorp, Inc.		570		11,508
Bridge Capital Holdings*		300		4,374
Bryn Mawr Bank Corp.		475		11,034
BSB Bancorp, Inc.*		1,470		20,212
C&F Financial Corp.		250		10,050
Camden National Corp.		263		8,782
Capital Bank Financial Corp.*		1,280		22,874
Capital City Bank Group, Inc.*		951		11,887
Cardinal Financial Corp.		1,330		20,282
Cathay General Bancorp		4,732		93,268

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 61

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Center Bancorp, Inc.		130	$	1,514
Centerstate Banks, Inc.		2,486		20,684
Central Pacific Financial Corp.*		800		13,472
Century Bancorp, Inc.		410		13,932
Chemical Financial Corp.		1,738		43,102
Citizens & Northern Corp.		831		16,088
City Holding Co.#		762		29,093
CNB Financial Corp.		910		14,733
CoBiz Financial, Inc.		1,980		16,949
Columbia Banking System, Inc.		3,299		70,830
Community Bank System, Inc.		2,904		83,171
Community Trust Bancorp, Inc.		928		32,127
CVB Financial Corp.		5,494		59,720
Eagle Bancorp, Inc.*		1,340		30,994
Enterprise Bancorp, Inc.		60		967
Enterprise Financial Services Corp.		753		10,828
Farmers National Banc Corp.#		2,030		13,398
Fidelity Southern Corp.*		967		11,497
Financial Institutions, Inc.		873		16,700
First BanCorp#,*		6,500		38,415
First Bancorp		1,095		14,246
First Bancorp, Inc.		439		7,503
First Busey Corp.		7,781		33,458
First California Financial Group, Inc.*		1,340		10,814
First Commonwealth Financial Corp.		6,326		45,231
First Community Bancshares, Inc.		1,301		20,179
First Connecticut Bancorp, Inc.		1,340		19,886
First Financial Bancorp		4,075		62,633
First Financial Bankshares, Inc.#		2,081		102,822
First Financial Corp.		935		28,882
First Interstate Bancsystem, Inc.		1,240		25,197
First Merchants Corp.		1,795		29,133
First Midwest Bancorp, Inc.		4,761		59,751
First of Long Island Corp.		220		6,646
FirstMerit Corp.		10,732		183,839
FNB Corp.		8,836		100,642
FNB United Corp.#,*		780		5,850
German American Bancorp, Inc.		400		8,528
Glacier Bancorp, Inc.		4,471		82,490
Great Southern Bancorp, Inc.		490		12,921
Guaranty Bancorp		6,220		13,186
Hancock Holding Co.#		5,178		141,204
Hanmi Financial Corp.*		2,400		37,032
Heartland Financial USA, Inc.		593		15,068
Heritage Commerce Corp.*		2,150		14,125
Heritage Financial Corp.		820		11,439
Home BancShares, Inc.		1,462		58,071
HomeTrust Bancshares, Inc.*		1,540		24,563

Description	Number of Shares		Value
Horizon Bancorp		580	$	11,194
Hudson Valley Holding Corp.		1,112		17,103
Iberiabank Corp.		2,074		94,616
Independent Bank Corp.		1,586		49,229
International Bancshares Corp.		3,902		75,699
Investors Bancorp, Inc.#		1,871		37,046
Lakeland Bancorp, Inc.		1,692		16,176
Lakeland Financial Corp.		1,015		27,202
MainSource Financial Group, Inc.		979		12,404
MB Financial, Inc.		3,415		84,555
Mercantile Bank Corp.		620		10,360
Merchants Bancshares, Inc.		290		8,799
Metro Bancorp, Inc.*		572		10,153
MetroCorp Bancshares, Inc.*		900		9,045
Middleburg Financial Corp.		690		12,482
MidSouth Bancorp, Inc.		820		12,882
MidWestOne Financial Group, Inc.		480		11,472
National Bank Holdings Corp.		1,140		20,588
National Bankshares, Inc.#		200		6,550
National Penn Bancshares, Inc.		8,141		79,700
NBT Bancorp, Inc.		3,180		64,395
Northrim BanCorp, Inc.		580		12,632
OFG Bancorp		3,634		58,398
Old National Bancorp		6,471		78,817
OmniAmerican Bancorp, Inc.*		740		18,426
Pacific Continental Corp.		1,340		14,981
Pacific Mercantile Bancorp*		2,380		14,280
PacWest Bancorp#		1,789		49,609
Park National Corp.		598		40,891
Park Sterling Corp.*		3,640		20,857
Peapack Gladstone Financial Corp.		940		13,705
Penns Woods Bancorp, Inc.#		160		6,547
Peoples Bancorp, Inc.		596		12,146
Pinnacle Financial Partners, Inc.*		2,481		60,214
Preferred Bank*		650		10,725
PrivateBancorp, Inc.		4,250		81,515
Prosperity Bancshares, Inc.		2,995		137,590
Renasant Corp.		1,581		36,078
Republic Bancorp, Inc.		827		18,359
S&T Bancorp, Inc.		2,010		37,929
Sandy Spring Bancorp, Inc.		2,147		43,971
SCBT Financial Corp.#		1,170		55,891
Sierra Bancorp		516		6,667
Simmons First National Corp.		1,426		34,966
Southside Bancshares, Inc.#		1,571		33,584
Southwest Bancorp, Inc.*		1,132		14,965
State Bank Financial Corp.		2,320		34,127
StellarOne Corp.		1,393		20,881

ANNUAL REPORT  /  April 30, 2013

62 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Sterling Bancorp		1,237	$	13,953
Sterling Financial Corp.		1,230		26,814
Suffolk Bancorp*		854		13,357
Sun Bancorp, Inc.*		1,460		4,701
Susquehanna Bancshares, Inc.		12,682		147,999
SY Bancorp, Inc.		530		12,169
Taylor Capital Group, Inc.*		730		10,695
Texas Capital Bancshares, Inc.*		1,858		77,404
Tompkins Financial Corp.		710		29,678
TowneBank#		1,921		27,490
Trico Bancshares		1,093		19,095
Trustmark Corp.#		4,238		104,043
UMB Financial Corp.		1,994		100,378
Umpqua Holdings Corp.		7,906		94,872
Union First Market Bankshares Corp.		1,079		20,404
United Bankshares, Inc.#		3,124		79,068
United Community Banks, Inc.*		3,214		35,193
Univest Corp. of Pennsylvania		1,793		31,431
Virginia Commerce Bancorp, Inc.*		1,480		19,891
Washington Banking Co.		920		12,696
Washington Trust Bancorp, Inc.		576		15,408
Webster Financial Corp.		5,040		117,785
WesBanco, Inc.		2,016		50,460
West Bancorporation, Inc.		1,097		11,826
Westamerica Bancorporation#		1,303		56,537
Western Alliance Bancorp*		4,821		70,917
Wilshire Bancorp, Inc.*		3,780		24,154
Wintrust Financial Corp.		2,113		75,772
			$	5,365,344
CONSUMER FINANCE – 0.7%
Asta Funding, Inc.		1,350		12,676
Cash America International, Inc.#		1,426		62,216
Credit Acceptance Corp.*		298		29,898
DFC Global Corp.*		2,478		33,453
Encore Capital Group, Inc.#,*		985		28,063
Ezcorp, Inc.*		2,169		36,656
First Cash Financial Services, Inc.*		1,149		59,139
First Marblehead Corp.*		5,080		6,248
Green Dot Corp.#,*		1,050		16,495
Nelnet, Inc.		1,302		44,268
Netspend Holdings, Inc.*		1,090		17,396
Portfolio Recovery Associates, Inc.*		709		87,030
Regional Management Corp.*		650		14,092
World Acceptance Corp.#,*		464		41,231
			$	488,861
DIVERSIFIED FINANCIAL SERVICES – 0.3%
California First National Bancorp		150		2,388

Description	Number of Shares		Value
Gain Capital Holdings, Inc.		2,760	$	13,607
MarketAxess Holdings, Inc.		1,547		65,469
Marlin Business Services Corp.		480		11,630
NewStar Financial, Inc.*		924		11,042
PHH Corp.*		3,547		74,771
PICO Holdings, Inc.*		1,180		25,606
Resource America, Inc.		1,290		11,894
			$	216,407
INSURANCE – 3.1%
Alterra Capital Holdings Ltd.		5,575		181,466
American Equity Investment Life Holding Co.		4,603		70,150
American Safety Insurance Holdings Ltd.*		877		21,118
AMERISAFE, Inc.		1,082		35,338
Amtrust Financial Services, Inc.#		1,566		49,580
Argo Group International Holdings Ltd.		1,921		79,625
Baldwin & Lyons, Inc.		492		11,956
Citizens, Inc.#,*		1,797		11,752
CNO Financial Group, Inc.		13,580		153,726
Crawford & Co.		1,767		13,412
Donegal Group, Inc.		940		13,762
Eastern Insurance Holdings, Inc.		630		11,737
eHealth, Inc.*		804		16,836
EMC Insurance Group, Inc.		510		14,397
Employers Holdings, Inc.		1,347		30,510
Enstar Group Ltd.*		559		71,043
FBL Financial Group, Inc.		933		36,676
First American Financial Corp.		6,520		174,540
Global Indemnity PLC*		524		11,680
Greenlight Capital Re Ltd.*		2,150		52,912
Hallmark Financial Services*		7		63
Hilltop Holdings, Inc.*		2,131		28,534
Homeowners Choice, Inc.#		430		11,412
Horace Mann Educators Corp.		3,064		69,093
Independence Holding Co.		1,800		18,900
Infinity Property & Casualty Corp.		698		39,605
Kansas City Life Insurance Co.		370		13,357
Maiden Holdings Ltd.		4,002		41,341
Meadowbrook Insurance Group, Inc.		4,025		31,314
Montpelier Re Holdings Ltd.		2,884		74,292
National Financial Partners Corp.*		2,390		60,563
National Interstate Corp.		519		15,077
National Western Life Insurance Co.		165		30,132
Navigators Group, Inc.*		426		24,657
OneBeacon Insurance Group Ltd.		2,090		28,403
Phoenix Cos., Inc.*		811		23,608
Platinum Underwriters Holdings Ltd.		2,220		125,985

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 63

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Primerica, Inc.		2,900	$	98,484
RLI Corp.		1,356		97,429
Safety Insurance Group, Inc.		1,014		50,365
Selective Insurance Group, Inc.		3,803		89,104
State Auto Financial Corp.		638		11,088
Stewart Information Services Corp.		1,499		40,578
Symetra Financial Corp.		5,730		78,100
Tower Group International Ltd.		2,081		39,373
United Fire Group, Inc.		1,365		38,165
Universal Insurance Holdings, Inc.		2,460		14,711
			$	2,255,949
REAL ESTATE INVESTMENT TRUSTS – 10.5%
Acadia Realty Trust		2,135		60,954
AG Mortgage Investment Trust, Inc.#		1,900		49,153
Agree Realty Corp.		979		29,439
Alexander’s, Inc.		96		29,567
American Assets Trust, Inc.		2,330		78,661
American Capital Mortgage Investment Corp.		3,820		101,459
AmREIT, Inc.		830		15,778
Anworth Mortgage Asset Corp.		10,551		66,577
Apollo Commercial Real Estate Finance, Inc.		2,170		38,496
Apollo Residential Mortgage, Inc.		1,990		44,297
Ares Commercial Real Estate Corp.#		1,220		20,533
ARMOUR Residential REIT, Inc.		25,780		167,312
Ashford Hospitality Trust, Inc.		4,350		56,028
Associated Estates Realty Corp.		2,294		40,994
Campus Crest Communities, Inc.		3,960		54,094
CapLease, Inc.		5,851		41,074
Capstead Mortgage Corp.		7,100		94,288
Cedar Realty Trust, Inc.		4,046		25,935
Chatham Lodging Trust		1,140		20,873
Chesapeake Lodging Trust		3,060		72,400
Colonial Properties Trust		5,853		135,848
Colony Financial, Inc.		4,320		96,336
Coresite Realty Corp.		1,190		43,054
Cousins Properties, Inc.		6,347		69,309
CubeSmart		8,804		154,686
CYS Investments, Inc.		11,860		147,420
DCT Industrial Trust, Inc.		16,955		132,758
DiamondRock Hospitality Co.		12,167		121,427
DuPont Fabros Technology, Inc.#		2,975		74,791
Dynex Capital, Inc.		4,520		48,590
EastGroup Properties, Inc.		1,254		79,090
Education Realty Trust, Inc.		6,101		67,050
EPR Properties		3,139		177,479
Equity One, Inc.		3,552		90,540
Excel Trust, Inc.		3,390		51,630

Description	Number of Shares		Value
FelCor Lodging Trust, Inc.*		4,680	$	27,986
First Industrial Realty Trust, Inc.		6,382		114,493
First Potomac Realty Trust		3,384		54,144
Franklin Street Properties Corp.		5,357		81,801
Geo Group, Inc.		4,856		181,857
Getty Realty Corp.#		1,437		30,766
Gladstone Commercial Corp.#		1,150		22,011
Glimcher Realty Trust		5,605		70,287
Government Properties Income Trust		3,150		82,057
Gramercy Property Trust, Inc.*		3,070		14,582
Healthcare Realty Trust, Inc.		6,006		180,300
Hersha Hospitality Trust		10,648		63,675
Highwoods Properties, Inc.		3,335		136,835
Hudson Pacific Properties, Inc.		2,810		64,096
Inland Real Estate Corp.		4,565		51,676
Invesco Mortgage Capital, Inc.		9,240		197,736
Investors Real Estate Trust		6,057		58,935
iStar Financial, Inc.#,*		6,500		75,920
JAVELIN Mortgage Investment Corp.#		740		14,904
Kite Realty Group Trust		4,530		29,898
LaSalle Hotel Properties		5,061		131,232
Lexington Realty Trust		9,881		126,576
LTC Properties, Inc.		1,782		82,863
Medical Properties Trust, Inc.		9,865		158,728
Mission West Properties Escrow		1,655		—
Monmouth Real Estate Investment Corp.		1,802		19,173
National Health Investors, Inc.		1,054		69,817
New York Mortgage Trust, Inc.#		4,850		34,629
NorthStar Realty Finance Corp.#		13,180		131,405
Omega Healthcare Investors, Inc.#		4,415		145,121
One Liberty Properties, Inc.		450		10,323
Parkway Properties, Inc.		1,329		24,228
Pebblebrook Hotel Trust		4,060		110,270
Pennsylvania Real Estate Investment Trust#		3,601		74,649
PennyMac Mortgage Investment Trust		4,010		101,253
Potlatch Corp.		2,031		96,168
PS Business Parks, Inc.		899		71,740
RAIT Financial Trust#		5,467		46,688
Ramco-Gershenson Properties Trust		4,064		70,998
Redwood Trust, Inc.		5,339		121,836
Resource Capital Corp.		7,982		52,601
Retail Opportunity Investments Corp.#		3,260		48,281
RLJ Lodging Trust		8,140		187,546
Rouse Properties, Inc.#		1,520		28,804
Ryman Hospitality Properties#		1,542		68,557
Sabra Health Care REIT, Inc.		2,723		81,200
Saul Centers, Inc.		438		19,622
Select Income REIT		1,180		33,665

ANNUAL REPORT  /  April 30, 2013

64 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Silver Bay Realty Trust Corp.		1,669	$	31,845
Sovran Self Storage, Inc.		1,207		82,800
Spirit Realty Capital, Inc.		1,690		36,386
STAG Industrial, Inc.		2,600		57,304
Starwood Property Trust, Inc.		9,120		250,709
Strategic Hotels & Resorts, Inc.*		7,160		57,781
Summit Hotel Properties, Inc.		4,370		43,656
Sun Communities, Inc.		1,211		61,943
Sunstone Hotel Investors, Inc.*		8,834		109,630
Terreno Realty Corp.		1,530		28,795
Two Harbors Investment Corp.		22,850		273,743
UMH Properties, Inc.		410		4,531
Universal Health Realty Income Trust		597		32,077
Urstadt Biddle Properties, Inc.		1,065		23,718
Washington Real Estate Investment Trust		3,652		104,301
Western Asset Mortgage Capital Corp.#		1,740		38,976
Whitestone REIT#		1,480		24,420
Winthrop Realty Trust		2,820		35,842
			$	7,598,309
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
AV Homes, Inc.*		512		6,610
Consolidated-Tomoka Land Co.		290		10,791
Forestar Group, Inc.*		2,258		48,637
Kennedy-Wilson Holdings, Inc.		2,680		44,568
Tejon Ranch Co.*		798		23,286
Thomas Properties Group, Inc.		1,940		9,875
Zillow, Inc.#,*		60		3,530
			$	147,297
THRIFTS & MORTGAGE FINANCE – 2.3%
Astoria Financial Corp.		6,650		63,773
Bank Mutual Corp.		4,791		24,817
BankFinancial Corp.		1,681		13,263
Beneficial Mutual Bancorp, Inc.*		1,250		10,687
Berkshire Hills Bancorp, Inc.		1,821		47,091
BofI Holding, Inc.*		650		26,507
Brookline Bancorp, Inc.		3,558		29,887
Cape Bancorp, Inc.		640		5,766
Charter Financial Corp.#		1,446		14,706
Clifton Savings Bancorp, Inc.		1,090		13,091
Dime Community Bancshares, Inc.		2,823		40,284
Doral Financial Corp.#,*		3,288		2,477
ESB Financial Corp.		1,560		21,840
ESSA Bancorp, Inc.		1,740		18,740
EverBank Financial Corp.#		1,410		22,560
Federal Agricultural Mortgage Corp.		470		14,937
First Defiance Financial Corp.		550		12,452

Description	Number of Shares		Value
First Financial Holdings, Inc.		854	$	17,114
First Financial Northwest, Inc.*		2,580		20,898
First Pactrust Bancorp, Inc.#		500		5,680
Flushing Financial Corp.		2,554		38,770
Fox Chase Bancorp, Inc.		980		16,572
Franklin Financial Corp.		620		11,272
Heritage Financial Group, Inc.		1,120		16,565
Hingham Institution for Savings		230		15,642
Home Bancorp, Inc.*		710		12,851
Home Federal Bancorp, Inc.		653		7,954
Home Loan Servicing Solutions Ltd.		3,460		78,369
HomeStreet, Inc.		390		8,385
Kearny Financial Corp.		19		187
Meridian Interstate Bancorp, Inc.*		220		4,024
MGIC Investment Corp.#,*		20,850		112,590
Nationstar Mortgage Holdings, Inc.#,*		740		27,210
Northfield Bancorp, Inc.		625		7,350
Northwest Bancshares, Inc.		6,188		75,803
OceanFirst Financial Corp.		1,788		25,407
Ocwen Financial Corp.*		6,976		255,182
Oritani Financial Corp.		1,940		30,012
Peoples Federal Bancshares, Inc.		890		16,607
Provident Financial Holdings, Inc.		550		8,910
Provident Financial Services, Inc.		4,265		65,382
Provident New York Bancorp		3,574		32,309
Radian Group, Inc.#		11,556		138,094
Rockville Financial, Inc.		1,562		20,306
Roma Financial Corp.		100		1,702
SI Financial Group, Inc.		1,440		16,704
Simplicity Bancorp, Inc.		670		10,050
Territorial Bancorp, Inc.		730		17,067
TrustCo Bank Corp.		6,890		36,930
United Financial Bancorp, Inc.		2,130		31,545
ViewPoint Financial Group, Inc.		1,741		32,417
Walker & Dunlop, Inc.*		510		9,083
Westfield Financial, Inc.		3,124		23,524
WSFS Financial Corp.		738		36,118
			$	1,667,463
TOTAL FINANCIALS			$	19,797,602
HEALTH CARE – 10.3%
BIOTECHNOLOGY – 3.2%
Achillion Pharmaceuticals, Inc.*		2,150		16,211
Acorda Therapeutics, Inc.*		1,733		68,575
Aegerion Pharmaceuticals, Inc.#,*		1,280		53,811
Affymax, Inc.#,*		1,875		1,688
Alkermes PLC*		4,913		150,387

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 65

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Alnylam Pharmaceuticals, Inc.*		1,970	$	47,181
AMAG Pharmaceuticals, Inc.*		1,020		22,491
Amicus Therapeutics, Inc.#,*		90		292
Anacor Pharmaceuticals, Inc.#,*		50		335
Arena Pharmaceuticals, Inc.#,*		9,430		77,703
Arqule, Inc.*		3,040		8,968
Array BioPharma, Inc.*		6,243		37,146
Astex Pharmaceuticals*		6,220		42,794
AVEO Pharmaceuticals, Inc.#,*		1,390		7,103
BioCryst Pharmaceuticals, Inc.#,*		1,130		2,271
Biospecifics Technologies Corp.*		150		2,380
Biotime, Inc.#,*		260		941
Celldex Therapeutics, Inc.*		3,363		43,887
Cepheid, Inc.*		2,607		99,405
Clovis Oncology, Inc.#,*		530		19,833
Codexis, Inc.*		770		1,725
Coronado Biosciences, Inc.#,*		1,460		16,425
Cubist Pharmaceuticals, Inc.*		2,542		116,729
Curis, Inc.#,*		2,950		11,062
Cytori Therapeutics, Inc.#,*		2,187		6,145
Dendreon Corp.#,*		5,560		26,188
Discovery Laboratories, Inc.*		4,290		7,250
Dyax Corp.*		2,921		8,033
Dynavax Technologies Corp.*		6,770		15,909
Emergent Biosolutions, Inc.*		991		15,202
Enzon Pharmaceuticals, Inc.		1,860		6,138
Exact Sciences Corp.*		2,440		22,790
Exelixis, Inc.#,*		8,152		42,309
Genomic Health, Inc.#,*		750		22,770
Geron Corp.*		6,027		7,052
GTx, Inc.*		350		1,617
Halozyme Therapeutics, Inc.*		3,951		23,864
Idenix Pharmaceuticals, Inc.#,*		3,412		12,624
ImmunoCellular Therapeutics Ltd.*		4,650		11,718
ImmunoGen, Inc.#,*		4,218		67,572
Immunomedics, Inc.*		2,800		7,168
Infinity Pharmaceuticals, Inc.*		980		42,228
InterMune, Inc.#,*		3,946		36,816
Ironwood Pharmaceuticals, Inc.#,*		3,380		51,410
Isis Pharmaceuticals, Inc.*		3,582		80,201
Keryx Biopharmaceuticals, Inc.#,*		2,860		23,309
Lexicon Pharmaceuticals, Inc.*		9,060		17,939
Ligand Pharmaceuticals, Inc.#,*		655		17,895
MannKind Corp.#,*		7,307		28,863
Maxygen, Inc.		196		470
Momenta Pharmaceuticals, Inc.*		2,030		25,010
Neurocrine Biosciences, Inc.*		2,837		32,739
NewLink Genetics Corp.#,*		470		6,552

Description	Number of Shares		Value
Novavax, Inc.#,*		5,063	$	11,898
NPS Pharmaceuticals, Inc.*		3,352		45,017
OncoGenex Pharmaceutical, Inc.#,*		1,200		12,156
Oncothyreon, Inc.#,*		2,180		5,472
Opko Health, Inc.#,*		5,020		33,433
Orexigen Therapeutics, Inc.#,*		3,845		23,378
Osiris Therapeutics, Inc.#,*		704		7,899
PDL BioPharma, Inc.#		6,856		53,065
Pharmacyclics, Inc.*		2,070		168,705
Progenics Pharmaceuticals, Inc.*		1,876		8,630
Raptor Pharmaceutical Corp.#,*		3,780		26,082
Repligen Corp.*		1,780		15,949
Rigel Pharmaceuticals, Inc.*		3,171		15,189
Sangamo Biosciences, Inc.#,*		2,305		23,465
Seattle Genetics, Inc.#,*		3,815		140,964
SIGA Technologies, Inc.#,*		1,840		6,072
Spectrum Pharmaceuticals, Inc.#		2,840		21,044
Sunesis Pharmaceuticals, Inc.#,*		610		3,434
Synageva BioPharma Corp.*		450		23,261
Synergy Pharmaceuticals, Inc.#,*		2,310		12,128
Synta Pharmaceuticals Corp.*		2,000		20,500
Targacept, Inc.*		640		2,950
Theravance, Inc.#,*		2,616		88,290
Threshold Pharmaceuticals, Inc.#,*		1,280		6,170
Trius Therapeutics, Inc.*		1,740		12,128
Vanda Pharmaceuticals, Inc.*		4,140		20,120
Vical, Inc.#,*		1,980		7,306
Xoma Corp.#,*		3,250		11,375
ZIOPHARM Oncology, Inc.#,*		2,920		4,906
			$	2,348,110
HEALTH CARE EQUIPMENT & SUPPLIES – 2.6%
Abaxis, Inc.		1,051		44,867
ABIOMED, Inc.#,*		1,412		26,080
Accuray, Inc.#,*		2,732		12,021
Align Technology, Inc.*		2,941		97,406
Alphatec Holdings, Inc.*		400		756
Analogic Corp.		508		40,376
AngioDynamics, Inc.*		989		10,019
Antares Pharma, Inc.#,*		3,030		11,484
ArthroCare Corp.*		1,340		46,431
AtriCure, Inc.*		750		6,255
Atrion Corp.		90		18,035
Biolase Technology, Inc.#,*		2		11
Cantel Medical Corp.		846		26,742
Cardiovascular Systems, Inc.*		1,160		19,906
Cerus Corp.#,*		2,350		12,502

ANNUAL REPORT  /  April 30, 2013

66 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Conceptus, Inc.*		1,470	$	45,585
CONMED Corp.		1,873		58,681
CryoLife, Inc.		1,550		9,300
Cyberonics, Inc.*		1,150		49,933
Cynosure, Inc.*		603		15,594
Derma Sciences, Inc.#,*		930		11,244
DexCom, Inc.*		3,063		50,264
Endologix, Inc.*		2,710		40,704
Exactech, Inc.*		622		11,507
Greatbatch, Inc.*		1,511		42,217
Haemonetics Corp.*		2,100		80,850
Hansen Medical, Inc.*		2,673		5,239
HeartWare International, Inc.#,*		650		63,180
ICU Medical, Inc.*		557		33,559
Insulet Corp.*		2,181		55,048
Integra LifeSciences Holdings Corp.*		897		31,422
Invacare Corp.		1,684		22,650
MAKO Surgical Corp.#,*		1,390		14,720
Masimo Corp.		2,411		48,365
Meridian Bioscience, Inc.#		1,494		30,313
Merit Medical Systems, Inc.*		2,560		24,755
Natus Medical, Inc.*		1,193		14,924
Navidea Biopharmaceuticals, Inc.#,*		5,470		13,402
Neogen Corp.*		1,013		51,491
NuVasive, Inc.*		2,200		46,134
NxStage Medical, Inc.*		2,631		29,388
OraSure Technologies, Inc.*		3,017		13,456
Orthofix International NV*		901		29,192
Palomar Medical Technologies, Inc.*		1,323		17,927
PhotoMedex, Inc.#,*		670		10,921
Quidel Corp.#,*		1,297		28,949
Rochester Medical Corp.*		780		10,592
Rockwell Medical Technologies, Inc.#,*		1,370		5,809
RTI Biologics, Inc.*		4,370		17,393
Solta Medical, Inc.*		3,890		7,586
Spectranetics Corp.*		1,838		34,279
Staar Surgical Co.*		1,250		8,725
STERIS Corp.		2,760		114,788
SurModics, Inc.*		700		18,515
Symmetry Medical, Inc.*		2,448		29,180
Tornier NV*		1,090		19,827
Unilife Corp.#,*		3,980		7,880
Vascular Solutions, Inc.*		940		14,955
Volcano Corp.#,*		2,349		47,661
West Pharmaceutical Services, Inc.		1,640		104,730
Wright Medical Group, Inc.*		2,600		60,944

Description	Number of Shares		Value
Zeltiq Aesthetics, Inc.*		40	$	175
			$	1,876,844
HEALTH CARE PROVIDERS & SERVICES – 2.3%
Acadia Healthcare Co., Inc.*		1,190		37,544
Accretive Health, Inc.#,*		1,700		17,918
Air Methods Corp.		1,633		59,751
Almost Family, Inc.		248		4,896
Amedisys, Inc.*		2,536		25,461
AMN Healthcare Services, Inc.*		1,918		26,334
Amsurg Corp.*		1,610		54,032
Assisted Living Concepts, Inc.#		1,914		22,815
Bio-Reference Labs, Inc.#,*		988		25,194
BioScrip, Inc.*		1,960		27,166
Capital Senior Living Corp.*		1,128		27,365
Centene Corp.*		2,077		95,957
Chemed Corp.		845		68,969
Chindex International, Inc.*		861		11,796
Corvel Corp.*		340		16,140
Cross Country Healthcare, Inc.*		884		4,420
Emeritus Corp.*		1,276		32,793
Ensign Group, Inc.		869		30,302
ExamWorks Group, Inc.#,*		1,950		35,295
Five Star Quality Care, Inc.*		2,940		13,906
Gentiva Health Services, Inc.*		1,367		14,340
Hanger, Inc.*		2,053		62,391
HealthSouth Corp.*		4,174		114,785
Healthways, Inc.*		2,700		37,503
IPC The Hospitalist Co., Inc.*		840		38,321
Kindred Healthcare, Inc.*		4,305		45,159
Landauer, Inc.		356		19,890
LHC Group, Inc.*		547		11,881
Magellan Health Services, Inc.*		1,825		93,367
Molina Healthcare, Inc.*		1,702		56,506
MWI Veterinary Supply, Inc.*		530		62,386
National Healthcare Corp.		700		32,501
National Research Corp.		210		12,590
Owens & Minor, Inc.#		2,906		94,648
PharMerica Corp.*		1,299		16,744
Providence Service Corp.*		510		8,930
Select Medical Holdings Corp.		1,750		14,438
Skilled Healthcare Group, Inc.*		649		4,569
Team Health Holdings, Inc.*		1,130		42,126
Triple-S Management Corp.*		941		16,966
Universal American Corp.		3,043		26,018
US Physical Therapy, Inc.		472		11,262
Vanguard Health Systems, Inc.*		1,470		21,506

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 67

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
WellCare Health Plans, Inc.*		2,320	$	135,279
			$	1,632,160
HEALTH CARE TECHNOLOGY – 0.7%
athenahealth, Inc.#,*		1,400		134,764
Computer Programs & Systems, Inc.		573		30,060
Greenway Medical Technologies#,*		740		9,968
HealthStream, Inc.*		720		16,531
HMS Holdings Corp.*		3,477		87,655
MedAssets, Inc.*		3,109		58,232
Medidata Solutions, Inc.*		860		57,070
Merge Healthcare, Inc.#,*		2,830		8,830
Omnicell, Inc.*		2,048		36,905
Quality Systems, Inc.		1,886		33,703
Vocera Communications, Inc.*		380		7,524
			$	481,242
LIFE SCIENCES TOOLS & SERVICES – 0.3%
Affymetrix, Inc.*		3,504		12,755
BG Medicine, Inc.#,*		280		462
Cambrex Corp.*		1,134		14,164
Fluidigm Corp.#,*		980		16,503
Furiex Pharmaceuticals, Inc.*		370		12,561
Harvard Bioscience, Inc.*		650		3,328
Luminex Corp.*		1,688		28,071
Pacific Biosciences of California, Inc.*		1,380		3,533
PAREXEL International Corp.*		2,399		98,239
Sequenom, Inc.#,*		5,682		21,421
			$	211,037
PHARMACEUTICALS – 1.2%
Acura Pharmaceuticals, Inc.#,*		1,700		4,165
Akorn, Inc.*		2,550		38,377
Ampio Pharmaceuticals, Inc.#,*		1,230		6,199
Auxilium Pharmaceuticals, Inc.*		1,611		24,052
AVANIR Pharmaceuticals, Inc.#,*		5,770		18,406
BioDelivery Sciences International, Inc.#,*		2,450		13,916
Cadence Pharmaceuticals, Inc.#,*		2,659		18,826
Corcept Therapeutics, Inc.*		490		867
Cornerstone Therapeutics, Inc.*		20		168
Cumberland Pharmaceuticals, Inc.*		2,910		13,619
Depomed, Inc.*		2,530		13,940
Endocyte, Inc.*		1,160		16,112
Hi-Tech Pharmacal Co., Inc.		570		18,844
Horizon Pharma, Inc.#,*		80		192
Impax Laboratories, Inc.*		2,680		46,900
Jazz Pharmaceuticals PLC*		1,690		98,612
Lannett Co., Inc.*		460		5,341
Medicines Co.*		2,079		70,187
Nektar Therapeutics#,*		5,162		55,956

Description	Number of Shares		Value
Omeros Corp.#,*		1,000	$	4,030
Optimer Pharmaceuticals, Inc.#,*		2,215		34,200
Pacira Pharmaceuticals, Inc.#,*		900		25,983
Pain Therapeutics, Inc.		2,020		8,322
Pernix Therapeutics Holdings#,*		1,740		6,647
Pozen, Inc.*		725		3,574
Questcor Pharmaceuticals, Inc.#		2,109		64,831
Repros Therapeutics, Inc.#,*		620		12,611
Sagent Pharmaceuticals, Inc.#,*		320		5,293
Santarus, Inc.*		2,380		43,721
Sciclone Pharmaceuticals, Inc.*		2,900		13,717
Sucampo Pharmaceuticals, Inc.*		892		8,483
ViroPharma, Inc.*		4,474		121,917
Vivus, Inc.#,*		3,626		48,190
XenoPort, Inc.*		2,584		16,047
Zogenix, Inc.#,*		3,430		5,934
			$	888,179
TOTAL HEALTH CARE			$	7,437,572
INDUSTRIALS – 14.0%
AEROSPACE & DEFENSE – 1.7%
AAR Corp.		3,096		55,295
Aerovironment, Inc.*		614		11,887
American Science & Engineering, Inc.		354		22,826
API Technologies Corp.*		3,490		9,632
Astronics Corp.*		510		14,178
Cubic Corp.		628		26,985
Curtiss-Wright Corp.		3,076		101,016
DigitalGlobe, Inc.*		3,057		89,234
Esterline Technologies Corp.*		2,077		155,858
GenCorp., Inc.#,*		2,539		33,185
HEICO Corp.		2,161		95,106
Hexcel Corp.*		3,993		121,786
KEYW Holding Corp.#,*		1,290		17,531
Kratos Defense & Security Solutions, Inc.*		3,161		16,089
LMI Aerospace, Inc.*		657		14,053
Moog, Inc.*		3,176		146,763
National Presto Industries, Inc.		312		23,400
Orbital Sciences Corp.*		3,861		69,575
SIFCO Industries, Inc.		700		11,956
Sypris Solutions, Inc.		3,040		9,728
Taser International, Inc.*		3,071		27,056
Teledyne Technologies, Inc.*		1,984		148,919
			$	1,222,058
AIR FREIGHT & LOGISTICS – 0.3%
Air Transport Services Group, Inc.*		3,040		17,541

ANNUAL REPORT  /  April 30, 2013

68 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Atlas Air Worldwide Holdings, Inc.*		1,494	$	55,876
Echo Global Logistics, Inc.*		470		8,154
Forward Air Corp.		1,171		43,198
Hub Group, Inc.*		1,592		58,347
Pacer International, Inc.*		2,385		13,571
Park-Ohio Holdings Corp.*		320		11,770
XPO Logistics, Inc.#,*		680		11,091
			$	219,548
AIRLINES – 0.8%
Alaska Air Group, Inc.*		2,864		176,537
Allegiant Travel Co.		574		51,603
Hawaiian Holdings, Inc.#,*		2,093		11,491
JetBlue Airways Corp.#,*		15,274		105,238
Republic Airways Holdings, Inc.*		3,591		40,183
SkyWest, Inc.		3,653		52,274
Spirit Airlines, Inc.*		1,690		45,123
US Airways Group, Inc.#,*		6,686		112,993
			$	595,442
BUILDING PRODUCTS – 1.0%
AAON, Inc.		698		19,830
American Woodmark Corp.*		615		20,695
AO Smith Corp.		2,378		179,373
Apogee Enterprises, Inc.		2,150		54,782
Builders FirstSource, Inc.*		2,810		17,394
Gibraltar Industries, Inc.*		2,030		37,961
Griffon Corp.		2,619		26,976
Insteel Industries, Inc.		900		14,922
NCI Building Systems, Inc.*		1,422		24,345
Nortek, Inc.*		400		28,744
Quanex Building Products Corp.		2,013		32,752
Simpson Manufacturing Co., Inc.		2,431		69,867
Trex Co., Inc.*		669		32,567
Universal Forest Products, Inc.		1,306		50,412
USG Corp.#,*		3,070		79,789
			$	690,409
COMMERCIAL SERVICES & SUPPLIES – 2.0%
ABM Industries, Inc.		3,109		70,108
ACCO Brands Corp.*		4,900		33,075
Acorn Energy, Inc.#		1,070		8,025
ARC Document Solutions, Inc.*		918		2,947
AT Cross Co.*		1,030		12,999
Brink’s Co.		1,960		51,960
Casella Waste Systems, Inc.*		1,750		7,630
Cenveo, Inc.#,*		593		1,210
Compx International, Inc.		70		875
Consolidated Graphics, Inc.*		502		17,906
Courier Corp.		104		1,498

