UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-5514

(Investment Company Act File Number)

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)

410.986.5600

(Registrant’s Telephone Number)

Gregory B. McShea

Wilmington Trust Investment Advisors, Inc.

111 South Calvert Street, 26th Floor

Baltimore, Maryland 21202

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 04/30

Date of Reporting Period: Fiscal year ended 04/30/12

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORT(S) TO STOCKHOLDERS.

The Trust’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

April 30, 2012

PRESIDENT’S MESSAGE AND

Annual Report

WILMINGTON FUNDS

Fixed Income Funds

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

Wilmington New York Municipal Bond Fund

Wilmington Pennsylvania Municipal Bond Fund

Wilmington Virginia Municipal Bond Fund

Money Market Funds

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

Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”) formerly MTB Income Fund

Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”) formerly MTB Intermediate Term Bond Fund

Wilmington Short-Term Corporate Bond Fund (“Short-Term Corporate Bond Fund”) formerly MTB Short-Term Corporate Bond Fund

Wilmington Short Duration Government Bond Fund (“Short Duration Government Bond Fund”) formerly MTB Short Duration Government Bond Fund

Wilmington Municipal Bond Fund (“Municipal Bond Fund”) formerly a series of the WT Mutual Fund

Wilmington Maryland Municipal Bond Fund (“Maryland Municipal Bond Fund”) formerly MTB Maryland Municipal Bond Fund

Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”) formerly MTB New York Municipal Bond Fund

Wilmington Pennsylvania Municipal Bond Fund (“Pennsylvania Municipal Bond Fund”) formerly MTB Pennsylvania Municipal Bond Fund

Wilmington Virginia Municipal Bond Fund (“Virginia Municipal Bond Fund”) formerly MTB Virginia Municipal Bond Fund

Wilmington Prime Money Market Fund (“Prime Money Market Fund”) formerly MTB Money Market Fund

Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) formerly MTB US Government Money Market Fund

Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”) formerly MTB U.S. Treasury Money Market Fund

Wilmington Tax-Exempt Money Market Fund (“Tax-Exempt Money Market Fund”) formerly MTB Tax-Free 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	30
Portfolios of Investments	33
Notes to Portfolios of Investments	92
Statements of Assets and Liabilities	96
Statements of Operations	99
Statements of Changes in Net Assets	102
Financial Highlights	110
Notes to Financial Statements	128
Report of Independent Registered Public Accounting Firm	139
Board of Trustees and Trust Officers	140
Board Approval of Investment Advisory Agreements	144
Shareholder Proxy Results	147

Dear Investor:

I am pleased to enclose the Annual Report of the Wilmington Funds, formerly known as the MTB Group of Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2011 through April 30, 2012. 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 new advisor to the Trust, and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investments Advisors, Inc.), the sub-advisor to the Trust, have provided the following review of the economy, bond and stock markets over the 12-month reporting period:

The Economy

The U.S. economy continues to show positive growth, but it is a slow rate of growth. The Commerce Department announced its early estimate of Gross Domestic Product (“GDP”) growth of 2.2% in the first quarter. Momentum is improving, but economic expansion remains mediocre. Since the beginning of the current recovery (third quarter of calendar year 2009), the country has averaged a 2.4% growth rate. This is significantly lower than the 4.5% annual growth rate during the last seven economic recoveries over the past 40 years. Currently, personal consumption accounts for 70% of GDP, and there is a reluctance – or inability – to ramp up spending. Consumers are concerned about the value of their homes and the outlook for jobs. Post-recession employment growth has averaged less than 1% annually since the recession ended in 2009. Jobless recoveries have become the norm. At the same time, worker productivity (output per hour) has increased. These productivity gains allow employers to keep labor costs in check, boosting profitability.

There are pockets of strength in the U.S. economic recovery, and the warm winter may have brought an early spring to the economy. Private sector hiring picked up, but government cutbacks (state and local) held back over-all job growth. April’s unemployment rate dropped to 8.1% and the economy added 115,000 jobs in the month. While this appears favorable, over 300,000 workers have dropped out of the work force and 41% of the unemployed have been out of work for six months or more.

Global concerns remain; including a slower growth in China’s economy, austerity programs in the peripheral Eurozone countries, and a technical recession in the United Kingdom. On this side of the Atlantic, we are seeing some positive contributions from the consumer, exports, and private inventory investments. The Federal Reserve (the “Fed”) has noted an improving economy; however, “not enough to warrant a change in stimulative policies at this time”. They predicted economic growth between 2.4% and 2.9% this year, which is significantly better than the 1.7% last year.

The Bond Markets

The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Fed responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank (ECB) initiated its “Long-Term Refinancing Operations” which addressed some of the liquidity concerns of its banking system by allowing banks to borrow cash from the ECB at a discounted borrowing rate by depositing longer-term loans with the ECB.

PRESIDENT’S MESSAGE  /  April 30, 2012

ii

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries.

It’s been a good year in fixed income, particularly in the tax-exempt bond arena. Two trends in the municipal market appeared during the 12 months ending 4/30/2012, both reflecting a reversal of the trends in place during the prior fiscal year. One trend was the increased supply of municipal debt issues where levels had moved into a more traditional range as compared to the previous period’s depressed levels, and the other trend was the increased level of demand for municipal securities compared to the previous period’s sell off of municipal securities.

For the 12-month reporting period May 1, 2011 through April 30, 2012, certain Barclays Capital indices performed as follows¹:

Barclays Capital U.S. Aggregate Bond Index2	Barclays Capital U.S. Treasury Bond Index3		Barclays Capital U.S. Mortgage- Backed Securities Index4		Barclays Capital U.S. Credit Bond Index5		Barclays Capital Municipal Bond Index6
7.54%		8.89%		5.74%		9.20%		11.36%

The Stock Markets

The Funds’ fiscal year ended with broad U.S. stock indices modestly higher. The slight net change masks an index drop of nearly 20% and a recovery. The potential effects of a European insolvency in both sovereign credit and banks put a scare into equity markets in August but were alleviated at least temporarily by allowing European banks to move their funding needs out to three years to provide some insurance against a liquidity crisis. While concerns about Europe fluctuated, the economic picture in the U.S. appeared to firm with a marginally better employment picture and confidence improving for both consumers and small businesses. As employment improves, it is expected that the housing market will show signs of stability with the hope of potentially adding to domestic growth at some point in the future.

The S&P 500 jumped 12.6% (including dividends) in the first quarter of 2012 with the unusual feature of having positive returns in each of the three months. One strategist points out that this has happened in only 17 of the past 66 years and there were no down years in those periods. Of course, past performance is no indication of future performance. As we approach mid-year, the market has its eyes on many issues including weakness in the European Union; the elections in the U.S.; a slowdown in China; and, the “fiscal cliff” in the U.S. which refers to a combination of expiring tax cuts, the end of the 2009 stimulus package, automatic spending cuts and new healthcare-related taxes which will be a drag on the economy.

The best performing industries during the fiscal year included computer hardware, auto retailing and homebuilding. The worst performing industries, suggesting a concern about a cyclical slowdown, included tires and rubber, aluminum, coal and consumable fuel.

For the 12-month reporting period May 1, 2011 through April 30, 2012, certain stock market indices performed as follows:

S&P 500 Index7	Dow Jones Industrial Average8		NASDAQ Composite Index9		MSCI All Country World ex-US  (Net) Index10
4.76%		5.97%		7.17%		(12.90)%

April 30, 2012  /  PRESIDENT’S MESSAGE

iii

The Trust, with assets of $12.8 billion as of April 30, 2012, 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 income¹¹, 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,

Kenneth Thompson

President

June 4, 2012

PRESIDENT’S MESSAGE  /  April 30, 2012

iv

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.

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. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

2. Barclays Capital U.S. Aggregate Bond Index is 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.

3. 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.

4. 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.

5. 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.

6. Barclays Capital Municipal Bond Index tracks the performance of 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.

7. 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.

8. 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 average is unmanaged and investments cannot be made directly in an average.

9. 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.

10. 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 44 countries indices comprising 23 developed and 21 emerging market country indices.

11. Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes.

Sector allocation and credit quality percentages are based on total portfolio as of quarter-end and are subject to change at any time. This data is shown for informational purposes only and is not to be considered a recommendation to purchase or sell any security. The credit quality of the investments in the Fund’s portfolio does not apply to the safety and stability of the Fund and are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as Standard & Poor’s, and typically range from AAA (highest) to D (lowest). When ratings from two NRSROs are available, the lowest rating is used. Bonds not rated by an NRSRO are included in the Not Rated category, which does not necessarily indicate low quality. Cash is defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents. For more information regarding rating methodologies for S&P visit www.standardandpoors.com and for Moody’s visit www.moodys.com.