Description	Number of Shares		Value
Deluxe Corp.		2,415	$	92,108
EnergySolutions, Inc.*		6,471		26,725
EnerNOC, Inc.*		1,694		29,679
Ennis, Inc.		2,059		31,647
G&K Services, Inc.		1,174		55,166
Healthcare Services Group, Inc.		2,905		64,752
Heritage-Crystal Clean, Inc.#,*		550		8,552
Herman Miller, Inc.		2,305		57,832
HNI Corp.		1,923		66,209
InnerWorkings, Inc.#,*		1,580		15,911
Interface, Inc.		2,765		46,286
Intersections, Inc.		80		765
Kimball International, Inc.		2,450		22,515
Knoll, Inc.		2,222		34,574
McGrath RentCorp		1,070		33,234
Metalico, Inc.*		1,003		1,494
Mine Safety Appliances Co.		1,173		56,304
Mobile Mini, Inc.*		2,738		77,020
Multi-Color Corp.		681		17,611
NL Industries, Inc.		42		473
Performant Financial Corp.*		940		9,146
Quad/Graphics, Inc.#		1,850		38,665
Schawk, Inc.		343		3,492
Standard Parking Corp.*		588		12,636
Steelcase, Inc.		4,610		58,547
Team, Inc.*		784		30,388
Tetra Tech, Inc.*		2,984		78,449
TMS International Corp.		1,160		16,750
TRC Cos., Inc.*		320		1,933
UniFirst Corp.		868		79,031
United Stationers, Inc.		2,758		89,552
US Ecology, Inc.		1,024		27,853
Viad Corp.		1,055		27,483
			$	1,421,015
CONSTRUCTION & ENGINEERING – 0.9%
Aegion Corp.*		2,473		52,081
Ameresco, Inc.*		770		5,675
Argan, Inc.		810		14,337
Comfort Systems USA, Inc.		2,191		28,111
Dycom Industries, Inc.*		1,557		30,081
EMCOR Group, Inc.		4,502		168,375
Furmanite Corp.*		2,481		15,754
Granite Construction, Inc.		2,630		72,772
Great Lakes Dredge & Dock Corp.		2,646		18,310
Layne Christensen Co.*		970		19,817
MasTec, Inc.*		2,124		59,047

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 69

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Michael Baker Corp.		490	$	11,931
MYR Group, Inc.*		1,100		25,080
Northwest Pipe Co.*		1,041		28,409
Orion Marine Group, Inc.*		1,648		15,096
Pike Electric Corp.		1,200		18,756
Primoris Services Corp.		1,470		32,399
Sterling Construction Co., Inc.*		1,705		17,255
Tutor Perini Corp.*		2,931		48,186
			$	681,472
ELECTRICAL EQUIPMENT – 1.1%
A123 Systems, Inc.*		4,740		118
Acuity Brands, Inc.		1,683		122,792
American Superconductor Corp.*		815		2,046
AZZ, Inc.		1,104		46,688
Belden, Inc.		1,974		97,555
Brady Corp.		3,369		114,142
Capstone Turbine Corp.*		10,750		9,461
Coleman Cable, Inc.		1,220		18,300
Encore Wire Corp.		1,217		39,857
EnerSys, Inc.*		2,427		111,254
Franklin Electric Co., Inc.		1,932		62,539
FuelCell Energy, Inc.*		9,644		10,126
Generac Holdings, Inc.		1,480		53,176
Global Power Equipment Group, Inc.		1,070		17,655
II-VI, Inc.*		2,284		35,333
LSI Industries, Inc.		33		232
Powell Industries, Inc.*		509		25,063
Preformed Line Products Co.		194		15,617
Thermon Group Holdings, Inc.*		900		17,640
Vicor Corp.*		689		3,700
			$	803,294
INDUSTRIAL CONGLOMERATES – 0.1%
Raven Industries, Inc.		1,502		50,392
MACHINERY – 3.0%
Accuride Corp.*		4,430		22,770
Actuant Corp.		4,180		130,834
Alamo Group, Inc.		229		9,176
Albany International Corp.		1,740		50,547
Altra Holdings, Inc.		1,173		31,260
American Railcar Industries, Inc.		559		19,962
Ampco-Pittsburgh Corp.		556		10,419
Astec Industries, Inc.		1,291		42,384
Barnes Group, Inc.		3,515		97,612
Blount International, Inc.*		2,230		30,975
Briggs & Stratton Corp.		3,428		77,096
Chart Industries, Inc.*		1,229		104,231
CIRCOR International, Inc.		1,248		59,068

Description	Number of Shares		Value
CLARCOR, Inc.		2,028	$	104,848
Columbus McKinnon Corp.*		855		16,057
Commercial Vehicle Group, Inc.*		1,480		10,375
Douglas Dynamics, Inc.		1,430		20,006
Dynamic Materials Corp.		675		10,719
Eastern Co.		90		1,506
Energy Recovery, Inc.#,*		2,459		9,000
EnPro Industries, Inc.*		1,097		54,060
ESCO Technologies, Inc.		1,442		51,869
ExOne Co.#,*		420		16,128
Federal Signal Corp.*		3,369		26,143
Flow International Corp.*		1,261		4,615
FreightCar America, Inc.		1,033		21,569
Gorman-Rupp Co.		640		18,080
Graham Corp.		665		16,160
Greenbrier Cos., Inc.*		1,350		30,456
Hardinge, Inc.		900		12,150
Hurco Cos., Inc.*		510		13,683
Hyster-Yale Materials Handling, Inc.		706		36,846
Hyster-Yale Materials Handling, Inc. Class B		216		11,273
John Bean Technologies Corp.		1,320		27,377
Kadant, Inc.		714		19,756
Kaydon Corp.		1,902		45,344
LB Foster Co.		606		26,755
Lindsay Corp.		548		42,097
Lydall, Inc.*		700		10,038
Meritor, Inc.*		7,150		41,470
Met-Pro Corp.		2,180		29,212
Middleby Corp.*		744		111,288
Miller Industries, Inc.		1,500		22,665
Mueller Industries, Inc.		1,156		59,858
Mueller Water Products, Inc.		6,500		38,480
NN, Inc.*		120		1,081
Omega Flex, Inc.		150		2,021
PMFG, Inc.*		1,007		5,800
Proto Labs, Inc.*		220		11,238
RBC Bearings, Inc.*		907		43,627
Rexnord Corp.#,*		1,150		20,953
Standex International Corp.		638		33,750
Sun Hydraulics Corp.		997		32,652
Tennant Co.		781		37,347
Titan International, Inc.#		2,285		50,978
Trimas Corp.*		1,450		44,225
Twin Disc, Inc.#		493		10,511
Wabash National Corp.*		3,140		29,610
Watts Water Technologies, Inc.		1,724		81,131

ANNUAL REPORT  /  April 30, 2013

70 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Woodward, Inc.		2,781	$	100,088
			$	2,151,229
MARINE – 0.0%**
Genco Shipping & Trading Ltd.#,*		5,779		9,882
International Shipholding Corp.		755		13,635
Rand Logistics, Inc.*		2,180		12,688
			$	36,205
PROFESSIONAL SERVICES – 1.2%
Acacia Research Corp.		2,050		48,831
Advisory Board Co.*		1,446		71,071
Barrett Business Services, Inc.		220		11,647
CBIZ, Inc.#,*		597		3,875
CDI Corp.		453		7,099
Corporate Executive Board Co.		1,420		80,031
CRA International, Inc.*		717		13,221
Dolan Co.*		1,269		2,195
Exponent, Inc.		677		35,678
Franklin Covey Co.*		350		4,928
FTI Consulting, Inc.*		2,780		92,074
GP Strategies Corp.*		590		13,009
Heidrick & Struggles International, Inc.		1,080		14,278
Hill International, Inc.*		1,739		4,782
Hudson Global, Inc.*		540		1,782
Huron Consulting Group, Inc.*		992		41,446
ICF International, Inc.*		1,057		28,655
Insperity, Inc.		1,081		29,868
Kelly Services, Inc.		2,297		39,095
Kforce, Inc.		1,303		19,701
Korn/Ferry International*		2,924		48,392
Mistras Group, Inc.*		780		14,781
Navigant Consulting, Inc.*		3,692		45,522
Odyssey Marine Exploration, Inc.#,*		3,200		9,440
On Assignment, Inc.*		1,775		43,079
Pendrell Corp.*		13,920		23,525
Resources Connection, Inc.		2,635		29,934
RPX Corp.*		1,140		15,287
TrueBlue, Inc.*		1,611		33,380
VSE Corp.		336		10,245
WageWorks, Inc.*		570		14,598
			$	851,449
ROAD & RAIL – 1.0%
AMERCO		582		93,527
Arkansas Best Corp.		1,416		14,882
Avis Budget Group, Inc.*		4,300		124,012
Celadon Group, Inc.		748		12,559
Genesee & Wyoming, Inc.*		1,707		145,436

Description	Number of Shares		Value
Heartland Express, Inc.		1,878	$	25,484
Knight Transportation, Inc.		2,647		41,346
Marten Transport Ltd.		719		14,646
Old Dominion Freight Line, Inc.*		2,880		110,880
Patriot Transportation Holding, Inc.*		250		7,238
Quality Distribution, Inc.*		1,100		8,756
Roadrunner Transportation Systems, Inc.*		700		15,757
Saia, Inc.*		949		38,833
Swift Transportation Co.*		3,710		52,014
Universal Truckload Services, Inc.*		380		9,591
Werner Enterprises, Inc.		1,871		42,958
			$	757,919
TRADING COMPANIES & DISTRIBUTORS – 0.9%
Aceto Corp.		1,663		17,295
Aircastle Ltd.		4,555		63,588
Applied Industrial Technologies, Inc.		1,860		78,585
Beacon Roofing Supply, Inc.*		1,874		71,456
CAI International, Inc.*		940		23,961
DXP Enterprises, Inc.*		360		24,077
H&E Equipment Services, Inc.		1,715		34,917
Houston Wire & Cable Co.		1,199		16,330
Kaman Corp.		1,092		36,899
Rush Enterprises, Inc.*		2,190		50,129
TAL International Group, Inc.		1,479		61,231
Textainer Group Holdings Ltd.		794		30,704
Titan Machinery, Inc.#,*		640		14,438
Watsco, Inc.		1,203		101,509
Willis Lease Finance Corp.*		650		9,224
			$	634,343
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Wesco Aircraft Holdings, Inc.#,*		1,010		16,675
TOTAL INDUSTRIALS			$	10,131,450
INFORMATION TECHNOLOGY –14.8%
COMMUNICATIONS EQUIPMENT – 1.8%
ADTRAN, Inc.#		2,711		56,931
Anaren, Inc.*		1,231		28,818
ARRIS Group, Inc.*		6,611		109,148
Aruba Networks, Inc.#,*		4,465		100,418
Aviat Networks, Inc.*		3,568		11,418
Bel Fuse, Inc.		1,387		20,417
Black Box Corp.		1,078		23,414
CalAmp Corp.*		1,010		11,241
Calix, Inc.*		2,244		19,141
Ciena Corp.*		4,590		68,666
Comtech Telecommunications Corp.		1,219		30,000

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 71

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Digi International, Inc.*		812	$	7,405
Emulex Corp.*		5,980		35,880
Extreme Networks*		3,736		12,441
Finisar Corp.#,*		6,030		77,425
Globecomm Systems, Inc.*		1,116		13,671
Harmonic, Inc.*		8,382		47,610
Infinera Corp.#,*		4,446		37,435
InterDigital, Inc.#		1,728		76,740
Ixia*		1,895		31,211
KVH Industries, Inc.*		690		9,115
Loral Space & Communications, Inc.		501		30,822
NETGEAR, Inc.*		1,587		47,277
Numerex Corp.*		770		7,946
Oclaro, Inc.*		5,420		7,371
Oplink Communications, Inc.*		811		13,317
Parkervision, Inc.#,*		4,400		17,556
PC-Tel, Inc.		1,620		10,805
Plantronics, Inc.		2,336		102,364
Procera Networks, Inc.*		560		6,210
Ruckus Wireless, Inc.#,*		400		7,720
ShoreTel, Inc.*		1,550		5,596
Sonus Networks, Inc.*		13,800		28,980
Sycamore Networks, Inc.		725		277
Symmetricom, Inc.*		3,918		20,374
Tellabs, Inc.		24,990		51,729
Telular Corp.		960		12,259
Ubiquiti Networks, Inc.#		910		14,060
ViaSat, Inc.#,*		1,552		75,225
Westell Technologies, Inc.*		10,030		19,659
			$	1,308,092
COMPUTERS & PERIPHERALS – 0.7%
3D Systems Corp.#,*		2,830		108,219
Avid Technology, Inc.*		1,047		6,900
Cray, Inc.*		1,440		30,470
Datalink Corp.*		1,120		12,533
Electronics For Imaging, Inc.*		3,188		85,183
Imation Corp.*		2,508		9,229
Immersion Corp.*		1,927		20,407
Intermec, Inc.*		3,812		37,510
Intevac, Inc.*		486		2,202
OCZ Technology Group, Inc.*		4,770		6,249
QLogic Corp.*		5,630		61,142
Quantum Corp.*		20,390		29,158
Silicon Graphics International Corp.#,*		2,580		33,540
STEC, Inc.#,*		1,556		5,648
Super Micro Computer, Inc.*		1,228		11,813

Description	Number of Shares		Value
Synaptics, Inc.*		1,523	$	62,793
			$	522,996
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.1%
Aeroflex Holding Corp.#,*		760		5,654
Agilysys, Inc.*		1,540		17,987
Anixter International, Inc.		1,375		98,642
Badger Meter, Inc.		588		25,684
Benchmark Electronics, Inc.*		3,440		61,370
Checkpoint Systems, Inc.*		2,753		31,852
Cognex Corp.		1,630		64,711
Coherent, Inc.		1,384		77,407
CTS Corp.		2,408		25,645
Daktronics, Inc.		1,458		14,565
DTS, Inc.*		677		11,360
Echelon Corp.*		2,799		6,186
Electro Rent Corp.		784		12,991
Electro Scientific Industries, Inc.		1,343		14,478
Fabrinet*		1,560		21,419
FARO Technologies, Inc.*		743		28,821
FEI Co.		1,602		102,336
GSI Group, Inc.*		2,140		18,276
Insight Enterprises, Inc.*		3,040		55,085
InvenSense, Inc.#,*		1,330		12,396
Kemet Corp.*		3,650		22,739
Key Tronic Corp.*		1,320		14,916
Littelfuse, Inc.		855		59,696
Maxwell Technologies, Inc.#,*		1,618		9,870
Measurement Specialties, Inc.*		791		33,831
Mercury Computer Systems, Inc.*		2,865		22,146
Mesa Laboratories, Inc.		210		10,366
Methode Electronics, Inc.		2,567		36,913
MTS Systems Corp.		750		45,712
Multi-Fineline Electronix, Inc.*		653		9,952
Neonode, Inc.*		30		171
Newport Corp.*		2,512		38,057
OSI Systems, Inc.*		839		48,075
Park Electrochemical Corp.		1,172		27,976
PC Connection, Inc.		319		4,925
Plexus Corp.*		1,598		43,098
Power-One, Inc.*		2,710		17,127
Radisys Corp.*		2,062		10,228
RealD, Inc.#,*		1,640		24,551
Richardson Electronics Ltd.		1,100		12,903
Rofin-Sinar Technologies, Inc.*		1,723		42,903
Rogers Corp.*		662		28,228
Sanmina Corp.*		4,810		60,702

ANNUAL REPORT  /  April 30, 2013

72 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
ScanSource, Inc.*		1,581	$	45,802
SYNNEX Corp.*		1,792		62,003
TTM Technologies, Inc.*		2,289		16,549
Universal Display Corp.#,*		1,407		44,236
Viasystems Group, Inc.#,*		20		254
Vishay Precision Group, Inc.*		480		6,878
Zygo Corp.*		610		9,126
			$	1,516,798
INTERNET SOFTWARE & SERVICES – 2.0%
Active Network, Inc.#,*		1,820		9,155
Angie’s List, Inc.#,*		1,360		32,966
Bankrate, Inc.*		2,760		37,205
Blucora, Inc.*		2,274		33,587
Carbonite, Inc.*		180		1,915
comScore, Inc.*		1,435		23,204
Constant Contact, Inc.*		1,613		23,566
Cornerstone OnDemand, Inc.*		1,170		42,448
CoStar Group, Inc.*		1,122		121,636
DealerTrack Holdings, Inc.*		2,048		57,037
Demand Media, Inc.*		1,480		12,817
Demandware, Inc.#,*		330		9,009
Dice Holdings, Inc.*		2,060		17,386
Digital River, Inc.*		2,061		29,843
EarthLink, Inc.		8,703		49,520
Envestnet, Inc.*		1,290		23,504
ExactTarget, Inc.*		440		8,615
Internap Network Services Corp.*		2,485		19,830
IntraLinks Holdings, Inc.*		1,460		8,351
j2 Global, Inc.#		2,075		84,452
Keynote Systems, Inc.		829		9,293
Limelight Networks, Inc.*		4,342		8,380
Liquidity Services, Inc.#,*		870		28,623
LivePerson, Inc.*		2,440		31,281
LogMeIn, Inc.*		730		16,483
Marchex, Inc.		405		1,673
Market Leader, Inc.*		1,410		14,128
MeetMe, Inc.#,*		2,160		4,169
Millennial Media, Inc.#,*		570		3,950
Monster Worldwide, Inc.*		7,810		34,208
Move, Inc.*		2,550		29,096
NIC, Inc.		2,993		50,402
OpenTable, Inc.#,*		900		49,851
Perficient, Inc.*		1,026		10,752
QuinStreet, Inc.#,*		1,360		8,894
RealNetworks, Inc.*		719		5,536
Responsys, Inc.*		1,950		15,152

Description	Number of Shares		Value
Saba Software, Inc.*		1,010	$	9,191
SciQuest, Inc.*		1,130		25,832
SPS Commerce, Inc.*		530		24,979
Stamps.com, Inc.*		870		29,441
support.com, Inc.*		2,211		8,822
TechTarget, Inc.*		1,335		5,927
Travelzoo, Inc.*		250		6,383
Trulia, Inc.#,*		420		12,205
United Online, Inc.		6,533		44,424
Unwired Planet, Inc.*		5,890		11,662
ValueClick, Inc.*		3,759		116,003
VistaPrint NV#,*		1,400		57,120
Vocus, Inc.*		994		8,360
Web.com Group, Inc.*		1,370		23,838
WebMD Health Corp.*		3,060		73,899
XO Group, Inc.*		2,084		23,466
Yelp, Inc.*		380		9,891
Zix Corp.*		3,220		12,107
			$	1,471,467
IT SERVICES – 1.8%
Acxiom Corp.*		5,171		102,851
CACI International, Inc.*		1,433		83,816
Cardtronics, Inc.*		2,020		56,580
Cass Information Systems, Inc.		578		24,160
CIBER, Inc.*		3,842		16,367
Computer Task Group, Inc.		1,060		21,751
Convergys Corp.		6,660		113,353
CSG Systems International, Inc.*		1,330		28,741
Euronet Worldwide, Inc.*		3,406		103,985
ExlService Holdings, Inc.*		1,165		38,002
Forrester Research, Inc.		735		26,350
Global Cash Access Holdings, Inc.*		2,591		18,474
Hackett Group, Inc.		1,523		7,432
Heartland Payment Systems, Inc.		1,559		51,276
Higher One Holdings, Inc.*		950		9,367
iGATE Corp.*		1,778		29,675
Lionbridge Technologies, Inc.*		1,870		6,395
ManTech International Corp.#		1,351		36,058
MAXIMUS, Inc.		1,374		109,494
ModusLink Global Solutions, Inc.*		1,459		4,085
MoneyGram International, Inc.*		737		12,168
PRGX Global, Inc.*		1,750		9,783
Sapient Corp.*		4,770		55,714
ServiceSource International, Inc.#,*		2,110		13,504
Sykes Enterprises, Inc.*		2,282		35,120
Syntel, Inc.		715		45,167
TeleTech Holdings, Inc.*		1,218		25,931

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 73

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Unisys Corp.*		1,631	$	31,201
Virtusa Corp.*		1,109		24,631
WEX, Inc.*		1,546		117,156
			$	1,258,587
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.5%
Advanced Energy Industries, Inc.*		2,652		45,031
Alpha & Omega Semiconductor Ltd.*		1,770		12,816
Amkor Technology, Inc.#,*		6,054		25,608
ANADIGICS, Inc.*		4,640		9,744
Applied Micro Circuits Corp.*		3,654		27,259
ATMI, Inc.*		1,572		34,191
Axcelis Technologies, Inc.*		1,830		2,379
AXT, Inc.*		1,540		4,420
Brooks Automation, Inc.		4,974		48,347
Cabot Microelectronics Corp.*		1,131		37,900
Cavium, Inc.*		2,084		65,542
Ceva, Inc.*		952		14,528
Cirrus Logic, Inc.*		2,550		49,240
Cohu, Inc.		843		8,068
Cymer, Inc.*		1,766		185,006
Diodes, Inc.*		2,565		51,967
DSP Group, Inc.*		1,625		13,114
Entegris, Inc.*		7,740		73,375
Entropic Communications, Inc.*		3,890		16,494
Exar Corp.*		1,670		18,003
First Solar, Inc.#,*		4,190		195,086
FormFactor, Inc.*		2,571		12,726
GSI Technology, Inc.*		440		2,746
GT Advanced Technologies, Inc.#,*		7,344		28,862
Hittite Microwave Corp.*		1,258		70,586
Inphi Corp.*		1,560		14,680
Integrated Device Technology, Inc.*		9,540		67,829
Integrated Silicon Solution, Inc.*		1,000		9,170
Intermolecular, Inc.*		140		1,219
International Rectifier Corp.*		4,190		88,870
Intersil Corp.		8,690		67,434
IXYS Corp.		1,532		13,880
Kopin Corp.*		3,208		10,618
Lattice Semiconductor Corp.*		8,270		38,455
LTX-Credence Corp.*		2,733		16,125
MaxLinear, Inc.*		1,510		9,407
MEMC Electronic Materials, Inc.*		15,400		83,160
Micrel, Inc.		2,356		23,701
Microsemi Corp.*		3,762		78,250
Mindspeed Technologies, Inc.#,*		920		2,107
MKS Instruments, Inc.		3,449		92,675

Description	Number of Shares		Value
Monolithic Power Systems, Inc.		1,387	$	33,454
MoSys, Inc.*		790		3,571
Nanometrics, Inc.*		1,180		16,555
NeoPhotonics Corp.*		460		2,535
NVE Corp.*		299		15,868
OmniVision Technologies, Inc.*		3,381		45,339
PDF Solutions, Inc.*		810		13,859
Pericom Semiconductor Corp.*		513		3,314
Photronics, Inc.*		5,630		44,421
PLX Technology, Inc.*		2,873		13,417
Power Integrations, Inc.		1,304		53,999
Rambus, Inc.*		6,810		47,398
RF Micro Devices, Inc.*		17,730		99,465
Rubicon Technology, Inc.#,*		702		5,202
Rudolph Technologies, Inc.*		2,417		28,206
Semtech Corp.*		2,730		87,551
Sigma Designs, Inc.*		1,225		5,831
Silicon Image, Inc.*		3,155		15,554
Spansion, Inc.*		3,430		44,556
STR Holdings, Inc.*		750		1,688
SunPower Corp.#,*		2,140		29,083
Supertex, Inc.		670		14,124
Tessera Technologies, Inc.		3,526		71,825
TriQuint Semiconductor, Inc.*		10,995		64,211
Ultra Clean Holdings*		540		3,380
Ultratech, Inc.*		1,211		35,688
Veeco Instruments, Inc.#,*		1,840		70,049
Volterra Semiconductor Corp.*		812		10,564
			$	2,551,325
SOFTWARE – 2.9%
Accelrys, Inc.#,*		2,169		21,365
ACI Worldwide, Inc.*		1,664		78,225
Actuate Corp.*		2,873		17,640
Advent Software, Inc.*		1,244		36,126
American Software, Inc.		954		7,928
Aspen Technology, Inc.*		3,860		117,653
Blackbaud, Inc.		1,812		53,110
Bottomline Technologies, Inc.*		1,847		48,391
BroadSoft, Inc.*		1,410		36,040
Callidus Software, Inc.#,*		1,750		7,507
CommVault Systems, Inc.*		1,751		128,769
Comverse, Inc.*		1,013		26,875
Digimarc Corp.		260		5,704
Ebix, Inc.#		1,368		25,458
Ellie Mae, Inc.*		660		17,173
EPIQ Systems, Inc.		1,991		27,814
ePlus, Inc.		210		9,551

ANNUAL REPORT  /  April 30, 2013

74 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Fair Isaac Corp.		1,434	$	66,796
FalconStor Software, Inc.*		2,261		3,731
Glu Mobile, Inc.#,*		890		2,741
Guidance Software, Inc.*		680		7,154
Guidewire Software, Inc.*		1,000		40,080
Imperva, Inc.*		450		17,541
Infoblox, Inc.*		550		12,160
Interactive Intelligence Group, Inc.*		833		34,511
Jive Software, Inc.#,*		640		8,698
Manhattan Associates, Inc.*		895		62,838
Mentor Graphics Corp.		4,328		79,029
MicroStrategy, Inc.*		319		28,771
Monotype Imaging Holdings, Inc.		1,688		39,145
Netscout Systems, Inc.*		1,461		33,325
Pegasystems, Inc.		709		17,945
Progress Software Corp.*		3,494		78,860
PROS Holdings, Inc.*		846		21,928
PTC, Inc.*		4,777		114,696
QAD, Inc.		607		7,333
QLIK Technologies, Inc.*		3,500		91,035
RealPage, Inc.#,*		1,850		37,740
Rosetta Stone, Inc.*		750		12,698
Seachange International, Inc.*		1,480		16,073
Sourcefire, Inc.*		1,218		58,172
SS&C Technologies Holdings, Inc.*		1,600		49,104
Synchronoss Technologies, Inc.*		1,339		37,947
Take-Two Interactive Software, Inc.*		3,401		51,899
Tangoe, Inc.#,*		1,150		14,789
TeleNav, Inc.*		770		4,035
TiVo, Inc.*		6,420		75,242
Tyler Technologies, Inc.*		1,289		81,516
Ultimate Software Group, Inc.*		1,067		103,062
VASCO Data Security International, Inc.*		955		8,127
Verint Systems, Inc.*		1,887		62,346
VirnetX Holding Corp.#,*		1,760		35,939
Websense, Inc.*		2,161		38,552
			$	2,120,887
TOTAL INFORMATION TECHNOLOGY			$	10,750,152
MATERIALS – 5.1%
CHEMICALS – 2.2%
A Schulman, Inc.		2,008		52,148
ADA-ES, Inc.#,*		460		12,701
American Vanguard Corp.		1,094		31,551
Arabian American Development Co.*		1,710		13,013
Axiall Corp.		3,020		158,399
Balchem Corp.		1,170		50,708
Calgon Carbon Corp.*		2,991		50,967

Description	Number of Shares		Value
Chemtura Corp.*		4,760	$	101,198
Ferro Corp.*		5,482		38,593
Flotek Industries, Inc.*		2,060		33,042
FutureFuel Corp.		810		9,922
GSE Holding, Inc.*		1,800		13,500
Hawkins, Inc.		340		12,645
HB Fuller Co.		2,039		77,278
Innophos Holdings, Inc.		995		51,053
Innospec, Inc.		1,430		62,934
KMG Chemicals, Inc.		10		184
Koppers Holdings, Inc.		854		37,499
Kraton Performance Polymers, Inc.*		2,190		49,735
Landec Corp.*		1,937		25,975
LSB Industries, Inc.*		741		24,201
Minerals Technologies, Inc.		2,390		97,106
Olin Corp.		3,705		89,550
OM Group, Inc.*		2,456		60,098
OMNOVA Solutions, Inc.*		2,320		15,474
PolyOne Corp.		4,512		101,655
Quaker Chemical Corp.		632		39,007
Rentech, Inc.		12,750		26,393
Sensient Technologies Corp.		3,412		134,262
Stepan Co.		678		38,605
Tredegar Corp.		1,810		53,576
Zep, Inc.		904		13,741
Zoltek Cos., Inc.#,*		1,847		24,399
			$	1,601,112
CONSTRUCTION MATERIALS – 0.4%
Eagle Materials, Inc.		1,930		130,757
Headwaters, Inc.*		3,505		38,064
Texas Industries, Inc.#,*		1,420		90,426
United States Lime & Minerals, Inc.*		246		11,360
			$	270,607
CONTAINERS & PACKAGING – 0.2%
AEP Industries, Inc.*		147		11,334
Berry Plastics Group, Inc.*		1,270		24,130
Boise, Inc.		3,180		25,408
Graphic Packaging Holding Co.*		8,710		65,499
Myers Industries, Inc.		1,512		22,408
UFP Technologies, Inc.*		580		11,768
			$	160,547
METALS & MINING – 1.4%
AK Steel Holding Corp.#		9,470		31,724
AM Castle & Co.#,*		1,490		25,807
AMCOL International Corp.		1,120		34,462
Century Aluminum Co.*		2,760		22,522
Coeur d’Alene Mines Corp.*		5,090		77,572

April 30, 2013  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 75

    Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
General Moly, Inc.*		2,460	$	4,576
Globe Specialty Metals, Inc.		3,750		48,975
Gold Reserve, Inc.*		2,870		9,184
Gold Resource Corp.#		930		9,523
Golden Minerals Co.#,*		1,130		2,057
Golden Star Resources Ltd.*		19,700		21,276
Handy & Harman Ltd.*		730		11,227
Haynes International, Inc.		614		29,847
Hecla Mining Co.		16,678		56,705
Horsehead Holding Corp.*		3,898		41,709
Kaiser Aluminum Corp.		1,271		80,073
Materion Corp.		1,252		33,165
McEwen Mining, Inc.#,*		16,230		37,816
Midway Gold Corp.*		9,790		9,207
Noranda Aluminum Holding Corp.		870		3,315
Olympic Steel, Inc.		625		12,500
Paramount Gold and Silver Corp.#,*		4,520		7,142
Revett Minerals, Inc.#,*		2,660		3,910
RTI International Metals, Inc.*		2,292		66,514
Schnitzer Steel Industries, Inc.		1,850		45,381
Stillwater Mining Co.#,*		7,214		89,742
SunCoke Energy, Inc.*		3,430		51,896
Universal Stainless & Alloy*		226		7,901
US Antimony Corp.#,*		4,400		6,688
US Silica Holdings, Inc.#		700		14,301
Vista Gold Corp.*		3,460		5,813
Worthington Industries, Inc.		3,639		117,103
			$	1,019,633
PAPER & FOREST PRODUCTS – 0.9%
Boise Cascade Co.*		880		28,186
Buckeye Technologies, Inc.		1,708		64,204
Clearwater Paper Corp.*		1,074		49,425
Deltic Timber Corp.		475		29,678
KapStone Paper and Packaging Corp.		2,450		72,471
Louisiana-Pacific Corp.*		9,526		172,611
Neenah Paper, Inc.		891		25,625
PH Glatfelter Co.		2,563		61,512
Resolute Forest Products#,*		5,910		86,463
Schweitzer-Mauduit International, Inc.		1,598		64,383
Wausau Paper Corp.		1,710		17,408
			$	671,966
TOTAL MATERIALS			$	3,723,865
TELECOMMUNICATION SERVICES – 0.7%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
8x8, Inc.*		3,350		24,220

Description	Number of Shares		Value
Atlantic Tele-Network, Inc.		400	$	20,308
Cbeyond, Inc.*		2,039		17,902
Cincinnati Bell, Inc.*		12,380		43,578
Cogent Communications Group, Inc.		2,023		57,939
Consolidated Communications Holdings, Inc.		1,522		28,050
Fairpoint Communications, Inc.#,*		1,780		14,489
General Communication, Inc.*		1,642		15,944
Hawaiian Telcom Holdco, Inc.*		550		13,293
HickoryTech Corp.		790		8,121
IDT Corp.		1,200		17,748
inContact, Inc.*		2,070		16,767
Iridium Communications, Inc.#,*		3,010		20,197
Lumos Networks Corp.		637		8,593
magicJack VocalTec Ltd.#,*		540		8,926
Neutral Tandem, Inc.		1,350		4,023
ORBCOMM, Inc.*		2,560		12,109
Premiere Global Services, Inc.*		2,460		27,626
Primus Telecommunications Group, Inc.		1,110		13,953
Towerstream Corp.#,*		3,390		8,136
Vonage Holdings Corp.*		10,720		32,696
			$	414,618
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Boingo Wireless, Inc.#,*		1,190		7,414
Leap Wireless International, Inc.#,*		4,250		24,310
NTELOS Holdings Corp.		637		9,377
Shenandoah Telecommunications Co.		1,706		27,961
USA Mobility, Inc.		1,488		20,192
			$	89,254
TOTAL TELECOMMUNICATION SERVICES			$	503,872
UTILITIES – 4.1%
ELECTRIC UTILITIES – 1.9%
ALLETE, Inc.		2,386		122,521
Cleco Corp.		4,025		199,318
El Paso Electric Co.		2,410		90,279
Empire District Electric Co.		2,926		67,503
IDACORP, Inc.		3,292		161,999
MGE Energy, Inc.		1,369		76,459
Otter Tail Corp.		2,430		75,816
PNM Resources, Inc.		5,007		120,218
Portland General Electric Co.		5,027		162,121
UIL Holdings Corp.		3,396		141,409
Unitil Corp.		1,340		40,615
UNS Energy Corp.		2,565		130,712
			$	1,388,970
GAS UTILITIES – 1.2%
Chesapeake Utilities Corp.		570		30,415

ANNUAL REPORT  /  April 30, 2013

76 PORTFOLIOS OF INVESTMENTS

 Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Delta Natural Gas Co., Inc.		330	$	7,154
Laclede Group, Inc.#		1,698		79,314
New Jersey Resources Corp.		2,607		123,050
Northwest Natural Gas Co.		1,888		83,959
Piedmont Natural Gas Co., Inc.		4,824		166,090
South Jersey Industries, Inc.		1,801		111,122
Southwest Gas Corp.		2,948		149,375
WGL Holdings, Inc.		3,600		166,392
			$	916,871
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
Atlantic Power Corp.		7,430		34,921
Genie Energy Ltd.		1,200		12,936
Ormat Technologies, Inc.#		820		17,827
			$	65,684
MULTI-UTILITIES – 0.6%
Avista Corp.		3,868		108,497
Black Hills Corp.		3,028		141,983
CH Energy Group, Inc.		1,045		67,894
NorthWestern Corp.		2,259		97,182
			$	415,556
WATER UTILITIES – 0.3%
American States Water Co.		1,067		59,197
Artesian Resources Corp.		630		14,849
Cadiz, Inc.#,*		936		5,513
California Water Service Group		2,100		42,105
Connecticut Water Service, Inc.		363		10,338
Consolidated Water Co. Ltd.		907		9,043
Middlesex Water Co.		1,821		35,710
SJW Corp.		388		9,840
York Water Co.		1,140		21,375
			$	207,970
TOTAL UTILITIES			$	2,995,051
TOTAL COMMON STOCKS (COST $51,534,975)			$	72,014,524
INVESTMENT COMPANIES – 0.6%
EQUITY FUNDS – 0.6%
Firsthand Technology Value Fund, Inc.#,*		620		11,532
iShares Russell 2000 Index Fund#		4,800		451,872
TOTAL EQUITY FUNDS			$	463,404
TOTAL INVESTMENT COMPANIES (COST $416,683)			$	463,404

Description	Number of Shares		Value
RIGHTS – 0.0%**
Clinical Data, Inc.	$	845	$	—
TOTAL RIGHTS (COST $0)			$	—
WARRANTS – 0.0%**
Magnum Hunter Resources Corp.#		1,145		160
Vector Group Ltd.		3,960		—
TOTAL WARRANTS (COST $0)			$	160
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $51,951,658)			$	72,478,088
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 14.0%
REPURCHASE AGREEMENTS – 14.0%
Deutsche Bank Securities, Inc., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $2,413,398, collateralized by U.S. Government Securities 2.13% to 7.50%, maturing 12/01/16 to 04/01/48; total market value of $ 2,461,655.	$	2,413,387		2,413,387
HSBC Securities USA, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $2,413,397, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 07/15/13 to 03/17/31; total market value of $ 2,461,656.		2,413,387		2,413,387
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $508,060, collateralized by U.S. Treasury Securities 0.25% to 2.75%, maturing 10/15/15 to 08/15/42; total market value of $ 518,219.		508,058		508,058
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $2,413,400, collateralized by U.S. Government Securities 2.08% to 7.00%, maturing 01/01/22 to 04/15/52; total market value of $ 2,461,655.		2,413,387		2,413,387
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $2,413,398, collateralized by U.S. Government Securities 1.97% to 4.50%, maturing 08/01/24 to 12/15/44; total market value of $ 2,461,655.		2,413,387		2,413,387
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,161,606)			$	10,161,606
TOTAL INVESTMENTS – 114.0% (COST $62,113,264)			$	82,639,694
COLLATERAL FOR SECURITIES ON LOAN – (14.0%)				(10,161,606	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				8,435
TOTAL NET ASSETS – 100.0%			$	72,486,523

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 Fund’s 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 Fund’s 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 Fund’s 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:

ADR – American Depositary Receipt

LLC – Limited Liability Corporation

LP – Limited Partnership

PLC – Public Limited Company

April 30, 2013  /  ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 79

April 30, 2013	Wilmington Large-Cap Growth Fund			Wilmington Large-Cap Strategy Fund			Wilmington Large-Cap Value 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 fee—Class A		42,488			125	(c)		14,101
Shareholder services fee—Class A		42,488			125	(c)		14,101
Shareholder services fee—Class 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 fee—Class A		(361	)		—	(c)		(798	)
Waiver of shareholder services fee—Class A		(17,097	)		(125	)(c)		(6,312	)
Waiver of shareholder services fee—Class 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 fee—Class A		137,144			88,819			—
Distribution services fee—Class C		—			1,787	(c)		—
Shareholder services fee—Class A		137,144			88,819			—
Shareholder services fee—Class 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 fee—Class A		(851	)		(438	)		—
Waiver of distribution services fee—Class C		—			(986	)(c)		—
Waiver of shareholder services fee—Class A		(116,422	)		(58,862	)		—
Waiver of shareholder services fee—Class C		—			(489	)(c)		—
Waiver of shareholder services fee—Class 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 April 30, 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 I
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 April 30, 2013			Year Ended April 30, 2012			Year Ended April 30, 2013			Year Ended April 30, 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 April 30, 2013			Year Ended April 30, 2012			Year Ended April 30, 2013			Ten Months Ended April 30, 2012(a)			Year Ended June 30, 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 (000’s)		$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 (000’s)		$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 July 1, 2011 through 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		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 July 1, 2011 through 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		$10.59			$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 (000’s)		$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 (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

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 Fund’s 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 Fund’s 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 shareholder’s 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 security’s 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 Fund’s 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 Fund’s return on the transaction. It is each Fund’s 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 Declared	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 country’s 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 lender’s 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 Gain (Loss)
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 Carryforwards   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 Fund’s 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 Post-October/   Late Year Losses
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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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
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 Trust’s 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		$	—
Large-Cap Strategy Fund:
M&T Bank Corp.		2,210		1,200		—		3,410			341,682			7,868			—
Large-Cap Value Fund:
Wilmington Prime Money Market   Fund		1,988,206		24,596,180		26,584,386		—			—			527			—
Mid-Cap Growth Fund:
Wilmington Prime Money Market   Fund		3,796,553		8,311,219		12,107,772		—			—			—			—
Small-Cap Growth Fund:
Wilmington Prime Money Market   Fund		94,563		11,275,615		11,370,178		—			—			88			—

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 management’s 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 Fund’s 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 Trust’s 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 103

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).

ANNUAL REPORT  /  April 30, 2013

104 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   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   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

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’port-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 SEC’s 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 SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s 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 consumer’s 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’pri-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 employee’s or agent’s need to know the information in order to service a customer’s 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

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• 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 don’t 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 employer’s 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.

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”)

    CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	22
Portfolios of Investments	24
Notes to Portfolios of Investments	77
Statements of Assets and Liabilities	80
Statements of Operations	82
Statements of Changes in Net Assets	84
Financial Highlights	87
Notes to Financial Statements.	93
Report of Independent Registered Public Accounting Firm	107
Board of Trustees and Trust Officers	108

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i

Dear Investor:

I am pleased to present the Annual Report of the Wilmington Funds (“Trust”). This report covers the Trust’s 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 Fund’s performance during the reporting period, as well as a complete listing of each Fund’s 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 2007–2009. 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 market’s 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 nation’s 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 continent’s 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 President’s 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.

PRESIDENT’S 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 hadn’t. 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 world’s 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 child’s higher education, pursue tax-free income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds may provide you with the diversification, flexibility, and professional management you need.

Sincerely,

Sam Guerrieri

President

May 28, 2013

April 30, 2013 / PRESIDENT’S MESSAGE

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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.

PRESIDENT’S 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 DJIA’s 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 / PRESIDENT’S MESSAGE

1

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of 10.17%* for Class A Shares and 10.22%* for Class I Shares, versus its benchmark, the Morgan Stanley Capital International – All Country World ex-US Index (Net, USD) (“MSCI ACWI ex-US”)** which had a total return of 14.15%. The appreciation of the U.S. Dollar detracted 4.5%, as the MSCI ACWI ex-US in local currency terms, returned 18.7%. The MSCI ACWI ex-US is a free float-adjusted market capitalization index that is designed to measure developed and emerging market equity performance, excluding the U.S. On a net-of-fees basis, both tactical asset allocation decisions and overall manager selection had a negative effect on the Fund’s relative returns.

During the period, developed countries outperformed emerging markets. The MSCI World ex-US Index (Net), a proxy for developed country large/mid-cap equity returns, registered a return of 17.5% in U.S. Dollar (“dollar”) terms and 23.0% in local currency terms. By contrast, the MSCI Emerging Markets (Net) Index returned only 4.0% in dollar terms, against 5.7% for local currency.

Within developed countries, Japan produced a 22.0% return in dollar terms and 48.8% in Japanese Yen (yen) terms. The difference, 26.8%, reflected the depreciation of the yen against the dollar. A new Japanese government, under Prime Minister Shinzo Abe, came into power at the end of 2012, pledging monetary expansion. The result has been two-fold: a sharp depreciation of the yen and a dramatic rise in Japanese stock indexes, as they adjusted upward to reflect expectations for improved Japanese exporter competitiveness and rising corporate earnings.

For the Eurozone in aggregate, the return in dollar terms was 21.2%, as against 21.6% in local currency returns. However, returns varied across Eurozone markets. Most of Europe has been confronting a recession or near-recession, caused in part by the fiscal austerity policies adopted by Eurozone peripheral countries to contain their sovereign debt loads. High equity returns mainly reflect expectations for renewed positive economic growth in 2014.

In spite of very high unemployment, especially among youth, Spain registered a 26.8% return during the year. The government of Mariano Rajoy continued to implement banking sector consolidation and was allowed extra time to reach fiscal targets. The strong net return likely reflects expectations of an industrial rebound, given that unit labor costs are falling. Already, automobile companies are making plans to locate operations in Spain.

The other major Eurozone peripheral country, Italy, registered a 13.9% return. This lower return is likely due to months of political and economic uncertainty following a partially deadlocked election. This uncertainty has ended, for the time being, with the formation of a new grand coalition government under Prime Minister Enrico Letta. Both the new Italian government and the existing French government under Francois Hollande are seeking to soften the austerity regime favored by Germany, seeking to replace it with one that is more pro-growth in policy orientation.

The current French government had reversed, in part, its predecessor’s austerity policies. France produced net returns of 22.5% during the year. Germany, Europe’s largest economy, registered a 16.4%

return. Like much of the rest of the Eurozone, Germany has been in recession. However, as with the rest of the Eurozone, the equities markets appear to be looking to 2014 for positive economic growth.

The UK registered a relatively weak 11.7% return. In some part this was due to weak exports to Europe and continued fiscal constraint by the coalition conservative - liberal democrat government. However, the UK index is influenced by the listing in London of a number of global metals and oil companies. Weak commodities prices contributed to depressing UK returns.

Within large-cap developed market space, the value style, represented by the MSCI World ex-US Value Index (Net), returned 19.7% while the growth style, represented by the MSCI World ex-US Growth Index (Net) returned 15.3%. Typically, when a pronounced global cyclical economic upswing is expected, value would outperform growth significantly. The difference between the value and growth returns suggests that the market expects only a mild economic upswing. The international developed country small-cap sector, represented by the MSCI World ex-US Small Cap Index (Net), registered a 14.7% return, versus 17.5% for MSCI World ex-US Index, which represents the large/mid-cap sector.

Within emerging markets, there was particularly wide variation among markets. Brazil, Russia, Korea, and South Africa all posted negative returns in dollar terms: -5.3%, -6.6%, -1.0%, and -3.8%, respectively. Further, China registered a relatively small positive return of 4.1%. Brazil and South Africa suffered from some government policy stumbles. The Russian economy depends on energy revenues, and oil prices had weakened in 2013. The Korean market is dominated by export manufacturers, which suffered from the improved competitive position of their Japanese exporters. Regarding China, the market was awaiting the newly installed leadership team’s elaboration of economic and financial policies. Other emerging markets demonstrated far better returns. Indonesia, Mexico, India and Taiwan returned 17.0%, 16.7%, 11.8% and 10.4%, respectively. Turkey, the Philippines and Thailand posted more spectacular returns of 46.5%, 43.1% and 21.9%, respectively.

Source: MSCI, May 1, 2013

On November 13, 2012, the Fund added Northern Cross LLC (“Northern Cross”) as a new sub-advisor and terminated the sub-advisory services of Goldman Sachs Asset Management, L.P. and Hansberger Global Investors, Inc. Northern Cross holds an actively managed 70-80 stock portfolio, owning names for the long-term (7-10 years) that have both franchise power and ability to grow their earnings.

The Fund allocates assets between developed and emerging market countries based on the advice from Wilmington Trust Investment Advisors’ Investment Strategy Team, which recommended tactical asset allocation at the end of the period of 67% allocation to developed large-cap countries, 0% to developed small-cap countries, and 33% allocation to emerging markets. In addition, the allocation to developed large-cap markets was 50% value and 50% growth. At the start of the period, the Fund’s assets represented a 73% allocation to developed large-cap countries (42% value/58% growth), 0% to developed small-cap countries, and 27% allocation to emerging markets. The Fund’s persistent overweight allocation to emerging

ANNUAL REPORT / April 30, 2013

2

markets throughout the period had a negative effect on the Fund’s overall relative performance as noted previously by the large difference in returns between developed countries and emerging markets.

The Fund currently has a sub-advisor lineup consisting of the following asset managers: Barings International Investment Limited (“Barings”), Dimensional Fund Advisors LP (“DFA”), LSV Asset Management (“LSV”), Northern Cross, Parametric Portfolio Associates LLC (“Parametric”), and Wilmington Trust Investment Advisors, Inc. (“WTIA”). WTIA allocates assets of the Fund among the sub-advisors.

The emerging markets portfolio managed by Parametric significantly outperformed the MSCI Emerging Markets Net Index. The main positive drivers in explaining its relative results were its structural underweight to Brazil, investments in non-benchmark countries such as the United Arab Emirates, Kenya, and Nigeria, and its overweight allocation to Turkey and Mexico. Its underweight allocations to India, Taiwan, and the Czech Republic had the most meaningful negative influence on relative returns.

The all country large-cap value portfolio managed by LSV outperformed the MSCI All Country World ex-US Value Index (Net). As its investment style is to maintain a country and sector-neutral bias, most of its positive relative results were based on stock selection, especially having overweight allocation to stocks that have high earnings yield (earnings-to-market price ratio) and high dividend yield (dividends paid-to-market price ratio).

The developed country large-cap core portfolio managed by Barings trailed the MSCI World ex-US Index (Net). Its relatively poor performance resulted from a number of factors including having an allocation to emerging market stocks, which trailed in the period, and poor stock selection within Japan. Another explanatory factor was its overweight allocation to gold mining stocks which were owned resulting from its thesis that the price of gold would remain elevated as a result of global quantitative easing. Instead, the price of gold declined and correspondingly so did the stock price of gold miners. In addition, one of the miners it owned and later sold, Centamin Egypt, was adversely impacted by political issues in Egypt.

The developed country large-cap growth portfolio managed by Northern Cross trailed the MSCI World ex-US Growth Index (Net). Most of the relative underperformance can be attributed to its large underweight allocation to Japan, one of the best performing countries in the period. Positive contributions from underweight positions in Italy, Spain, the United Kingdom, and the Netherlands were offset by losses due to overweight positions in Brazil, Denmark, Malaysia, Sweden, and China. It also experienced weak stock selection in Hong Kong (overweight position in Cheung Kong Holdings) and Japan (overweight position in Fanuc) while experiencing good stock selection in France (overweight position in L’Oreal).

The developed country large-cap value portfolio managed by DFA significantly underperformed the MSCI World ex-US Value Index (Net). The portfolio’s relative performance was driven primarily by the specific industries and countries owned as a result of its portfolio construction process. At the sector level, its structural bias to own high book-to-market price stocks resulted in a larger relative portfolio allocation to materials and energy, the two weakest performing sectors during the period and a corresponding underweight allocation to healthcare, the best performing sector. At the country level, allocation and differences in individual holdings in Canada, Australia, and Japan also had a negative impact.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.12%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) 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 United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging market country indices. The developed market country indices included are:Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The index is unmanaged and it is not possible to invest directly in an index. The MSCI EAFE Index (Europe, Australasia, Far East) (Net, USD) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE 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. The index is unmanaged and it is not possible to invest directly in an index.

MSCI Emerging Markets Index (Net, USD) 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.

MSCI World ex-US Index (Net, USD) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets excluding the U.S. market. The MSCI World ex-US Index consists of 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World ex-US Growth and Value Indices (Net, USD) are free float-adjusted market capitalization weighted indices that are designed to measure the equity market performance of developed markets excluding the U.S. market. MSCI uses a two dimensional framework for style segmentation in which value and growth securities are categorized using a multi-factor approach, which uses three variables to define the value investment style characteristics and five variables to define the growth investment style characteristics

April 30, 2013 / ANNUAL REPORT

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including forward looking variables. The objective of the index design is to divide constituents of the MSCI World ex-US Index into respective value and growth indices, each targeting 50% of the free float adjusted market capitalization of the underlying market index.

The MSCI ACWI ex US Small Cap Index captures small cap representation across 23 of 24 Developed Markets countries (excluding the US) and 21 Emerging Markets countries. With 4,168 constituents, the index covers approximately 14% of the global equity opportunity set outside of the U.S.

Quantitative Easing (QE) is government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative Easing increases the money supply by flooding financial institutions with capital, in an effort to promote increased lending and liquidity.

Earnings Yield (earnings-to-market price ratio) is the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield (which is the inverse of the share price/earnings - P/E ratio) shows the percentage of each dollar invested in the stock that was earned by the company. The earnings yield is used by many investment managers to determine optimal asset allocations.

Dividend Yield (dividends paid-to-market price ratio) is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock.

Book-to-Market is a ratio used to find the value of a company by comparing the book value of a firm to its market value. Book value is calculated by looking at the firm’s historical cost, or accounting value. Market value is determined in the stock market through its market capitalization.

ANNUAL REPORT / April 30, 2013

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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND – CLASS A^†

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Multi-Manager International Fund (Class A) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2013, compared to the MSCI ACWI ex-US.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year Ended April 30, 2013

1 Year	4.12%
5 Years	-3.46%
Start of Performance (12/19/05)	1.99%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.87%
After Waivers	1.54%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the MSCI ACWI ex-US assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

† The information presented above, for the period prior to March 12, 2012, is historical information for the WT Multi-Manager International Fund. See Reorganization note within the notes to financial statements.

April 30, 2013 / ANNUAL REPORT

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WILMINGTON MULTI-MANAGER INTERNATIONAL FUND – CLASS I^†

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Multi-Manager International Fund (Class I) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Morgan Stanley Capital International All Country World Index ex-US (Net, USD) (“MSCI ACWI ex-US”).²

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	10.22%
5 Years	-2.18%
10 Years	8.66%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.62%
After Waivers	1.41%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and the MSCI ACWI ex-US assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

† The information presented above, for the period prior to March 12, 2012, is historical information for the WT Multi-Manager International Fund. See Reorganization note within the notes to financial statements.

ANNUAL REPORT / April 30, 2013

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WILMINGTON ROCK MAPLE ALTERNATIVES FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Rock Maple Alternatives Fund (the “Fund”) had a total return of 5.56%* for Class A Shares and 5.91%* for Class I Shares, versus its benchmark, the HFRX Global Hedge Fund Index**, which had a total return of 4.02%.

Fund Highlights

The Fund’s performance met objectives relative to the benchmark and the expectations of the portfolio management team. Manager cross correlation was low, and return attribution was well diversified from both a strategic and geographic standpoint. The Fund’s annualized volatility for the fiscal year was 2.68%, and the realized beta to S&P 500 was 0.13.

Performance by Strategy

All of the long/short equity managers contributed positively to the Fund’s performance. Our European focused manager, Calypso Capital Management, LP, saw the strongest gains as it had a number of single name wins particularly in the energy/oil services sector. Our dividend income focused manager, ADAR Investment Management, LLC, generated gains through both income and price appreciation, and rotated out of a number of equities that hit price targets. Our two small- and mid-cap equities focused managers, Madison Street Partners, LLC and TIG Advisors, LLC, also made positive contributions albeit on higher volatility. The four funded equity managers continue to exhibit low correlation to one another.

Our event driven strategy, accessed through the Arbitrage Fund (an underlying fund), detracted modestly from returns. Over the year, we became increasingly bearish on the strategy given light merger activity and prevalence of cash deals (which are hedged with a broad equity index short position and as a result are costly in a rising equity environment). As a result, we reduced the strategy’s allocation during the year.

Our corporate credit strategies contributed positively to returns. The strategies, one portion being accessed through an allocation to Acuity Capital Management, LLC and the other through an allocation to the Osterweis Strategic Income Fund, remain focused on short-duration higher credit-quality high yield issuers. As a result of improvements in the debt markets, a high proportion of the underlying bonds were refinanced, which made an important contribution to the Fund’s overall total return.

Options Arbitrage, managed by Parametric Risk Advisers, was a strong performer in calendar year 2012, given that realized volatility was consistently below implied volatility. Given the historic low levels of both realized and implied volatility we have seen in 2013, calendar year to date the strategy has given back some of its profits.

Global Macro was the Fund’s worst performing strategy and detracted from performance. The manager struggled given the high correlation in risk assets driven by risk-on/risk-off sentiments. Earlier this year, Evercore Wealth Management, LLC (Evercore) stopped acting as a sub-advisor to the Fund as Evercore decided to exit the separately managed account business. The strategy exhibited low correlation to our other managers and dampened volatility during calendar year 2012, but reduced overall performance.

Commentary & Outlook

At this point, the portfolio management team has a constructive view on both equity and credit markets. We feel that much of the sensitivity to macro headlines has abated and it is an increasingly positive environment for security selection and soft-catalyst strategies. We believe that constrained global growth will lead to greater dispersion among individual equities. This may also result in greater corporate activity which would be a tail wind for our event strategy. We believe that there is room for further advances in corporate credit, despite the strong rally, given the quality of corporate balance sheets. In a lower-volatility environment with an advancing equity market, we would expect our options arbitrage strategy to have modestly lower returns. We intend to continue to run the portfolio well diversified from an exposure and thematic standpoint.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -0.26%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe and is composed of active private funds with assets under management of a least $50 million reporting to Hedge Fund Research, Inc. (HFRX). The performance results reported by HFRX are asset weighted. The index is unmanaged and it is not possible to invest directly in an index.

Alpha is a measure of performance on a risk-adjusted basis. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha.

Chicago Board Options Exchange Volatility Index (VIX)—VIX is designed to measure the market’s expectation of 30-day volatility implied by at-the-money S&P 500^® Index option prices. VIX estimates expected volatility by averaging the weighted prices of S&P 500^® puts and calls over a wide range of strike prices. As such, VIX does not serve as a benchmark for returns, but rather as an indication of opportunities that may be present in the marketplace when utilizing volatility-based, or volatility management, strategies. There is no established return benchmark for volatility or options strategies. International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards.

Valuation is the process of determining the current worth of an asset or company. There are many techniques that can be used to determine value; some are subjective and others are objective.

Correlation is a statistical measure of how two securities move in relation to each other.

April 30, 2013 / ANNUAL REPORT

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WILMINGTON ROCK MAPLE ALTERNATIVES FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Rock Maple Alternatives Fund (Class A) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2013, compared to the HFRX Global Hedge Fund Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	-0.26%
5 Years	N/A
Start of Performance (1/12/12)	0.67%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	3.90%
After Waivers	2.74%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the HFRX Global Hedge Fund Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2013

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WILMINGTON ROCK MAPLE ALTERNATIVES FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Rock Maple Alternatives Fund (Class I) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2013, compared to the HFRX Global Hedge Fund Index.²

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	5.91%
Start of Performance (1/12/12)	5.41%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	3.65%
After Waivers	2.49%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund and the HFRX Global Hedge Fund Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

April 30, 2013 / ANNUAL REPORT

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WILMINGTON MULTI-MANAGER REAL ASSET FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of 10.33%* for Class A Shares and 10.58%* for Class I Shares, versus its benchmarks, the Barclays Capital World Government Inflation Linked Bond Index (hedged, USD) (Barclays World GILB Index)** and its Blended Index which had total returns of 6.71% and 12.24%, respectively. The Blended Index is currently a blend of 50% Barclays World GILB Index, 35% S&P Developed Property Index**, and 15% Dow Jones-UBS Commodity Index (“DJUBSCI”)**. During this period, the Fund’s managers and investments subtracted value, while tactical asset allocation decisions to underweight global inflation linked bonds (ILBs) and overweight real estate related securities during the last two months of the fiscal period added value.

The Fund maintained a neutral stance during the year relative to its blended benchmark up until the end of February 2013 when it shifted to a 10% overweight to real estate and a 10% tactical underweight to global ILBs. In aggregate, the tactical tilts have helped performance relative to the blended benchmark thus far in March and April of 2013.

The current weightings of 45% real estate related securities, 40% global ILBs and 15% commodities reflect our belief that a slowly growing economy, low interest rates, available financing and restrained inflation may benefit real estate to a greater extent than ILBs or commodities.

Real yields on ILBs fell during the period as measured by the Barclays World GILB Index due in part to slow economic growth, central bank intervention and limited inflation expectations. They crossed into negative territory and ended the period at -0.4%, leading global ILBs to a +6.7% gain for the fiscal year. The portfolio of developed-and emerging-market ILBs managed by Pacific Investment Management Company (“PIMCO”) outperformed the Fund’s ILB benchmark during this time (+9.0% versus +6.7%), benefiting from a structural allocation to emerging market ILBs which rose +8.8% measured by the Barclays Capital Emerging Market GILB (hedged USD) Index** on positive real yields and higher realized inflation than developed markets. The portfolio of global, developed-market ILBs managed by HSBC Global Asset Management (“HSBC”) underperformed its benchmark during the period (+5.8% versus +6.7% for the Barclays World GILB Index). HSBC’s portfolio trailed the Barclays World GILB Index primarily due to holding shorter maturity bonds on average, which had a negative impact on performance when real rates declined during the period, pushing up bond prices.

Global real estate securities were up +28.5% during the fiscal year as measured by the S&P Developed Property Index as real estate markets continued their recovery and the space remained a favorite among investors looking for yield. Performance was driven by non-U.S. markets, principally Asia (+43.8%) followed by Europe (+23.3%) and the U.S. (+19.4%). The portfolio of global real estate securities managed by EII Capital Management, Inc. (“EII”) returned +22.7% during the period while the portfolio of global real estate securities managed by CBRE Clarion Securities (“CBRE”) returned +24.4%. Both trailed the index performance of +28.5% primarily due to a focus on higher quality names while the biggest rallies occurred in smaller capitalization Real Estate Investment Trusts (REITs) and those with the highest dividend yields.

Finally, commodities, the smallest allocation in the Fund, were down -5.3% over the period as measured by the DJUBSCI. During this time, most underlying commodities suffered declines as investors pulled funds from commodity investments on the back of slow global growth and concerns about further slowing in the emerging market countries such as China specifically. Declines were led by soft commodities, such as coffee, cocoa, sugar and fruit, (-18.9%) while natural gas was far and away the largest gainer at +34.7%. The PIMCO CommodityPLUS Strategy Fund (the “PIMCO Fund”), to which the Fund has exposure, outpaced the DJUBSCI, returning -1.5%. The PIMCO Fund invests in derivative securities linked to commodity indices, while the collateral portion of the portfolio is actively managed by investing primarily in domestic ILBs in an attempt to add incremental returns, along with additional inflation hedging. The PIMCO Fund’s excess return, therefore, is primarily attributable to the collateral portfolio beating the return on T-Bills, which is the implied collateral return for the DJUBSCI. The Credit Suisse Commodity Return Strategy Fund (the “Credit Suisse Fund”), to which the Fund has exposure, has a similar structure to the PIMCO Fund, but instead of investing the collateral primarily in domestic ILBs, it invests primarily in enhanced cash securities. During the fiscal year, the Credit Suisse Fund slightly trailed the DJUBSCI (-5.8% versus -5.3%). The Fund also had exposure to the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified (“DBLCIOY Diversified”) index** via exposure to the PowerShares DB Commodity Index Tracking Fund. During the period, the DBLCIOY Diversified underperformed the DJUBSCI (-7.3% vs. -5.3%).

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.27%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** Barclays World GILB Index measures the performance of the major government inflation-linked bond markets. The index is designed to include only those markets in which a global government linker fund is likely to invest.

S&P Developed Property Index defines and measures the investable universe of publicly traded property companies in developed global markets.

Dow Jones - UBS Commodity Index is designed to be a diversified benchmark for commodities as an asset class, and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index plus the rate of interest that

ANNUAL REPORT / April 30, 2013

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could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of futures contracts on 20 physical commodities.

Barclays Emerging Market Government Inflation-Linked Bond Index measures the total return performance of inflation-linked bonds from the major emerging market countries. The index includes government debt, i.e. direct obligations of the state issuer. Quasi-government and corporate debt is not included in the index.

Deutsche Bank Liquid Commodity Index-Optimum Yield-Diversified IndexTM reflects the performance of a basket of futures contracts relating to 16 of the most heavily-traded and imported physical commodities. International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

Dividend Yield (dividends paid-to-market price ratio) is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock.

April 30, 2013 / ANNUAL REPORT

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WILMINGTON MULTI-MANAGER REAL ASSET FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Multi-Manager Real Asset Fund (Class A) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2013, compared to the Barclays Capital World Government Inflation-Linked Bond Index

(“BCWGILB”)² and the Real Asset Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	4.27%
5 Years	1.02%
Start of Performance (12/20/05)	4.89%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.61%
After Waivers	1.37%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BCWGILB and the Real Asset Blended Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Real Asset Blended Index is calculated by the investment advisor and represents the weighted return of 50% Barclays Capital U.S. TIPS Index, 30% NAREIT Equity Index and 20% Dow Jones-UBS Commodity Index Total Return for the period from inception until January 1, 2009 and 50% BCWGILB, 35% S&P Developed Property Index and 15% Dow Jones-UBS Commodity Index for the period since January 1, 2009.

ANNUAL REPORT / April 30, 2013

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WILMINGTON MULTI-MANAGER REAL ASSET FUND – CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Multi-Manager Real Asset Fund (Class I) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2013, compared to the BCWGILB² and the Real Asset Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	10.58%
5 Years	2.43%
Start of Performance (7/01/03)	9.78%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.36%
After Waivers	1.12%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund, the BCWGILB and the Real Asset Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Real Asset Blended Index is calculated by the investment advisor and represents the weighted return of 50% Barclays Capital U.S. TIPS Index, 30% NAREIT Equity Index and 20% Dow Jones-UBS Commodity Index Total Return for the period from inception until January 1, 2009 and 50% BCWGILB, 35% S&P Developed Property Index and 15% Dow Jones-UBS Commodity Index for the period since January 1, 2009.

April 30, 2013 / ANNUAL REPORT

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WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Strategic Allocation Conservative Fund (the “Fund”) returned 5.97%* for Class A Shares and 6.13%* for Class I Shares, versus its benchmarks, the Barclays Capital U.S. Aggregate Bond Index** and the Conservative Blended Index**, which returned 3.68% and 5.49%, respectively.

The Wilmington Strategic Allocation Conservative Fund is managed by first replicating tactical asset allocation decisions made by Wilmington Trust Investment Advisors, Inc. and then overlaying upon the asset allocation framework, active and passive managers that are closely benchmarked against the tactical asset allocations. The portfolio managers seek to add value through the combination of tactical asset allocation and manager selection. The primary focus of the portfolio managers is in beating the Conservative Blended Index.

Over the past year, the Class I Shares outperformed the Conservative Blended Index by 0.6%. Over the past 12 months, tactical decisions added about 0.8% above the Fund’s relative performance to the Conservative Blended Index. Manager performance was able to add about 1.5% over the entire fiscal year. Both manager performance and tactical decisions were able to add value sufficient to overcome the roughly 1.7% in fees charged by the Fund and the various mutual funds employed by the Fund. During the year, the Fund faced an environment that was marked by systemic risks from Europe and fiscal policy confrontation on the domestic front. This promoted the very volatile “risk on/risk-off” environment that generated very volatile return patterns. Towards the end of the fiscal year, markets became more manageable and the Fund moved from a tactically defensive posture to a more aggressive position. Tactical decisions which helped the Fund included an exposure to the U.S. Corporate High Yield market which outperformed the investment grade bond market and an underweight to hedge funds which were unable to beat either equities or domestic investment grade fixed income. Offsetting this to a degree were allocations to emerging market equities and developed international equities where markets struggled against weaker economic conditions than existed in the United States.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 0.12%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Barclays Capital U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment

grade corporate debt and mortgage-backed obligations. The Conservative Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 53% Barclays Capital U.S. Aggregate Bond Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7.2% Russell 3000 Index; 7% Barclays Capital Global Aggregate ex-US (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 4.8% MSCI All Country World ex-US Investable Market Index; 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indices are unmanaged and it is not possible to invest directly in an index.

International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards.

Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

Risk-On/Risk-Off - is an investment setting in which price behavior responds to, and is driven by, changes in investor risk tolerance. Risk-on/risk-off refers to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, risk-on/risk-off theory states that investors tend to engage in higher-risk investments (i.e. stocks and high-yield bonds). When risk is perceived as high, investors have the tendency to gravitate toward lower-risk investments (i.e. cash equivalents and U.S. Treasury securities).

Investment grade - is a rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ’A’ and ’B’ to identify a bond’s credit quality ratings. ’AAA’ and ’AA’ (high credit quality) and ’A’ and ’BBB’ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (’BB’, ’B’, ’CCC’, etc) are considered lower credit quality.

ANNUAL REPORT / April 30, 2013

14

WILMINGTON STRATEGIC

ALLOCATION CONSERVATIVE FUND –CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Conservative Fund (Class A) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2013, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)² and the Conservative Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	0.12%
5 Years	2.18%
Start of Performance (12/20/05)	3.48%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.95%
After Waivers	1.49%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund, the BCAB and the Conservative Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Conservative Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 53% Barclays Capital U.S. Aggregate Bond Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7.2% Russell 3000 Index; 7% Barclays Capital Global Aggregate ex-U.S. (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 4.8% MSCI All Country World ex-U.S. Investable Market Index; 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill.

April 30, 2013 / ANNUAL REPORT

15

WILMINGTON STRATEGIC

ALLOCATION CONSERVATIVE FUND –CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Strategic Allocation Conservative Fund (Class I) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2013, compared to the BCAB² and the Conservative Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	6.13%
5 Years	3.59%
Start of Performance (12/20/05)	4.53%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.70%
After Waivers	1.24%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund, the BCAB and the Conservative Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Conservative Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 53% Barclays Capital U.S. Aggregate Bond Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7.2% Russell 3000 Index; 7% Barclays Capital Global Aggregate ex-U.S. (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 4.8% MSCI All Country World ex-U.S. Investable Market Index; 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill.

ANNUAL REPORT / April 30, 2013

16

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of 8.12%* for Class A Shares and 8.29%* for Class I Shares, versus its current benchmarks, the Russell 3000 Index**, Barclays Capital U.S. Aggregate Bond Index**, and the Moderate Blended Index**, which had total returns of 17.21%, 3.68%, and 9.57%, respectively.

The Wilmington Strategic Allocation Moderate Fund is managed by first replicating tactical asset allocation decisions made by Wilmington Trust Investment Advisors, Inc. and then overlaying upon the asset allocation framework, active and passive managers that are closely benchmarked against the tactical asset allocations. The portfolio managers seek to add value through the combination of tactical asset allocation and manager selection. The primary focus of the portfolio managers is in beating the Moderate Blended Index.

Over the past year, the Class I Shares underperformed the Moderate Blended Index by 1.3%. Over the past 12 months tactical decisions added about 0.6% above the Fund’s relative performance to the Moderate Blended Index. Manager performance was only able to add about 0.1% over the entire fiscal year. While both manager performance and tactical decisions were able to add value, they were not sufficient to overcome the roughly 1.8% in fees charged by the Fund and the various mutual funds employed by the fund. During the year, the Fund faced an environment that was marked by systemic risks from Europe and fiscal policy confrontation on the domestic front. This promoted the very volatile “risk on/risk-off” environment that generated very volatile return patterns. Towards the end of the fiscal year, markets became more manageable and the Fund moved from a tactically defensive posture to a more aggressive position. Tactical decisions which helped the Fund included an exposure to the U.S. Corporate High Yield market which outperformed the investment grade bond market and an underweight to hedge funds which were unable to beat either equities or domestic investment grade fixed income. Offsetting this to a degree were allocations to emerging market equities and developed international equities where markets struggled against weaker economic conditions than existed in the United States.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 2.16%, adjusted for the Fund’s maximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Barclays Capital U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage-backed obligations. The Moderate Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 27% Russell 3000 Index; 20% Barclays Capital U.S. Aggregate Bond Index; 18% MSCI All Country World ex-US Investable Market Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7% Barclays Capital Global Aggregate ex-US (unhedged)Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indices are unmanaged and it is not possible to invest directly in an index.

International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards.

Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

Risk-On/Risk-Off - is an investment setting in which price behavior responds to, and is driven by, changes in investor risk tolerance. Risk-on/risk-off refers to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, risk-on/risk-off theory states that investors tend to engage in higher-risk investments (i.e. stocks and high-yield bonds). When risk is perceived as high, investors have the tendency to gravitate toward lower-risk investments (i.e. cash equivalents and U.S. Treasury securities).

Investment grade - is a rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ’A’ and ’B’ to identify a bond’s credit quality ratings. ’AAA’ and ’AA’ (high credit quality) and ’A’ and ’BBB’ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (’BB’, ’B’, ’CCC’, etc) are considered lower credit quality.

April 30, 2013 / ANNUAL REPORT

17

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND – CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Moderate Fund (Class A) (the “Fund”) from April 30, 2003 to April 30, 2013, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)², the Russell 3000 Index² and the Moderate Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	2.16%
5 Years	1.32%
10 Years	4.27%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	2.12%
After Waivers	1.55%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the BCAB, the Russell 3000 Index and the Moderate Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Moderate Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 27% Russell 3000 Index; 20% Barclays Capital U.S. Aggregate Bond Index; 18% MSCI All Country World ex-US Investable Market Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7% Barclays Capital Global Aggregate ex-US (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill.

ANNUAL REPORT / April 30, 2013

18

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND – Class I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Strategic Allocation Moderate Fund (Class I) (the “Fund”) from June 11, 2010 (start of performance) to April 30, 2013, compared to the BCAB², the Russell 3000 Index² and the Moderate Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	8.29%
Start of Performance (6/11/10)	9.05%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.87%
After Waivers	1.30%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the BCAB, the Russell 3000 Index and the Moderate Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Moderate Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 27% Russell 3000 Index; 20% Barclays Capital U.S. Aggregate Bond Index; 18% MSCI All Country World ex-US Investable Market Index; 7.5% HFRX Absolute Index; 7.5% HFRX Global Index; 7% Barclays Capital Global Aggregate ex-US (unhedged) Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill.

April 30, 2013 / ANNUAL REPORT

19

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2013, Wilmington Strategic Allocation Aggressive Fund (the “Fund”) had a total return of 12.26%* for Class A Shares and 12.62%* for Class I Shares, versus its benchmarks, the Russell 3000 Index**, MSCI All Country World ex-US Investable Market Index**, and the Aggressive Blended Index**, which returned 17.21%, 14.18%, and 14.38%, respectively.

The Wilmington Strategic Allocation Aggressive Fund is managed by first replicating tactical asset allocation decisions made by Wilmington Trust Investment Advisors, Inc. and then overlaying upon the asset allocation framework, active and passive managers that are closely benchmarked against the tactical asset allocations. The portfolio managers seek to add value through the combination of tactical asset allocation and manager selection. The primary focus of the portfolio managers is in beating the Aggressive Blended Index.