April 30, 2012  /  PRESIDENT’S MESSAGE

1

WILMINGTON BROAD MARKET BOND FUND

(formerly known as MTB Income Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of 6.54%* for A Shares and 6.90%* for I Shares, versus its benchmark, the Barclays Capital U.S. Aggregate Bond Index**, which had a total return of 7.54%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of 7.10%.

The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.

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

	4/30/11		10/31/11		4/30/12
Federal Fund Target		0.00% - 0.25%		0.00% - 0.25%		0.00% - 0.25%
2 Year Treasury Note		0.60%		0.24%		0.26%
10 Year Treasury Note		3.29%		2.11%		1.91%

The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.

The Fund underperformed the benchmark over the last fiscal year. The underperformance can be attributed to the decision to remain overweight the higher-yielding Corporate sector of the bond market. Given that long-term interest rates were providing negative real rates, we allocated more assets to the higher-yielding Corporate sector. However, given the concerns surrounding Europe and the fragility of the economic recovery, the Corporate sector underperformed in 2011 and for the fiscal year. The decision to remain underweight the Mortgage-Backed sector of the market versus the benchmark aided performance as the Mortgage-Backed sector underperformed as investors required higher risk premiums to compensate for increased prepayment risk associated with historically low mortgage rates.

Our duration and yield curve management strategies also aided performance during the fiscal year. For example, we maintained a longer duration than the benchmark as interest rates declined during last summer in response to the Fed decision to maintain the accommodative policy into mid- 2013.

Looking forward we will continue to utilize our disciplined active relative value investment process.

* 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 A Shares was 1.73%, 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.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

ANNUAL REPORT  /  April 30, 2012

2

WILMINGTON BROAD MARKET BOND FUND – A SHARES* AND I SHARES^†,*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Broad Market Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)² and the Lipper Corporate A-Rated Debt Funds Average.²

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Broad Market Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital Aggregate Bond Index (BCAB)² and the Lipper Corporate A-Rated Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		1.73%		6.90%
5 Years		4.79%		6.01%
10 Years		4.48%		5.21%

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 A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		1.18%		0.93%
After Waivers		1.00%		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 $10,000 in A Shares 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 Fund, BCAB and the Lipper Corporate A-Rated Debt Funds Average 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 or Lipper average 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.

* Formerly Class A Shares and Institutional I Shares.

April 30, 2012  /  ANNUAL REPORT

3

WILMINGTON INTERMEDIATE-TERM BOND FUND

(formerly known as MTB Intermediate-Term Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of 4.96%* for A Shares, 4.28%* for C Shares, and 5.33%* for I Shares, versus its benchmark, the Barclays Capital Intermediate U.S. Government/Credit Bond Index**, which had a total return of 5.86% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 4.17%.

The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where they simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.

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

	4/30/11		10/31/11		4/30/12
Federal Fund Target		0.00% - 0.25%		0.00% - 0.25%		0.00% - 0.25%
2 Year Treasury Note		0.60%		0.24%		0.26%
10 Year Treasury Note		3.29%		2.11%		1.91%

The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.

The Fund had a shorter average maturity than its benchmark which detracted from performance. In addition, the Fund was underweight Treasuries and overweight Corporate securities relative to the benchmark. This hurt the Fund’s relative performance as Treasuries outperformed Corporate securities. Performance was also hampered in the first quarter of 2012 as large U.S. and U.S. dollar-denominated European banks and broker dealers significantly outperformed the overall credit portion of the benchmark. Earlier in the fiscal year the Fund reduced its exposure to this more risky sector of the market.

* 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 A Shares was 0.21%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was 3.29%, adjusted for the Fund’s contingent deferred 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.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

ANNUAL REPORT  /  April 30, 2012

4

WILMINGTON INTERMEDIATE-TERM BOND FUND – A SHARES* AND C SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Intermediate-Term Bond Fund (A Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”)³ and the Lipper Short Intermediate Investment Grade Debt Funds Average.³

The graph below illustrates the hypothetical investment of $10,000,² in the Wilmington Intermediate-Term Bond Fund (C Shares) (the “Fund”) from March 31, 2010 (start of performance) to April 30, 2012, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”)³ and the Lipper Short Intermediate Investment Grade Debt Funds Average.³

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		C Shares
1 Year		0.21%		3.29%
5 Years		5.39%		N/A
Start of Performance4		4.55%		4.90%

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 A Shares and contingent deferred sales charge (“CDSC”) of up to 1.00% for C Shares.

Annual Operating Expense Ratio

	A Shares		C Shares
Before Waivers		1.23%		1.98%
After Waivers		0.95%		1.68%

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 4.50% ($10,000 investment minus $450 sales charge = $9,550). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions.

3 The performance for the BCIGC and the Lipper Short Intermediate Investment Grade Debt Funds Average 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. Lipper Short Intermediate Investment Grade Debt Funds Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

4 The start of performance for A Shares was August 18, 2003 and C Shares was March 31, 2010.

* Formerly Class A Shares and Class C Shares.

April 30, 2012  /  ANNUAL REPORT

5

WILMINGTON INTERMEDIATE-TERM BOND FUND – I SHARES^†,*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Intermediate-Term Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital Intermediate Government/Credit Bond Index (“BCIGC”)¹ and the Lipper Short Intermediate Investment Grade Debt Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	5.33%
5 Years	6.62%
10 Years	5.59%

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.

Annual Operating Expense Ratio

Before Waivers	0.98%
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 The performance for the Fund, the BCIGC and the Lipper Short Intermediate Investment Grade Debt Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average 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.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

6

WILMINGTON SHORT-TERM CORPORATE BOND FUND

(formerly known as MTB Short-Term Corporate Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Short-Term Corporate Bond Fund (the “Fund”) had a total return of 1.48%* for A Shares, 0.71%* for C Shares, and 1.74%* for I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 1.48%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 1.72%.

The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where they simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.

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

	4/30/11		10/31/11		4/30/12
Federal Fund Target		0.00% - 0.25%		0.00% - 0.25%		0.00% - 0.25%
2 Year Treasury Note		0.60%		0.24%		0.26%
10 Year Treasury Note		3.29%		2.11%		1.91%

The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.

The Fund had a shorter average maturity than its benchmark which detracted slightly from performance. In addition, relative performance was also hampered over the first quarter of 2012 as large U.S. and U.S. dollar-denominated European banks and broker dealers significantly outperformed the overall credit portion of the benchmark. Earlier in the year the Fund reduced its exposure to this more risky sector of the market. However, the Fund’s corporate exposure caused it to outperform the benchmark over the last 12 months.

* 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 A Shares was (0.26)%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was (0.29)%, adjusted for the Fund’s contingent deferred 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.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

April 30, 2012  /  ANNUAL REPORT

7

WILMINGTON SHORT-TERM CORPORATE BOND FUND – A SHARES* AND C SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short-Term Corporate Bond Fund (A Shares) (the “Fund”) from August 25, 2003 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BCGC”)³ and the Lipper Short Investment Grade Debt Funds Average.³

The graph below illustrates the hypothetical investment of $10,000² in the Wilmington Short-Term Corporate Bond Fund (C Shares) (the “Fund”) from April 08, 2010 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BCGC”)³ and the Lipper Short Investment Grade Debt Funds Average.³

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		C Shares
1 Year		(0.26)%		(0.29)%
5 Years		3.13%		N/A
Start of Performance4		2.90%		1.43%

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 A Shares and contingent deferred sales charge (“CDSC”) of up to 1.00% for C Shares.

Annual Operating Expense Ratio

	A Shares		C Shares
Before Waivers		1.25%		2.00%
After Waivers		0.86%		1.61%

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 $10,000 in A Shares 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 Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions.

3 The performance for the BCGC and the Lipper Short Investment Grade Debt Funds Average 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. Lipper Short Investment Grade Debt Funds Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

4 The start of performance for A Shares was August 25, 2003 and C Shares was April 8, 2010.

* Formerly Class A Shares and Class C Shares.

ANNUAL REPORT  /  April 30, 2012

8

WILMINGTON SHORT-TERM CORPORATE BOND FUND – I SHARES^†,*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Short-Term Corporate Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government/Credit Bond Index (“BC1-3GCB”)¹ and the Lipper Short Investment Grade Debt Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	1.74%
5 Years	3.71%
10 Years	3.44%

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	1.00%
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 The performance for the Fund, the BC1-3GCB and the Lipper Short Investment Grade Debt Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

† Performance presented 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 on that date.

* Formerly Institutional I Shares.