Over the past year, the Class I Shares underperformed the Aggressive Blended Index by 1.8% which was approximately equal to the expenses charged by the Fund and the various mutual funds employed by the Fund. Over the past 12 months tactical decisions detracted about 0.5% from the Fund’s relative performance to the Aggressive Blended Index with manager performance largely offsetting the tactical underperformance. During the year, the Fund faced an environment that was marked by systemic risks from Europe and fiscal policy confrontation on the domestic front. This promoted the very volatile “risk on/risk-off” environment that generated very volatile return patterns. The Fund started the year in a more defensive asset allocation position that included a slight underweight to equities. This hurt performance as the equity markets started the fiscal year by performing very well. Towards the end of the fiscal year, markets became more manageable and the Fund moved from a tactically defensive posture to a more aggressive position which included overweighting international and emerging markets. This overweight was helpful during the later part of calendar 2012 but detracted from performance as emerging market economies began to stumble in concert with the evolving recession in Europe.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes thereinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 6.03%, adjusted for the Fund’smaximum sales charge. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. MSCI All Country World ex-US Index (ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the large-cap and mid-cap equity market performance of developed

and emerging markets excluding the U.S. market. The MSCI All Country World ex-US Investable Market Index (ACWI IMI ex-US) is designed to also include the small-cap equity market performance which is not included in the ACWI ex-US. The ACWI ex-US and ACWI IMI ex-US Indices consisted of 45 country indices comprising 22 developed and 23 emerging market country indices. TheAggressive Blended Index is calculated by the investment advisor and represents the weighted returns for the following indices: 48% Russell 3000 Index; 32% MSCI All Country World ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill Index. The indices are unmanaged and it is not possible to invest directly in an index.

International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards.

Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

Risk-On/Risk-Off - is an investment setting in which price behavior responds to, and is driven by, changes in investor risk tolerance. Risk-on/risk-off refers to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, risk-on/risk-off theory states that investors tend to engage in higher-risk investments (i.e. stocks and high-yield bonds). When risk is perceived as high, investors have the tendency to gravitate toward lower-risk investments (i.e. cash equivalents and U.S. Treasury securities).

Investment grade - is a rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ’A’ and ’B’ to identify a bond’s credit quality ratings. ’AAA’ and ’AA’ (high credit quality) and ’A’ and ’BBB’ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (’BB’, ’B’, ’CCC’, etc) are considered lower credit quality.

ANNUAL REPORT / April 30, 2013

20

WILMINGTON STRATEGIC

ALLOCATION AGGRESSIVE FUND –

CLASS A

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Aggressive Fund (Class A) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2013, compared to the Russell 3000 Index², the MSCI All Country World ex-US Investable Market Index (“MSCI ACWI ex-US Investable Market Index”)² and the Aggressive Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	6.03%
5 Years	-0.31%
Start of Performance (12/20/05)	2.70%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	2.10%
After Waivers	1.66%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $10,000 in A Shares of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell 3000 Index, the MSCI ACWI ex-US Investable Market Index and the Aggressive Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 48% Russell 3000 Index; 32% MSCI ACWI ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill.

April 30, 2013 / ANNUAL REPORT

21

WILMINGTON STRATEGIC

ALLOCATION AGGRESSIVE FUND –CLASS I

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Strategic Allocation Moderate Fund (I Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2013, compared to the Russell 3000 Index², the MSCI All Country World ex-US Investable Market Index (“MSCI ACWI ex-US Investable Market Index”)²and the Aggressive Blended Index.^2,3

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Average Annual Total Returns for the Year

Ended April 30, 2013

1 Year	12.62%
5 Years	1.07%
Start of Performance (12/20/05)	3.75%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

Annual Operating Expense Ratio

Before Waivers	1.85%
After Waivers	1.41%

The Expense Ratio Before Waivers represents the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”).

1 Represents a hypothetical investment of $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Fund, the Russell 3000 Index, the MSCI ACWI ex-US Investable Market Index and the Aggressive Blended Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Aggressive Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 48% Russell 3000 Index; 32% MSCI ACWI ex-US Investable Market Index; 7% HFRX Global Index; 5% Barclays Capital World Government Inflation-Linked Bond Index (hedged USD); 3.5% S&P Global Developed Property Index; 1.5% Dow Jones-UBS Commodity Index; and 3% Citigroup 3-Month T-Bill.

ANNUAL REPORT / April 30, 2013

22

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for

Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which is not the Funds’ actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	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 Fund’s sector classifications and country allocations were as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Financial		22.5	%
Industrials		10.9	%
Consumer, Non-cyclical		10.1	%
Basic Materials		9.5	%
Consumer, Cyclical		8.0	%
Energy		7.3	%
Health Care		6.5	%
Information Technology		4.9	%
Telecommunication Services		4.7	%
Utilities		2.1	%
Investment Companies		7.4	%
Preferred Stocks		1.9	%
Call Warrants		1.6	%
Real Estate Investment Trusts		0.6	%
Certificates		0.2	%
Rights		0.0	%3
Corporate Bond		0.0	%3
Cash Equivalents1		2.5	%
Other Assets and Liabilities – Net2		(0.7	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

(2) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

(3) Represent less than 0.05%.

Country Allocation	Percentage of Total Net Assets
United Kingdom		12.6	%
Japan		11.1	%
France		7.4	%
Switzerland		7.2	%
Germany		5.8	%
Canada		3.3	%
China		3.1	%
Sweden		2.7	%
Australia		2.3	%
Taiwan		2.2	%
South Korea		1.9	%
Russia		1.7	%
Mexico		1.5	%
South Africa		1.5	%
Malaysia		1.3	%
Netherlands		1.3	%
Belgium		1.2	%
Singapore		1.2	%
Spain		1.2	%
Denmark		1.1	%
Hong Kong		1.1	%
Italy		1.0	%
All other Country less than 1.0%		12.8	%
Investment Companies		7.4	%
Preferred Stocks		1.9	%
Call Warrants		1.6	%
Real Estate Investment Trusts		0.6	%
Certificates		0.2	%
Rights		0.0	%3
Corporate Bond		0.0	%3
Cash Equivalents1		2.5	%
Other Assets and Liabilities – Net2		(0.7	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Number  of Shares		Value
COMMON STOCKS – 86.5%
ARGENTINA – 0.2%
Adecoagro SA*		5,500	$	41,030
Arcos Dorados Holdings, Inc.		9,700		132,114
Banco Macro SA ADR#,*		3,500		55,790

Description	Number  of Shares		Value
BBVA Banco Frances SA ADR*		5,120	$	22,989
Cresud SACIF y A ADR		9,926		87,150
Grupo Financiero Galicia SA ADR#		10,400		58,552
Mercadolibre, Inc.		1,800		181,062
Petrobras Argentina SA ADR		33,036		162,537
Telecom Argentina SA ADR		15,650		258,068

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    25

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Transportadora de Gas del Sur SA ADR		10,400	$	17,680
TOTAL ARGENTINA			$	1,016,972
AUSTRALIA – 2.3%
AGL Energy Ltd.		4,217		69,380
ALS Ltd.		3,085		31,311
Alumina Ltd.*		31,910		31,923
Alumina Ltd. ADR*		4,000		16,000
Amcor Ltd.		12,817		131,412
APA Group		5,889		39,744
Arrium Ltd.		208,000		183,288
Asciano Ltd.		34,831		194,990
ASX Ltd.		1,019		39,731
Aurizon Holdings Ltd.		14,150		60,878
Australia & New Zealand Banking Group Ltd.		13,852		457,234
Bank of Queensland Ltd.		7,786		80,960
Bendigo and Adelaide Bank Ltd.		50,517		579,222
BHP Billiton Ltd.		12,699		430,497
BlueScope Steel Ltd.*		20,120		103,249
Boral Ltd.		21,033		109,024
Brambles Ltd.		12,481		112,828
Brickworks Ltd.		1,116		14,763
Challenger Ltd.		51,900		225,980
Coca-Cola Amatil Ltd.		1,210		18,992
Cochlear Ltd.		324		22,162
Commonwealth Bank of Australia		6,324		481,544
Crown Ltd.		3,732		49,910
CSL Ltd.		3,804		248,289
Downer EDI Ltd.		63,750		324,500
Echo Entertainment Group Ltd.		18,904		70,944
Fairfax Media Ltd.#		86,793		58,486
Fortescue Metals Group Ltd.		6,140		22,279
Goodman Fielder Ltd.*		163,900		131,684
GrainCorp Ltd.		3,989		53,016
Harvey Norman Holdings Ltd.#		9,633		29,960
Incitec Pivot Ltd.		36,866		110,452
Insurance Australia Group Ltd.		19,936		120,286
Leighton Holdings Ltd.#		3,545		73,465
Lend Lease Group		44,236		494,365
Macquarie Group Ltd.		15,972		648,914
Metcash Ltd.		50,197		212,840
National Australia Bank Ltd.		29,178		1,028,460
Newcrest Mining Ltd.		17,105		298,087
Orica Ltd.		3,980		94,281
Origin Energy Ltd.		31,484		402,118
OZ Minerals Ltd.		21,842		97,367
Primary Health Care Ltd.		11,418		62,381

Description	Number of Shares		Value
Qantas Airways Ltd.*		37,254	$	73,380
QBE Insurance Group Ltd.		5,491		76,109
Ramsay Health Care Ltd.		1,156		38,338
Rio Tinto Ltd.		1,027		59,410
Santos Ltd.		27,989		358,349
Sims Metal Management Ltd.		5,437		54,449
Skilled Group Ltd.		69,900		206,526
Suncorp Group Ltd.		32,826		441,718
TABCORP Holdings Ltd.		22,564		80,703
Tatts Group Ltd.		32,697		110,843
Telstra Corp. Ltd.		10,691		55,195
Toll Holdings Ltd.		11,181		66,071
Transurban Group		8,432		59,617
Treasury Wine Estates Ltd.		10,695		64,751
Wesfarmers Ltd.		29,211		1,313,374
Westpac Banking Corp.		11,613		406,925
Woodside Petroleum Ltd.		5,486		213,616
Woolworths Ltd.		8,302		313,369
WorleyParsons Ltd.		919		21,694
TOTAL AUSTRALIA			$	12,081,633
AUSTRIA – 0.4%
Andritz AG		569		37,078
Erste Group Bank AG*		37,508		1,175,629
OMV AG		10,903		512,247
Raiffeisen International Bank Holding AG#		2,579		91,007
Telekom Austria AG		6,978		47,841
Voestalpine AG		4,500		140,482
TOTAL AUSTRIA			$	2,004,284
BELGIUM – 1.2%
Ageas		5,970		218,726
Anheuser-Busch InBev NV		47,329		4,503,339
Delhaize Group SA		6,700		420,090
Delhaize Group SA ADR		2,400		150,024
KBC Groep NV		10,874		426,751
Mobistar SA		1,115		26,593
Solvay SA		2,050		300,482
Telenet Group Holding NV		726		39,196
UCB SA		2,066		122,110
Umicore SA		1,261		58,373
TOTAL BELGIUM			$	6,265,684
BERMUDA – 0.0%**
Seadrill Ltd.		3,421		130,931
Shangri-La Asia Ltd.		2,000		3,866
TOTAL BERMUDA			$	134,797
BOTSWANA – 0.1%
Barclays Bank of Botswana Ltd.		100,300		86,264

ANNUAL REPORT / April 30, 2013

26    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Botswana Insurance Holdings Ltd.		60,900	$	79,132
First National Bank of Botswana		274,700		124,079
Sechaba Breweries Ltd.		61,203		124,590
Standard Chartered Bank Botswana Ltd.		41,700		55,629
TOTAL BOTSWANA			$	469,694
BRAZIL – 0.7%
All America Latina Logistica SA		11,400		57,662
Banco Do Brasil SA		12,367		155,766
Banco Santander Brasil SA		11,000		80,765
BM&FBovespa SA		21,807		151,284
BR Malls Participacoes SA		5,800		68,414
BRF - Brasil Foods SA		8,856		219,724
CCR SA		20,900		204,430
Centrais Eletricas Brasileiras SA		12,500		33,800
Cia de Saneamento Basico do Estado de Sao Paulo		18,300		257,658
Cia de Saneamento Basico do Estado de Sao Paulo ADR		14,400		205,920
Cia de Saneamento de Minas Gerais-COPASA		10,400		239,630
Cia Energetica de Minas Gerais		2,453		30,945
Cia Siderurgica Nacional SA		10,200		40,428
Cielo SA		8,669		228,511
Cosan SA Industria e Comercio		3,000		70,773
CPFL Energia SA		4,800		51,365
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,500		67,737
EDP - Energias do Brasil SA		10,300		62,858
Embraer SA		19,600		170,848
Fibria Celulose SA*		2,086		22,187
Gafisa SA*		28,700		57,378
LLX Logistica SA*		13,400		13,127
Localiza Rent a Car SA		4,800		85,288
Lojas Renner SA		2,500		94,914
Marfrig Alimentos SA*		5,050		17,214
MRV Engenharia e Participacoes SA		6,600		28,402
Natura Cosmeticos SA		3,600		90,218
OGX Petroleo e Gas Participacoes SA*		13,400		13,529
Oi SA		9,480		27,576
PDG Realty SA Empreendimentos e Participacoes		37,100		41,907
Souza Cruz SA		5,500		84,531
Tim Participacoes SA		25,006		104,486
Totvs SA		4,400		82,733
Tractebel Energia SA		4,800		85,312
Ultrapar Participacoes SA		4,000		106,360
Weg SA		7,900		104,557
TOTAL BRAZIL			$	3,458,237

Description	Number of Shares		Value
BULGARIA – 0.0%**
Central Cooperative Bank AD*		20,482	$	12,219
Chimimport AD*		10,600		9,993
Doverie Holding AD		11,040		6,319
Olovno Tzinkov Komplex AD*		900		133
Petrol AD*		37,250		125,412
Sopharma AD Sofia		14,000		24,699
TOTAL BULGARIA			$	178,775
CANADA – 3.3%
Agrium, Inc.		1,342		123,017
Alimentation Couche Tard, Inc.		1,400		85,060
Atco Ltd.		1,600		153,242
Athabasca Oil Sands Corp.*		3,780		27,352
AuRico Gold, Inc.		95		488
Bank of Montreal		3,900		244,619
Bank of Nova Scotia		7,095		409,101
Barrick Gold Corp. (067901108)		19,441		383,182
Barrick Gold Corp. (2024644)		3,275		64,561
Baytex Energy Corp.		436		17,229
Bell Aliant, Inc.		500		13,370
Bombardier, Inc.		8,100		32,160
Bonavista Energy Corp.		1,621		25,664
Brookfield Asset Management, Inc.		2,553		98,552
CAE, Inc.		1,400		15,133
Cameco Corp. (13321L108)		3,902		76,128
Cameco Corp. (2166160)		1,611		31,406
Canadian Imperial Bank of Commerce		7,000		559,819
Canadian National Railway Co.		2,945		288,317
Canadian Natural Resources Ltd.
(136385101)		21,257		623,680
Canadian Natural Resources Ltd. (2171573)		5,353		157,011
Canadian Pacific Railway Ltd.		133		16,576
Canadian Tire Corp. Ltd.		6,273		462,015
Canadian Utilities Ltd.		698		57,450
Cenovus Energy, Inc.		6,295		188,391
Crescent Point Energy Corp.		100		3,820
Dorel Industries, Inc.		8,700		375,651
Eldorado Gold Corp. (2307873)		2,689		21,273
Eldorado Gold Corp. (284902103)		910		7,207
Empire Co. Ltd.		8,000		543,947
Enbridge, Inc.		5,558		264,480
Enerplus Corp.		1,090		15,385
Ensign Energy Services, Inc.		2,332		39,258
Fairfax Financial Holdings Ltd.		450		180,523
Finning International, Inc.		1,116		24,082
First Quantum Minerals Ltd.		6,297		109,945
Franco-Nevada Corp.		1,300		56,596

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    27

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Genworth MI Canada, Inc.		1,061	$	26,382
George Weston Ltd.		600		46,222
Gildan Activewear, Inc.		600		24,126
Goldcorp, Inc. (2676302)		6,240		184,701
Goldcorp, Inc. (380956409)		15,542		459,732
Husky Energy, Inc.		7,400		213,894
IAMGOLD Corp. (2446646)		8,028		43,110
IAMGOLD Corp. (450913108)		8,324		44,700
Imperial Oil Ltd.		2,819		112,150
Industrial Alliance Insurance & Financial Services, Inc.		1,794		66,279
Inmet Mining Corp.††		1,400		93,926
Intact Financial Corp.		1,031		62,835
Kinross Gold Corp.		14,013		76,362
Laurentian Bank of Canada		5,700		250,134
Loblaw Cos. Ltd.		1,818		77,145
Lundin Mining Corp.*		43,600		171,379
Magna International, Inc.		14,420		867,390
Manulife Financial Corp.		45,835		677,437
Metro, Inc.		4,500		305,167
National Bank of Canada		3,400		256,995
New Gold, Inc.*		3,377		27,084
Onex Corp.		500		24,939
Open Text Corp.*		300		19,603
Pan American Silver Corp. (2669272)		600		7,891
Pan American Silver Corp. (697900108)		589		7,775
Pembina Pipeline Corp.		1,266		41,557
Pengrowth Energy Corp.		6,876		35,082
Penn West Petroleum Ltd. (707887105)		3,500		32,305
Penn West Petroleum Ltd. (B63FY34)#		6,303		58,184
PetroBakken Energy Ltd.		3,400		29,024
Potash Corp. of Saskatchewan, Inc. (2696980)		1,813		76,303
Potash Corp. of Saskatchewan, Inc. (73755L107)		40,813		1,718,227
Power Corp. of Canada		1,700		45,780
Power Financial Corp.		3,300		97,482
Precision Drilling Corp. (74022D308)		3,100		25,110
Precision Drilling Corp. (B5YPLH9)		8,400		68,120
Research In Motion Ltd. (2117265)#,*		12,417		203,366
Research In Motion Ltd. (760975102)#		8,604		140,159
Ritchie Bros Auctioneers, Inc.		500		10,125
Rogers Communications, Inc.		1,391		68,608
Royal Bank of Canada		5,300		319,752
Saputo, Inc.		800		41,189
Shaw Communications, Inc.		3,600		81,973
Sherritt International Corp.		44,900		209,915

Description	Number of Shares		Value
Shoppers Drug Mart Corp.		1,200	$	53,744
Silver Wheaton Corp.		1,891		46,231
SNC-Lavalin Group, Inc.		800		34,527
Sun Life Financial, Inc. (2566124)		8,575		241,899
Sun Life Financial, Inc. (866796105)		4,901		138,159
Suncor Energy, Inc.		34,396		1,072,389
Talisman Energy, Inc. (2068299)		23,990		287,656
Talisman Energy, Inc. (87425E103)		2,300		27,347
Teck Resources Ltd. (2879327)		4,400		117,048
Teck Resources Ltd. (878742204)		11,509		305,794
TELUS Corp.		2,362		84,989
Thomson Reuters Corp.		8,775		293,966
Tim Hortons, Inc.		800		43,341
Toronto-Dominion Bank		3,305		270,941
Tourmaline Oil Corp.*		1,041		41,301
TransAlta Corp.		8,900		130,834
TransCanada Corp.		1,435		71,134
Transcontinental, Inc.		18,800		242,033
Uranium One, Inc.*		8,600		23,902
Valeant Pharmaceuticals International, Inc.*		2,239		170,017
Vermilion Energy, Inc.		982		50,394
Yamana Gold, Inc.		20,386		252,334
TOTAL CANADA			$	17,245,289
CAYMAN ISLANDS – 0.1%
Chaowei Power Holdings Ltd.		227,000		106,770
Sands China Ltd.		22,000		115,384
Tianneng Power International Ltd.		428,000		270,804
Veripos, Inc.		270		918
Wynn Macau Ltd.*		20,000		60,695
TOTAL CAYMAN ISLANDS			$	554,571
CHILE – 0.6%
Administradora de Fondos de Pensiones Provida SA		14,200		98,295
AES Gener SA		101,000		73,345
Antarchile SA		8,664		137,976
Banco de Chile		1,936,427		302,008
Banco de Credito e Inversiones		1,979		142,032
Banco Santander Chile		876,218		58,514
Banco Santander Chile ADR		4,272		113,806
Capital SA		2,590		81,668
Cencosud SA		41,800		236,057
Cia Cervecerias Unidas SA ADR		3,500		120,855
Cia General de Electricidad SA		7,900		47,808
Colbun SA		322,547		99,308
Empresa Nacional de Electricidad SA ADR		3,400		181,254
Empresas CMPC SA		43,750		161,641
Empresas COPEC SA		17,346		248,616

ANNUAL REPORT / April 30, 2013

28    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Enersis SA		459,155	$	173,054
ENTEL Chile SA		3,669		70,739
Lan Airlines SA		9,926		205,073
Parque Arauco SA		28,900		74,737
Quinenco SA		31,602		103,674
SACI Falabella		30,748		351,583
Sociedad Matriz SAAM SA		373,941		42,877
Sonda SA		39,007		135,007
Vina Concha y Toro SA ADR		1,100		43,109
TOTAL CHILE			$	3,303,036
CHINA – 3.1%
Agricultural Bank of China Ltd.		270,000		129,083
Aluminum Corp. of China Ltd.#, *		142,000		53,615
Anhui Conch Cement Co. Ltd.		28,500		103,200
Baidu, Inc. ADR*		8,850		759,772
Bank of China Ltd.		1,837,000		859,302
Bank of Communications Co. Ltd.#		78,800		62,653
Beijing Capital International Airport Co. Ltd.		90,000		62,396
Beijing Enterprises Holdings Ltd.		11,500		86,026
Belle International Holdings Ltd.		55,000		89,728
Byd Co. Ltd.#,*		42,500		151,705
Chaoda Modern Agriculture Holdings Ltd.*		98,140		—
China Agri-Industries Holdings Ltd.		145,000		71,191
China BlueChemical Ltd.		236,000		143,848
China Citic Bank Corp. Ltd.		156,000		87,849
China Coal Energy Co. Ltd.		75,000		57,699
China Communications Construction Co. Ltd.		96,000		91,916
China Construction Bank Corp.		823,810		690,034
China COSCO Holdings Co. Ltd.*		135,500		57,272
China Eastern Airlines Corp. Ltd.*		74,000		29,657
China Green Holdings Ltd.*		45,000		6,263
China Huiyuan Juice Group Ltd.*		29,000		13,042
China International Marine Containers Group Co. Ltd.*		39,000		62,318
China Life Insurance Co. Ltd.		82,000		224,016
China Mengniu Dairy Co. Ltd.		36,000		101,364
China Merchants Bank Co. Ltd.		55,552		118,404
China Merchants Holdings International Co. Ltd.		18,000		56,945
China Minsheng Banking Corp. Ltd.#		89,500		114,987
China Mobile Ltd.		270,500		2,961,151
China Oilfield Services Ltd.		30,000		59,148
China Overseas Land & Investment Ltd.		52,320		159,789
China Pacific Insurance Group Co. Ltd.		135,400		486,803
China Petroleum & Chemical Corp.		594,000		649,867
China Railway Construction Corp. Ltd.		89,400		90,205

Description	Number of Shares		Value
China Resources Enterprise Ltd.		26,000	$	89,122
China Resources Land Ltd.		28,000		84,792
China Resources Power Holdings Co. Ltd.		39,600		129,616
China Shenhua Energy Co. Ltd.		52,000		183,940
China Shipping Development Co. Ltd.#		112,000		48,061
China Southern Airlines Co. Ltd.		81,000		42,587
China Telecom Corp. Ltd.		332,000		169,419
China Unicom Hong Kong Ltd.		118,652		170,330
China Yurun Food Group Ltd.#,*		106,000		63,107
Chongqing Rural Commercial Bank		609,000		331,177
CNOOC Ltd.		207,000		386,250
COSCO Pacific Ltd.		38,000		50,339
Ctrip.com International Ltd. ADR#, *		2,800		61,544
Datang International Power Generation Co. Ltd.		132,000		58,174
Dongfeng Motor Group Co. Ltd.		94,000		140,028
Focus Media Holding Ltd. ADR#		3,300		89,991
Global Bio-Chem Technology Group Co. Ltd.		282,000		24,348
Golden Eagle Retail Group Ltd.		53,000		93,295
Guangzhou Automobile Group Co. Ltd.#		64,974		53,586
Harbin Electric Co. Ltd.		24,000		18,402
Hengan International Group Co. Ltd.		13,000		134,353
Industrial & Commercial Bank of China		810,000		569,912
Inner Mongolia Yitai Coal Co.		6,600		34,386
Intime Department Store Group Co. Ltd.		35,000		41,494
Jiangxi Copper Co. Ltd.		20,000		38,762
Kingboard Chemical Holdings Ltd.		113,500		308,608
Kunlun Energy Co. Ltd.		54,000		105,632
Lenovo Group Ltd.		118,000		107,810
NetEase, Inc. ADR		1,600		90,224
New Oriental Education & Technology Group ADR		10,800		206,604
Nine Dragons Paper Holdings Ltd.		93,000		80,654
Parkson Retail Group Ltd.		84,000		45,463
PetroChina Co. Ltd.		1,406,000		1,788,267
PICC Property & Casualty Co. Ltd.		58,000		74,442
Ping An Insurance Group Co.		22,000		174,211
Shandong Weigao Group Medical Polymer Co. Ltd.#		64,000		61,442
Shanghai Electric Group Co. Ltd.		90,000		31,546
Shanghai Industrial Holdings Ltd.		13,000		41,211
Shanghai Zhenhua Heavy Industries Co. Ltd.*		62,400		22,402
SINA Corp. (2579230)*		900		50,688
SINA Corp. (G81477104)*		1,000		56,320
Sinopec Shanghai Petrochemical Co. Ltd.		54,000		18,580
Sohu.com, Inc.*		1,300		66,872
Tencent Holdings Ltd.		13,800		473,388

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    29

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Tingyi Cayman Islands Holding Corp.		44,000	$	121,621
Want Want China Holdings Ltd.		143,000		226,658
Wumart Stores, Inc.		27,000		47,319
Yangzijiang Shipbuilding Holdings Ltd.		93,000		71,730
Yantai Changyu Pioneer Wine Co. Ltd.		9,100		41,500
Yanzhou Coal Mining Co. Ltd.		40,000		41,649
Zijin Mining Group Co. Ltd.		90,000		26,559
ZTE Corp.#		43,840		73,894
TOTAL CHINA			$	16,253,557
COLOMBIA – 0.3%
Almacenes Exito SA		9,203		150,872
Banco de Bogota SA		2,920		100,795
Bancolombia SA ADR		3,100		210,087
Cementos Argos SA		7,800		34,831
Corp. Financiera Colombiana SA (B000C92)		2,416		46,729
Corp. Financiera Colombiana SA (B9FR7T6)*		64		1,175
Ecopetrol SA		96,190		231,372
Empresa de Energia de Bogota SA		117,410		87,812
Grupo Argos SA		10,800		120,244
Grupo Aval Acciones y Valores		107,700		74,649
Grupo de Inversiones Suramericana SA		5,600		118,131
Grupo Nutresa SA		13,178		181,667
Grupo Odinsa SA (B06MW70)		5,784		29,276
Grupo Odinsa SA (B50LC56)*		289		1,463
Interconexion Electrica SA ESP		25,278		116,343
Isagen SA ESP		46,200		64,297
TOTAL COLOMBIA			$	1,569,743
CROATIA – 0.1%
Atlantska Plovidba DD*		562		30,947
Ericsson Nikola Tesla		200		52,416
Hrvatski Telekom DD		5,250		195,360
Koncar-Elektroindustrija DD		920		115,748
Petrokemija DD*		1,500		61,844
Podravka DD*		1,000		47,091
Privredna Banka Zagreb DD		830		74,690
Tankerska Plovidba DD*		40		2,578
VIRO Tvornica Secera		370		40,936
Zagrebacka Banka DD		3,000		18,887
TOTAL CROATIA			$	640,497
CZECH REPUBLIC – 0.3%
CEZ AS		20,930		605,772
Komercni Banka AS		2,320		443,463
New World Resources PLC		30,670		78,997
Pegas Nonwovens SA		2,900		76,768
Philip Morris CR AS		250		142,569

Description	Number of Shares		Value
Telefonica Czech Republic AS		12,532	$	181,067
Unipetrol AS*		21,709		190,634
TOTAL CZECH REPUBLIC			$	1,719,270
DENMARK – 1.1%
AP Moeller - Maersk A/S Class A		36		256,148
AP Moeller - Maersk A/S Class B		10		68,361
Carlsberg A/S		3,041		282,285
Coloplast A/S		685		37,268
Danske Bank A/S*		16,125		304,777
DSV A/S		1,213		30,533
H Lundbeck A/S		9,528		190,523
Novo-Nordisk A/S		25,602		4,490,785
Novozymes A/S		1,740		60,089
TDC A/S		15,338		124,414
TrygVesta A/S		98		8,486
William Demant Holding A/S*		139		11,123
TOTAL DENMARK			$	5,864,792
EGYPT – 0.3%
Alexandria Mineral Oils Co.		4,000		39,399
Commercial International Bank Egypt SAE		60,970		268,965
Eastern Tobacco		6,070		85,777
Egyptian Financial Group-Hermes Holding*		54,250		77,844
Egyptian International Pharmaceutical Industrial Co.		8,690		52,484
Egyptian Kuwaiti Holding Co. SAE		77,173		90,292
ElSwedy Electric Co.		6,134		17,329
EZZ Steel		26,500		35,159
Juhayna Food Industries		95,000		113,574
Misr Beni Suef Cement Co.		8,812		57,580
National Societe Generale Bank SAE		7,245		28,994
Orascom Construction Industries*,††		9,520		320,475
Orascom Telecom Holding SAE*		324,755		218,712
Orascom Telecom Media And Technology Holding SAE		224,975		15,898
Sidi Kerir Petrochemicals Co.		29,750		52,899
Talaat Moustafa Group*		110,387		62,880
Telecom Egypt Co.		49,980		91,033
TOTAL EGYPT			$	1,629,294
ESTONIA – 0.1%
AS Merko Ehitus*		4,300		40,773
AS Tallinna Vesi		5,400		78,227
Nordecon AS*		12,000		18,174
Olympic Entertainment Group AS		42,630		102,178
Tallink Group AS*		306,420		419,682
Tallinna Kaubamaja AS		11,600		87,077
TOTAL ESTONIA			$	746,111

ANNUAL REPORT / April 30, 2013

30    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
FINLAND – 0.1%
Fortum OYJ		1,621	$	30,122
Kesko OYJ		1,647		49,454
Kone OYJ		1,516		133,865
Neste Oil OYJ		921		14,349
Nokia OYJ*		26,728		89,547
Nokian Renkaat OYJ		1,315		57,011
Stora Enso OYJ		16,771		116,507
UPM-Kymmene OYJ		12,909		134,984
Wartsila OYJ Abp		1,520		74,606
TOTAL FINLAND			$	700,445
FRANCE – 7.4%
Accor SA		36,096		1,193,170
Air Liquide SA		12,586		1,593,203
Alstom SA		845		34,676
Arkema SA		3,000		281,064
AtoS		272		18,931
AXA SA		222,350		4,162,492
BNP Paribas SA		28,403		1,582,620
Bollore SA		165		69,535
Bouygues SA		3,676		102,583
Bureau Veritas SA		382		46,811
Capital Gemini SA		2,308		106,155
Casino Guichard Perrachon SA		1,573		170,013
Christian Dior SA		241		42,006
Cie de St-Gobain		52,678		2,112,795
Cie Generale de Geophysique - Veritas*		2,084		45,134
Cie Generale de Geophysique - Veritas ADR		1,200		25,620
Cie Generale des Etablissements Michelin		808		68,240
Cie Generale d’Optique Essilor International SA		15,249		1,715,821
Ciments Francais SA		373		20,381
CNP Assurances		6,904		97,787
Credit Agricole SA*		47,368		433,612
Danone		33,346		2,547,511
Dassault Systemes SA		446		54,390
Edenred		1,941		64,621
Electricite de France SA		8,034		179,550
Eutelsat Communications SA		577		20,832
France Telecom SA		54,358		581,571
GDF Suez		37,318		801,079
Gemalto NV		596		48,695
Hermes International		4		1,349
Iliad SA		79		18,061
JCDecaux SA		27,107		745,029
Lafarge SA		5,629		363,650

Description	Number of Shares		Value
Lagardere SCA		3,846	$	142,934
Legrand SA		19,271		898,034
L’Oreal SA		14,985		2,672,052
LVMH Moet Hennessy Louis Vuitton SA		1,667		288,689
Metropole Television SA		132		2,209
Natixis		49,439		216,812
Pernod-Ricard SA		19,377		2,398,744
Peugeot SA*		6,771		54,216
PPR		249		54,779
Publicis Groupe SA		1,378		95,855
Renault SA		6,646		457,928
Rexel SA		4,038		88,834
Sa des Ciments Vicat		165		9,778
Safran SA		1,839		90,312
Sanofi-Aventis SA		24,682		2,705,063
Schneider Electric SA		36,565		2,788,134
SCOR SE		32,167		976,240
Societe BIC SA		157		16,754
Societe Generale SA*		20,495		744,410
Sodexo		699		58,372
STMicroelectronics NV		16,726		145,403
Suez Environnement Co.		53,595		769,696
Technip SA		714		76,635
Total SA		33,585		1,692,674
Vallourec SA		832		39,988
Veolia Environnement SA		6,814		93,910
Vinci SA		1,080		52,000
Vivendi SA		59,243		1,341,946
Zodiac Aerospace		299		37,475
TOTAL FRANCE			$	38,358,863
GERMANY – 5.8%
Adidas AG		8,858		925,078
Allianz SE		31,557		4,656,686
BASF SE		7,762		724,956
Bayer AG		15,656		1,633,372
Bayerische Motoren Werke AG		7,111		656,007
Brenntag AG		209		35,630
Celesio AG		1,825		36,112
Commerzbank AG*		10,855		146,025
Continental AG		451		53,550
Daimler AG		60,162		3,328,865
Deutsche Bank AG		17,996		827,361
Deutsche Bank AG Regisetered Shares		10,886		501,300
Deutsche Boerse AG		13,015		812,441
Deutsche Lufthansa AG		6,051		120,967
Deutsche Post AG		15,970		378,991

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    31

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Deutsche Telekom AG ADR#		26,653	$	317,171
Deutsche Telekom AG		26,073		308,414
E.ON AG		46,603		844,503
Fraport AG Frankfurt Airport Services Worldwide		520		31,077
Freenet AG		12,600		313,785
Fresenius Medical Care AG & Co. KGaA		10,738		741,010
Fresenius SE & Co. KGaA		12,220		1,532,388
GEA Group AG		1,277		43,196
HeidelbergCement AG		3,724		268,119
Henkel AG & Co. KGaA		1,303		102,015
Hochtief AG		458		31,787
Kabel Deutschland Holding AG		672		63,870
Lanxess AG		790		57,534
Linde AG		16,714		3,160,853
Merck KGaA		487		74,141
Metro AG		5,610		174,913
Muenchener Rueckversicherungs AG#		8,415		1,682,823
Rheinmetall AG		4,100		194,193
RWE AG		10,674		384,252
Salzgitter AG		1,130		44,228
SAP AG		51,787		4,113,197
Siemens AG		3,113		325,104
Suedzucker AG		389		15,681
United Internet AG		702		19,248
Volkswagen AG		2,985		580,230
TOTAL GERMANY			$	30,261,073
GHANA – 0.1%
Aluworks Ghana Ltd.*		232,000		7,050
CAL Bank Ltd.		498,146		158,943
Ghana Commercial Bank Ltd.		106,696		236,682
HFC Bank Ghana Ltd.		243,750		66,662
Produce Buying Co. Ltd.		162,500		13,168
Standard Chartered Bank Ghana Ltd.		13,200		106,429
TOTAL GHANA			$	588,934
GREECE – 0.0%**
Hellenic Petroleum SA		1,059		11,715
National Bank of Greece SA*		17,182		14,369
TOTAL GREECE			$	26,084
HONG KONG – 1.1%
AIA Group Ltd.		184,000		816,840
ASM Pacific Technology Ltd.		1,100		11,340
Bank of East Asia Ltd.		13,200		54,262
Cheung Kong Holdings Ltd.		149,000		2,242,638
Cheung Kong Infrastructure Holdings Ltd.		3,000		21,765
Chongqing Machinery and Electric Co. Ltd.*		1,156,000		153,435
CLP Holdings Ltd.		9,000		79,328

Description	Number of Shares		Value
Hang Lung Group Ltd.		5,000	$	29,445
Hang Lung Properties Ltd.		161,000		626,560
Henderson Land Development Co. Ltd.		18,116		131,198
HKT Trust / HKT Ltd.		346		363
Hong Kong & China Gas Co. Ltd.		48,750		146,687
Hong Kong Exchanges and Clearing Ltd.#		4,200		70,684
Hongkong & Shanghai Hotels		6,000		9,758
Hopewell Holdings Ltd.		10,000		38,659
Huabao International Holdings Ltd.		525,000		240,846
Hutchison Whampoa Ltd.		16,400		178,157
Hysan Development Co. Ltd.		8,000		39,638
Johnson Electric Holdings Ltd.		333,000		227,002
Kerry Properties Ltd.		5,000		22,616
MTR Corp. Ltd.		5,500		22,680
New World Development Co. Ltd.		99,913		174,330
Orient Overseas International Ltd.		2,500		14,852
Sun Hung Kai Properties Ltd.		10,000		144,585
Wharf Holdings Ltd.		19,000		169,552
Wheelock & Co. Ltd.		29,000		161,440
TOTAL HONG KONG			$	5,828,660
HUNGARY – 0.4%
EGIS Pharmaceuticals PLC		3,690		291,529
Magyar Telekom Telecommunications PLC		147,600		272,776
MOL Hungarian Oil and Gas PLC		6,863		487,402
OTP Bank Nyrt		29,050		605,379
Richter Gedeon Nyrt		2,990		444,033
TOTAL HUNGARY			$	2,101,119
INDIA – 0.5%
GAIL India Ltd. GDR		1,770		69,862
ICICI Bank Ltd. ADR		6,300		294,966
Infosys Ltd. ADR#		12,568		524,588
Reliance Industries Ltd. GDR•,W		16,661		491,000
State Bank of India GDR		1,710		144,495
Tata Motors Ltd. ADR		21,790		600,097
Tata Steel Ltd. GDR		38,100		217,741
Wipro Ltd. ADR		15,098		120,635
TOTAL INDIA			$	2,463,384
INDONESIA – 0.8%
Adaro Energy Tbk PT		719,000		90,961
AKR Corporindo Tbk PT		143,500		76,012
Aneka Tambang Persero Tbk PT		190,000		26,968
Astra International Tbk PT		449,500		339,812
Bank Central Asia Tbk PT		333,500		368,745
Bank Danamon Indonesia Tbk PT		81,122		53,817
Bank Mandiri Persero Tbk PT		206,500		223,014

ANNUAL REPORT / April 30, 2013

32    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Bank Negara Indonesia Persero Tbk PT		272,000	$	151,072
Bank Rakyat Indonesia Persero Tbk PT		231,500		223,821
Barito Pacific Tbk PT*		269,000		11,205
Bumi Resources Tbk PT		1,083,000		74,632
Charoen Pokphand Indonesia Tbk PT		200,000		103,883
Gudang Garam Tbk PT		18,000		91,458
Indo Tambangraya Megah Tbk PT		21,000		79,378
Indocement Tunggal Prakarsa Tbk PT		70,000		190,075
Indofood Sukses Makmur Tbk PT		148,000		111,885
Indosat Tbk PT		70,500		43,507
Kalbe Farma Tbk PT		870,000		124,382
Lippo Karawaci Tbk PT		501,000		69,565
Perusahaan Gas Negara Persero Tbk PT		588,000		377,989
Semen Gresik Persero Tbk PT		129,500		245,081
Surya Semesta Internusa Tbk PT		410,000		66,629
Tambang Batubara Bukit Asam Persero Tbk PT		29,000		45,487
Telekomunikasi Indonesia Persero Tbk PT		334,500		402,535
Timah Persero Tbk PT		416,500		60,831
Unilever Indonesia Tbk PT		49,000		132,296
United Tractors Tbk PT		75,500		137,837
XL Axiata Tbk PT		70,000		36,719
TOTAL INDONESIA			$	3,959,596
IRELAND – 0.4%
Bank of Ireland		100,824		22,440
CRH PLC		85,444		1,834,251
CRH PLC ADR		4,795		103,140
Elan Corp. PLC		3,601		41,519
James Hardie Industries PLC		2,466		25,923
Kerry Group PLC		1,457		86,173
Permanent TSB Group Holdings PLC*		38,000		1,752
Prothena Corp. PLC*		87		719
TOTAL IRELAND			$	2,115,917
ISRAEL – 0.4%
Bank Hapoalim BM*		49,877		231,647
Bank Leumi Le-Israel BM*		55,972		198,596
Israel Chemicals Ltd.		44,670		531,305
Israel Discount Bank Ltd.*		45,421		76,183
Teva Pharmaceutical Industries Ltd. ADR		14,972		573,278
Teva Pharmaceutical Industries Ltd.		10,501		410,959
TOTAL ISRAEL			$	2,021,968
ITALY – 1.0%
Assicurazioni Generali SpA		3,036		55,696
Atlantia SpA		1,615		28,862
Banca Monte dei Paschi di Siena SpA#,*		101,271		28,528
Banco Popolare SC*		12,600		18,170
Enel SpA		131,781		509,540

Description	Number of Shares		Value
ENI SpA		32,935	$	787,667
Exor SpA		1,244		37,681
Fiat Industrial SpA		2,965		33,464
Fiat SpA*		17,391		104,026
Finmeccanica SpA*		6,450		33,570
Intesa Sanpaolo SpA		1,215,055		2,203,430
Luxottica Group SpA		672		34,984
Mediaset SpA		13,498		34,877
Mediobanca SpA		2,499		15,883
Milano Assicurazioni SpA*		19,800		12,965
Pirelli & C SpA		1,489		15,462
Prysmian SpA		1,573		31,757
Saipem SpA		1,916		54,250
Telecom Italia SpA		189,456		160,306
Telecom Italia SpA ADR		4,715		39,323
UniCredit SpA*		126,325		658,800
Unione di Banche Italiane SCPA		42,922		179,188
TOTAL ITALY			$	5,078,429
JAPAN – 11.1%
ABC-Mart, Inc.		100		3,744
Aeon Co. Ltd.		11,300		159,847
Aeon Mall Co. Ltd.		400		12,864
Ajinomoto Co., Inc.		6,000		82,290
Alfresa Holdings Corp.		900		53,454
Amada Co. Ltd.		8,000		64,010
Aoyama Trading Co. Ltd.		400		11,953
Asahi Glass Co. Ltd.		32,000		250,787
Asahi Group Holdings Ltd.		3,100		77,083
Asahi Kasei Corp.		19,000		127,466
Asics Corp.		2,000		36,047
Astellas Pharma, Inc.		9,900		575,812
Autobacs Seven Co. Ltd.		1,200		20,212
Azbil Corp.		800		17,250
Bank of Kyoto Ltd.		4,000		42,017
Bank of Yokohama Ltd.		23,000		139,672
Benesse Holdings, Inc.		400		17,705
Bridgestone Corp.		5,300		199,800
Brother Industries Ltd.		18,700		213,692
Canon Marketing Japan, Inc.		1,600		23,306
Canon, Inc.		12,100		433,805
Casio Computer Co. Ltd.		4,200		34,768
Central Japan Railway Co.		500		60,266
Chiba Bank Ltd.		13,000		100,816
Chiyoda Corp.		2,000		20,495
Chugai Pharmaceutical Co. Ltd.		2,700		67,220
Citizen Holdings Co. Ltd.		10,300		60,753

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    33

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Coca-Cola West Co. Ltd.		1,400	$	26,037
COMSYS Holdings Corp.		3,000		39,698
Cosmo Oil Co. Ltd.		12,000		28,558
Credit Saison Co. Ltd.		1,500		43,807
Dai Nippon Printing Co. Ltd.		12,000		117,310
Daicel Corp.		4,000		32,210
Daido Steel Co. Ltd.		5,000		27,184
Daihatsu Motor Co. Ltd.		2,000		39,637
Dai-ichi Life Insurance Co. Ltd.		26		35,739
Dainippon Sumitomo Pharma Co. Ltd.		1,400		25,707
Daishi Bank Ltd.		6,000		23,696
Daito Trust Construction Co. Ltd.		600		58,101
Daiwa House Industry Co. Ltd.		3,000		67,764
Denso Corp.		17,800		797,015
Dentsu, Inc.		200		6,945
East Japan Railway Co.		9,700		817,911
Ebara Corp.		8,000		33,482
Eizo Nanao Corp.		9,500		164,302
FamilyMart Co. Ltd.		300		13,710
FANUC Corp.		21,600		3,257,117
Fast Retailing Co. Ltd.		600		219,726
Fuji Media Holdings, Inc.		18		39,052
FUJIFILM Holdings Corp.		15,300		313,580
Fujitsu Ltd.		57,000		239,145
Fukuoka Financial Group, Inc.		33,000		168,580
Geo Holdings Corp.		200		238,806
Glory Ltd.		1,200		32,977
Gree, Inc.		900		11,531
Gunma Bank Ltd.		9,000		57,147
H2O Retailing Corp.		2,000		22,280
Hachijuni Bank Ltd.		10,000		67,908
Hakuhodo DY Holdings, Inc.		130		10,708
Hamamatsu Photonics KK		300		12,325
Hankyu Hanshin Holdings, Inc.		25,000		161,563
Hirose Electric Co. Ltd.		300		43,084
Hiroshima Bank Ltd.		4,000		21,049
Hisamitsu Pharmaceutical Co., Inc.		300		17,633
Hitachi Capital Corp.		11,200		278,722
Hitachi Chemical Co. Ltd.		2,200		34,416
Hitachi High-Technologies Corp.		900		22,407
Hitachi Ltd.		9,000		57,424
Hitachi Metals Ltd.		48,000		495,830
Hitachi Transport System Ltd.		1,300		20,643
Hokkaido Electric Power Co., Inc.*		7,300		92,481
Hokuhoku Financial Group, Inc.		29,000		67,528
Honda Motor Co. Ltd.		5,400		214,648
House Foods Corp.		1,600		27,869
Hoya Corp.		1,500		29,974

Description	Number of Shares		Value
Ibiden Co. Ltd.		6,300	$	110,186
Idemitsu Kosan Co. Ltd.		100		8,442
IHI Corp.		21,000		78,197
Inpex Corp.		47		226,599
Isetan Mitsukoshi Holdings Ltd.		8,900		141,600
Isuzu Motors Ltd.		119,000		792,235
Ito En Ltd.		100		2,405
ITOCHU Corp.		29,500		364,646
Iyo Bank Ltd.		6,000		62,779
J Front Retailing Co. Ltd.		7,000		58,737
Japan Airlines Co. Ltd.		600		30,405
Japan Tobacco, Inc.		113,200		4,279,038
JFE Holdings, Inc.		13,700		296,247
JGC Corp.		2,000		59,189
Joyo Bank Ltd.		9,000		55,208
JS Group Corp.		3,300		74,100
JTEKT Corp.		2,500		25,414
Juroku Bank Ltd.		3,000		12,740
JX Holdings, Inc.		94,280		510,640
Kamigumi Co. Ltd.		4,000		37,421
Kaneka Corp.		9,000		54,101
Kansai Electric Power Co., Inc.*		10,600		129,177
Kansai Paint Co. Ltd.		2,000		25,624
KAO Corp.		4,100		141,735
Kawasaki Kisen Kaisha Ltd.		21,000		46,099
KDDI Corp.		17,000		816,125
Keikyu Corp.		4,000		44,232
Keio Corp.		5,000		42,981
Keisei Electric Railway Co. Ltd.		1,000		10,566
Keyence Corp.		2,470		782,921
Kinden Corp.		3,000		21,850
Kintetsu Corp.		12,000		60,686
Kobe Steel Ltd.*		14,000		18,239
Komatsu Ltd.		71,400		1,947,507
Konica Minolta Holdings, Inc.		26,500		187,296
Kubota Corp.		10,000		143,304
Kyocera Corp.		10,200		1,036,897
Kyocera Corp. ADR		100		10,140
Kyowa Exeo Corp.		16,100		189,761
Kyowa Hakko Kirin Co. Ltd.		3,000		36,775
Kyushu Electric Power Co., Inc.*		9,100		125,553
Lawson, Inc.		500		39,391
Makita Corp.		400		24,332
Marubeni Corp.		63,000		450,439
Marui Group Co. Ltd.		5,100		59,117
McDonald’s Holdings Co Japan Ltd.		300		8,749
Medipal Holdings Corp.		4,550		71,364
Ministop Co. Ltd.		9,600		165,539

ANNUAL REPORT / April 30, 2013

34    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Miraca Holdings, Inc.		3,400	$	169,503
Mitsubishi Chemical Holdings Corp.		25,000		121,557
Mitsubishi Corp.		73,600		1,319,719
Mitsubishi Electric Corp.		83,000		790,111
Mitsubishi Estate Co. Ltd.		9,000		292,199
Mitsubishi Gas Chemical Co., Inc.		13,000		99,215
Mitsubishi Heavy Industries Ltd.		21,000		144,545
Mitsubishi Materials Corp.		32,000		91,584
Mitsubishi UFJ Financial Group, Inc.		520,194		3,537,864
Mitsui & Co. Ltd.		46,092		632,622
Mitsui Chemicals, Inc.		18,000		41,545
Mitsui Fudosan Co. Ltd.		6,000		203,724
Mitsui OSK Lines Ltd.		21,000		87,244
Mizuho Financial Group, Inc.		288,100		635,395
MS&AD Insurance Group Holdings		9,700		259,602
Nabtesco Corp.		1,000		22,055
Nagase & Co. Ltd.		3,000		38,344
NEC Corp.		53,000		137,549
NGK Spark Plug Co. Ltd.		3,000		50,500
Nihon Kohden Corp.		4,700		180,556
Nikon Corp.		2,800		60,834
Nintendo Co. Ltd.		200		22,157
Nippon Electric Glass Co. Ltd.		15,000		76,320
Nippon Express Co. Ltd.		20,000		104,016
Nippon Paper Industries Co. Ltd.*		7,400		110,220
Nippon Shokubai Co. Ltd.		1,000		9,807
Nippon Steel Corp.		167,340		444,593
Nippon Telegraph & Telephone Corp.		13,200		653,331
Nippon Television Network Corp.		1,800		31,777
Nippon Yusen KK		41,000		106,827
Nishi-Nippon City Bank Ltd.		44,000		146,689
Nissan Motor Co. Ltd.		5,000		52,111
Nisshin Seifun Group, Inc.		6,500		83,879
Nisshin Steel Holdings Co. Ltd.		10,415		87,286
Nisshinbo Holdings, Inc.		3,000		21,757
Nitto Denko Corp.		900		59,086
NKSJ Holdings, Inc.		4,600		116,457
NOF Corp.		42,000		225,758
NOK Corp.		500		7,196
Nomura Holdings, Inc.		38,900		316,435
North Pacific Bank Ltd.		8,800		30,331
NTN Corp.*		31,000		78,863
NTT Data Corp.		17		53,711
NTT DoCoMo, Inc.		315		520,234
NTT Urban Development Corp.		6		8,863
Obayashi Corp.		15,000		92,168
Odakyu Electric Railway Co. Ltd.		6,000		72,196
OJI Paper Co. Ltd.		39,000		138,821

Description	Number of Shares		Value
Onward Holdings Co. Ltd.		2,000	$	18,690
Oriental Land Co. Ltd.		500		80,833
Otsuka Corp.		300		30,989
Otsuka Holdings Co. Ltd.		16,100		579,689
Panasonic Corp.		3,100		22,546
Rakuten, Inc.		71,000		756,722
Rengo Co. Ltd.		7,000		33,821
Resona Holdings, Inc.		21,000		112,017
Ricoh Co. Ltd.		12,000		133,682
Rinnai Corp.		200		15,879
Rohm Co. Ltd.		2,400		84,567
San-In Godo Bank Ltd.		2,000		17,028
Sankyu, Inc.		44,000		196,338
Santen Pharmaceutical Co. Ltd.		400		20,024
SBI Holdings, Inc.		4,210		81,449
Secom Co. Ltd.		1,400		78,125
Seiko Epson Corp.		1,300		14,896
Sekisui House Ltd.		5,000		74,935
Seven & I Holdings Co. Ltd.		1,600		61,384
Seven Bank Ltd.		1,000		3,549
Shiga Bank Ltd.		4,000		28,148
Shimamura Co. Ltd.		100		12,628
Shimano, Inc.		300		26,066
Shimizu Corp.		18,000		72,380
Shin-Etsu Chemical Co. Ltd.		2,900		195,148
Shionogi & Co. Ltd.		21,900		538,711
Showa Denko KK		19,000		30,600
SMC Corp.		9,700		1,941,294
Softbank Corp.		6,100		301,918
Sojitz Corp.		30,900		48,497
Sony Corp.		19,400		320,995
Sony Financial Holdings, Inc.		2,500		35,262
Sumco Corp.		8,300		87,100
Sumitomo Chemical Co. Ltd.		26,000		86,947
Sumitomo Corp.		45,200		563,812
Sumitomo Electric Industries Ltd.		17,700		234,947
Sumitomo Metal Mining Co. Ltd.		13,000		180,962
Sumitomo Mitsui Financial Group, Inc.		21,000		991,999
Sumitomo Mitsui Trust Holdings, Inc.		263,820		1,323,362
Sumitomo Realty & Development Co. Ltd.		3,000		141,560
Sumitomo Rubber Industries Ltd.		2,500		46,084
Suruga Bank Ltd.		1,000		17,664
Suzuken Co. Ltd.		1,700		66,092
Suzuki Motor Corp.		1,400		35,874
Sysmex Corp.		400		25,768
Taisei Corp.		24,000		80,012
Taisho Pharmaceutical Holdings Co. Ltd.		200		14,813
Takashimaya Co. Ltd.		5,000		58,983

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    35

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Takeda Pharmaceutical Co. Ltd.		20,400	$	1,119,557
TDK Corp.		1,900		69,385
Teijin Ltd.		12,000		28,804
Tobu Railway Co. Ltd.		7,000		40,642
Toho Co. Ltd.		300		6,672
Tokai Rika Co. Ltd.		900		18,206
Tokio Marine Holdings, Inc.		28,100		890,691
Tokyo Broadcasting System Holdings, Inc.		700		11,065
Tokyo Electric Power Co., Inc.*		39,700		175,114
Tokyo Electron Ltd.		6,100		312,243
Tokyu Corp.		12,000		95,153
Toppan Printing Co. Ltd.		14,000		106,560
Toray Industries, Inc.		6,000		42,099
Toshiba Corp.		10,000		55,085
Tosoh Corp.		16,000		52,685
TOTO Ltd.		1,000		10,361
Toyo Ink SC Holdings Co. Ltd.		1,000		4,657
Toyo Seikan Kaisha Ltd.		3,300		45,158
Toyo Tire & Rubber Co. Ltd.		62,000		333,262
Toyota Motor Corp.		85,500		4,946,607
Toyota Tsusho Corp.		1,600		44,495
Tsumura & Co.		300		9,771
Ube Industries Ltd.		15,000		30,312
Unicharm Corp.		800		51,700
UNY Co. Ltd.		6,000		42,653
Ushio, Inc.		2,400		24,422
Yahoo Japan Corp.		77		38,506
Yakult Honsha Co. Ltd.		400		17,418
Yamada Denki Co. Ltd.		2,800		134,852
Yamaguchi Financial Group, Inc.		13,000		140,955
Yamaha Motor Co. Ltd.		3,800		52,935
Yamato Holdings Co. Ltd.		1,100		21,180
Yamato Kogyo Co. Ltd.		700		23,086
Yamazaki Baking Co. Ltd.		3,000		39,206
Yokogawa Electric Corp.		700		7,109
Yokohama Rubber Co. Ltd.		40,100		525,699
TOTAL JAPAN			$	57,579,078
JORDAN – 0.2%
Arab Bank PLC		37,635		378,078
Arab Potash Co.		2,100		133,522
Bank of Jordan		14,070		44,332
Capital Bank of Jordan*		23,325		36,582
Jordan Petroleum Refinery Co.		5,580		45,334
Jordan Phosphate Mines		1,700		28,223
Jordan Steel		5,259		11,146
Jordan Telecommunications Co. PSC		9,750		68,742
Jordanian Electric Power Co.		10,917		48,434

Description	Number  of Shares		Value
Middle East Complex for Engineering
Electric and Heavy Industries PLC*,††		60	$	9
Taameer Jordan Holdings PSC*		12,900		2,916
TOTAL JORDAN			$	797,318
KAZAKHSTAN – 0.1%
Halyk Savings Bank of Kazakhstan JSC GDR		25,890		188,997
Kazakhmys PLC		29,656		159,528
Kazkommertsbank JSC GDR*		28,000		58,548
KazMunaiGas Exploration Production JSC GDR		13,000		233,350
TOTAL KAZAKHSTAN			$	640,423
KENYA – 0.2%
Athi River Mining Ltd.		146,000		108,890
Bamburi Cement Co. Ltd.		15,600		37,976
Barclays Bank of Kenya Ltd.		493,600		104,257
East African Breweries Ltd.		56,180		204,474
Equity Bank Ltd.		313,800		117,020
Kenya Airways Ltd.		402,900		52,646
Kenya Commercial Bank Ltd.		244,300		122,442
Kenya Power & Lighting Ltd.		178,087		38,890
Nation Media Group Ltd.		31,944		106,734
Safaricom Ltd.		2,400,100		196,190
Standard Chartered Bank Kenya Ltd.		10,458		34,818
TOTAL KENYA			$	1,124,337
LATVIA – 0.0%**
Latvian Shipping Co.*		36,206		15,733
LEBANON – 0.1%
Solidere GDR#		19,314		253,979
LITHUANIA – 0.1%
Apranga PVA		22,400		74,339
Invalda PVA*		17,284		52,581
Lesto AB		19,018		16,706
Lietuvos Energijos Gamyba		10,949		5,638
Litgrid AB		8,818		6,643
Panevezio Statybos Trestas		16,900		24,705
Pieno Zvaigzdes		10,687		29,837
Siauliu Bankas		61,853		21,668
TOTAL LITHUANIA			$	232,117
LUXEMBOURG – 0.2%
Millicom International Cellular SA#		224		18,318
SES SA		25,659		801,200
TOTAL LUXEMBOURG			$	819,518
MALAYSIA – 1.3%
AirAsia Bhd		53,300		51,329
Alliance Financial Group Bhd		28,800		42,218
AMMB Holdings Bhd		29,800		65,624

ANNUAL REPORT / April 30, 2013

36    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Astro Malaysia Holdings Bhd		39,600	$	38,396
Axiata Group Bhd		72,200		160,655
Batu Kawan Bhd		12,600		75,455
Boustead Holdings Bhd		29,500		49,643
British American Tobacco Malaysia Bhd		4,100		85,329
Bumi Armada Bhd		53,900		70,686
CIMB Group Holdings Bhd		54,800		139,409
Dialog Group Bhd		85,600		66,679
DiGi.Com Bhd		50,000		76,253
Felda Global Ventures Holdings Bhd		61,400		93,235
Gamuda Bhd		81,100		108,489
Genting Bhd		466,500		1,609,942
Genting Malaysia Bhd		86,300		106,652
Hong Leong Bank Bhd		16,400		77,944
IHH Healthcare Bhd*		79,400		97,864
IJM Corp. Bhd		40,860		73,192
IOI Corp. Bhd		75,280		124,456
KLCC Property Holdings Bhd††		24,500		58,381
Kuala Lumpur Kepong Bhd		14,900		105,586
Kulim Malaysia Bhd		17,300		20,356
Lafarge Malayan Cement Bhd		16,000		52,168
Malayan Banking Bhd		52,990		167,548
Malaysian Resources Corp. Bhd		83,700		38,789
Maxis Bhd		55,800		123,980
MMC Corp. Bhd		48,400		40,565
Muhibbah Engineering M Bhd		68,300		25,142
Multi-Purpose Holdings Bhd		36,500		42,228
Petronas Chemicals Group Bhd		110,500		237,162
Petronas Dagangan Bhd		14,200		110,240
Petronas Gas Bhd		10,100		65,463
PPB Group Bhd		14,100		59,320
Public Bank Bhd		19,800		106,858
RHB Capital Bhd		18,000		50,169
Sapurakencana Petroleum Bhd*		96,517		100,879
Sime Darby Bhd		504,846		1,566,391
Ta Ann Holdings Bhd		19,008		21,804
Telekom Malaysia Bhd		35,100		63,682
Tenaga Nasional Bhd		168,825		435,588
UMW Holdings Bhd		15,400		72,381
Wah Seong Corp. Bhd		36,247		19,419
WCT Bhd		40,786		32,173
YTL Corp. Bhd		102,176		55,076
YTL Power International Bhd		69,316		34,402
TOTAL MALAYSIA			$	6,919,200
MAURITIUS – 0.1%
CIM Financial Services Ltd.		191,700		36,303

Description	Number  of Shares		Value
Lux Island Resorts Ltd.*		7,000	$	4,227
Mauritius Commercial Bank		38,600		236,200
Mauritius Development Invest Trust		265,200		45,097
New Mauritius Hotels Ltd.*		18,900		43,674
Rogers And Co. Ltd.		7,100		40,988
State Bank of Mauritius Ltd.		5,580,000		185,101
Sun Resorts Ltd.		24,969		22,516
TOTAL MAURITIUS			$	614,106
MEXICO – 1.5%
Alfa SAB de CV		178,700		414,876
America Movil SAB de CV		1,209,424		1,295,851
America Movil SAB de CV ADR		14,970		320,059
Arca Continental SAB de CV		19,500		159,584
Cemex SAB de CV*		439,054		495,379
Coca-Cola Femsa SAB de CV		8,700		140,549
Compartamos SAB de CV		108,000		179,669
Corp. Moctezuma SAB de CV		20,900		65,063
Empresas ICA SAB de CV*		20,800		57,215
Fomento Economico Mexicano SAB de CV		45,400		514,860
Grupo Aeroportuario del Centro Norte SAB de CV#		17,800		68,079
Grupo Aeroportuario del Pacifico SAB de CV		14,700		85,145
Grupo Aeroportuario del Sureste SAB de CV		2,300		28,546
Grupo Bimbo SAB de CV#		66,200		215,627
Grupo Carso SAB de CV		24,800		141,358
Grupo Elektra SA de CV		1,460		63,053
Grupo Financiero Banorte SAB de CV		120,600		908,798
Grupo Financiero Inbursa SAB de CV		194,100		563,007
Grupo Mexico SAB de CV		119,621		429,431
Grupo Modelo SAB de CV		16,500		150,048
Grupo Televisa SAB de CV		60,600		307,135
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV*		56,900		137,912
Industrias CH SAB de CV*		7,500		60,421
Industrias Penoles SAB de CV		5,130		215,449
Kimberly-Clark de Mexico SAB de CV		42,000		147,076
Mexichem SAB de CV		29,605		151,020
Minera Frisco SAB de CV*		16,600		71,036
Organizacion Soriana SAB de CV		10,800		44,473
Promotora y Operadora de Infraestructura SAB de CV*		13,900		124,012
TV Azteca SAB de CV		38,700		28,653
Wal-Mart de Mexico SAB de CV		129,700		411,458
TOTAL MEXICO			$	7,994,842
MOROCCO – 0.2%
Attijariwafa Bank		4,519		178,941
Auto Hall		3,700		26,770
Banque Centrale Populaire		3,900		86,204

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    37

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Banque Marocaine du Commerce et de l’Industrie		320	$	29,881
Banque Marocaine du Commerce Exterieur		4,980		114,197
Cie Generale Immobiliere		390		25,820
Credit Immobilier et Hotelier		800		21,744
Delta Holding SA		7,500		26,985
Douja Promotion Groupe Addoha SA		13,520		87,958
Holcim Maroc SA		240		42,524
Lafarge Ciments		785		93,716
Maroc Telecom SA		20,900		276,068
TOTAL MOROCCO			$	1,010,808
NETHERLANDS – 1.3%
Aegon NV		86,274		569,343
AKZO Nobel NV		4,780		288,186
ArcelorMittal		7,792		95,352
ArcelorMittal, NY Reg. Shares#		18,397		229,779
ASML Holding NV		11,843		880,431
Delta Lloyd NV		3,924		75,190
European Aeronautic Defence and Space Co. NV		3,337		176,248
Fugro NV		9,129		528,086
Heineken NV		24,336		1,718,483
ING Groep NV*		135,167		1,109,348
Koninklijke Ahold NV		2,960		46,700
Koninklijke Boskalis Westminster NV		748		31,153
Koninklijke DSM NV		7,751		499,462
Koninklijke KPN NV#		51,812		108,015
Koninklijke Philips Electronics NV		1,678		46,340
Randstad Holding NV		588		24,482
Unilever NV		6,274		267,046
TOTAL NETHERLANDS			$	6,693,644
NEW ZEALAND – 0.0%**
Auckland International Airport Ltd.		15,953		42,390
Contact Energy Ltd.		8,921		40,374
Fletcher Building Ltd.		87		659
SKYCITY Entertainment Group Ltd.		3,557		13,598
TOTAL NEW ZEALAND			$	97,021
NIGERIA – 0.2%
Africa Prudential Registrars PLC*		24,606		241
Dangote Cement PLC		100,100		102,634
FBN Holdings PLC		1,383,642		163,322
First City Monument Bank PLC*		862,500		24,565
Guaranty Trust Bank PLC		576,410		94,123
Guinness Nigeria PLC		19,500		32,740
Lafarge Cement WAPCO Nigeria PLC		155,000		75,538
Nestle Nigeria PLC		17,736		99,905
Nigerian Breweries PLC		92,380		96,414

Description	Number  of Shares		Value
Oando PLC*		1,420,875	$	133,544
UAC of Nigeria PLC		124,250		44,824
UBA Capital PLC*		98,425		716
United Bank for Africa PLC*		812,013		35,410
Zenith Bank PLC		1,340,475		170,953
TOTAL NIGERIA			$	1,074,929
NORWAY – 0.5%
AKER Solutions ASA		954		13,318
Cermaq ASA		498		7,427
DNB ASA#		9,287		151,790
Norsk Hydro ASA		22,820		106,848
Orkla ASA		8,470		76,232
Statoil ASA		21,673		528,811
Storebrand ASA*		10,389		47,202
Subsea 7 SA		29,633		638,241
Telenor ASA		7,363		165,481
Yara International ASA		21,438		1,003,773
TOTAL NORWAY			$	2,739,123
OMAN – 0.2%
Bank Dhofar SAOG		44,454		43,184
Bank Sohar		237,226		113,376
BankMuscat SAOG		98,380		158,175
Dhofar International Development & Investment Holding Co.		41,800		50,703
Galfar Engineering & Contracting SAOG		34,540		32,925
HSBC Bank Oman		35,846		18,901
National Bank of Oman SAOG		49,374		34,498
Oman Cement Co.		32,940		59,035
Oman Flour Mills Co. SAOG		16,000		26,057
Oman Oil Marketing Co.		13,300		72,925
Oman Telecommunications Co. SAOG		46,300		172,573
Renaissance Services SAOG*		58,892		79,389
TOTAL OMAN			$	861,741
PAKISTAN – 0.2%
Engro Corp. Ltd.		51,752		70,591
Fauji Fertilizer Co. Ltd.		58,780		66,733
HUB Power Co.		214,000		117,291
Lucky Cement Ltd.		48,500		85,542
MCB Bank Ltd.		81,537		180,531
Millat Tractors Ltd.		8,426		43,323
National Bank Of Pakistan		101,752		40,695
Nishat Mills Ltd.		55,450		45,660
Oil & Gas Development Co. Ltd.		74,000		153,391
Pakistan Oilfields Ltd.		9,300		44,430
Pakistan Petroleum Ltd.		45,572		83,855

ANNUAL REPORT / April 30, 2013

38    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Pakistan Telecommunication Co. Ltd.*		135,000	$	24,582
United Bank Ltd.		53,000		48,129
TOTAL PAKISTAN			$	1,004,753
PERU – 0.3%
Alicorp SA		72,000		269,694
BBVA Banco Continental SA		28,742		73,948
Cia de Minas Buenaventura SA ADR		7,700		154,154
Cia Minera Milpo SAA		34,893		22,443
Credicorp Ltd.		2,500		376,475
Edegel SAA		37,100		35,514
Ferreyros SA		71,981		62,367
Grana y Montero SA		46,300		200,581
Luz del Sur SAA		12,200		43,621
Minsur SA		35,670		22,133
Sociedad Minera Cerro Verde SAA*		1,400		32,620
Sociedad Minera el Brocal SA		4,000		37,230
Southern Copper Corp.		8,259		275,272
Volcan Cia Minera SAA		41,905		26,954
TOTAL PERU			$	1,633,006
PHILIPPINES – 0.4%
Aboitiz Equity Ventures, Inc.		218,500		302,587
Aboitiz Power Corp.		49,300		44,677
Alliance Global Group, Inc.		135,000		77,733
Ayala Corp.		5,620		87,522
Ayala Land, Inc.		178,200		140,491
Bank of the Philippine Islands		50,645		126,489
BDO Unibank, Inc.*		40,562		90,368
Energy Development Corp.		411,750		65,124
International Container Terminal Services,
Inc.		31,900		71,302
JG Summit Holdings, Inc.		92,500		106,748
Jollibee Foods Corp.		47,600		148,605
Manila Electric Co.		10,710		97,316
Metro Pacific Investments Corp.		513,000		75,903
Metropolitan Bank & Trust		27,813		84,128
Philex Mining Corp.		216,150		86,649
Philippine Long Distance Telephone Co.		1,800		133,207
San Miguel Corp.		23,000		67,614
Semirara Mining Corp.		14,190		103,426
SM Investments Corp.		5,010		139,370
SM Prime Holdings, Inc.		200,750		97,546
Universal Robina Corp.		22,900		66,152
TOTAL PHILIPPINES			$	2,212,957
POLAND – 0.7%
AmRest Holdings SE*		2,700		69,212
Asseco Poland SA		7,073		95,938
Bank Pekao SA		5,150		246,918

Description	Number  of Shares		Value
Bioton SA*		1,701,800	$	21,543
BRE Bank SA		780		85,310
Budimex SA		2,780		67,920
Cyfrowy Polsat SA*		22,930		121,332
Eurocash SA		10,410		187,455
Get Bank SA*		54,005		26,833
Getin Holding SA		18,000		12,703
Grupa Kety SA		450		20,080
Grupa Lotos SA*		2,600		31,243
ING Bank Slaski SA*		2,000		57,028
Jastrzebska Spolka Weglowa SA		2,850		75,312
Kernel Holding SA*		4,220		76,525
KGHM Polska Miedz SA		6,100		285,710
LPP SA		120		243,050
Lubelski Wegiel Bogdanka SA		1,500		55,541
Netia SA*		41,500		55,161
Orbis SA		2,900		32,259
PGE SA		57,280		297,471
Polimex-Mostostal SA*		47,700		4,227
Polski Koncern Naftowy Orlen SA*		11,150		172,904
Polskie Gornictwo Naftowe i Gazownictwo SA*		61,300		103,594
Powszechna Kasa Oszczednosci Bank Polski SA		33,700		350,881
Powszechny Zaklad Ubezpieczen SA		2,660		366,609
Rovese SA*		13,950		6,313
Synthos SA		34,800		51,872
Tauron Polska Energia SA		70,360		93,744
Telekomunikacja Polska SA		55,920		124,587
TVN SA		30,150		83,012
TOTAL POLAND			$	3,522,287
PORTUGAL – 0.1%
EDP - Energias de Portugal SA		28,687		98,604
EDP Renovaveis SA*		10,506		54,666
Jeronimo Martins SGPS SA#		1,290		30,724
Portugal Telecom SGPS SA#		22,539		117,574
TOTAL PORTUGAL			$	301,568
QATAR – 0.4%
Al Meera Consumer Goods Co.		1,000		34,881
Barwa Real Estate Co.		7,607		49,203
Commercial Bank of Qatar QSC		4,508		80,480
Doha Bank QSC		3,322		41,241
Gulf International Services QSC		5,500		61,558
Industries Qatar QSC		10,153		479,639
Masraf Al Rayan		22,240		152,404
Omani Qatari Telecommunications Co. SAOG		14,700		18,785
Qatar Electricity & Water Co.		3,180		124,898

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    39

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Qatar Gas Transport Co. Nakilat		26,100	$	112,546
Qatar Islamic Bank		3,500		66,330
Qatar National Bank SAQ		9,188		340,679
Qatar National Cement Co.		2,620		71,960
Qatar Navigation		2,703		46,251
Qatar Telecom Qtel QSC		7,232		228,427
TOTAL QATAR			$	1,909,282
ROMANIA – 0.1%
Antibiotice		159,827		22,365
Banca Transilvania*		257,164		97,475
Biofarm Bucuresti		481,487		33,732
BRD-Groupe Societe Generale		85,800		202,804
OMV Petrom SA		1,688,500		237,821
Transelectrica SA		2,450		9,264
TOTAL ROMANIA			$	603,461
RUSSIA – 1.7%
CTC Media, Inc.		17,200		214,828
Federal Hydrogenerating Co. JSC ADR		105,160		178,772
Gazprom Neft OAO ADR		16,800		341,544
Gazprom OAO ADR		110,810		880,939
Globaltrans Investment PLC GDR		12,380		175,796
LSR Group GDR		27,240		118,494
Lukoil OAO ADR		10,310		653,654
Magnit OJSC GDR		8,400		428,400
Mail.ru Group Ltd. GDR		3,190		86,130
Mechel ADR		22,700		92,616
MMC Norilsk Nickel OJSC ADR		14,210		216,987
MMC Norilsk Nickel OJSC ADR Euronext Shares		22,900		350,828
Mobile Telesystems OJSC ADR		58,364		1,208,135
NovaTek OAO GDR		2,100		212,520
Novolipetsk Steel OJSC GDR		2,800		46,480
Pharmstandard OJSC GDR		9,700		202,827
Rosneft OAO GDR		25,500		174,292
Rostelecom OJSC ADR		8,766		195,482
Sberbank of Russia ADR		135,649		1,744,446
Severstal OAO GDR		5,880		49,715
Sistema JSFC GDR		5,500		104,885
Surgutneftegas OAO ADR		18,070		154,860
Tatneft OAO ADR		4,000		151,160
TMK OAO GDR		4,860		61,430
Uralkali OJSC GDR		5,000		180,950
VimpelCom Ltd. ADR		28,400		310,980
VTB Bank OJSC GDR		42,550		134,032
X5 Retail Group NV GDR*		6,100		106,994
Yandex NV*		4,100		105,534
TOTAL RUSSIA			$	8,883,710