April 30, 2012  /  ANNUAL REPORT

9

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND

(formerly known as MTB Short Duration Government Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Short Duration Government Bond Fund (the “Fund”) had a total return of 1.40%* for A Shares, 0.61%* for C Shares, and 1.66%* for I Shares, versus its benchmark, the Barclays Capital 1-3 Year U.S. Government Bond Index**, which had a total return of 1.25%, and its peer group, the Lipper Short U.S. Government Bond Funds Average***, which had a total return of 1.21%.

The bond market, the subject of so much stress last summer, was much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that they would keep short-term interest rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of its banking system.

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries. However, for the past fiscal year the Corporate and Mortgage-Backed sectors underperformed the Treasury market as risk premiums widened.

The change in key interest rates over the last 12 months is presented below.

	4/30/11		10/31/11		4/30/12
Federal Fund Target		0.00% - 0.25%		0.00% - 0.25%		0.00% - 0.25%
2 Year Treasury Note		0.60%		0.24%		0.26%
10 Year Treasury Note		3.29%		2.11%		1.91%

The yield curve has flattened as investors seek to maintain current income. In sum, the bond market performed very strongly over the last twelve months.

While having a shorter average maturity than its benchmark, which detracted slightly from performance, the maintenance and acquisition of well-structured collateralized mortgage obligations significantly enhanced the Fund’s total return.

* 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 A Shares was (0.42)%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was (0.38)%, adjusted for the Fund’s contingent deferred 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.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

ANNUAL REPORT  /  April 30, 2012

10

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND –
A SHARES* AND C SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Short Duration Government Bond Fund (A Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”)³ and the Lipper Short U.S. Government Average.³

The graph below illustrates the hypothetical investment of $10,000² in the Wilmington Short Duration Government Bond Fund (C Shares) (the “Fund”) from April 9, 2010 (start of performance) to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index
(“BC1-3GB”)³ and the Lipper Short U.S. Government Average.³

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		C Shares
1 Year		(0.42)%		(0.38)%
5 Years		3.01%		N/A
Start of Performance4		2.79%		1.07%

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 A Shares and contingent deferred sales charge (“CDSC”) of up to 1.00% for C Shares.

Annual Operating Expense Ratio

	A Shares		C Shares
Before Waivers		1.26%		2.01%
After Waivers		0.89%		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 1.75% ($10,000 investment minus $175 sales charge = $9,825). The Fund’s performance assumes the reinvestment of all dividends and distributions.

2 Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions.

3 The performance for the BC1-3GB and the Lipper Short U.S. Government Average 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. Lipper Short U.S. Government Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

4 The start of performance for A Shares was August 18, 2003 and C Shares was April 9, 2010.

* Formerly Class A Shares and Class C Shares.

April 30, 2012  /  ANNUAL REPORT

11

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Short Duration Government Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 1-3 Year U.S. Government Bond Index (“BC1-3GB”)¹ and the Lipper Short U.S. Government Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	1.66%
5 Years	3.61%
10 Years	3.26%

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	1.01%
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 The performance for the Fund, the BC1-3GB and the Lipper Short U.S. Government Average 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 or Lipper average and the represented index is unmanaged.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

12

WILMINGTON MUNICIPAL BOND FUND

(formerly a series of WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 8.18%* for A Shares and 8.33%* for I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 7.84%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 7.08%.

It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.

Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.

Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 10-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.

These two trends helped the municipal market generate some of the positive performance experienced over the last 10 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period (April 29, 2011) with a 2.85% yield, as measured by the MMD¹ AAA-rated scale. Municipal yields hit their low point in the middle

of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Bond Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.

Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2- and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.

The Fund outperformed both its benchmark and its Lipper peer group. The Fund’s performance reflected the market trends discussed above. The longest bonds in the Fund generated the best total returns for the 10-month period. The Fund was slightly overweight bonds with durations exceeding 6 years (43.3% exposure versus 41.3% for the Index), which contributed positively to performance relative to the benchmark. Another positive influence on relative returns was the Fund’s sector positioning. The Fund was overweight Healthcare (10.8% vs. 5.8%) when healthcare revenue bonds outperformed and was underweight Pre-refunded bonds (2.4% vs. 4.7%) when Pre-refunded bonds underperformed. Detracting slightly was the Fund’s credit positioning—being underweight A-rated and lower rated securities (26% to 39% for the Index) in a market where credit spreads compressed.

* 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 A Shares was 3.32% for the

April 30, 2012  /  ANNUAL REPORT

13

10-month period ended April 30, 2012, 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.

*** 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.

1 Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters.

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.

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. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT  /  April 30, 2012

14

WILMINGTON MUNICIPAL BOND FUND – A SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Municipal Bond Fund (A Shares) (the “Fund”) from December 19, 2005 to April 30, 2012, compared to the S&P Intermediate Municipal Index².

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	4.55%
5 Years	4.32%
Start of Performance (12/19/05)	4.16%

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 4.50%.

Annual Operating Expense Ratio

Before Waivers	1.19%
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 A Shares 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 Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

* Formerly Class A Shares.

April 30, 2012  /  ANNUAL REPORT

15

WILMINGTON MUNICIPAL BOND FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Municipal Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the S&P Intermediate Municipal Index.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	9.69%
5 Years	5.53%
10 Years	4.47%

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	0.62%

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 The performance for the Fund 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.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

16

WILMINGTON MARYLAND MUNICIPAL BOND FUND

(formerly known as MTB Maryland Municipal Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Maryland Municipal Bond Fund (the “Fund”) had a total return of 7.71%* for A Shares and 7.89%* for I Shares, versus its benchmarks, the Barclays Capital 7-Year Municipal Bond Index** and Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 9.34% and 11.46%, respectively. The Fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, had a total return of 7.93%.

It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.

Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a marketthat is swamped in new issues struggles to efficiently place all the new bonds.

Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.

These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period

(April 29, 2011) with a 2.85% yield, as measured by the MMD¹ AAA-rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.

Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.

The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors, as measured by their term to maturity, were exaggerated by their credit ratings. While not universally true, many of the Fund’s short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5 and 10-year Indices and very close the average for its Lipper peer group.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an

April 30, 2012  /  ANNUAL REPORT

17

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 A Shares was 2.87%, 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 7-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between six and eight years. The Barclays Capital 10-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between eight and twelve years. The Barclays Capital 3-, 5-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. Indexes are 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.

1 Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters.

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.

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. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT  /  April 30, 2012

18

WILMINGTON MARYLAND MUNICIPAL BOND FUND – A SHARES* AND I SHARES^†,*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Maryland Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”),² the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”)² and the Lipper Other States Intermediate Municipal Debt Funds Average.²

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Maryland Municipal Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the BC10MB,² the BC7MB² and the Lipper Other States Intermediate Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		2.87%		7.89%
5 Years		3.16%		4.29%
10 Years		3.66%		4.30%

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 A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		1.18%		0.93%
After Waivers		0.95%		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 $10,000 in A Shares 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, BC7MB and the Lipper Other States Intermediate Municipal Debt Funds Average 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 or Lipper average 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.

* Formerly Class A Shares and Institutional I Shares.

April 30, 2012  /  ANNUAL REPORT

19

WILMINGTON NEW YORK MUNICIPAL BOND FUND

(formerly known as MTB New York Municipal Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 7.96%* for A Shares and 8.33%* for I Shares, versus its benchmark, the Barclays Capital New York Tax-Exempt Index**, which had a total return of 10.08%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 8.08%.

It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.

Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.

Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.

These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period (April 29, 2011) with a 2.85% yield, as measured by the MMD¹

AAA- rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.

Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.

The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors as measured by their term to maturity were exaggerated by their credit ratings. While not universally true, many of our short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5 and 10-year Indices and it outperformed the average for its Lipper peer group. The Fund trailed its Barclays Capital benchmark as that benchmark represents all New York issues across the curve, including long bonds. While the Fund’s average duration is close to 5 years (representative of its intermediate-term mandate), the average duration of the benchmark is over 7 years—reflecting the exposure to longer bonds.

ANNUAL REPORT  /  April 30, 2012

20

* 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 A Shares was 3.15%, 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 New York 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.

1 Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters.

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.

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. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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 stateBond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Income may be subject to the federal alternative minimum tax.

April 30, 2012  /  ANNUAL REPORT

21

WILMINGTON NEW YORK MUNICIPAL BOND FUND – A SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington New York Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital New York Tax-Exempt Index (“BCNYTE”)² and the Lipper New York Intermediate Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	3.15%
5 Years	2.73%
10 Years	3.50%

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	1.20%
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 A Shares 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 Fund, the BCNYTE and the Lipper New York Intermediate Municipal Debt Funds Average 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 or Lipper average and the represented index is unmanaged.

* Formerly Class A Shares.