Description	Number  of Shares		Value
SINGAPORE – 1.2%
CapitaLand Ltd.		58,000	$	176,114
City Developments Ltd.		3,000		27,426
DBS Group Holdings Ltd.		145,000		1,973,045
Global Logistic Properties Ltd.		17,000		38,094
Golden Agri-Resources Ltd.		1,697,400		730,391
Jardine Cycle & Carriage Ltd.		1,000		39,539
Keppel Corp. Ltd.		83,900		729,536
Keppel Land Ltd.		9,000		29,666
Noble Group Ltd.		66,000		60,283
Olam International Ltd.		22,000		29,918
Oversea-Chinese Banking Corp.		19,000		167,370
Overseas Union Enterprise Ltd.		8,000		20,200
SembCorp. Industries Ltd.		5,000		20,257
SembCorp. Marine Ltd.#		4,000		13,997
Singapore Airlines Ltd.		14,000		126,167
Singapore Exchange Ltd.		11,000		66,802
Singapore Land Ltd.		2,000		14,370
Singapore Press Holdings Ltd.#		8,000		28,968
Singapore Technologies Engineering Ltd.		20,000		71,446
Singapore Telecommunications Ltd.		55,000		175,489
STX OSV Holdings Ltd.		155,000		129,618
United Overseas Bank Ltd.		85,000		1,473,370
UOL Group Ltd.		12,000		69,465
Venture Corp. Ltd.		5,000		33,774
TOTAL SINGAPORE			$	6,245,305
SLOVENIA – 0.1%
Gorenje DD		2,600		14,724
Krka DD Novo Mesto		4,070		266,927
Luka Koper*		1,120		11,652
Mercator Poslovni Sistem		622		92,973
Nova Kreditna Banka Maribor DD*		11,800		10,412
Petrol DD Ljubljana		210		62,945
Telekom Slovenije DD		1,000		123,793
Zavarovalnica Triglav DD		2,000		52,678
TOTAL SLOVENIA			$	636,104
SOUTH AFRICA – 1.5%
ABSA Group Ltd.		7,500		123,438
African Bank Investments Ltd.#		19,710		62,577
African Rainbow Minerals Ltd.		2,100		41,394
Anglo American Platinum Ltd.*		1,800		68,279
AngloGold Ashanti Ltd.		7,030		131,144
Aspen Pharmacare Holdings Ltd.		7,432		161,419
Astral Foods Ltd.		16,800		176,921
Aveng Ltd.		21,500		70,680
AVI Ltd.		11,200		67,398

ANNUAL REPORT / April 30, 2013

40    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Barloworld Ltd.		10,400	$	108,943
Bidvest Group Ltd.		13,125		341,322
Discovery Holdings Ltd.		7,999		72,863
Exxaro Resources Ltd.		4,100		64,300
FirstRand Ltd.		64,690		224,777
Foschini Group Ltd.		4,400		56,388
Gold Fields Ltd.		15,890		113,099
Grindrod Ltd.		29,600		62,014
Harmony Gold Mining Co. Ltd.		8,390		40,391
Impala Platinum Holdings Ltd.		10,574		144,302
Imperial Holdings Ltd.		3,900		86,358
Kumba Iron Ore Ltd.		1,490		78,586
Liberty Holdings Ltd.		6,400		85,229
Life Healthcare Group Holdings Ltd.		23,000		97,167
Massmart Holdings Ltd.		3,274		67,862
MMI Holdings Ltd.		22,679		57,876
Mr Price Group Ltd.		4,800		68,992
MTN Group Ltd.		68,060		1,227,029
Murray & Roberts Holdings Ltd.*		26,380		64,587
Nampak Ltd.		15,000		55,129
Naspers Ltd.		7,071		473,186
Nedbank Group Ltd.		14,400		305,925
Netcare Ltd.		31,200		70,929
Omnia Holdings Ltd.		17,400		305,787
Pick n Pay Stores Ltd.		8,300		39,310
PPC Ltd.		10,421		38,103
Remgro Ltd.		9,190		185,336
Reunert Ltd.		12,650		109,943
RMB Holdings Ltd.		22,300		98,981
RMI Holdings		26,900		70,296
Sanlam Ltd.		37,500		192,191
Sasol Ltd.		11,180		483,194
Shoprite Holdings Ltd.		6,320		119,794
Sibanye Gold Ltd.*		15,890		15,052
Standard Bank Group Ltd.		23,140		289,073
Steinhoff International Holdings Ltd.		37,100		99,019
Telkom SA Ltd.*		61,700		88,010
Tiger Brands Ltd.		3,590		111,663
Truworths International Ltd.		10,600		105,356
Vodacom Group Ltd.		13,820		162,033
Wilson Bayly Holmes-Ovcon Ltd.		4,800		82,643
Woolworths Holdings Ltd.		11,980		93,373
TOTAL SOUTH AFRICA			$	7,559,661
SOUTH KOREA – 1.9%
BS Financial Group, Inc.		19,015		250,357

Description	Number  of Shares		Value
Cheil Industries, Inc.		890	$	76,692
Daewoo Engineering & Construction Co.
Ltd.*		4,364		29,957
Daewoo International Corp.		1,379		48,396
DGB Financial Group, Inc.		12,200		170,598
Doosan Heavy Industries & Construction Co. Ltd.		1,030		38,299
Doosan Infracore Co. Ltd.*		2,200		26,069
E-Mart Co. Ltd.		421		82,189
GS Holdings		1,300		64,215
Hana Financial Group, Inc.		9,609		307,125
Honam Petrochemical Corp.		200		29,511
Hyosung Corp.		1,650		83,002
Hyundai Department Store Co. Ltd.		430		62,472
Hyundai Glovis Co. Ltd.		470		78,952
Hyundai Heavy Industries Co. Ltd.		397		72,457
Hyundai Marine & Fire Insurance Co. Ltd.		5,800		163,262
Hyundai Merchant Marine Co. Ltd.*		1,180		10,982
Hyundai Mobis		663		150,504
Hyundai Motor Co.		1,619		293,281
Hyundai Securities Co. Ltd.		2,330		16,185
Hyundai Steel Co.		1,290		89,256
Industrial Bank of Korea		18,600		212,803
KB Financial Group, Inc.		6,573		214,862
KCC Corp.		120		35,631
Kia Motors Corp.		2,955		147,039
Korea Electric Power Corp.*		6,940		199,447
Korea Zinc Co. Ltd.		200		57,296
Korean Air Lines Co. Ltd.*		800		25,642
KT Corp.		12,631		413,464
KT&G Corp.		2,000		144,012
LG Chem Ltd.		818		193,117
LG Corp.		1,630		97,093
LG Display Co. Ltd.*		2,660		72,339
LG Electronics, Inc.		1,970		157,593
LG Household & Health Care Ltd.		150		84,309
LG Uplus Corp.*		5,860		55,338
Lotte Shopping Co. Ltd.		290		108,227
Macquarie Korea Infrastructure Fund		5,769		36,564
NHN Corp.		580		155,888
OCI Co. Ltd.		270		34,691
POSCO		1,384		394,603
Samsung C&T Corp.		1,650		88,396
Samsung Card Co. Ltd.		1,000		38,364
Samsung Electro-Mechanics Co. Ltd.		970		86,757
Samsung Electronics Co. Ltd. GDR		1,683		2,322,855
Samsung Fire & Marine Insurance Co. Ltd.		830		170,703
Samsung Heavy Industries Co. Ltd.		1,680		53,468

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    41

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Samsung Life Insurance Co. Ltd.		1,900	$	187,188
Samsung Securities Co. Ltd.		1,240		56,973
Shinhan Financial Group Co. Ltd.		7,950		275,034
SK Holdings Co. Ltd.		320		46,055
SK Hynix, Inc.*		6,090		165,342
SK Innovation Co. Ltd.		800		108,962
SK Telecom Co. Ltd.		4,030		708,076
S-Oil Corp.		740		59,466
Woongjin Coway Co. Ltd.		1,510		76,508
Woori Finance Holdings Co. Ltd.		8,590		92,818
Woori Investment & Securities Co. Ltd.		6,468		66,366
TOTAL SOUTH KOREA			$	9,587,050
SPAIN – 1.2%
Acciona SA		818		53,594
ACS Actividades de Construccion y Servicios SA		3,179		81,743
Amadeus IT Holding SA		1,985		58,596
Banco Bilbao Vizcaya Argentaria SA		276,704		2,685,668
Banco Bilbao Vizcaya Argentaria SA Temporary Shares*		2,971		28,836
Banco de Sabadell SA		42,250		87,857
Banco Espanol de Credito SA*		3,705		17,053
Banco Popular Espanol SA		164,948		128,382
Banco Santander SA		116,482		842,325
Banco Santander SA Temporary Shares*		788		5,698
CaixaBank		13,118		48,562
Grifols SA*		850		34,108
Iberdrola SA		96,127		517,772
Inditex SA		1,681		225,918
Mapfre SA		23,156		84,929
Red Electrica Corp. SA		1,048		55,745
Repsol YPF SA		27,732		650,086
Telefonica SA		31,553		462,908
TOTAL SPAIN			$	6,069,780
SWEDEN – 2.7%
Assa Abloy AB#		2,996		119,312
Atlas Copco AB Class A		126,499		3,329,820
Atlas Copco AB Class B		3,785		89,762
Boliden AB		30,037		475,509
CDON Group AB*		191		890
Elekta AB#		48,566		746,731
Getinge AB		2,202		66,287
Hennes & Mauritz AB#		3,398		120,221
Hexagon AB*		2,016		57,577
Holmen AB		1,517		42,343
Investor AB		70,423		2,075,403

Description	Number  of Shares		Value
Meda AB		3,075	$	36,723
Nordea Bank AB		45,392		543,845
Saab AB		13,800		302,784
Sandvik AB#		118,345		1,677,195
Skandinaviska Enskilda Banken AB		25,382		260,437
SKF AB#		4,302		100,098
SSAB AB Class A		12,066		87,967
SSAB AB Class B		1,865		11,885
Svenska Cellulosa AB		8,884		230,700
Svenska Handelsbanken AB		1,133		51,466
Swedbank AB		7,219		177,661
Swedish Match AB#		1,376		47,728
Telefonaktiebolaget LM Ericsson ADR		5,941		73,134
Telefonaktiebolaget LM Ericsson Class A		1,060		12,839
Telefonaktiebolaget LM Ericsson Class B#		41,122		513,307
TeliaSonera AB		60,678		417,468
Trelleborg AB#		1,475		21,871
Volvo AB		149,779		2,072,994
TOTAL SWEDEN			$	13,763,957
SWITZERLAND – 7.2%
ABB Ltd.		87,185		1,973,806
Adecco SA		2,344		125,368
Aryzta AG		2,401		148,997
Baloise Holding AG		4,451		458,121
Barry Callebaut AG		34		33,203
Cie Financiere Richemont SA		32,962		2,662,343
Clariant AG		4,675		68,380
Credit Suisse Group AG		72,219		2,002,386
Geberit AG		219		53,490
Givaudan SA		143		183,941
Glencore International PLC#		26,121		128,603
Helvetia Holding AG		600		251,506
Holcim Ltd.		34,306		2,673,123
Julius Baer Group Ltd.		24,007		956,355
Lonza Group AG		551		38,371
Nestle SA		51,777		3,697,562
Novartis AG		55,987		4,157,778
Pargesa Holding SA		785		54,709
Partners Group Holding AG		162		41,554
Roche Holding AG		20,844		5,209,879
Schindler Holding AG (B11TCY0)		380		56,971
Schindler Holding AG (B11WWH2)		125		18,297
SGS SA		43		103,916
Sika AG		13		31,388
Sonova Holding AG		100		10,884
Sulzer AG		391		66,695
Swatch Group AG		464		265,735

ANNUAL REPORT / April 30, 2013

42    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Swiss Life Holding AG		3,952	$	624,805
Swiss Re AG		14,298		1,137,166
Syngenta AG		7,598		3,247,414
UBS AG		243,139		4,340,834
Wolseley PLC		1,334		65,957
Zurich Financial Services AG		8,702		2,429,598
TOTAL SWITZERLAND			$	37,319,135
TAIWAN – 2.2%
Acer, Inc.*		73,870		59,698
Advanced Semiconductor Engineering, Inc.		90,804		78,306
Asia Cement Corp.		41,350		52,472
Asustek Computer, Inc.		11,700		136,180
AU Optronics Corp.*		147,126		67,551
Catcher Technology Co. Ltd.		9,438		47,810
Cathay Financial Holding Co. Ltd.		130,623		175,716
Chang Hwa Commercial Bank		78,142		44,615
Cheng Shin Rubber Industry Co. Ltd.		59,920		202,833
Chimei Innolux Corp.*		167,877		104,952
China Airlines Ltd.*		87,858		33,492
China Development Financial Holding Corp.*		192,750		53,295
China Steel Corp.		227,405		200,343
Chinatrust Financial Holding Co. Ltd.		223,352		135,470
Chunghwa Telecom Co. Ltd.		102,024		324,270
Compal Electronics, Inc.		278,736		180,397
Delta Electronics, Inc.		22,888		109,740
D-Link Corp.		36,046		21,069
E.Sun Financial Holding Co. Ltd.		120,000		72,377
Epistar Corp.		31,099		54,796
Far Eastern Department Stores Co. Ltd.		92,881		82,143
Far Eastern New Century Corp.		75,290		81,000
Far EasTone Telecommunications Co. Ltd.		57,000		138,869
First Financial Holding Co. Ltd.		149,402		91,883
Formosa Chemicals & Fibre Corp.		74,950		175,489
Formosa Petrochemical Corp.		28,990		78,880
Formosa Plastics Corp.		89,040		216,023
Foxconn Technology Co. Ltd.		19,950		52,660
Fubon Financial Holding Co. Ltd.		124,314		177,549
Gemtek Technology Corp.		1		1
Giant Manufacturing Co. Ltd.		14,000		83,966
Gigabyte Technology Co. Ltd.		252,000		239,943
Hon Hai Precision Industry Co. Ltd.		121,127		312,750
Hotai Motor Co. Ltd.		13,000		116,071
HTC Corp.		9,465		96,536
Hua Nan Financial Holdings Co. Ltd.		166,255		96,614
King Yuan Electronics Co. Ltd.		358,000		254,744
Largan Precision Co. Ltd.		4,000		109,244
Lien Hwa Industrial Corp.		75,104		51,788

Description	Number  of Shares		Value
Lite-On Technology Corp.		34,061	$	61,285
MediaTek, Inc.		18,082		220,572
Mega Financial Holding Co. Ltd.		201,558		155,376
Motech Industries, Inc.*		13,372		13,978
Nan Kang Rubber Tire Co. Ltd.		70,599		83,369
Nan Ya Plastics Corp.		116,730		232,574
Novatek Microelectronics Corp.		10,145		49,501
Pegatron Corp.*		42,990		70,358
Pou Chen Corp.		96,157		113,387
President Chain Store Corp.		18,496		114,065
Quanta Computer, Inc.		44,571		92,126
Realtek Semiconductor Corp.		35,174		101,308
Shin Kong Financial Holding Co. Ltd.*		223,586		70,609
Siliconware Precision Industries Co.		36,000		42,694
Sino-American Silicon Products, Inc.		13,657		18,858
SinoPac Financial Holdings Co. Ltd.		130,191		65,069
Synnex Technology International Corp.		23,941		40,480
Tainan Spinning Co. Ltd.		113,464		55,748
Taishin Financial Holding Co. Ltd.		98,929		42,908
Taiwan Cement Corp.		62,057		82,429
Taiwan Cooperative Financial Holding		136,777		78,557
Taiwan Fertilizer Co. Ltd.		16,000		38,276
Taiwan Mobile Co. Ltd.		50,874		185,313
Taiwan Semiconductor Manufacturing Co. Ltd.		219,911		815,948
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		153,056		2,920,308
Tatung Co. Ltd.*		245,916		62,079
TPK Holding Co. Ltd.		10,000		202,968
TSRC Corp.		18,700		36,941
Tung Ho Steel Enterprise Corp.		37,476		36,572
Uni-President Enterprises Corp.		135,411		266,582
United Microelectronics Corp.		222,000		84,627
Vanguard International Semiconductor Corp.		256,000		278,883
Walsin Lihwa Corp.*		120,000		37,205
Wistron Corp.		32,020		32,495
Yuanta Financial Holding Co. Ltd.		204,172		103,774
Yulon Motor Co. Ltd.		49,640		85,111
Zinwell Corp.		22,435		18,739
TOTAL TAIWAN			$	11,622,607
THAILAND – 0.8%
Advanced Info Service PCL		37,500		344,974
Airports of Thailand PCL		14,900		73,358
Bangkok Bank PCL		15,200		117,560
Bangkok Dusit Medical Services PCL		8,900		51,247
Bangkok Expressway PCL		24,400		33,254
Bank of Ayudhya PCL		79,700		88,933
Banpu PCL		2,900		33,693

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    43

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
BEC World PCL		41,700	$	95,192
Berli Jucker PCL		60,600		152,274
Big C Supercenter PCL		12,200		96,020
Bumrungrad Hospital PCL		16,000		44,838
Central Pattana PCL		27,000		91,993
Charoen Pokphand Foods PCL		91,300		98,766
CP ALL PCL		115,100		172,552
Electricity Generating PCL		8,600		44,978
Glow Energy PCL		22,100		57,980
Hana Microelectronics PCL		131,800		111,368
Indorama Ventures PCL		46,100		36,911
IRPC PCL		269,900		37,703
Kasikornbank PCL		28,300		208,273
Krung Thai Bank PCL		472,950		399,630
PTT Exploration & Production PCL		31,209		163,754
PTT Global Chemical PCL		24,800		61,683
PTT Global Chemical PCL (Foreign)		12,681		31,540
PTT PCL		18,700		207,707
Quality Houses PCL		243,291		34,981
Ratchaburi Electricity Generating Holding PCL		19,500		39,365
Shin Corp. PCL		31,900		93,744
Siam Cement PCL		6,500		109,404
Siam City Cement PCL		2,600		43,230
Siam Commercial Bank PCL		33,200		210,399
Siam Makro PCL		3,300		84,777
Thai Beverage PCL		242,369		119,049
Thai Oil PCL		25,600		57,567
Thai Union Frozen Products PCL		20,664		39,779
Tisco Financial Group PCL		59,600		111,687
TMB Bank PCL		1,112,100		103,821
Total Access Communication PCL		28,400		113,213
True Corp. PCL*		317,500		91,410
TOTAL THAILAND			$	4,108,607
TURKEY – 0.8%
Akbank TAS		56,903		298,997
Akenerji Elektrik Uretim AS*		1		1
Anadolu Efes Biracilik Ve Malt Sanayii AS		7,963		132,365
Arcelik AS		13,520		105,204
BIM Birlesik Magazalar AS		4,060		208,350
Dogan Sirketler Grubu Holding AS*		85,907		57,982
Dogus Otomotiv Servis ve Ticaret AS		13,000		83,029
Enka Insaat ve Sanayi AS		41,878		129,412
Eregli Demir ve Celik Fabrikalari TAS		118,156		135,111
Haci Omer Sabanci Holding AS		24,348		151,432
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS		68,862		77,591

Description	Number  of Shares		Value
KOC Holding AS		42,128	$	254,963
Koza Altin Isletmeleri AS		2,800		55,914
Koza Anadolu Metal Madencilik Isletmeleri AS*		11,200		27,863
Petkim Petrokimya Holding AS		52,218		90,877
TAV Havalimanlari Holding AS		15,200		107,254
Tekfen Holding AS		18,500		71,823
Tofas Turk Otomobil Fabrikasi AS		14,700		102,496
Tupras Turkiye Petrol Rafinerileri AS		15,836		441,668
Turk Hava Yollari*		31,080		129,330
Turk Sise ve Cam Fabrikalari AS		1		2
Turk Telekomunikasyon AS		25,727		121,980
Turkcell Iletisim Hizmetleri AS*		38,168		236,321
Turkiye Garanti Bankasi AS		66,523		367,356
Turkiye Halk Bankasi AS		8,554		93,282
Turkiye Is Bankasi		47,992		185,249
Turkiye Sinai Kalkinma Bankasi AS		51,563		74,205
Turkiye Vakiflar Bankasi Tao		41,240		147,224
Ulker Biskuvi Sanayi AS		6,181		52,923
Yapi ve Kredi Bankasi AS		28,578		88,631
Yazicilar Holding AS		9,580		114,356
TOTAL TURKEY			$	4,143,191
UKRAINE – 0.1%
Avangardco Investments Public Ltd. GDR*		5,300		45,050
Ferrexpo PLC		59,500		164,330
MHP SA GDR#, *		5,500		101,750
TOTAL UKRAINE			$	311,130
UNITED ARAB EMIRATES – 0.4%
Aabar Investments PJSC*		83,600		—
Abu Dhabi Commercial Bank PJSC		216,270		270,853
Abu Dhabi National Hotels		50,000		25,864
Air Arabia PJSC		501,800		133,750
Aldar Properties PJSC		193,170		76,258
Arabtec Holding Co.		36,093		20,832
DP World Ltd.		33,630		515,884
Dubai Financial Market*		144,800		49,279
Dubai Islamic Bank PJSC		65,548		51,396
Emaar Properties PJSC		289,660		442,416
First Gulf Bank PJSC		46,598		189,031
National Bank of Abu Dhabi PJSC		102,469		337,565
Union National Bank PJSC		128,326		153,376
TOTAL UNITED ARAB EMIRATES			$	2,266,504
UNITED KINGDOM – 12.6%
3i Group PLC		8,335		42,544
Aberdeen Asset Management PLC		7,766		54,128
Admiral Group PLC		37,325		742,708

ANNUAL REPORT / April 30, 2013

44    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Aggreko PLC		1,822	$	50,434
Alent PLC		17,900		94,314
Anglo American PLC		57,335		1,393,809
Antofagasta PLC		1,765		24,606
ARM Holdings PLC		11,008		170,309
Associated British Foods PLC		2,442		73,400
AstraZeneca PLC		21,459		1,114,166
Aviva PLC		111,717		529,457
Babcock International Group PLC		2,062		34,272
BAE Systems PLC		90,500		527,871
Barclays PLC		130,146		578,285
Barclays PLC ADR		62,686		1,127,094
BG Group PLC		206,233		3,474,217
BHP Billiton PLC		67,005		1,864,113
BP PLC		198,399		1,437,365
BP PLC ADR		65,962		2,875,943
British American Tobacco PLC		85,849		4,755,387
BT Group PLC		365,610		1,568,596
Bunzl PLC		1,783		35,423
Burberry Group PLC		2,540		52,712
Carnival PLC ADR		2,155		77,860
Centrica PLC		13,843		79,776
Cobham PLC		6,837		26,604
Compass Group PLC		14,382		189,222
Computacenter PLC		25,600		178,071
Croda International PLC		858		33,026
Dairy Crest Group PLC		13,900		99,256
Diageo PLC		114,957		3,507,084
Eurasian Natural Resources Corp. PLC		34,173		145,659
Evraz PLC*		33,672		81,071
Experian PLC		43,920		772,286
Fresnillo PLC		22,873		409,303
G4S PLC		8,277		40,217
GKN PLC		11,542		49,268
GlaxoSmithKline PLC		67,121		1,731,276
HSBC Holdings PLC		78,377		856,489
HSBC Holdings PLC ADR		35,553		1,950,438
ICAP PLC		124,896		558,353
IMI PLC		2,419		46,556
Imperial Tobacco Group PLC		35,736		1,276,742
InterContinental Hotels Group PLC		1,584		46,700
International Consolidated Airlines Group SA*		18,643		78,769
Intertek Group PLC		1,153		59,247
Investec PLC		3,817		26,978
ITV PLC		21,905		42,839
J Sainsbury PLC		76,972		455,660

Description	Number  of Shares		Value
Johnson Matthey PLC		1,139	$	42,887
Kingfisher PLC		58,123		282,684
Lloyds Banking Group PLC*		2,630,147		2,219,672
Lloyds Banking Group PLC ADR*		114,884		394,052
London Stock Exchange Group PLC		2,311		48,139
Marston’s PLC		92,160		207,291
Meggitt PLC		6,123		44,569
Mondi PLC		19,900		263,213
National Grid PLC		9,006		114,644
New Melrose PLC		9,528		36,128
Next PLC		1,639		110,978
Old Mutual PLC		76,258		242,834
Pearson PLC		69,321		1,260,930
Petrofac Ltd.		2,059		43,178
Premier Foods PLC*		6,700		7,597
Prudential PLC		70,435		1,208,983
Randgold Resources Ltd.		3,946		310,154
Reckitt Benckiser Group PLC		13,536		987,388
Reed Elsevier PLC		3,692		43,127
Resolution Ltd.		201,697		826,815
Rexam PLC		4,216		33,825
Rio Tinto PLC		4,800		217,643
Rolls-Royce Holdings PLC		198,084		3,476,939
Royal Bank of Scotland Group PLC ADR*		21,776		208,179
Royal Dutch Shell PLC		18,711		637,099
Royal Dutch Shell PLC ADR (780259107)		23,933		1,670,284
Royal Dutch Shell PLC ADR (780259206)		2,201		149,602
Royal Dutch Shell PLC Class A		76,587		2,605,751
Royal Dutch Shell PLC Class B		45,158		1,580,393
SABMiller PLC		22,952		1,236,606
Sage Group PLC		11,594		60,782
Schroders PLC		648		23,503
Severn Trent PLC		2,536		71,735
Shire PLC		4,269		132,758
Smith & Nephew PLC		4,929		56,237
Smiths Group PLC		1,864		36,193
SSE PLC		2,269		54,877
Standard Chartered PLC		37,080		931,363
Tate & Lyle PLC		3,682		48,301
TESCO PLC		105,758		601,508
Travis Perkins PLC		3,405		75,846
Tullow Oil PLC		40,659		632,208
Unilever PLC		6,914		299,213
Vedanta Resources PLC		907		17,033
Vesuvius PLC		33,100		178,927
Vodafone Group PLC		385,327		1,174,350
Vodafone Group PLC ADR		34,031		1,041,008
Weir Group PLC		1,346		46,081

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    45

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Whitbread PLC		1,014	$	40,244
WM Morrison Supermarkets PLC		167,375		759,437
WPP PLC		75,266		1,243,969
Xstrata PLC*		120,195		1,798,902
TOTAL UNITED KINGDOM			$	65,275,962
UNITED STATES – 0.4%
Boart Longyear Ltd.		48,400		47,918
Brookfield Property Partners LP*		146		3,177
Freeport-McMoRan Copper & Gold, Inc.		64,199		1,953,576
Transocean Ltd.*		654		33,661
TOTAL UNITED STATES			$	2,038,332
TOTAL COMMON STOCKS (COST $397,062,102)			$	449,126,974
INVESTMENT COMPANIES – 7.4%
Dragon Capital - Vietnam Enterprise
Investments Ltd.*		101,745		223,839
iShares MSCI Emerging Markets Minimum Volatility Index Fund		273,600		17,119,152
Vanguard FTSE Emerging Markets ETF		95,800		4,192,208
Vanguard MSCI EAFE ETF		441,000		16,903,530
TOTAL INVESTMENT COMPANIES (COST $35,680,969)			$	38,438,729
PREFERRED STOCKS – 1.9%
BRAZIL – 1.7%
AES Tiete SA		3,080		31,219
Alpargatas SA		10,670		71,089
Banco Bradesco SA		147,712		2,427,475
Banco do Estado do Rio Grande do Sul		22,600		190,221
Banco Industrial e Comercial SA		39,700		112,110
Bradespar SA		1,900		24,102
Braskem SA		3,300		28,683
Centrais Eletricas Brasileiras SA, Series B		13,600		70,626
Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,423		78,136
Cia de Bebidas das Americas		11,735		490,926
Cia Energetica de Minas Gerais		12,710		161,801
Cia Energetica de Sao Paulo		40,700		430,241
Cia Paranaense de Energia		15,400		273,709
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		5,760		23,665
Gerdau SA		9,900		77,438
Itau Unibanco Holding SA		24,900		417,665
Itau Unibanco Holding SA ADR		92,731		1,560,663
Itausa - Investimentos Itau SA		36,816		182,171
Klabin SA		8,600		57,555
Lojas Americanas SA		11,322		98,804
Marcopolo SA		16,900		112,427

Description	Number of Shares		Value
Metalurgica Gerdau SA		3,500	$	34,829
Oi SA		17,000		41,634
Petroleo Brasileiro SA		104,759		1,045,626
Telefonica Brasil SA		6,910		183,461
Usinas Siderurgicas de Minas Gerais SA*		4,300		21,277
Vale SA		33,841		549,541
TOTAL BRAZIL			$	8,797,094
CHILE – 0.1%
Embotelladora Andina SA		10,300		69,986
Sociedad Quimica y Minera de Chile SA		3,740		185,193
TOTAL CHILE			$	255,179
COLOMBIA – 0.0%**
Grupo Argos SA		2,418		26,683
Grupo Aval Acciones y Valores		121,300		85,072
TOTAL COLOMBIA			$	111,755
CROATIA – 0.0%**
Adris Grupa DD		579		29,801
GERMANY – 0.1%
Bayerische Motoren Werke AG		1,210		84,105
Henkel AG & Co. KGaA		1,401		132,105
Porsche Automobil Holding SE		1,198		93,858
ProSiebenSat.1 Media AG		1,194		45,727
RWE AG		1,495		50,845
Volkswagen AG		901		182,613
TOTAL GERMANY			$	589,253
NIGERIA – 0.0%**
Ecobank Transitional, Inc.*		7,768		—
PHILIPPINES – 0.0%**
Ayala Land Voting*,††		178,200		433
RUSSIA – 0.0%**
Surgutneftegas OAO ADR		17,100		117,990
UNITED KINGDOM – 0.0%**
Rolls-Royce Holdings PLC*		23,571,996		36,615
TOTAL PREFERRED STOCKS (COST $9,198,997)			$	9,938,120
MONEY MARKET FUND – 1.2%
Dreyfus Cash Management Fund, Institutional Shares, 0.05%^		6,331,346		6,331,346
TOTAL MONEY MARKET FUND (COST $6,331,346)			$	6,331,346

ANNUAL REPORT / April 30, 2013

46    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
RIGHTS – 0.0%**
BRAZIL – 0.0%**
Cia Brasileira de Distribuicao Grupo Pao de
Acucar, Expire 05/24/2013*		1	$	3
LUXEMBOURG – 0.0%**
HAGL JSC, Expire 05/22/2013*		49,507		5,957
NETHERLANDS – 0.0%**
Koninklijke KPN NV, Expire 05/14/2013#, *		40,112		53,882
POLAND – 0.0%**
Polimex-Mostostal SA, Expire 12/31/2049 at $0.52*		47,700		—
SPAIN – 0.0%**
Banco Santander SA, Expire 05/13/2013*		4		1
THAILAND – 0.0%**
Tisco Financial Group PCL, Expire 06/25/2013*,††		5,960		6,295
TOTAL RIGHTS (COST $122,016)			$	66,138
CALL WARRANTS – 1.6%
Citigroup Global Markets -
Agility, Expire 3/17/2014		45,000		106,125
Al-Qurain Petrochemicals Co., Expire 11/2/2013		40,000		29,567
Boubyan Petrochemicals, Expire 10/4/2013		60,000		137,276
Boubyan Petrochemicals, Expire 10/4/2013		49,000		110,384
Commercial Bank of Kuwait, Expire 2/25/2014*		29,000		71,454
Gulf Bank, Expire 10/4/2013		40,000		55,614
Gulf Cable and Electrical Industries Co., Expire 11/4/2013		20,000		73,214
Kuwait Finance House, Expire 1/14/2014		53,200		149,806
Kuwait Food Co., Expire 11/15/2013		9,600		64,879
Kuwait Real Estate Co., Expire 11/15/2013*		120,000		29,145
Mebanee, Expire 7/27/2014		26,300		109,236
Mena Holdings, Expire 11/15/2013*		35,000		—
Mobile Telecommunications Co., Expire 9/20/2013		110,800		292,503
National Industries Group Holdings, Expire 1/14/2014*		148,000		129,194
National Investment Co., Expire 10/4/2013		30,000		17,951
National Real Estate Bank for Development, Expire 11/4/2013		93,600		309,694
National Real Estate Bank for Development, Expire 3/28/2018*		40,000		23,654
Sultan, Expire 3/11/2014*		100,000		41,535
JPMorgan Chase Bank NA -
FPT Corp., Expire 1/13/2015•,W		24,950		44,411
HAGL JSC, Expire 3/3/2015		49,507		53,468
Hoa Phat Group JSC, Expire 3/3/2015		34,404		45,069

Description	Number  of Shares		Value
Kinh Do Corp., Expire 12/8/2014•,W		26,040	$	58,590
Masan Group Corp., Expire 7/7/2016		27,330		142,116
PetroVietnam Drilling & Well Services JSC, Expire 12/15/2014•,W		32,300		61,693
PetroVietnam Fertilizer & Chemicals JSC, Expire 12/9/2014•,W		24,830		49,908
Pha Lai Thermal Power JSC, Expire 1/13/2015•,W		58,600		57,428
Saudi Pharmaceutical Industries Ltd., Expire 9/24/2015		2,270		26,693
Vietnam Joint Stock Commercial Bank for Industry and Trade, Expire 10/27/2016		150,727		132,640
Vingroup JSC, Expire 12/16/2014•,W		51,538		152,552
Merrill Lynch International & Co. -
ABB Ltd., Expire 6/5/2017		2,560		24,775
Adani Ports and Special Economic Zone, Expire 12/17/2014		21,000		56,559
Aditya Birla Nuvo Ltd., Expire 6/11/2015•,W		1,600		31,149
Ambuja Cements Ltd., Expire 6/11/2015•,W		17,000		58,886
Axis Bank Ltd., Expire 3/16/2015•,W		5,660		156,921
Bharat Heavy Electricals Ltd., Expire 8/17/2015		16,020		57,337
Bharti Airtel Ltd., Expire 2/8/2016		60,726		359,419
Burgan Bank, Expire 3/30/2016		30,000		62,302
Cairn India Ltd., Expire 11/14/2016		8,870		51,371
Cipla Ltd., Expire 9/9/2015		11,100		83,536
Coal India Ltd., Expire 11/2/2015		14,980		88,786
Colgate-Palmolive India Ltd., Expire 8/10/2017		2,500		68,306
Container Corp. of India, Expire 2/2/2015•,W		2,500		52,224
DLF Ltd., Expire 2/1/2016		11,800		52,158
Dr Reddy’s Laboratories Ltd., Expire 12/17/2015		2,700		101,683
Essar Oil Ltd., Expire 3/27/2017		44,290		62,830
Grasim Industries Ltd., Expire 4/18/2016		300		16,327
HCL Technologies Ltd., Expire 8/17/2015		5,500		73,674
HDFC Bank Ltd., Expire 5/26/2015•,W		22,505		285,120
Hero Motocorp Ltd., Expire 4/18/2016		2,200		67,177
Hindustan Unilever Ltd., Expire 12/14/2015		20,000		216,804
Housing Development Finance Corp., Expire 8/19/2015		26,270		413,453
Idea Cellular Ltd., Expire 2/14/2017		47,390		116,684
Indian Oil Corp. Ltd., Expire 7/29/2016		17,400		96,734
Infrastructure Development Finance Co. Ltd., Expire 7/29/2015		32,000		90,880
ITC Ltd., Expire 8/4/2015		41,360		252,552
Jaiprakash Associates Ltd., Expire 6/15/2015•,W		50,500		70,564
Jindal Steel & Power Ltd., Expire 10/8/2015		9,510		53,744
Kotak Mahindra Bank Ltd., Expire 3/27/2017		7,400		97,160

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    47

Wilmington Multi-Manager International Fund (continued)

Description	Number  of Shares		Value
Larsen & Toubro Ltd., Expire 5/18/2015•,W		1,200	$	33,704
Larsen & Toubro Ltd., Expire 6/10/2014		3,690		103,612
Mahindra & Mahindra Ltd., Expire 12/10/2015		7,700		132,124
Maruti Suzuki India Ltd., Expire 11/30/2015		3,080		95,486
Nestle India Ltd., Expire 9/17/2015		1,500		138,729
NTPC Ltd., Expire 10/6/2014•,W		54,303		158,711
Oil & Natural Gas Corp. Ltd., Expire 2/28/2016		38,498		233,540
Piramal Enterprises Ltd., Expire 1/19/2018		4,505		46,932
Power Grid Corp. of India Ltd., Expire 3/27/2017		51,990		108,316
Punj Lloyd Ltd., Expire 3/27/2017		44,190		44,146
Ranbaxy Laboratories Ltd., Expire 10/26/2015		5,000		41,960
Reliance Capital Ltd., Expire 8/30/2016		7,700		50,450
Reliance Communications Ltd., Expire 12/28/2015		30,229		54,445
Reliance Infrastructure Ltd., Expire 2/11/16		9,200		64,086
Reliance Power Ltd., Expire 3/27/2017		23,200		30,738
Sesa Goa Ltd., Expire 12/4/2014		20,500		60,428
Steel Authority of India Ltd., Expire 3/25/2014•,W		32,680		37,409
Sterlite Industries India Ltd., Expire 6/24/2015		18,000		31,986
Sun Pharmaceutical Industries Ltd., Expire 2/2/2015•,W		12,000		211,914
Suzlon Energy Ltd., Expire 8/15/2015		163,300		44,124
Tata Consultancy Services Ltd., Expire 12/14/2015•,W		5,840		149,473
Tata Consultancy Services Ltd., Expire 8/6/2014		5,840		149,473
Tata Power Co. Ltd., Expire 9/17/2015		51,800		91,085
Tata Steel Ltd., Expire 12/23/2014•,W		4,750		26,703
Ultratech Cement Ltd., Expire 6/10/2014		3,571		126,041
Unitech Ltd., Expire 7/7/2015•,W		46,200		23,118
United Spirits Ltd., Expire 1/13/2016		2,200		90,376
WCT Bhd -
WCT Bhd, Strike Price: 2.25 MYR, Expire 12/06/2017		7,093		804
TOTAL CALL WARRANTS (COST $7,924,407)			$	8,174,827
CERTIFICATES – 0.2%
HSBC Bank PLC -
Al Rajhi Bank, Expire 2/16/2015		4,800		84,473
Alinma Bank, Expire 2/23/2015		10,150		35,996
Almarai Co. Ltd., Expire 11/24/2014		2,782		48,217
Arab National Bank, Expire 5/11/2015		7,523		55,766
Banque Saudi Fransi, Expire 2/23/2015		4,125		32,777
Etihad Etisalat Co., Expire 12/5/2014		5,170		110,285
Jarir Marketing Co., Expire 5/4/2015		650		30,244

Description	Number  of Shares		Value
National Industrialization Co., Expire 5/4/2015		8,502	$	59,169
Samba Financial, Expire 2/10/2015		1,750		21,232
Saudi Arabian Fertilizer Co., Expire 5/11/2015		1,466		58,733
Saudi Basic Industries Corp., Expire 2/23/2015		3,800		91,953
Saudi Cement Co., Expire 8/10/2015		1,900		50,156
Saudi Electricity Co., Expire 3/27/2015		5,670		19,579
Saudi Industrial Investment Group, Expire 3/27/2015		5,750		34,957
Saudi Kayan Petrochemical Co., Expire 3/27/2015		5,500		16,572
Saudi Telecom Co., Expire 5/11/2015		3,600		37,341
Savola, Expire 2/2/2015		5,800		74,079
TOTAL CERTIFICATES (COST $858,382)			$	861,529
REAL ESTATE INVESTMENT TRUSTS – 0.6%
AUSTRALIA – 0.1%
CFS Retail Property Trust Group		9,654		22,018
Federation Centres		15,794		42,571
Shopping Centres Australasia Property Group*		2,111		3,545
Stockland		25,350		101,705
Westfield Group		4,442		53,648
TOTAL AUSTRALIA			$	223,487
CANADA – 0.0%**
H&R Real Estate Investment Trust		1,200		29,480
FRANCE – 0.5%
Unibail-Rodamco SE		10,437		2,728,385
HONG KONG – 0.0%**
Link REIT		17,500		99,112
NETHERLANDS – 0.0%**
Corio NV		1,053		48,793
NIGERIA – 0.0%**
Afriland Properties PLC*		24,606		—
SINGAPORE – 0.0%**
Keppel REIT		16,780		20,571
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $2,604,906)			$	3,149,828

ANNUAL REPORT / April 30, 2013

48    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Par Value		Value
CORPORATE BOND – 0.0%**
FINANCIALS – 0.0%**
BankMuscat SAOG,
4.50%, 3/20/16	$	14,611	$	4,212
TOTAL CORPORATE BOND (COST $4,175)			$	4,212
TOTAL INVESTMENTS IN SECURITIES – 99.4% (COST $459,787,300)			$	516,091,703
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.3%
REPURCHASE AGREEMENTS – 1.3%
Deutsche Bank Securities, Inc., 0.17%, dated 04/30/13, due 05/01/13, repurchase price $1,617,827, collateralized by U.S. Government Securities 2.13% to 7.50%, maturing 12/01/16 to 04/01/48; total market value of $ 1,650,175.		1,617,819		1,617,819
HSBC Securities USA, Inc., 0.15%, dated 04/30/13, due 05/01/13, repurchase price $1,617,826, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 07/15/13 to 03/17/31; total market value of $ 1,650,176.		1,617,819		1,617,819
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.14%, dated 04/30/13, due 05/01/13, repurchase price $340,578, collateralized by U.S. Treasury Securities 0.25% to 2.75%, maturing 10/15/15 to 08/15/42; total market value of $ 347,389.		340,577		340,577

Description	Par Value		Value
Mizuho Securities USA, Inc., 0.20%, dated 04/30/13, due 05/01/13, repurchase price $1,617,828, collateralized by U.S. Government Securities 2.08% to 7.00%, maturing 01/01/22 to 04/15/52; total market value of $ 1,650,175.	$	1,617,819	$	1,617,819
RBC Capital Markets LLC, 0.17%, dated 04/30/13, due 05/01/13, repurchase price $1,617,827, collateralized by U.S. Government Securities 1.97% to 4.50%, maturing 08/01/24 to 12/15/44; total market value of $ 1,650,175.		1,617,819		1,617,819
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $6,811,853)			$	6,811,853
TOTAL INVESTMENTS – 100.7%
(COST $466,599,153)			$	522,903,556
COLLATERAL FOR SECURITIES ON LOAN – (1.3%)				(6,811,853	)
OTHER ASSETS LESS LIABILITIES – 0.6%				3,097,970
TOTAL NET ASSETS – 100.0%				$  519,189,673

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks		40.8	%
Corporate Bonds		16.2	%
Investment Companies		13.0	%
U.S. Government Obligations		2.4	%
Purchased Options		0.0	%3
Cash Equivalents1		30.2	%
Securities Sold Short		(16.3	)%
Written Options		(0.2	)%
Other Assets and Liabilities – Net2		13.9	%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund.

(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

Description	Number of Shares		Value
COMMON STOCKS – 40.8%
AEROSPACE & DEFENSE – 1.7%
Chemring Group PLC		22,750	$	95,803
Lockheed Martin Corp.Ö		7,063		699,873
TOTAL AEROSPACE & DEFENSE			$	795,676
BIOTECHNOLOGY – 0.4%
QLT, Inc.*,Ö		25,119		201,706
BUILDING PRODUCTS – 0.1%
Masonite Worldwide Holdings, Inc.*		620		28,830
COMMERCIAL SERVICES & SUPPLIES – 0.5%
ADT Corp.Ö		4,940		215,582
COMPUTERS & PERIPHERALS – 0.2%
Apple, Inc.		238		105,374
CONSTRUCTION & ENGINEERING – 0.5%
Primoris Services Corp.Ö		11,354		250,242
CONTAINERS & PACKAGING – 0.5%
Sealed Air Corp.Ö		10,980		242,878
DIVERSIFIED CONSUMER SERVICES – 0.8%
JTH Holding, Inc.*,Ö		20,551		355,738

Description	Number of Shares		Value
LifeLock, Inc.*		1,945	$	17,505
TOTAL DIVERSIFIED CONSUMER SERVICES			$	373,243
DIVERSIFIED FINANCIAL SERVICES – 1.6%
Citigroup, Inc.		1,282		59,818
JPMorgan Chase & Co.Ö		13,752		673,986
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	733,804
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS – 0.7%
GSI Group, Inc.*,Ö		17,866		152,576
Rogers Corp.*,Ö		4,180		178,235
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	330,811
ENERGY EQUIPMENT & SERVICES – 1.3%
Baker Hughes, Inc.		351		15,932
Petroleum Geo-Services ASA		19,746		289,008
Technip SAÖ		2,795		299,991
TOTAL ENERGY EQUIPMENT & SERVICES			$	604,931
FOOD PRODUCTS – 1.6%
Austevoll Seafood ASAÖ		45,780		302,474

ANNUAL REPORT / April 30, 2013

52    PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares		Value
Marine Harvest ASA*,Ö		450,192	$	468,421
TOTAL FOOD PRODUCTS			$	770,895
HOTELS, RESTAURANTS & LEISURE – 2.5%
Fiesta Restaurant Group, Inc.*,Ö		2,389		65,124
International Game Technology		2,933		49,714
Las Vegas Sands Corp.Ö		6,461		363,431
Starwood Hotels & Resorts Worldwide, Inc.Ö		10,576		682,364
TOTAL HOTELS, RESTAURANTS & LEISURE			$	1,160,633
HOUSEHOLD DURABLES – 0.7%
Brookfield Residential Properties, Inc.*,Ö		8,420		201,154
Lennar Corp.		1,296		53,421
PulteGroup, Inc.*		1,943		40,784
Standard Pacific Corp.*		5,445		49,277
TOTAL HOUSEHOLD DURABLES			$	344,636
INSURANCE – 2.0%
American International Group, Inc.*		864		35,787
Berkshire Hathaway, Inc.*,Ö		944		100,366
Delta Lloyd NVÖ		17,217		329,906
XL Group PLCÖ		15,666		487,839
TOTAL INSURANCE			$	953,898
INTERNET & CATALOG RETAIL – 0.5%
Liberty Ventures*,Ö		3,065		225,186
INTERNET SOFTWARE & SERVICES – 0.8%
IntraLinks Holdings, Inc.*,Ö		56,243		321,710
Yandex NV*		2,585		66,538
TOTAL INTERNET SOFTWARE & SERVICES			$	388,248
IT SERVICES – 2.6%
Blackhawk Network Holdings, Inc.*		500		11,970
InterXion Holding NVÖ		21,532		538,946
Mastercard, Inc.Ö		650		359,404
Vantiv, Inc.*		1,393		31,384
Visa, Inc.Ö		1,718		289,414
TOTAL IT SERVICES			$	1,231,118
MACHINERY – 0.5%
Luxfer Holdings PLC ADRÖ		14,467		255,921
MEDIA – 5.8%
Antena 3 de Television SAÖ		79,890		486,076
Kabel Deutschland Holding AGÖ		6,024		572,547
Liberty Global, Inc.*,Ö		5,575		377,149
Liberty Media Corp.*,Ö		3,100		356,128
Viacom, Inc.		7,230		462,648
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SAÖ		103,092		462,966
TOTAL MEDIA			$	2,717,514

Description	Number of Shares		Value
METALS & MINING – 1.1%
Barrick Gold Corp.Ö		25,898	$	510,450
MULTILINE RETAIL – 0.7%
Bon-Ton Stores, Inc.		1,099		16,859
Saks, Inc.*,Ö		25,959		299,826
TOTAL MULTILINE RETAIL			$	316,685
OIL, GAS & CONSUMABLE FUELS – 4.0%
Det Norske Oljeselskap ASA*,Ö		29,078		412,230
Lundin Petroleum AB*,Ö		16,769		401,563
Southwestern Energy Co.*		12,382		463,334
Talisman Energy, Inc.Ö		41,095		488,620
Valero Energy Corp.		2,690		108,461
TOTAL OIL, GAS & CONSUMABLE FUELS			$	1,874,208
PHARMACEUTICALS – 0.7%
Pain Therapeutics, Inc.		75,722		311,975
REAL ESTATE INVESTMENT TRUSTS – 4.7%
Apollo Commercial Real Estate Finance, Inc.Ö		36,365		645,115
Chimera Investment Corp.Ö		160,868		530,864
MFA Financial, Inc.Ö		69,220		641,669
Spirit Realty Capital, Inc.Ö		19,100		411,223
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	2,228,871
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
Forestar Group, Inc.*		2,748		59,192
Howard Hughes Corp.*		638		60,214
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	119,406
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.3%
EZchip Semiconductor Ltd.*		6,636		151,367
SOFTWARE – 2.2%
Playtech PLCÖ		67,039		638,348
Verint Systems, Inc.*,Ö		11,910		393,506
TOTAL SOFTWARE			$	1,031,854
SPECIALTY RETAIL – 0.6%
L Brands, Inc.*		648		32,666
Wet Seal, Inc.*,Ö		73,600		239,936
TOTAL SPECIALTY RETAIL			$	272,602
TEXTILES, APPAREL & LUXURY GOODS – 0.2%
Fifth & Pacific Cos., Inc.*		5,064		104,420
THRIFTS & MORTGAGE FINANCE – 0.2%
HomeStreet, Inc.Ö		3,875		83,310
TRADING COMPANIES & DISTRIBUTORS – 0.0%**
United Rentals, Inc.*		324		17,046

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    53

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares		Value
TRANSPORTATION INFRASTRUCTURE – 0.5%
Macquarie Infrastructure Co. LLCÖ		4,370	$	254,684
TOTAL COMMON STOCKS (COST $16,725,595)			$	19,208,004
INVESTMENT COMPANIES – 13.0%
ALTERNATIVE INVESTMENT FUND – 4.2%
Arbitrage Fund		157,241		1,996,957
EQUITY FUNDS – 8.8%
Professionally Managed Portfolios - The Osterweis Strategic Income Fund		345,436		4,138,322
TOTAL INVESTMENT COMPANIES (COST $6,068,541)			$	6,135,279
	Par Value
CORPORATE BONDS – 16.2%
AGRICULTURE – 1.1%
Alliance One International, Inc.,
Sr. Unsecured, 10.00%, 7/15/16	$	500,000		533,125
DIVERSIFIED FINANCIAL SERVICES – 0.8%
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsecured, 7.38%, 4/01/20•,W		340,000		355,300
ENTERTAINMENT – 2.0%
Greektown Superholdings, Inc.,
Secured, 13.00%, 7/01/15		450,000		486,000
Yonkers Racing Corp.,
Secured, 11.38%, 7/15/16•,W		425,000		457,937
TOTAL ENTERTAINMENT			$	943,937
ENVIORNMENTAL CONTROL – 1.1%
ADS Waste Holdings, Inc.,
Sr. Unsecured, 8.25%, 10/01/20•,W		475,000		518,937
FOOD – 1.1%
Michael Foods Holding, Inc.,
Sr. Unsecured, 8.50%, 7/15/18•,W		470,000		497,612
LODGING – 1.2%
CityCenter Holdings LLC / CityCenter Finance Corp.,
Sr. Secured, 7.63%, 1/15/16		500,000		541,250
OFFICE/BUSINESS EQUIPMENT – 0.9%
CDW LLC / CDW Finance Corp.,
Company Guaranteed, 12.54%, 10/12/17		413,000		446,040
RETAIL – 4.5%
Burlington Holdings LLC/Burlington Holding Finance Inc.,
Sr. Unsecured, 9.00%, 2/15/18•,W		500,000		521,250
Dave & Buster’s, Inc.,
Company Guaranteed, 11.00%, 6/01/18		500,000		567,500
Rite Aid Corp.,
Company Guaranteed, 9.50%, 6/15/17		500,000		521,250

Description	Par Value		Value
Wok Acquisition Corp.,
Company Guaranteed, 10.25%, 6/30/20•,W	$	475,000	$	523,687
TOTAL RETAIL			$	2,133,687
SOFTWARE – 1.1%
First Data Corp.,
Company Guaranteed, 11.25%, 3/31/16		500,000		511,250
TELECOMMUNICATIONS – 2.4%
Intelsat Luxembourg SA,
Company Guaranteed, 11.25%, 2/04/17		348,000		371,057
Level 3 Financing, Inc.,
Company Guaranteed, 10.00%, 2/01/18		500,000		553,125
Wind Acquisition Finance SA,
Sr. Secured, 7.25%, 2/15/18•,W		215,000		227,900
TOTAL TELECOMMUNICATIONS			$	1,152,082
TOTAL CORPORATE BONDS (COST $7,481,179)			$	7,633,220
U.S. GOVERNMENT OBLIGATIONS – 2.4%
U.S. TREASURY BILL – 0.2%
0.17%, 5/02/13Ö		100,000		99,999
U.S. TREASURY NOTES – 2.2%
0.25%, 1/31/14Ö		750,000		750,732
0.25%, 3/31/14Ö		250,000		250,245
TOTAL U.S. TREASURY NOTES			$	1,000,977
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $1,100,697)			$	1,100,976
	Number of Shares
MONEY MARKET FUND – 30.2%
Dreyfus Cash Management Fund,
Institutional Shares, 0.05%^		14,192,620		14,192,620
TOTAL MONEY MARKET FUND (COST $14,192,620)			$	14,192,620
	Contracts
PURCHASED OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
Apple, Inc., Strike Price $440.00, Expiring 5/03/2013		1		625
S&P 500 Index, Strike Price $1,655.00, Expiring 5/03/2013		6		1
S&P 500 Index, Strike Price $1,660.00, Expiring 5/15/2013		6		216
S&P 500 Index, Strike Price $1,660.00, Expiring 5/18/2013		6		312
S&P 500 Index, Strike Price $1,665.00, Expiring 5/01/2013		7		—

ANNUAL REPORT / April 30, 2013

54    PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (continued)

Description	Contracts		Value
S&P 500 Index, Strike Price $1,670.00,
Expiring 5/06/2013		6	$	8
S&P 500 Index, Strike Price $1,670.00,
Expiring 5/13/2013		6		101
S&P 500 Index, Strike Price $1,670.00,
Expiring 5/20/2013		6		211
S&P 500 Index, Strike Price $1,685.00,
Expiring 5/22/2013		7		152
S&P 500 Index, Strike Price $1,685.00,
Expiring 5/24/2013		6		210
S&P 500 Index, Strike Price $1,694.00,
Expiring 5/08/2013		7		6
S&P 500 Index, Strike Price $1,700.00,
Expiring 5/10/2013		6		60
S&P 500 Index, Strike Price $1,702.00,
Expiring 5/28/2013		6		104
Technology Select Sector SPDR, Strike Price $31.00, Expiring 6/22/2013		55		2,585
TOTAL CALL OPTIONS			$	4,591
PUT OPTIONS – 0.0%**
Russell 2000 Index, Strike Price $900.00,
Expiring 5/18/2013		7		2,065
S&P 500 Index, Strike Price $1,390.00,
Expiring 5/15/2013		6		117
S&P 500 Index, Strike Price $1,395.00,
Expiring 5/03/2013		6		—
S&P 500 Index, Strike Price $1,395.00,
Expiring 5/18/2013		6		150
S&P 500 Index, Strike Price $1,415.00,
Expiring 5/01/2013		7		—
S&P 500 Index, Strike Price $1,415.00,
Expiring 5/20/2013		6		303
S&P 500 Index, Strike Price $1,419.00,
Expiring 5/06/2013		6		13
S&P 500 Index, Strike Price $1,420.00,
Expiring 5/13/2013		6		147
S&P 500 Index, Strike Price $1,425.00,
Expiring 5/22/2013		7		488
S&P 500 Index, Strike Price $1,430.00,
Expiring 5/24/2013		6		540
S&P 500 Index, Strike Price $1,440.00,
Expiring 5/10/2013		6		150
S&P 500 Index, Strike Price $1,445.00,
Expiring 5/28/2013		6		878
S&P 500 Index, Strike Price $1,451.00,
Expiring 5/08/2013		7		117
TOTAL PUT OPTIONS			$	4,968
TOTAL PURCHASED OPTIONS (COST $19,166)			$	9,559
TOTAL INVESTMENTS IN SECURITIES – 102.6% (COST $45,587,798)			$	48,279,658

Description	Number of Shares			Value
SECURITIES SOLD SHORT – (16.3%)
COMMON STOCKS – (0.1%)
DIVERSIFIED FINANCIAL SERVICES – 0.0%**
CME Group, Inc.		(159	)	$	(9,677	)
LEISURE EQUIPMENT & PRODUCTS – 0.0%**
Sturm Ruger & Co, Inc.		(432	)		(22,148	)
SPECIALTY RETAIL – (0.1%)
Best Buy Co, Inc.		(1,188	)		(30,876	)
TOTAL COMMON STOCKS				$	(62,701	)
INVESTMENT COMPANIES – (16.2%)
EQUITY FUNDS – (16.2%)
Consumer Discretionary Select Sector SPDR Fund		(4,600	)		(251,206	)
Consumer Staples Select Sector SPDR Fund		(3,100	)		(126,914	)
Health Care Select Sector SPDR Fund		(4,600	)		(217,718	)
Industrial Select Sector SPDR Fund		(4,740	)		(196,473	)
iShares Core S&P 500 ETF		(6,155	)		(987,016	)
iShares Dow Jones US Real Estate Index Fund		(11,102	)		(815,553	)
iShares MSCI United Kingdom Index Fund		(17,420	)		(327,322	)
iShares Russell 2000 Value Index Fund		(2,280	)		(191,155	)
Materials Select Sector SPDR Fund		(27,884	)		(1,102,812	)
ProShares Ultra S&P 500		(1,295	)		(98,161	)
SPDR S&P 500 ETF Trust, Series T		(4,282	)		(683,750	)
Technology Select Sector SPDR Fund		(8,810	)		(271,436	)
Vanguard FTSE Europe ETF		(45,831	)		(2,353,880	)
TOTAL EQUITY FUNDS				$	(7,623,396	)
TOTAL INVESTMENT COMPANIES				$	(7,623,396	)
TOTAL SECURITIES SOLD SHORT
(PROCEEDS $7,091,030)				$	(7,686,097	)
	Contracts
WRITTEN OPTIONS – (0.2%)
CALL OPTIONS – (0.2%)
S&P 500 Index, Strike Price $1,490.00,
Expiring 5/01/2013		(7	)	$	—
S&P 500 Index, Strike Price $1,580.00,
Expiring 5/03/2013		(6	)		(11,125	)
S&P 500 Index, Strike Price $1,585.00,
Expiring 5/15/2013		(6	)		(12,414	)
S&P 500 Index, Strike Price $1,585.00,
Expiring 5/18/2013		(6	)		(12,990	)
S&P 500 Index, Strike Price $1,590.00,
Expiring 5/01/2013		(7	)		(5,895	)
S&P 500 Index, Strike Price $1,592.00,
Expiring 5/06/2013		(6	)		(7,104	)
S&P 500 Index, Strike Price $1,595.00,
Expiring 5/13/2013		(6	)		(8,173	)

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    55

Wilmington Rock Maple Alternatives Fund (continued)

Description	Contracts			Value
S&P 500 Index, Strike Price $ 1,595.00,
Expiring 5/20/2013		(6	)	$	(9,908	)
S&P 500 Index, Strike Price $ 1,610.00,
Expiring 5/22/2013		(7	)		(6,799	)
S&P 500 Index, Strike Price $ 1,610.00,
Expiring 5/24/2013		(6	)		(6,180	)
S&P 500 Index, Strike Price $ 1,615.00,
Expiring 5/08/2013		(7	)		(1,906	)
S&P 500 Index, Strike Price $ 1,620.00,
Expiring 5/10/2013		(6	)		(1,560	)
S&P 500 Index, Strike Price $ 1,622.00,
Expiring 5/28/2013		(6	)		(4,280	)
TOTAL CALL OPTIONS					$  (88,334)
PUT OPTIONS – 0.0%**
S&P 500 Index, Strike Price $ 1,465.00,
Expiring 5/13/2013		(6	)		(392	)
S&P 500 Index, Strike Price $ 1,470.00,
Expiring 5/03/2013		(6	)		(1	)
S&P 500 Index, Strike Price $ 1,470.00,
Expiring 5/18/2013		(6	)		(510	)
S&P 500 Index, Strike Price $ 1,490.00,
Expiring 5/20/2013		(6	)		(1,041	)
S&P 500 Index, Strike Price $ 1,495.00,
Expiring 5/13/2013		(6	)		(562	)

Description	Contracts			Value
S&P 500 Index, Strike Price $1,497.00,
Expiring 5/06/2013		(6	)	$	(124	)
S&P 500 Index, Strike Price $1,500.00,
Expiring 5/22/2013		(7	)		(1,743	)
S&P 500 Index, Strike Price $1,505.00,
Expiring 5/24/2013		(6	)		(2,220	)
S&P 500 Index, Strike Price $1,520.00,
Expiring 5/10/2013		(6	)		(720	)
S&P 500 Index, Strike Price $1,525.00,
Expiring 5/28/2013		(6	)		(3,405	)
S&P 500 Index, Strike Price $1,530.00,
Expiring 5/08/2013		(7	)		(752	)
TOTAL PUT OPTIONS				$	(11,470	)
TOTAL WRITTEN OPTIONS
(PREMIUMS RECEIVED $88,244)				$	(99,804	)
TOTAL INVESTMENTS NET OF SECURITIES SOLD SHORT AND WRITTEN OPTIONS – 86.1%					40,493,757
OTHER ASSETS LESS LIABILITIES – 13.9%					6,563,547
TOTAL NET ASSETS – 100.0%				$	47,057,304

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Inflation-Linked & Fixed Income Securities:
Foreign Government Inflation-Linked Securities	21.6%
U.S. Government Inflation-Linked Securities	11.7%
Foreign Government Securities	1.6%
Corporate Bonds	1.0%
Exchange-Traded Funds	1.0%
Corporate Notes	0.7%
U.S. Treasury	0.6%
Asset-Backed Securities	0.1%
Mortgage-Backed Securities	0.1%
Real Estate Related Securities:
Real Estate Investment Trusts	24.7%
Common Stocks	12.0%
Exchange-Traded Funds	8.0%
Commodity Related Securities:
Investment Companies	6.2%
Exchange-Traded Funds	4.1%
Structured Note	1.3%
Purchases Options	0.0%3
Written Options	0.0%3
Short-Term Investments
Cash Equivalents1	4.8%
Other Assets and Liabilities – Net2	0.5%
TOTAL	100.0%

(1) Cash Equivalents include investments in money market funds and 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

Description	Par Value		Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 38.4%
ASSET-BACKED SECURITIES – 0.1%
DIVERSIFIED FINANCIAL SERVICES – 0.1%
Venture CDO Ltd., 0.51%, 1/20/22D,•,W	$	400,000	$	387,565
TOTAL ASSET-BACKED SECURITIES (COST $363,174)			$	387,565
CORPORATE BONDS – 1.0%

Description	Par Value		Value
CONSUMER FINANCE – 0.2%
SLM Corp.,
Series CPI, Sr. Unsecured, 4.10%, 1/31/14	$	734,000	$	733,416
FINANCIALS – 0.8%
Banco Santander Brazil SA,
Sr. Unsecured, 2.38%, 3/18/14D,•,W		500,000		498,917

ANNUAL REPORT / April 30, 2013

58    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
Banque PSA Finance SA,
Sr. Unsecured, 4.00%, 7/19/13	$	300,000		$	397,247
Dexia Credit Local SA, Government Liquid GTD, 1.08%, 9/18/13D		600,000			792,955
Eksportfinans ASA,
Sr. Unsecured, 5.50%, 6/26/17		1,000,000			1,045,878
Ford Motor Credit Co., LLC,
Sr. Unsecured, 8.00%, 6/01/14		200,000			214,609
International Lease Finance Corp.,
Sr. Secured, 7.13%, 9/01/18•,W		100,000			119,438
Intesa Sanpaolo SpA,
Sr. Unsecured, 3.13%, 1/15/16		100,000			99,987
MAGI Funding PLC,
1.31%, 4/11/21		344,475			442,240
TOTAL FINANCIALS				$	3,611,271
TOTAL CORPORATE BONDS (COST $4,333,500)				$	4,344,687
CORPORATE NOTES – 0.7%
FINANCIALS – 0.7%
JPMorgan Chase & Co.,
Notes, 1.06%, 9/30/13D		1,500,000			1,504,674
Metropolitan Life Global Funding I,
Secured, 1.06%, 1/10/14D,•,W		1,500,000			1,503,677
TOTAL FINANCIALS				$	3,008,351
TOTAL CORPORATE NOTES (COST $3,001,068)				$	3,008,351
EXCHANGE-TRADED FUNDS – 1.0%
DEBT FUND – 1.0%
iShares Barclays TIPS Bond Fund		38,800			4,739,420
TOTAL EXCHANGE-TRADED FUNDS (COST $4,535,711)				$	4,739,420
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 21.6%
DIVERSIFIED – 0.2%
Network Rail Infrastructure Finance PLC,
1.38%, 11/22/37		389,296	GBP		822,289
GOVERNMENT – 21.4%
Australia Government Bond,
3.00%, 9/20/25		1,100,000	AUD		1,603,842
4.00%, 8/20/20		350,000	AUD		703,492
Bonos del Banco Central de Chile en UF,
3.00%, 3/01/22		229,461,300	CLP		508,093
Brazil Notas do Tesouro Nacional Serie B,
6.00%, 5/15/17		7,419,000	BRL		9,277,678
6.00%, 8/15/24		1,640,000	BRL		2,190,758
6.00%, 5/15/35		300,000	BRL		421,475
6.00%, 5/15/45		1,508,000	BRL		2,170,987
6.00%, 8/15/50		600,000	BRL		870,627

Description	Par Value			Value
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond,
0.75%, 4/15/18	$	2,450,542	EUR	$	3,519,411
Canadian Government Bond,
1.50%, 12/01/44		742,707	CAD		968,405
3.00%, 12/01/36		833,637	CAD		1,332,661
4.00%, 12/01/31		577,146	CAD		979,541
Denmark I/L Government Bond, 0.10%, 11/15/23		21,523,865	DKK		3,991,027
Deutsche Bundesrepublik Inflation Linked Bond,
0.10%, 4/15/23		1,070,000	EUR		1,532,482
1.75%, 4/15/20		852,821	EUR		1,332,443
France Government Bond OAT,
0.25%, 7/25/18		3,950,000	EUR		5,643,215
1.00%, 7/25/17		448,680	EUR		643,289
1.10%, 7/25/22		1,261,326	EUR		1,851,748
1.30%, 7/25/19		105,560	EUR		157,498
1.80%, 7/25/40		225,708	EUR		389,140
2.10%, 7/25/23		228,354	EUR		369,093
2.25%, 7/25/20		240,486	EUR		382,295
3.15%, 7/25/32		365,493	EUR		717,878
3.40%, 7/25/29		123,964	EUR		246,655
French Treasury Note BTAN,
0.45%, 7/25/16		259,790	EUR		360,161
Japanese Government CPI Linked Bond,
1.40%, 3/10/18		24,550,000	JPY		287,914
Mexican Udibonos,
3.50%, 12/14/17		33,212,266	MXN		3,066,947
4.50%, 12/18/14		12,428,810	MXN		1,087,067
New South Wales Treasury Corp.,
2.75%, 11/20/25		900,000	AUD		1,250,790
3.75%, 11/20/20		800,000	AUD		1,087,245
New Zealand Index Linked,
2.02%, 9/20/25		3,100,000	NZD		2,949,206
Poland Government Bond,
3.00%, 8/24/16		2,325,598	PLN		785,662
Sweden Government Bond,
4.29%, 12/01/15		11,400,000	SEK		2,362,496
4.29%, 12/01/28		1,500,000	SEK		425,452
5.16%, 12/01/20		8,600,000	SEK		2,224,956
Turkey Government Bond,
9.00%, 5/21/14		1,746,097	TRY		1,076,245
U.K. Gilt Inflation Linked,
0.13%, 3/22/24		2,552,800	GBP		4,533,513
0.13%, 3/22/29		938,358	GBP		1,642,395
0.13%, 3/22/44		4,104,862	GBP		7,137,934
0.38%, 3/22/62		125,959	GBP		258,845
0.50%, 3/22/50		475,592	GBP		948,332

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    59

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
0.63%, 3/22/40	$	342,975GBP	$	676,398
0.63%, 11/22/42		873,818GBP		1,758,178
0.75%, 3/22/34		3,197,790GBP		6,300,610
0.75%, 11/22/47		1,572,688GBP		3,343,624
1.13%, 11/22/37		183,596GBP		398,363
1.25%, 11/22/17		255,558GBP		465,918
1.25%, 11/22/27		1,211,763GBP		2,486,639
1.25%, 11/22/32		342,012GBP		730,080
1.25%, 11/22/55		386,379GBP		1,006,355
1.88%, 11/22/22		300,913GBP		626,994
2.50%, 3/22/52		713,570GBP		1,314,591
6.21%, 7/17/24		320,000GBP		1,777,982
7.23%, 4/16/20		250,000GBP		1,506,395
TOTAL GOVERNMENT			$	95,681,020
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $88,947,621)			$	96,503,309
FOREIGN GOVERNMENT SECURITIES – 1.6%
GOVERNMENT – 1.6%
Australia Government Bond,
5.50%, 4/20/23		200,000		249,953
Bundesrepublik Deutschland,
1.50%, 2/15/23		430,000		582,337
Mexican Bonos,
8.50%, 12/13/18		15,154,200		1,517,476
Mexican Bonos de Proteccion al Ahorro,
4.32%, 1/30/20		3,900,000		318,895
4.49%, 1/04/18		15,500,000		1,270,772
South Africa Government Bond,
Series R207, Sr. Unsecured, 7.25%, 1/15/20		23,700,000		2,832,693
Xunta de Galicia,
Sr. Unsub. Notes,
5.76%, 4/03/17		100,000		140,342
6.13%, 4/03/18		100,000		142,754
TOTAL GOVERNMENT			$	7,055,222
TOTAL FOREIGN GOVERNMENT SECURITIES (COST $6,673,679)			$	7,055,222
MORTGAGE-BACKED SECURITIES – 0.1%
WHOLE LOAN – 0.1%
WAMU Mortgage Pass-Through Certificates,
2.38%, 11/25/36D		463,912		371,738
2.65%, 3/25/37D		206,347		198,199
TOTAL WHOLE LOAN			$	569,937
TOTAL MORTGAGE-BACKED SECURITIES (COST $490,487)			$	569,937
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 11.7%

Description	Par Value		Value
U.S. TREASURY INFLATION INDEXED BONDS – 6.4%
U.S. Treasury Inflation Indexed Bond,
0.13%, 1/15/22	$	9,350,000	$	10,442,818
0.63%, 7/15/21		2,000,000		2,355,365
0.63%, 2/15/43		3,840,000		4,062,637
0.75%, 2/15/42		1,770,000		1,976,671
2.00%, 1/15/26		918,000		1,410,972
2.13%, 2/15/40		400,000		625,930
2.38%, 1/15/25ø		2,923,000		4,846,322
3.38%, 4/15/32		274,000		587,587
3.88%, 4/15/29		1,000,000		2,331,271
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	28,639,573
U.S. TREASURY INFLATION INDEXED NOTES – 5.3%
U.S. Treasury Inflation Indexed Note,
0.13%, 4/15/17		2,200,000		2,394,599
0.13%, 7/15/22		4,700,000		5,181,345
0.13%, 1/15/23		2,700,000		2,932,971
1.25%, 4/15/14		40,000		44,761
1.25%, 7/15/20		1,700,000		2,150,042
1.63%, 1/15/15		400,000		510,941
1.63%, 1/15/18		1,900,000		2,425,008
1.88%, 7/15/13		2,478,000		3,147,572
1.88%, 7/15/15		900,000		1,160,946
2.00%, 7/15/14		768,000		986,627
2.00%, 1/15/16		8,000		10,271
2.13%, 1/15/19		2,010,000		2,625,896
2.38%, 1/15/17		200,000		264,715
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	23,835,694
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $52,154,553)			$	52,475,267
U.S. TREASURY – 0.6%
U.S. TREASURY BILLS – 0.2%
0.07%, 10/03/13		11,000		10,997
0.09%, 2/06/14		969,000		968,319
0.13%, 1/09/14‡,ø		109,000		108,935
TOTAL U.S. TREASURY BILLS			$	1,088,251
U.S. TREASURY NOTES – 0.4%
2.00%, 2/15/22		950,000		990,575
2.00%, 2/15/23#		570,000		586,874
TOTAL U.S. TREASURY NOTES			$	1,577,449
TOTAL U.S. TREASURY (COST $2,615,540)			$	2,665,700
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $163,115,333)			$	171,749,458