ANNUAL REPORT  /  April 30, 2012

22

WILMINGTON NEW YORK MUNICIPAL BOND FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington New York Municipal Bond Fund (I Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the BCNYTE¹ and the Lipper New York Intermediate Municipal Debt Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	8.33%
5 Years	3.88%
Start of Performance (8/18/03)	4.08%

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	0.95%
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 The performance for the Fund, the BCNYTE and the Lipper New York Intermediate Municipal Debt Funds Average assumes the reinvestment of all dividends and distributions. Lipper New York Intermediate Municipal Debt Funds Average performance is as of the month-end following the inception date of the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

* Formerly Institutional I Shares.

April 30, 2012  /  ANNUAL REPORT

23

WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND

(formerly known as MTB Pennsylvania Municipal Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Pennsylvania Municipal Bond Fund (the “Fund”) had a total return of 8.19% for A Shares and 8.57% for I Shares, versus its benchmarks, the Barclays Capital 7-Year Municipal Bond Index** and the Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 9.34% and 11.46%, respectively. The Fund’s peer group, the Lipper Other States Intermediate Municipal Debt Funds Average***, had a total return of 7.93%.

It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.

Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to a normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.

Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.

These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the

year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period (April 29, 2011) with a 2.85% yield, as measured by the MMD¹ AAA-rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.

Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.

The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors, as measured by their term to maturity, were exaggerated by their credit ratings. While not universally true, many of our short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5- and 10-year Indices and it outperformed the average for its Lipper peer group.

ANNUAL REPORT  /  April 30, 2012

24

* 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 A Shares was 3.35%, 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 7-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between six and eight years. The Barclays Capital 10-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between eight and twelve years. The Barclays Capital 3-, 5-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. Indexes are 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.

1 Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters.

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. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices. Income may be subject to the federal alternative minimum tax.

Pennsylvania Investment Risks. The Fund will be more susceptible to any economic, business, political or other developments which generally affect securities issued by Pennsylvania issuers. Pennsylvania’s economy has historically been dependent on heavy industry and agriculture but has diversified recently into medical and health services, education and financial services. Future economic difficulties in any of these industries could have an adverse impact on the finances of the state.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Income may be subject to the federal alternative minimum tax.

April 30, 2012  /  ANNUAL REPORT

25

WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND – A SHARES* AND I SHARES^†,*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Pennsylvania Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”),² the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”)² and the Lipper Other States Intermediate Municipal Debt Funds Average.²

The graph below illustrates the hypothetical investment of $1,000,000² in the Wilmington Pennsylvania Municipal Bond Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the BC10MB², the BC7MB² and the Lipper Other States Intermediate Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		3.35%		8.57%
5 Years		3.46%		4.61%
10 Years		3.60%		4.21%

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 A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		1.20%		0.95%
After Waivers		0.95%		0.70%

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 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, BC7MB and the Lipper Other States Intermediate Municipal Debt Funds Average 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 or Lipper average and the represented index is unmanaged.

† Performance presented prior to August 15, 2003 reflects the performance of the ARK Pennsylvania Tax-Free Portfolio, which the Wilmington Pennsylvania Municipal Bond Fund acquired pursuant to a reorganization on that date.

* Formerly Class A Shares and Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

26

WILMINGTON VIRGINIA MUNICIPAL BOND FUND

(formerly known as MTB Virginia Municipal Bond Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Virginia Municipal Bond Fund (the “Fund”) generated a positive total return of 7.22%* for A Shares, versus its benchmarks, the Barclays Capital 7-Year Municipal Bond Index** and the Barclays Capital 10-Year Municipal Bond Index**, which had total returns of 9.34% and 11.46%, respectively. The Fund’s peer group, the Lipper Virginia Municipal Debt Funds Average***, had a total return of 11.23%.

It was a good year in fixed income securities, particularly in the tax-exempt bond arena. Two trends in the municipal bond market appeared during the 12 months ended April 30, 2012, both reflecting a reversal of the trends in place in the prior period. One trend had to do with the supply of municipal debt issues and the other had to do with the demand for those issues.

Regarding the supply of new issues, you need to return to the fourth quarter of 2010 to gather perspective on the dramatic decline during the calendar year 2011. The ability for states and municipalities to issue taxable “Build America Bonds” (“BABs”) was expiring at year end 2010. For municipalities, BABs were viewed as a viable alternative to issuing traditional tax-exempt bonds—particularly at the 35% reimbursement rate that they would receive back from the Federal government on the interest paid out. This “sunset” provision drove supply in the fourth quarter of 2010 much higher—in essence, taking the supply of Municipal Bonds away from the first and second quarters of 2011. Slowly, over the course of 2011, the new issue calendar began to build back up—not to the elevated 2010 levels, but more of a traditional pattern. By the first quarter of 2012, the supply could be described as moderate, not the drought like conditions of 2011 and not the near record-breaking pace of 2010. We consider the return to normal pattern to be positive for the market—often times a market without sufficient supply lacks direction and a market that is swamped in new issues struggles to efficiently place all the new bonds.

Much like the discussion of supply, the patterns of demand for municipal bonds begins with a consideration of the environment immediately prior to our 12-month reporting period. Sparked by the negative prognostications of municipal credit during the last few months of 2010, investors—particularly mutual fund investors—retreated and exited the tax-exempt market. As reported by the Investment Company Institute, flows into and out of long-term municipal bond funds for the first eight months of 2011 netted an outflow of $23 billion. Despite a turnaround in the final quarter, tax-exempt bond funds lost $12 billion in assets over the course of the calendar year 2011. The trend established at the end of 2011 has carried over into 2012 and the fund flows have been positive, some weeks very strong and some weeks almost none existent, but overall, the pattern is positive.

These two trends helped the municipal market generate some of the positive performance experienced over the last 12 months. With a couple of bumps along the way, municipal yields fell during the year. In fact, looking at the yields on 10-year high grade tax-exempt bonds, the high mark was the very beginning of the reporting period

(April 29, 2011) with a 2.85% yield, as measured by the MMD¹ AAA-rated scale. Municipal yields hit their low point in the middle of January 2012, with the 10-year touching 1.67%. From there rates were somewhat flat in February, ticked up in March and came right back down in April, ending the fiscal year at 1.87%. As you might expect in a falling rate environment, each extension out the maturity curve added to the overall total return. As measured by the components of the Barclays Capital Municipal Index**, the 3-, 5-, 10-Year, and Long segments of the Index produced total returns for the year ending April 30, 2012 of 3.24%, 6.39%, 11.46%, and 18.57%, respectively.

Another trend worth noting was the reach for yield during the fiscal year. Two ways of reaching for yield are by extending out the curve and extending down in credit quality. From both perspectives, we can measurably see the impact of this reach. The slope of the yield curve measures the difference between yields at 2 different maturities. On April 29, 2011, the yield differential between 2 and 10-year high grade bonds (again as measured by the MMD AAA-rated scale) was 2.29%—in other words, investors were getting compensated with an additional 2.29% in yield for extending their maturity from 2 to 10-years. By the end of the fiscal year, that additional yield compensation had narrowed to 1.56%. Likewise, there is a yield spread between high-grade bonds and lower-rated investment grade securities. Comparing the yields of similar maturity bonds (i.e., 10-year terms), but with different ratings (AAA vs. BBB), we can see that during the year the differential in yield between these also narrowed—beginning the year at a 1.99% yield spread and ending the year with a 1.87% yield spread. Just as investors were reaching out the curve and driving down the slope, they reached down in credit and narrowed the spread between AAA and BBB rated bonds.

The Fund’s performance reflected these trends in the market. While the Fund is managed to an intermediate maturity and duration, that goal is achieved by using a barbell approach, with heavy weightings of both long and short bonds. As one might expect, the shorter bonds in the portfolio were among the weakest relative performers and the long bonds were the best performers. Ironically, these best and worst sectors, as measured by their term to maturity, were exaggerated by their credit ratings. While not universally true, many of the Fund’s short bonds were high rated—such as AAA bonds secured by escrowed U.S. Treasury securities—and hence were not advantaged by the reach for yield down the credit spectrum. Many of the long positions in the Fund were A-rated or below, positioning them to perform well not just because of their longer term to maturity, but also from the tightening of yield spreads. Overall, the Fund’s performance reflected its intermediate positioning—right in between the Barclays Capital Municipal 5 and 10-year Indices. It trailed its Lipper peer group as that group incorporates all long-term VA municipal bond mutual funds. While the Fund’s average duration is close to 5 years (representative of its intermediate term mandate), the average duration of the funds participating in the Lipper peer group is over 7 years—reflecting the longer nature of the peer group.