ANNUAL REPORT / April 30, 2013

60    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
REAL ESTATE RELATED SECURITIES – 44.7%
COMMON STOCKS – 12.0%
DEPARTMENT STORES – 0.4%
Lifestyle International Holdings Ltd.		835,400	$	1,845,165
DIVERSIFIED REAL ESTATE ACTIVITIES – 6.7%
CapitaLand Ltd.		856,616		2,601,074
City Developments Ltd.		205,000		1,874,077
Daito Trust Construction Co. Ltd.		5,601		542,375
Daiwa House Industry Co. Ltd.		130,700		2,952,264
Hang Lung Group Ltd.		16,900		99,525
Hang Lung Properties Ltd.		510,999		1,988,643
Kerry Properties Ltd.		475,500		2,150,738
Mitsubishi Estate Co. Ltd.		191,510		6,217,666
Mitsui Fudosan Co. Ltd.		175,489		5,958,543
PSP Swiss Property AG		2,925		274,474
Sumitomo Realty & Development Co. Ltd.		42,200		1,991,280
Sun Hung Kai Properties Ltd.		136,267		1,970,214
Swire Properties Ltd.		147,000		524,719
Wharf Holdings Ltd.		76,000		678,209
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	29,823,801
HOTELS, RESORTS, & CRUISE LINES – 0.9%
Melia Hotels International SA		134,500		996,355
Shangri-La Asia Ltd.		632,416		1,222,430
Starwood Hotels & Resorts Worldwide, Inc.		25,800		1,664,616
TOTAL HOTELS, RESORTS, & CRUISE LINES			$	3,883,401
REAL ESTATE DEVELOPMENT – 1.4%
Cheung Kong Holdings Ltd.		96,634		1,454,463
China Overseas Land & Investment Ltd.		683,500		2,087,453
China Resources Land Ltd.		268,000		811,582
Guangzhou R&F Properties Co. Ltd.		470,000		850,344
Keppel Land Ltd.		37,000		121,962
Sino Land Co. Ltd.		379,982		624,804
Wing Tai Holdings Ltd.		195,975		346,858
TOTAL REAL ESTATE DEVELOPMENT			$	6,297,466
REAL ESTATE OPERATING COMPANIES – 2.6%
Aeon Mall Co. Ltd.		67,000		2,154,639
Castellum AB		104,618		1,565,788
Central Pattana PCL		416,000		1,417,377
Central Pattana PCL		58,000		197,615
Global Logistic Properties Ltd.		431,300		966,459
GSW Immobilien AG		3,502		140,526
Hongkong Land Holdings Ltd.		395,881		2,874,096
Hufvudstaden AB		10,024		131,002
Hysan Development Co. Ltd.		445,617		2,207,944

Description	Number  of Shares		Value
Safestore Holdings PLC		62,600	$	133,218
Sonae Sierra Brasil SA		4,200		57,959
TOTAL REAL ESTATE OPERATING COMPANIES			$	11,846,623
TOTAL COMMON STOCKS (COST $37,992,876)			$	53,696,456
EXCHANGE-TRADED FUNDS – 8.0%
EQUITY FUNDS – 8.0%
SPDR Dow Jones International Real Estate ETF		451,400		20,814,054
Vanguard REIT ETF		201,300		15,153,864
TOTAL EQUITY FUNDS			$	35,967,918
TOTAL EXCHANGE-TRADED FUNDS (COST $29,957,691)			$	35,967,918
REAL ESTATE INVESTMENT TRUSTS – 24.7%
DIVERSIFIED – 3.0%
British Land Co. PLC		22,708		209,701
Dexus Property Group		738,514		884,287
Duke Realty Corp.		30,300		534,492
Fonciere Des Regions		2,546		202,519
GPT Group		360,799		1,533,564
ICADE		23,226		2,141,125
Kenedix Realty Investment Corp.		47		220,572
Land Securities Group PLC		156,761		2,127,013
Liberty Property Trust		20,000		859,800
Mercialys SA		2,720		60,699
Mirvac Group		336,375		617,234
Segro PLC		34,100		141,110
Shaftesbury PLC		61,233		577,831
Stockland		462,360		1,855,000
United Urban Investment Corp.		218		358,917
Vornado Realty Trust		9,897		866,581
Weyerhaeuser Co.		10,300		314,253
TOTAL DIVERSIFIED			$	13,504,698
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.6%
Eurocommercial Properties NV		4,627		189,021
LEG Immobilien AG		6,200		341,301
Lexington Realty Trust		20,600		263,886
Mapletree Greater China Commercial Trust		392,000		354,859
Plum Creek Timber Co., Inc.		22,800		1,175,112
Tokyo Tatemono Co. Ltd.		46,600		430,698
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	2,754,877
FINANCIALS – 0.3%
American Tower Corp.		2,400		201,576
Goodman Group		138,862		750,022
Investa Office Fund		79,400		269,990
TOTAL FINANCIALS			$	1,221,588

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    61

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number  of Shares		Value
INDUSTRIALS – 1.2%
Ascendas Real Estate Investment Trust		88,000	$	196,476
Prologis, Inc.		126,621		5,311,751
TOTAL INDUSTRIALS			$	5,508,227
OFFICE – 4.1%
Alexandria Real Estate Equities, Inc.		24,800		1,804,696
BioMed Realty Trust, Inc.		15,100		339,901
Boston Properties, Inc.		35,200		3,851,936
Brandywine Realty Trust		8,800		131,384
CapitaCommercial Trust		543,000		753,861
CommonWealth REIT		8,400		187,572
Derwent London PLC		63,158		2,265,279
Douglas Emmett, Inc.		56,100		1,468,137
Great Portland Estates PLC		243,414		2,011,529
Highwoods Properties, Inc.		9,900		406,197
Japan Real Estate Investment Corp.		81		1,085,152
Kilroy Realty Corp.		40,500		2,291,895
Nippon Building Fund, Inc.		38		546,505
SL Green Realty Corp.		13,400		1,215,380
Societe Immobiliere de Location pour l’industrie et le Commerce		1,630		191,930
TOTAL OFFICE			$	18,551,354
RESIDENTIAL – 3.3%
Advance Residence Investment Corp.		58		138,686
American Campus Communities, Inc.		41,400		1,848,096
AvalonBay Communities, Inc.		6,129		815,402
Boardwalk Real Estate Investment Trust		5,600		366,144
BRE Properties, Inc.		30,200		1,524,496
Campus Crest Communities, Inc.		9,100		124,306
Equity Residential		77,000		4,470,620
Essex Property Trust, Inc.		18,800		2,952,540
Nippon Accommodations Fund, Inc.		25		193,620
Post Properties, Inc.		13,400		662,362
UDR, Inc.		62,219		1,529,343
TOTAL RESIDENTIAL			$	14,625,615
RETAIL – 8.2%
Calloway Real Estate Investment Trust		4,200		125,944
CapitaMall Trust		277,542		522,771
CBL & Associates Properties, Inc.		4,800		115,872
CFS Retail Property Trust Group		305,000		695,625
DDR Corp.		76,010		1,394,023
Federal Realty Investment Trust		17,300		2,024,273
Federation Centres		205,300		553,369
Frasers Centrepoint Trust		36,000		65,763
General Growth Properties, Inc.		60,474		1,373,969
Hammerson PLC		228,985		1,847,830
Japan Retail Fund Investment Corp.		335		793,814

Description	Number  of Shares		Value
Kimco Realty Corp.		42,100	$	1,001,138
Klepierre		33,732		1,430,432
Link REIT		190,300		1,077,774
Macerich Co.		33,984		2,380,579
Ramco-Gershenson Properties Trust		7,800		136,266
RioCan Real Estate Investment Trust		103,321		3,026,456
Simon Property Group, Inc.		45,569		8,114,472
Tanger Factory Outlet Centers		5,310		197,107
Taubman Centers, Inc.		38,100		3,257,931
Unibail-Rodamco SE		13,274		3,470,018
Westfield Group		116,402		1,405,850
Westfield Retail Trust		420,863		1,439,817
TOTAL RETAIL			$	36,451,093
SPECIALIZED – 3.9%
HCP, Inc.		22,300		1,188,590
Health Care REIT, Inc.		55,300		4,145,841
Healthcare Trust of America, Inc.		7,900		98,592
Host Hotels & Resorts, Inc.		238,514		4,357,651
LaSalle Hotel Properties		29,100		754,563
Pebblebrook Hotel Trust		9,800		266,168
Public Storage		15,000		2,475,000
Sunstone Hotel Investors, Inc.*		19,700		244,477
Ventas, Inc.		48,284		3,844,855
TOTAL SPECIALIZED			$	17,375,737
SPECIALTY RETAIL – 0.1%
Senior Housing Properties Trust		14,200		403,706
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $82,510,513)			$	110,396,895
TOTAL REAL ESTATE RELATED SECURITIES (COST $150,461,080)			$	200,061,269
COMMODITY RELATED SECURITIES – 11.6%
EXCHANGE-TRADED FUND – 4.1%
COMMODITY FUND – 4.1%
PowerShares DB Commodity Index Tracking Fund*		699,500		18,375,865
TOTAL EXCHANGE-TRADED FUND (COST $18,704,368)			$	18,375,865
INVESTMENT COMPANIES – 6.2%
COMMODITY FUNDS – 6.2%
Credit Suisse Commodity Return Strategy Fund		1,724,196		13,276,311
PIMCO CommoditiesPLUS Strategy Fund		1,350,445		14,382,242
TOTAL COMMODITY FUNDS			$	27,658,553
TOTAL INVESTMENT COMPANIES (COST $27,576,944)			$	27,658,553
STRUCTURED NOTE – 1.3%

ANNUAL REPORT / April 30, 2013

62    PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
FINANCIALS – 1.3%
Deutsche Bank AG, London Branch, Structured Note Linked to Dow Jones-UBS Commodity Index, 0.07%, 06/20/2013‡		6,000,000	$	5,925,000
TOTAL STRUCTURED NOTE (COST $6,000,000)			$	5,925,000
TOTAL COMMODITY RELATED SECURITIES (COST $52,281,312)			$	51,959,418
Description	Contracts		Value
PURCHASED OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
U.S. Dollar vs. Japanese Yen, Strike Price 0.99%, Expiring		700,000	$	15,257
U.S. Dollar vs. Japanese Yen, Strike Price 0.99%, Expiring		600,000		13,077
TOTAL CALL OPTIONS			$	28,334
PUT OPTIONS – 0.0%**
U.S. 30Y Futures, Strike Price 3.88%, Expiring 4/14/2014		600,000		5,565
TOTAL PURCHASED OPTIONS (COST $52,295)			$	33,899
	Number of Shares
SHORT-TERM INVESTMENTS – 4.7%
MONEY MARKET FUNDS – 3.9%
Dreyfus Cash Management Fund, Institutional Shares^		14,872,296		14,872,296
Wilmington Prime Money Market Fund, Institutional Shares, 0.02%^,§		2,650,807		2,650,807
TOTAL MONEY MARKET FUNDS (COST $17,523,103)			$	17,523,103

	Par Value
REPURCHASE AGREEMENT – 0.8%
Citigroup Global Markets 0.15%, dated 04/30/13, due 05/01/2013, repurchase price $3,300,014, collateralized by U.S. Treasury Note 0.625%, maturing 05/31/17; total market value of $3,369,561.	$	3,300,000		3,300,000
TOTAL REPURCHASE AGREEMENT (COST $3,300,000)			$	3,300,000
TOTAL SHORT-TERM INVESTMENT (COST $20,823,103)			$	20,823,103

Description	Par Value			Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.1%
REPURCHASE AGREEMENT – 0.1%
RBC Capital Markets LLC, 0.14%, dated 04/30/13, due 05/01/13, repurchase price $601,404, collateralized by U.S. Treasury Securities 0.13% to 3.88%, maturing 07/15/13 to 02/15/43; total market value of $613,432.	$	601,402		$	601,402
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $601,402)				$	601,402
TOTAL INVESTMENTS IN SECURITIES BEFORE WRITTEN OPTIONS – 99.5% (COST $387,334,525)				$	445,228,549
	Contracts			Value
WRITTEN OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
INF FLOOR USD, Strike Price 216.69%, Expiring 4/07/2020		(260	)		(4,224	)
U.S. 10Y Futures, Strike Price 1.80%, Expiring 7/29/2013		(20	)		(1,174	)
U.S. 10Y Futures, Strike Price 1.80%, Expiring 7/29/2013		(40	)		(2,349	)
U.S. 10Y Futures, Strike Price 1.80%, Expiring 7/29/2013		(70	)		(4,111	)
U.S. 10Y Futures, Strike Price 1.80%, Expiring 7/29/2013		(80	)		(4,698	)
U.S. 10Y Futures, Strike Price 1.80%, Expiring 7/29/2013		(90	)		(5,285	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(60	)		(3,523	)
U.S. 3Y Futures, Strike Price 1.60%, Expiring 7/02/2013		(300	)		(9,181	)
U.S. 5Y Futures, Strike Price 7.50%, Expiring 9/03/2013		(20	)		(180	)
U.S. 5Y Futures, Strike Price 7.50%, Expiring 9/03/2013		(20	)		(180	)
U.S. 5Y Futures, Strike Price 7.50%, Expiring 9/13/2013		(130	)		(1,170	)
U.S. Dollar vs. Japanese Yen, Strike Price 0.10%, Expiring 9/24/2013		(60	)		(5,210	)
U.S. Dollar vs. Japanese Yen, Strike Price 0.10%, Expiring 9/24/2013		(70	)		(6,078	)
TOTAL CALL OPTIONS				$	(47,363	)
PUT OPTIONS – 0.0%**
EURO 2Y Futures, Strike Price 1.15%, Expiring 7/24/2013		(40	)		(2	)
EURO 2Y Futures, Strike Price 1.15%, Expiring 7/24/2013		(70	)		(3	)
EURO 2Y Futures, Strike Price 1.15%, Expiring 7/24/2013		(120	)		(5	)

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    63

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Contracts			Value
EURO 5Y Futures, Strike Price 1.15%, Expiring 6/03/2013		(20	)	$	—
EURO 5Y Futures, Strike Price 1.15%, Expiring 6/03/2013		(80	)		—
EURO 5Y Futures, Strike Price 1.70%, Expiring 7/24/2013		(10	)		(2	)
EURO 5Y Futures, Strike Price 1.70%, Expiring 7/24/2013		(20	)		(4	)
EURO 5Y Futures, Strike Price 1.70%, Expiring 7/24/2013		(30	)		(6	)
EURO 5Y Futures, Strike Price 1.70%, Expiring 7/24/2013		(120	)		(24	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(20	)		(92	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(40	)		(184	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(60	)		(275	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(70	)		(321	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(80	)		(367	)
U.S. 10Y Futures, Strike Price 2.65%, Expiring 7/29/2013		(90	)		(413	)
U.S. 3Y Futures, Strike Price 1.60%, Expiring 7/02/2013		(300	)		(4,894	)
U.S. 5Y Futures, Strike Price 1.25%, Expiring 9/03/2013		(20	)		(298	)

Description	Contracts			Value
U.S. 5Y Futures, Strike Price 1.25%, Expiring 9/03/2013		(20	)	$	(298	)
U.S. 5Y Futures, Strike Price 1.25%, Expiring 9/03/2013		(130	)		(1,938	)
U.S. 5Y Futures, Strike Price 1.40%, Expiring 9/03/2013		(30	)		(243	)
U.S. 5Y Futures, Strike Price 2.85%, Expiring 4/14/2014		(270	)		(2,077	)
U.S. Dollar vs. Japanese Yen, Strike Price 0.88%, Expiring		(70	)		(2,338	)
U.S. Dollar vs. Japanese Yen, Strike Price 0.88%, Expiring		(60	)		(2,135	)
TOTAL PUT OPTIONS				$	(15,919	)
TOTAL WRITTEN OPTIONS (PREMIUM RECEIVED $161,326)				$	(63,282	)
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS – 99.5%					445,165,267
OTHER ASSETS LESS LIABILITIES – 0.5%					2,170,651
TOTAL NET ASSETS – 100.0%				$	447,335,918

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Debt Funds		72.8	%
Equity Funds		20.2	%
Asset Allocation Fund		5.7	%
Money Market Fund		1.5	%
Other Assets and Liabilities – Net1		(0.2	)%
TOTAL		100.0	%

(1) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Number  of Shares		Value
INVESTMENT COMPANIES – 100.2%
ASSET ALLOCATION FUND – 5.7%
Wilmington Multi-Manager Real Asset Fund, Class I§		175,518	$	2,739,830
DEBT FUNDS – 72.8%
Dreyfus International Bond Fund, Class I		60,753		1,047,995
Federated Ultrashort Bond Fund, Institutional Shares¤		317,005		2,929,126
MFS Emerging Markets Debt Fund, Class I		151,547		2,450,520
PIMCO Unconstrained Bond Fund, Institutional Shares		180,103		2,087,393
RidgeWorth Seix Floating Rate High Income Fund, Class I		248,251		2,256,604
Wilmington Intermediate-Term Bond Fund, Class I§		2,276,678		24,132,788
TOTAL DEBT FUNDS			$	34,904,426
EQUITY FUNDS – 20.2%
Gateway Fund, Class Y		51,357		1,449,303
TIAA-CREF Mid-Cap Value Fund, Retail Shares		29,625		612,655
Wilmington Large-Cap Strategy Fund, Class I§		242,365		3,545,798
Wilmington Mid-Cap Growth Fund, Class I§		34,388		563,962
Wilmington Multi-Manager International Fund, Class I§		434,816		3,174,153
Wilmington Small-Cap Strategy Fund, Class I§		26,932		331,531
TOTAL EQUITY FUNDS			$	9,677,402

Description	Number  of Shares		Value
MONEY MARKET FUND – 1.5%
Wilmington Prime Money Market Fund, Institutional Class, 0.02%^,§		710,281	$	710,281
TOTAL INVESTMENT COMPANIES (COST $44,189,092)			$	48,031,939
TOTAL INVESTMENTS – 100.2% (COST $44,189,092)			$	48,031,939
OTHER LIABILITIES LESS ASSETS – (0.2%)				(97,914	)
TOTAL NET ASSETS – 100.0%			$	47,934,025

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Investment Companies:
Equity Funds		53.2	%
Debt Funds		20.6	%
Asset Allocation Fund		5.4	%
Money Market Fund		1.9	%
Corporate Bonds		9.1	%
Mortgage-Backed Securities		5.2	%
U.S. Treasury		3.9	%
Collateralized Mortgage Obligations		0.5	%
Enhanced Equipment Trust Certificates		0.2	%
Cash Equivalents1		0.1	%
Other Assets and Liabilities – Net2		(0.1	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market funds.

(2) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

April 30, 2013

Description	Number  of Shares		Value
INVESTMENT COMPANIES – 81.1%
ASSET ALLOCATION FUND – 5.4%
Wilmington Multi-Manager Real Asset Fund, Class I§		221,091	$	3,451,237
DEBT FUNDS – 20.6%
Dreyfus International Bond Fund, Class I		74,343		1,282,422
Federated Ultrashort Bond Fund¤		279,749		2,584,877
MFS Emerging Markets Debt Fund, Class I		207,446		3,354,403
PIMCO Unconstrained Bond Fund, Institutional Shares		213,203		2,471,026
RidgeWorth Seix Floating Rate High Income Fund, Class I		367,583		3,341,333
TOTAL DEBT FUNDS			$	13,034,061
EQUITY FUNDS – 53.2%
Gateway Fund, Class Y		87,896		2,480,415
Harbor International Fund, Institutional Shares		49,305		3,235,857
Lazard Emerging Markets Equity Portfolio, Institutional Shares		105,247		2,055,473
LSV Value Equity Fund		282,319		5,019,624
Morgan Stanley Focus Growth Fund, Class I		101,048		4,383,479

Description	Number of Shares		Value
TIAA-CREF Mid-Cap Value Fund, Retail Shares		108,203	$	2,237,630
Wilmington Large-Cap Growth Fund, Class I§		211,542		1,827,727
Wilmington Large-Cap Value Fund, Class I§		122,512		1,427,262
Wilmington Mid-Cap Growth Fund, Class I§		188,417		3,090,043
Wilmington Multi-Manager International Fund, Class I§		942,860		6,882,878
Wilmington Small-Cap Growth Fund, Class I§		56,897		1,072,513
TOTAL EQUITY FUNDS			$	33,712,901
MONEY MARKET FUND – 1.9%
Wilmington Prime Money Market Fund, Institutional Class, 0.02%^,§		1,223,157		1,223,157
TOTAL INVESTMENT COMPANIES (COST $43,662,498)			$	51,421,356
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	1,979		2,261

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    71

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
Series 2012-114, Class VM, 3.50%, 10/25/25	$	192,797		214,243
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	216,504
WHOLE LOAN – 0.2%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.92%, 2/25/34D		65,299		65,093
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 2.90%, 11/25/35D		48,849		43,204
TOTAL WHOLE LOAN			$	108,297
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $331,009)			$	324,801
CORPORATE BONDS – 9.1%
AEROSPACE & DEFENSE – 0.1%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		85,000		91,733
AGRICULTURE – 0.3%
Archer-Daniels-Midland Co, Sr. Unsecured, 4.02%, 4/16/43		200,000		199,555
BEVERAGES – 0.3%
Anheuser-Busch Cos. LLC, Company Guaranteed, 5.05%, 10/15/16		130,000		148,434
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 3.75%, 7/15/42		20,000		19,586
Diageo Capital PLC, Company Guaranteed, 3.88%, 4/29/43		15,000		14,937
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.00%, 1/15/20		10,000		9,976
TOTAL BEVERAGES			$	192,933
CAPITAL MARKETS – 0.3%
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		40,786
Goldman Sachs Group, Inc., Sr. Unsecured, 3.30%, 5/03/15		100,000		104,109
Morgan Stanley, Sr. Unsecured, 1.54%, 2/25/16D		35,000		35,244
TOTAL CAPITAL MARKETS			$	180,139
CHEMICALS – 0.1%
Dow Chemical Co., Sr. Unsecured, 3.00%, 11/15/22		70,000		70,414
COMMERCIAL BANKS – 0.7%
Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		100,000		100,014
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13		100,000		100,221
PNC Funding Corp., Bank Guaranteed, 4.25%, 9/21/15		75,000		81,173

Description	Par Value		Value
SunTrust Capital III, Limited Guarantee, 0.93%, 3/15/28D	$	152,000	$	125,224
Wells Fargo & Co., Series M, Subordinated, 3.45%, 2/13/23		35,000		35,645
TOTAL COMMERCIAL BANKS			$	442,277
COMMERCIAL FINANCE – 0.2%
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17		130,000		135,497
COMPUTERS – 0.2%
Apple, Inc., Sr. Unsecured, 3.85%, 5/04/43††		35,000		34,796
Hewlett-Packard Co., Sr. Unsecured, 4.75%, 6/02/14		80,000		83,212
TOTAL COMPUTERS			$	118,008
CONSUMER FINANCE – 0.5%
American Express Credit Corp., Sr. Unsecured, MTN, 5.13%, 8/25/14		100,000		106,071
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		100,000		107,119
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		130,000		132,768
TOTAL CONSUMER FINANCE			$	345,958
DIVERSIFIED FINANCIAL SERVICES – 1.0%
Bank of America Corp., Sr. Unsecured, MTN, 2.00%, 1/11/18		50,000		50,146
Citigroup, Inc., Sr. Unsecured, 6.00%, 8/15/17		200,000		234,478
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39•,W		100,000		126,399
JPMorgan Chase & Co., Sr. Unsecured, 3.40%, 6/24/15		100,000		105,338
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.05%, 1/24/14		100,000		101,245
JPMorgan Chase & Co., Subordinated, 3.38%, 5/01/23		20,000		19,977
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	637,583
ELECTRIC – 0.1%
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20		70,000		75,868
ELECTRONICS – 0.2%
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.25%, 11/20/14		150,000		155,418
ENVIORNMENTAL CONTROL – 0.1%
Waste Management, Inc., Company Guaranteed, 2.60%, 9/01/16		60,000		62,995
FOOD – 0.2%
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		100,000		107,303
FOREST PRODUCTS & PAPER – 0.2%
International Paper Co., Sr. Unsecured, 5.30%, 4/01/15		100,000		108,150

ANNUAL REPORT / April 30, 2013

72    PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
HEALTH CARE PROVIDERS & SERVICES – 0.0%**
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.75%, 2/15/23	$	25,000	$	25,239
HOME FURNISHINGS – 0.1%
Whirlpool Corp.,
Notes, MTN, 5.15%, 3/01/43		10,000		10,553
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		65,000		72,419
TOTAL HOME FURNISHINGS			$	82,972
HOUSEHOLD PRODUCTS – 0.1%
Tupperware Brands Corp.,
Company Guaranteed, 4.75%, 6/01/21		60,000		64,456
INSURANCE – 0.3%
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.40%, 5/15/42		90,000		93,876
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		60,000		66,561
TOTAL INSURANCE			$	160,437
INTERNET – 0.1%
Symantec Corp.,
Sr. Unsecured, 2.75%, 6/15/17		90,000		93,397
IRON/STEEL – 0.1%
Cliffs Natural Resources, Inc.,
Sr. Unsecured, 3.95%, 1/15/18		45,000		45,651
MEDIA – 0.6%
Comcast Corp.,
Company Guaranteed, 4.65%, 7/15/42		60,000		66,033
COX Communications, Inc.,
Sr. Unsecured, 4.50%, 6/30/43•,W		100,000		100,174
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
Company Guaranteed, 3.50%, 3/01/16		127,000		135,670
Viacom, Inc.,
Sr. Unsecured, 2.50%, 12/15/16		60,000		62,788
TOTAL MEDIA			$	364,665
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd.,
Company Guaranteed, 9.00%, 5/01/19		60,000		83,118
MISCELLANEOUS MANUFACTURING – 0.1%
General Electric Co.,
Sr. Unsecured, 4.13%, 10/09/42		35,000		37,237
OIL & GAS – 0.3%
BP Capital Markets PLC,
Company Guaranteed, 2.50%, 11/06/22		50,000		49,924
Marathon Oil Corp.,
Sr. Unsecured, 2.80%, 11/01/22		45,000		45,081
Murphy Oil Corp.,
Sr. Unsecured, 5.13%, 12/01/42		70,000		67,987
Transocean, Inc.,
Company Guaranteed, 6.50%, 11/15/20		45,000		53,452
TOTAL OIL & GAS			$	216,444

Description	Par Value		Value
PHARMACEUTICALS – 0.1%
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42•,W	$	20,000	$	21,132
Zoetis, Inc.,
Sr. Unsecured, 4.70%, 2/01/43•,W		15,000		15,900
TOTAL PHARMACEUTICALS			$	37,032
PIPELINES – 0.1%
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23		35,000		35,696
REAL ESTATE INVESTMENT TRUSTS – 1.8%
AvalonBay Communities, Inc.,
Sr. Unsecured, MTN, 5.70%, 3/15/17		100,000		116,315
Boston Properties LP,
Sr. Unsecured, 5.88%, 10/15/19		100,000		121,956
CommonWealth REIT,
Sr. Unsecured, 6.65%, 1/15/18		100,000		113,238
Digital Realty Trust LP,
Company Guaranteed, 5.88%, 2/01/20		100,000		117,442
HCP, Inc.,
Sr. Unsecured, 5.38%, 2/01/21		100,000		118,359
Health Care REIT, Inc.,
Sr. Unsecured, 4.70%, 9/15/17		100,000		113,048
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		40,000		40,838
Mack-Cali Realty LP,
Sr. Unsecured, 2.50%, 12/15/17		90,000		91,916
ProLogis LP,
Company Guaranteed, 6.13%, 12/01/16		60,000		69,406
Simon Property Group LP,
Sr. Unsecured, 5.65%, 2/01/20		100,000		121,732
Ventas Realty LP / Ventas Capital Corp.,
Company Guaranteed, 2.70%, 4/01/20		105,000		106,936
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,131,186
RETAIL – 0.5%
CVS Caremark Corp.,
Sr. Unsecured, 5.75%, 6/01/17		49,000		58,095
Home Depot, Inc.,
Sr. Unsecured, 5.40%, 3/01/16		105,000		118,909
Yum! Brands, Inc.,
Sr. Unsecured, 5.30%, 9/15/19		100,000		117,448
TOTAL RETAIL			$	294,452
SEMICONDUCTORS – 0.1%
Intel Corp.,
Sr. Unsecured, 2.70%, 12/15/22		35,000		35,004
SOFTWARE – 0.1%
Oracle Corp.,
Sr. Unsecured, 1.20%, 10/15/17		75,000		75,604
TRANSPORTATION – 0.1%
FedEx Corp.,
Company Guaranteed, 3.88%, 8/01/42		30,000		29,362

April 30, 2013 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    73

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 3/01/18	$	55,000	$	56,658
TOTAL TRANSPORTATION			$	86,020
TOTAL CORPORATE BONDS (COST $5,524,561)			$	5,792,441
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines 2009-2, Pass-Through Certificates, 7.25%, 11/10/19		70,126		82,442
Delta Air Lines, 2009-1,
Series A, Pass-Through Certificates,
6.82%, 8/10/22		55,046		64,197
TOTAL AIRLINES			$	146,639
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $124,932)			$	146,639
MORTGAGE-BACKED SECURITIES – 5.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.4%
Pool A15865, 5.50%, 11/01/33		99,629		108,584
Pool A19412, 5.00%, 3/01/34		221,233		239,252
Pool C00478, 8.50%, 9/01/26		3,116		3,622
Pool C03517, 4.50%, 9/01/40		75,592		80,931
Pool C04305, 3.00%, 11/01/42		252,160		262,935
Pool C09020, 3.50%, 11/01/42		270,761		288,103
Pool G05774, 5.00%, 1/01/40		524,217		562,161
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,545,588
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.6%
Pool 533246, 7.50%, 4/01/30		32,249		35,270
Pool 889982, 5.50%, 11/01/38		246,887		268,503
Pool 932752, 5.00%, 4/01/40		90,018		97,372
Pool AA7692, 4.50%, 6/01/39		154,132		166,131
Pool AB3417, 4.00%, 8/01/41		439,099		470,653
Pool AB4089, 3.00%, 12/01/26		223,670		236,460
Pool AJ4050, 4.00%, 10/01/41		211,037		226,796
Pool MA0563, 4.00%, 11/01/30		153,893		165,766
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,666,951
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 354677, 7.50%, 10/15/23		26,390		30,386
Pool 354765, 7.00%, 2/15/24		34,606		39,751
Pool 354827, 7.00%, 5/15/24		34,748		39,915
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	110,052
TOTAL MORTGAGE-BACKED SECURITIES
(COST $3,230,246)			$	3,322,591

Description	Par Value		Value
U.S. TREASURY – 3.9%
U.S. TREASURY BONDS – 0.7%
2.75%, 8/15/42	$	35,000	$	34,046
4.38%, 5/15/40		290,000		378,713
4.75%, 2/15/37		21,000		28,694
TOTAL U.S. TREASURY BONDS			$	441,453
U.S. TREASURY INFLATION INDEXED NOTES – 1.0%
1.13%, 1/15/21		480,000		598,776
U.S. TREASURY NOTES – 2.2%
0.63%, 9/30/17		40,000		40,104
0.88%, 1/31/17		150,000		152,412
1.50%, 3/31/19		200,000		207,467
1.63%, 11/15/22		96,000		95,901
2.00%, 11/15/21		100,000		104,583
2.13%, 5/31/15		65,000		67,565
3.50%, 5/15/20		200,000		232,912
4.00%, 2/15/14		40,000		41,227
4.50%, 2/15/16		200,000		223,429
4.50%, 5/15/17		200,000		232,084
TOTAL U.S. TREASURY NOTES			$	1,397,684
TOTAL U.S. TREASURY
(COST $2,159,685)			$	2,437,913
	Number  of Shares
MONEY MARKET FUND – 0.1%
Dreyfus Cash Management Fund,
Institutional Shares, 0.05%^		41,172		41,172
TOTAL MONEY MARKET FUND
(COST $41,172)			$	41,172
TOTAL INVESTMENTS – 100.1%
(COST $55,074,103)			$	63,486,913
OTHER LIABILITIES LESS ASSETS – (0.1%)				(93,565	)
TOTAL NET ASSETS – 100.0%			$	63,393,348

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Equity Funds		88.6	%
Debt Fund		5.1	%
Asset Allocation Fund		5.0	%
Money Market Fund		1.7	%
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

Description	Number  of Shares		Value
INVESTMENT COMPANIES – 100.4%
ASSET ALLOCATION FUND – 5.0%
Wilmington Multi-Manager Real Asset Fund, Class I§		125,870	$    1,964,829
DEBT FUND – 5.1%
RidgeWorth Seix Floating Rate High Income Fund, Class I		218,751	1,988,445
EQUITY FUNDS – 88.6%
Gateway Fund, Class Y		40,352	1,138,738
Lazard Emerging Markets Equity Portfolio, Institutional Shares		76,649	1,496,958
LSV Value Equity Fund		61,910	1,100,764
Morgan Stanley Focus Growth Fund, Class I		23,820	1,033,333
TIAA-CREF Mid-Cap Value Fund, Retail Shares		138,074	2,855,367
Wilmington Large-Cap Strategy Fund, Class I§		897,089	13,124,405
Wilmington Mid-Cap Growth Fund, Class I§		169,356	2,777,438

Description	Number  of Shares		Value
Wilmington Multi-Manager International Fund, Class I§		1,398,685	$	10,210,397
Wilmington Small-Cap Strategy Fund, Class I§		69,393		854,224
TOTAL EQUITY FUNDS			$	34,591,624
MONEY MARKET FUND – 1.7%
Wilmington Prime Money Market Fund, Institutional Class, 0.02%^,§		643,033		643,033
TOTAL INVESTMENT COMPANIES (COST $28,749,923)			$	39,187,931
TOTAL INVESTMENTS – 100.4% (COST $28,749,923)			$	39,187,931
OTHER LIABILITIES LESS ASSETS – (0.4%)				(156,912	)
TOTAL NET ASSETS – 100.0%			$	39,031,019

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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s Board of Trustees. At April 30, 2013, these liquid restricted securities were as follows:

Fund	Amount		Percentage of Total Net Assets
Multi-Manager International Fund		$2,211,478		0.4	%
Rock Maple Alternatives Fund		3,102,623		6.6	%
Multi-Manager Real Asset Fund		2,509,597		0.6	%
Strategic Allocation Moderate Fund		263,605		0.4	%

• 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:

Fund	Amount		Percentage of Total Net Assets
Multi-Manager International Fund		$479,519		0.1%
Strategic Allocation Moderate Fund		34,796		0.1%

¤ While the Fund’s 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 fund’s short positions and written options carried by the funds. The total value of all securities segregated at April 30, 2013 was:

Fund	Amount		Percentage of Total Net Assets
Rock Maple Alternatives Fund		$13,593,412		28.9%

ø All or a portion of this security is segregated as collateral in connection with the fund’s futures positions. The total value of all securities segregated at April 30, 2013 was:

Fund	Amount		Percentage of Total Net Assets
Multi-Manager Real Asset Fund		$124,147		0.0%**

* 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 & Poor’s 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 Multi-Manager Real Asset 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

82    STATEMENTS OF OPERATIONS

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 fee—Class A		15,511			2,641			15,455
Shareholder services fee—Class 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 fee—Class A		(183)			—			—
Waiver of shareholder services fee—Class A		(15,511)			(2,641)			(15,455)
Waiver of shareholder services fee—Class 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 fee—Class A		16,185			152,603			7,531
Shareholder services fee—Class 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 fee—Class A		—			(29)			—
Waiver of shareholder services fee—Class A		(16,185)			(152,603)			(7,531)
Waiver of shareholder services fee—Class 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 April 30, 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 April 30, 2013			Year Ended April 30, 2012			Year Ended April 30, 2013			Ten Months Ended April 30, 2012(a)			Year Ended June 30, 2011
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

FINANCIAL HIGHLIGHTS    87

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND^†

CLASS A	Year Ended April  30, 2013			For the Period July 1, 2011 through 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		$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 (000’s)		$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 July 1, 2011 through 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		$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 (000’s)		$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 January 12, 2012* through April 30, 2012
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 (000’s)		$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 January 12, 2012* 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 (000’s)		$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 July 1, 2011 through 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		$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 (000’s)		$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 July 1, 2011 through 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		$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 (000’s)		$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 July 1, 2011 through 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 (000’s)		$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 January 12, 2012 through 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		$10.64			$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 (000’s)		$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 (000’s)		$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 (000’s)		$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 Fund—Aggressive Growth, Managed Allocation Fund—Moderate Growth, and Managed Allocation Fund—Conservative 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 Fund—Moderate 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 July 1, 2011 through 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 (000’s)		$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 January 12, 2012 through 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		$9.22			$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 (000’s)		$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 Fund’s 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 Fund’s investment goal is to achieve long-term preservation of capital with current income.
Wilmington Strategic Allocation Conservative Fund* (“Strategic Allocation Conservative Fund”)(d)	The Fund’s 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 Fund’s 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 Fund’s 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 shareholder’s 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 (“ETF’s”) and Exchange Traded Notes (“ETN’s”), 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 security’s 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 Fund’s 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 Fund’s return on the transaction. It is each Fund’s 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 country’s 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 issuer’s 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 Fund’s 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 Fund’s 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 lender’s 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 entity’s 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 Fund’s 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 Fund’s 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 Fund’s 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 contract’s 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 Fund’s 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 protection’s 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 issuer’s 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 name’s 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 entity’s 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) Ordinary Income		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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Trust’s 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 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 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 Fund’s 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 Fund’s 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 Fund’s operating history prior to the Reorganization is reflected in the International Fund’s 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 fund’s 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 Trust’s 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 SEC’s 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 SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s 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 consumer’s 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 employee’s or agent’s need to know the information in order to service a customer’s 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 don’t 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 employer’s 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 registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer

(b) There have been no amendments to the registrant’s 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 registrant’s Board has determined that each member of the Board’s 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 Registrant’s 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 Registrant’s 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 registrant’s 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 registrant’s 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 registrant’s 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 auditor’s 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 Company’s 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 auditor’s 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 registrant’s 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 registrant’s 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 SEC’s 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 SEC’s 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 registrant’s 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 registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s 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 accountant’s 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 registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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.