April 30, 2012  /  ANNUAL REPORT

27

* 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 A Shares was 2.37%, 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 7-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between six and eight years. The Barclays Capital 10-Year Municipal Bond Index is a widely recognized index of long-term investment grade tax-exempt bonds with maturities between eight and twelve years. The Barclays Capital 3-, 5-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. Indexes are 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.

1 Municipal Market Data (MMD) is a municipal market securities information service provided by Thomson Reuters.

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.

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. Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT  /  April 30, 2012

28

WILMINGTON VIRGINIA MUNICIPAL BOND FUND – A SHARES^†,*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Virginia Municipal Bond Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Barclays Capital 10-Year Municipal Bond Index (“BC10MB”),² the Barclays Capital 7-Year Municipal Bond Index (“BC7MB”),² the Lipper Virginia Municipal Debt Funds Average² and the Lipper Other States Intermediate Municipal Debt Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	2.37%
5 Years	3.27%
10 Years	3.62%

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 4.50%.

Annual Operating Expense Ratio

Before Waivers	1.59%
After Waivers	0.96%

The Expense Ratio Before Waiver 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 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, BC7MB, Lipper Virginia Municipal Debt Funds Average and the Lipper Other States Intermediate Municipal Debt Funds Average 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 or Lipper average and the represented index is unmanaged.

† The Wilmington Virginia Municipal Bond Fund is the successor to the FBR Virginia Tax-Free Portfolio pursuant to a reorganization that took place on February 24, 2006. The information presented above, for the periods prior to February 24, 2006, is historical information for the FBR Virginia Tax-Free Portfolio.

* Formerly Class A Shares.

April 30, 2012  /  ANNUAL REPORT

29

WILMINGTON MONEY MARKET FUNDS

(formerly known as the MTB Money Market Funds)

The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Federal Reserve (the “Fed”) responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter obligations. The Fed also indicated that it would keep short-term rates extremely low into 2014. The European Central Bank initiated the Long-Term Refinancing Operations which addressed some of the liquidity concerns of their banking system.

While liquidity issues have been temporarily addressed, the underlying problems facing Europe have not been resolved. The rise in the three-month London Interbank Offered Rate (LIBOR) noted below is reflective of European credit concerns. The Wilmington Funds have and will continue to maintain a conservative posture toward European exposures for the foreseeable future. Unfortunately, with the Fed planning to maintain its zero interest rate policy, the result will be continued low returns for money market investors during the coming year.

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

	4/30/11		10/31/11		4/30/12
Federal Fund Target		0.00% - 0.25%		0.00% - 0.25%		0.00% - 0.25%
3 Month LIBOR		0.273%		0.429%		0.466%
2 Year Treasury Note		0.60%		0.24%		0.26%
10 Year Treasury Note		3.29%		2.11%		1.91%

The following is a comparison of the performance of the Wilmington Prime Money Market Fund (formerly the MTB Money Market Fund), Wilmington U.S. Government Money Market Fund (formerly the MTB U.S. Government Money Market Fund), Wilmington U.S. Treasury Money Market Fund (formerly the MTB U.S. Treasury Money Market Fund) and Wilmington Tax-Exempt Money Market Fund (formerly the MTB Tax Free Money Market Fund) versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2012:

Wilmington Prime Money Market Fund – Administrative Shares	0.03	%
Wilmington Prime Money Market Fund – Institutional Shares	0.01	%*
Wilmington Prime Money Market Fund – Select Shares	0.02	%
Wilmington Prime Money Market Fund – Service Shares	0.01	%
iMoneyNet, Inc. First Tier Institutional Average	0.05	%
Lipper Money Market Funds Average	0.01	%
Wilmington U.S. Government Money Market Fund – Administrative Shares	0.01	%
Wilmington U.S. Government Money Market Fund – Institutional Shares	0.00	%*
Wilmington U.S. Government Money Market Fund – Select Shares	0.01	%
Wilmington U.S. Government Money Market Fund – Service Shares	0.01	%
iMoneyNet, Inc. Government & Agency Institutional Average	0.01	%
Lipper U.S. Government Money Market Funds Average	0.01	%
Wilmington U.S. Treasury Money Market Fund – Administrative Shares	0.01	%
Wilmington U.S. Treasury Money Market Fund – Select Shares	0.01	%
Wilmington U.S. Treasury Money Market Fund – Service Shares	0.01	%
iMoneyNet, Inc. Treasury and Repo Institutional Average	0.01	%
Lipper U.S. Treasury Money Market Funds Average	0.00	%
Wilmington Tax-Exempt Money Market Fund – Administrative Shares	0.01	%
Wilmington Tax-Exempt Money Market Fund – Select Shares	0.01	%
Wilmington Tax-Exempt Money Market Fund – Service Shares	0.01	%
iMoneyNet, Inc. Tax-Free Institutional Average	0.02	%
Lipper Tax-Exempt Money Market Funds	0.01	%

* Performance shown is the cumulative return for the period March 12, 2012 (commencement of operations) through April 30, 2012.

Source: iMoneyNet, Inc. and Lipper

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, 2012, Wilmington Funds Management Corporation, the Funds’ current investment adviser, and Wilmington Trust Investment Advisors, Inc., the Funds’ previous investment adviser, voluntarily agreed to reduce their 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.

ANNUAL REPORT  /  April 30, 2012

30

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, 2011 to April 30, 2012.

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 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
A Shares	$	1,000.00	$	1,030.50	$	5.05		1.00	%
I Shares	$	1,000.00	$	1,032.70	$	3.29		0.65	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,019.89	$	5.02		1.00	%
I Shares	$	1,000.00	$	1,021.63	$	3.27		0.65	%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
A Shares	$	1,000.00	$	1,026.00	$	4.99		0.99	%
C Shares	$	1,000.00	$	1,023.20	$	8.55		1.70	%
I Shares	$	1,000.00	$	1,027.70	$	3.18		0.63	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,019.94	$	4.97		0.99	%
C Shares	$	1,000.00	$	1,016.41	$	8.52		1.70	%
I Shares	$	1,000.00	$	1,021.73	$	3.17		0.63	%
WILMINGTON SHORT-TERM CORPORATE BOND FUND
Actual
A Shares	$	1,000.00	$	1,011.70	$	4.30		0.86	%
C Shares	$	1,000.00	$	1,007.90	$	8.04		1.61	%
I Shares	$	1,000.00	$	1,013.00	$	3.05		0.61	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.59	$	4.32		0.86	%
C Shares	$	1,000.00	$	1,016.86	$	8.07		1.61	%
I Shares	$	1,000.00	$	1,021.83	$	3.07		0.61	%

April 30, 2012  /  ANNUAL REPORT

31

	Beginning Account Value 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
Actual
A Shares	$	1,000.00	$	1,007.40	$	4.34		0.87	%
C Shares	$	1,000.00	$	1,002.50	$	8.17		1.64	%
I Shares	$	1,000.00	$	1,008.60	$	3.10		0.62	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.54	$	4.37		0.87	%
C Shares	$	1,000.00	$	1,016.71	$	8.22		1.64	%
I Shares	$	1,000.00	$	1,021.78	$	3.12		0.62	%
WILMINGTON MUNICIPAL BOND FUND
Actual
A Shares	$	1,000.00	$	1,053.70	$	4.44		0.87	%
I Shares	$	1,000.00	$	1,055.00	$	3.17		0.62	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.54	$	4.37		0.87	%
I Shares	$	1,000.00	$	1,021.78	$	3.12		0.62	%
WILMINGTON MARYLAND MUNICIPAL BOND FUND
Actual
A Shares	$	1,000.00	$	1,035.50	$	4.76		0.94	%
I Shares	$	1,000.00	$	1,035.80	$	3.34		0.66	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.19	$	4.72		0.94	%
I Shares	$	1,000.00	$	1,021.58	$	3.32		0.66	%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
A Shares	$	1,000.00	$	1,041.40	$	4.26		0.84	%
I Shares	$	1,000.00	$	1,043.70	$	3.00		0.59	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.69	$	4.22		0.84	%
Institutional I Shares	$	1,000.00	$	1,021.93	$	2.97		0.59	%
WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND
Actual
A Shares	$	1,000.00	$	1,044.60	$	4.73		0.93	%
I Shares	$	1,000.00	$	1,046.90	$	3.46		0.68	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.24	$	4.67		0.93	%
I Shares	$	1,000.00	$	1,021.48	$	3.42		0.68	%
WILMINGTON VIRGINIA MUNICIPAL BOND FUND
Actual
A Shares	$	1,000.00	$	1,037.90	$	4.86		0.96	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.09	$	4.82		0.96	%
WILMINGTON PRIME MONEY MARKET FUND
Actual
Administrative Shares	$	1,000.00	$	1,000.20	$	0.80		0.16	%
Institutional Shares3	$	1,000.00	$	1,000.10	$	0.25		0.18	%
Select Shares	$	1,000.00	$	1,000.10	$	0.80		0.16	%
Service Shares	$	1,000.00	$	1,000.10	$	0.90		0.18	%
Hypothetical (assuming a 5% return before expense)
Administrative Shares	$	1,000.00	$	1,024.07	$	0.81		0.16	%
Institutional Shares3	$	1,000.00	$	1,023.97	$	0.91		0.18	%
Select Shares	$	1,000.00	$	1,024.07	$	0.81		0.16	%
Service Shares	$	1,000.00	$	1,023.97	$	0.91		0.18	%

ANNUAL REPORT  /  April 30, 2012

32

	Beginning Account Value 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Shares	$	1,000.00	$	1,000.10	$	0.55		0.11	%
Institutional Shares3	$	1,000.00	$	1,000.00	$	0.18		0.13	%
Select Shares	$	1,000.00	$	1,000.10	$	0.60		0.12	%
Service Shares	$	1,000.00	$	1,000.10	$	0.65		0.13	%
Hypothetical (assuming a 5% return before expense)
Administrative Shares	$	1,000.00	$	1,024.32	$	0.55		0.11	%
Institutional Shares3	$	1,000.00	$	1,024.22	$	0.65		0.13	%
Select Shares	$	1,000.00	$	1,024.27	$	0.60		0.12	%
Service Shares	$	1,000.00	$	1,024.22	$	0.65		0.13	%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Shares	$	1,000.00	$	1,000.10	$	0.30		0.06	%
Select Shares	$	1,000.00	$	1,000.10	$	0.35		0.07	%
Service Shares	$	1,000.00	$	1,000.10	$	0.30		0.06	%
Hypothetical (assuming a 5% return before expense)
Administrative Shares	$	1,000.00	$	1,024.57	$	0.30		0.06	%
Select Shares	$	1,000.00	$	1,024.52	$	0.35		0.07	%
Service Shares	$	1,000.00	$	1,024.57	$	0.30		0.06	%
WILMINGTON TAX-EXEMPT MONEY MARKET FUND
Actual
Administrative Shares	$	1,000.00	$	1,000.10	$	1.01		0.21	%
Select Shares	$	1,000.00	$	1,000.10	$	0.99		0.20	%
Service Shares	$	1,000.00	$	1,000.10	$	0.99		0.20	%
Hypothetical (assuming a 5% return before expense)
Administrative Shares	$	1,000.00	$	1,023.82	$	1.06		0.21	%
Select Shares	$	1,000.00	$	1,023.87	$	1.01		0.20	%
Service Shares	$	1,000.00	$	1,023.87	$	1.01		0.20	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period (except for Wilmington Prime Money Market Fund and Wilmington U.S. Government Money Market Fund actual return information for Institutional Shares which reflect the 50 day period, respectively, from commencement of investment operations through April 30, 2012).

(2) Expense ratio does not reflect the indirect expenses of the underlying funds it invests in.

(3) Wilmington Prime Money Market Fund and Wilmington U.S. Government Money Market Fund, Institutional Shares commenced investment operations on March 12, 2012.

April 30, 2012  /  ANNUAL REPORT

33

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Corporate Bonds		51.9	%
Mortgage-Backed Securities		23.5	%
U.S. Treasury		15.1	%
Commercial Paper		4.8	%
Collateralized Mortgage Obligations		3.2	%
Government Agencies		2.5	%
Asset-Backed Securities		1.4	%
Enhanced Equipment Trust Certificates		0.7	%
Municipal Bond		0.2	%
Preferred Stock		0.1	%
Cash Equivalents1		4.8	%
Other Assets and Liabilities – Net2		(8.2	)%
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		5.4	%
AA		7.5	%
A		20.1	%
BBB		27.3	%
BB		3.7	%
B		0.8	%
Not Rated		4.8	%
U.S. Government		23.5	%
U.S. Treasury		15.1	%
Other Assets and Liabilities – Net2		(8.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
ASSET-BACKED SECURITIES – 1.4%
FINANCIAL SERVICES – 1.2%
14Hyundai Auto Receivables Trust, Series 2011-A, Class A2, 0.69%, 11/15/13	$	623,340	$	624,048
6,7LA Arena Funding LLC, Series 1999-1, Class A, 7.66%, 12/15/26		1,273,714		1,388,254
14Nissan Auto Lease Trust, Series 2011-A, Class A2A, 0.70%, 1/15/14		1,707,361		1,700,694
TOTAL FINANCIAL SERVICES			$	3,712,996
WHOLE LOAN – 0.2%
1,6,7,14SLM Student Loan Trust, Series 2011-A, Class A1, 1.24%, 10/15/24		611,396		611,690
TOTAL ASSET-BACKED SECURITIES (COST $4,215,751)			$	4,324,686
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.2%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.5%
6,7American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 4/15/37		1,000,000		1,071,777

Description	Par Value		Value
14Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.63%, 4/10/49	$	626,690	$	645,099
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.80%, 5/12/39		983,524		1,006,799
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.54%, 6/15/38		1,000,000		1,063,631
14Morgan Stanley Capital I, Series 2005-T19, Class AAB, 4.85%, 6/12/47		619,466		632,341
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	4,419,647
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.1%
Series 1988-23, Class C, 9.75%, 9/25/18		8,379		9,508
Series 2005-29, Class WC, 4.75%, 4/25/35		118,538		128,967
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	138,475
WHOLE LOAN – 1.6%
1,14Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.00%, 2/25/34		395,189		350,706

(Wilmington Broad Market Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

34 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	$	1,656,664	$	1,669,092
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 5.06%, 11/25/35		1,164,041		937,247
Morgan Stanley Mortgage Loan Trust Series 2004-1, Class 1A8, 4.75%, 11/25/18		26,534		26,515
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19		1,883,226		1,917,018
TOTAL WHOLE LOAN			$	4,900,578
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $9,463,138)			$	9,458,700
4COMMERCIAL PAPER – 4.8%
BEVERAGES – 0.6%
6,7Diageo Capital PLC, 0.47%, 5/09/12		2,000,000		1,999,765
COMMERCIAL SERVICES – 0.7%
6,7Western Union Co., 0.32%, 5/01/12		2,000,000		1,999,982
ELECTRIC – 1.1%
6,7Dominion Resources, Inc., 0.39%, 5/07/12		1,500,000		1,499,886
6,7Pacific Gas & Electric Co., 0.38%, 5/02/12		2,000,000		1,999,958
TOTAL ELECTRIC			$	3,499,844
FOOD – 0.7%
6,7Kroger Co., 0.39%, 5/01/12		2,000,000		1,999,979
HEALTHCARE-PRODUCTS – 0.7%
6,7Baxter International, Inc., 0.25%, 5/02/12		2,000,000		1,999,972
RETAIL – 0.7%
6,7CVS Caremark Corp., 0.30%, 5/01/12		2,000,000		1,999,983
TRANSPORTATION – 0.3%
Ryder System, Inc., 0.39%, 5/16/12		1,000,000		999,827
TOTAL COMMERCIAL PAPER (COST $14,499,496)			$	14,499,352
CORPORATE BONDS – 51.9%
AEROSPACE & DEFENSE – 0.5%
6,7BAE Systems Holdings, Inc., Company Guaranteed, 6.38%, 6/01/19		500,000		572,396
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,064,940
TOTAL AEROSPACE & DEFENSE			$	1,637,336
AUTO MANUFACTURERS – 0.3%
6,7Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21		250,000		262,380
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.00%, 2/17/15		250,000		250,859
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 2.05%, 1/12/17		300,000		308,347
TOTAL AUTO MANUFACTURERS			$	821,586
AUTO PARTS & EQUIPMENT – 0.1%
6,7Delphi Corp., Company Guaranteed, 5.88%, 5/15/19		125,000		132,500

Description	Par Value		Value
6,7Delphi Corp., Company Guaranteed, 6.13%, 5/15/21	$	50,000	$	53,500
Johnson Controls, Inc., Sr. Unsecured, 1.75%, 3/01/14		250,000		254,384
TOTAL AUTO PARTS & EQUIPMENT			$	440,384
BANKS – 9.3%
Bank of America Corp., Sr. Unsecured, 6.50%, 8/01/16		1,250,000		1,373,698
Bank of Montreal, Sr. Unsecured, MTN, 2.50%, 1/11/17		1,250,000		1,285,121
Bank of New York Mellon Corp., Sr. Unsecured, MTN, 2.30%, 7/28/16		1,000,000		1,033,108
Bank One Corp., Subordinated, 8.00%, 4/29/27		425,000		537,028
14BB&T Corp., Subordinated, 4.75%, 10/01/12		500,000		508,215
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		700,000		740,299
BB&T Corp., Sr. Unsecured, 6.85%, 4/30/19		905,000		1,130,558
6,7BNY Institutional Capital Trust A, Limited Guarantee, 7.78%, 12/01/26		1,500,000		1,526,250
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		250,000		277,730
1,14Citigroup, Inc., Sr. Unsecured, 0.60%, 3/07/14		275,000		265,095
14Citigroup, Inc., Sr. Unsecured, 5.50%, 4/11/13		1,000,000		1,036,162
Citigroup, Inc., Sr. Unsecured, 5.50%, 10/15/14		500,000		533,492
Citigroup, Inc., Sr. Unsecured, 4.45%, 1/10/17		250,000		261,241
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		275,000		305,013
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		1,300,000		1,354,432
Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		1,200,000		1,262,833
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		500,000		502,166
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		1,000,000		1,001,820
HSBC Holdings PLC, Sr. Unsecured, 4.00%, 3/30/22		2,000,000		2,034,702
JPMorgan Chase & Co., Sr. Unsecured, 4.65%, 6/01/14		500,000		532,741
JPMorgan Chase & Co., Sr. Unsecured, 2.60%, 1/15/16		500,000		510,217
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		150,000		173,134
JPMorgan Chase & Co., Sr. Notes, 4.63%, 5/10/21		100,000		106,448
JPMorgan Chase Capital XVIII, Series R, Limited Guarantee, 6.95%, 8/17/36		1,000,000		1,006,298
1,14JPMorgan Chase Capital XXIII, Limited Guarantee, 1.50%, 5/15/47		1,000,000		740,994

(Wilmington Broad Market Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13	$	1,000,000	$	1,057,209
1,14Morgan Stanley, Sr. Unsecured, 2.07%, 1/24/14		450,000		436,615
PNC Bank N.A., Subordinated, BKNT, 6.88%, 4/01/18		500,000		602,290
1,14PNC Funding Corp., Bank Guaranteed, 0.67%, 1/31/14		500,000		495,498
Royal Bank of Canada, Sr. Notes, MTN, 2.30%, 7/20/16		1,500,000		1,542,544
State Street Corp., Sr. Unsecured, 4.30%, 5/30/14		250,000		267,649
Toronto-Dominion Bank, Sr. Unsecured, 2.50%, 7/14/16		1,000,000		1,039,649
14U.S. Bank N.A., Sr. Unsecured, MTN, 5.92%, 5/25/12		305,922		306,972
US Bancorp, Sr. Unsecured, MTN, 2.20%, 11/15/16		500,000		515,879
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		240,000		240,825
Wells Fargo & Co., Sr. Unsecured, 3.68%, 6/15/16		500,000		538,092
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		762,002
TOTAL BANKS			$	27,844,019
BEVERAGES – 1.0%
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 7.75%, 1/15/19		250,000		331,072
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 5.38%, 1/15/20		1,000,000		1,200,182
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 8.20%, 1/15/39		500,000		792,064
Coca-Cola Enterprises, Inc., Sr. Unsecured, 3.25%, 8/19/21		150,000		152,090
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.60%, 1/15/19		500,000		504,988
TOTAL BEVERAGES			$	2,980,396
BIOTECHNOLOGY – 0.3%
Gilead Sciences, Inc., Sr. Unsecured, 4.40%, 12/01/21		800,000		871,152
BUILDING MATERIALS – 0.3%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,026,441
CHEMICALS – 0.6%
Dow Chemical Co., Sr. Unsecured, 4.13%, 11/15/21		500,000		520,745
Dow Chemical Co., Sr. Unsecured, 5.25%, 11/15/41		500,000		521,073
Potash Corp. of Saskatchewan, Inc., Sr. Unsecured, 4.88%, 3/30/20		500,000		575,120
TOTAL CHEMICALS			$	1,616,938

Description	Par Value		Value
COAL – 0.2%
CONSOL Energy, Inc., Company Guaranteed, 8.00%, 4/01/17	$	625,000	$	662,500
COMMERCIAL SERVICES – 0.4%
Stanford University, Bonds, 4.75%, 5/01/19		500,000		589,067
Western Union Co., Sr. Unsecured, 3.65%, 8/22/18		500,000		541,227
TOTAL COMMERCIAL SERVICES			$	1,130,294
COMPUTERS – 0.7%
Dell, Inc., Sr. Unsecured, 2.30%, 9/10/15		275,000		284,959
Hewlett-Packard Co., Sr. Unsecured, 2.20%, 12/01/15		500,000		507,655
Hewlett-Packard Co., Sr. Unsecured, 3.00%, 9/15/16		500,000		516,330
Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17		500,000		501,293
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16		275,000		284,028
TOTAL COMPUTERS			$	2,094,265
DIVERSIFIED FINANCIAL SERVICES – 6.2%
American Express Co., Sr. Unsecured, 4.88%, 7/15/13		335,000		349,917
American Express Credit Corp., Sr. Unsecured, MTN, 2.38%, 3/24/17		1,000,000		1,019,475
6,7American Honda Finance Corp., Sr. Unsecured, MTN, 4.63%, 4/02/13		500,000		519,101
6,7,14ASIF Global Financing XIX, Sr. Secured, 4.90%, 1/17/13		1,175,000		1,196,360
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		287,632
Charles Schwab Corp., Sr. Unsecured, MTN, 6.38%, 9/01/17		1,000,000		1,201,439
Charles Schwab Corp., Sr. Unsecured, 4.45%, 7/22/20		250,000		276,382
6,7FMR LLC, Sr. Unsecured, 6.45%, 11/15/39		1,000,000		1,105,933
Ford Motor Credit Co. LLC, Sr. Unsecured, 3.88%, 1/15/15		800,000		833,000
Ford Motor Credit Co. LLC, Sr. Unsecured, 7.00%, 4/15/15		250,000		279,375
Ford Motor Credit Co. LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		287,500
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		562,500
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.88%, 8/02/21		1,000,000		1,132,500
6,7FUEL Trust, Secured, 3.98%, 6/15/16		300,000		311,525
1,14General Electric Capital Corp., Series A, Sr. Unsecured, MTNA, 0.66%, 10/06/15		200,000		193,431

(Wilmington Broad Market Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

36 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
12General Electric Capital Corp., Sr. Unsecured, 2.90%, 1/09/17	$	1,000,000	$	1,037,573
General Electric Capital Corp., Subordinated, 5.30%, 2/11/21		250,000		275,145
General Electric Capital Corp., Sr. Unsecured, MTN, 4.65%, 10/17/21		1,200,000		1,307,461
6,7Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14		500,000		544,436
6,7Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17		250,000		258,695
6,7Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17		250,000		252,542
International Lease Finance Corp., Sr. Unsecured, 5.88%, 5/01/13		1,150,000		1,178,750
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17		250,000		250,756
MBNA Capital, Series A, Limited Guarantee, 8.28%, 12/01/26		1,000,000		1,020,000
Merrill Lynch & Co., Inc., Sr. Unsecured, 5.45%, 7/15/14		400,000		418,947
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16		1,000,000		1,041,839
SLM Corp., Series A, Sr. Unsecured, MTNA, 5.00%, 10/01/13		1,000,000		1,024,182
14TD Ameritrade Holding Corp., Company Guaranteed, 2.95%, 12/01/12		500,000		506,035
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	18,672,431
ELECTRIC – 2.5%
Ameren Illinois Co., Sr. Secured, 9.75%, 11/15/18		600,000		825,996
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		300,000		340,500
Commonwealth Edison Co., 1st Mortgage, 1.95%, 9/01/16		1,000,000		1,025,082
Dominion Resources, Inc., Series A, Sr. Unsecured, 5.60%, 11/15/16		500,000		585,540
DTE Energy Co., Sr. Unsecured, 7.63%, 5/15/14		250,000		280,873
Duke Energy Corp., Sr. Unsecured, 6.30%, 2/01/14		714,000		780,912
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17		500,000		524,601
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		650,000		763,399
Florida Power Corp., 1st Mortgage, 3.10%, 8/15/21		500,000		514,771
Florida Power Corp., 1st Mortgage, 6.35%, 9/15/37		425,000		565,825
Oklahoma Gas & Electric Co., Sr. Secured, 6.65%, 7/15/27		565,000		730,868
Pacific Gas & Electric Co., Sr. Unsecured, 3.25%, 9/15/21		125,000		130,360
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20		400,000		416,843

Description	Par Value		Value
Wisconsin Electric Power Co., Sr. Unsecured, 2.95%, 9/15/21	$	250,000	$	257,275
TOTAL ELECTRIC			$	7,742,845
ELECTRONICS – 0.3%
FLIR Systems, Inc., Sr. Unsecured, 3.75%, 9/01/16		250,000		256,206
Honeywell International, Inc., Sr. Unsecured, 5.00%, 2/15/19		250,000		296,804
Thermo Fisher Scientific, Inc., Sr. Unsecured, 4.50%, 3/01/21		250,000		286,489
TOTAL ELECTRONICS			$	839,499
ENERGY EQUIPMENT & SERVICES – 0.5%
14National Oilwell Varco, Inc., Sr. Unsecured, 5.65%, 11/15/12		1,500,000		1,533,530
ENVIRONMENTAL CONTROL – 0.1%
14Allied Waste North America, Inc., Company Guaranteed, 6.88%, 6/01/17		300,000		312,375
FOOD – 2.0%
General Mills, Inc., Sr. Unsecured, 5.65%, 2/15/19		750,000		907,402
HJ Heinz Co., Sr. Unsecured, 2.85%, 3/01/22		500,000		496,256
Kellogg Co., Sr. Unsecured, 1.88%, 11/17/16		1,000,000		1,018,913
1Kraft Foods, Inc., Sr. Unsecured, 1.34%, 7/10/13		350,000		351,380
Kraft Foods, Inc., Unsecured, 5.25%, 10/01/13		400,000		424,832
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		250,000		271,902
Kroger Co., Sr. Unsecured, 2.20%, 1/15/17		250,000		255,096
Kroger Co., Company Guaranteed, 8.00%, 9/15/29		500,000		666,971
McCormick & Co., Inc., Sr. Unsecured, 5.75%, 12/15/17		500,000		601,679
McCormick & Co., Inc., Sr. Unsecured, 3.90%, 7/15/21		500,000		547,361
6,7WM Wrigley Jr. Co., Sr. Secured, 3.70%, 6/30/14		500,000		517,640
TOTAL FOOD			$	6,059,432
HEALTHCARE PROVIDERS & SERVICES – 0.3%
Quest Diagnostics, Inc., Company Guaranteed, 4.70%, 4/01/21		500,000		551,461
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17		250,000		302,311
TOTAL HEALTHCARE PROVIDERS & SERVICES			$	853,772
HOME BUILDERS – 0.2%
Ryland Group, Inc., Company Guaranteed, 6.63%, 5/01/20		500,000		500,000

(Wilmington Broad Market Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
HOME FURNISHINGS – 0.1%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16	$	350,000	$	392,601
HOUSEHOLD PRODUCTS – 0.3%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21		1,000,000		1,030,243
INSURANCE – 2.7%
CNA Financial Corp., Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,095,891
6,7Liberty Mutual Group, Inc., Company Guaranteed, 5.00%, 6/01/21		500,000		507,219
Lincoln National Corp., Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,009,963
MetLife, Inc., Sr. Unsecured, 5.00%, 6/15/15		400,000		442,033
MetLife, Inc., Sr. Unsecured, 4.75%, 2/08/21		500,000		551,429
6,7,14Metropolitan Life Global Funding I, Sr. Secured, 2.50%, 1/11/13		500,000		507,173
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.88%, 1/14/15		1,000,000		1,056,154
Prudential Financial, Inc., Sr. Unsecured, 6.20%, 1/15/15		500,000		554,417
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.00%, 5/12/16		1,000,000		1,034,659
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19		280,000		329,672
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,023,764
TOTAL INSURANCE			$	8,112,374
INTERNET – 0.2%
eBay, Inc., Sr. Unsecured, 1.63%, 10/15/15		500,000		511,843
IRON/STEEL – 0.4%
ArcelorMittal, Sr. Unsecured, 7.00%, 10/15/39		1,000,000		977,086
Cliffs Natural Resources, Inc., Sr. Unsecured, 4.88%, 4/01/21		275,000		289,895
TOTAL IRON/STEEL			$	1,266,981
LEISURE TIME – 0.3%
6,7Harley-Davidson Financial Services, Inc., Company Guaranteed, 2.70%, 3/15/17		500,000		501,471
Royal Caribbean Cruises Ltd., Sr. Unsecured, 7.00%, 6/15/13		300,000		315,000
TOTAL LEISURE TIME			$	816,471
MACHINERY – 0.2%
Caterpillar, Inc., Sr. Unsecured, 5.20%, 5/27/41		500,000		594,670
MEDIA – 4.1%
CBS Corp., Company Guaranteed, 3.38%, 3/01/22		540,000		530,601

Description	Par Value		Value
14Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13	$	400,000	$	427,031
Comcast Corp., Company Guaranteed, 5.90%, 3/15/16		1,000,000		1,161,371
Comcast Corp., Company Guaranteed, 5.70%, 7/01/19		1,800,000		2,144,551
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 3.50%, 3/01/16		500,000		528,483
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 5.88%, 10/01/19		1,000,000		1,150,523
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 6.00%, 8/15/40		500,000		535,291
6,7DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 5.15%, 3/15/42		500,000		491,447
NBCUniversal Media LLC, Sr. Unsecured, 3.65%, 4/30/15		480,000		514,000
Time Warner Cable, Inc., Company Guaranteed, 4.00%, 9/01/21		500,000		519,087
Time Warner Cable, Inc., Company Guaranteed, 5.50%, 9/01/41		500,000		525,863
Time Warner Entertainment Co. LP, Company Guaranteed, 8.38%, 3/15/23		750,000		1,014,875
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14		350,000		377,346
Viacom, Inc., Sr. Unsecured, 5.63%, 9/15/19		1,000,000		1,178,960
Viacom, Inc., Sr. Unsecured, 3.88%, 12/15/21		850,000		900,876
Walt Disney Co., Series E, Sr. Unsecured, 4.13%, 12/01/41		250,000		251,983
TOTAL MEDIA			$	12,252,288
METALS & MINING – 1.5%
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19		550,000		594,384
6,7Barrick Gold Corp., Sr. Unsecured, 5.25%, 4/01/42		2,000,000		2,105,306
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		750,000		1,029,286
14Xstrata Canada Corp., Company Guaranteed, 7.25%, 7/15/12		800,000		810,413
TOTAL METALS & MINING			$	4,539,389
MISCELLANEOUS MANUFACTURING –1.2%
GE Capital Trust I, Limited Guarantee, 6.38%, 11/15/67		1,000,000		1,025,000
14General Electric Co., Sr. Unsecured, 5.00%, 2/01/13		400,000		413,404
Ingersoll-Rand Co., Series B, Company Guaranteed, MTNB, 6.02%, 2/15/28		900,000		986,647
Ingersoll-Rand Global Holding Co. Ltd., Company Guaranteed, 6.00%, 8/15/13		700,000		744,864

(Wilmington Broad Market Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

38 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15	$	500,000	$	551,035
TOTAL MISCELLANEOUS MANUFACTURING			$	3,720,950
OFFICE/BUSINESS EQUIPMENT – 0.6%
Xerox Corp., Sr. Unsecured, 6.40%, 3/15/16		1,000,000		1,150,428
Xerox Corp., Sr. Unsecured, 2.95%, 3/15/17		250,000		255,734
Xerox Corp., Sr. Unsecured, 4.50%, 5/15/21		250,000		261,827
TOTAL OFFICE/BUSINESS EQUIPMENT			$	1,667,989
OIL & GAS – 3.5%
Anadarko Finance Co., Series B, Company Guaranteed, 7.50%, 5/01/31		1,000,000		1,261,124
Anadarko Petroleum Corp., Sr. Unsecured, 5.75%, 6/15/14		250,000		272,167
Apache Corp., Sr. Unsecured, 3.25%, 4/15/22		570,000		590,635
Apache Corp., Sr. Unsecured, 4.75%, 4/15/43		1,000,000		1,067,755
BP Capital Markets PLC, Company Guaranteed, 3.20%, 3/11/16		300,000		319,835
Enterprise Products Operating LLC, Series B, Company Guaranteed, 7.03%, 1/15/68		1,000,000		1,075,000
Nabors Industries, Inc., Company Guaranteed, 4.63%, 9/15/21		500,000		532,388
6,7Phillips 66, Company Guaranteed, 2.95%, 5/01/17		250,000		256,566
6,7Phillips 66, Company Guaranteed, 4.30%, 4/01/22		500,000		521,386
1,14Sempra Energy, Sr. Unsecured, 1.23%, 3/15/14		1,000,000		1,000,752
Sempra Energy, Sr. Unsecured, 6.50%, 6/01/16		500,000		595,195
Shell International Finance BV, Company Guaranteed, 4.00%, 3/21/14		250,000		266,054
Sunoco, Inc., Sr. Unsecured, 9.63%, 4/15/15		550,000		644,181
Transocean, Inc., Company Guaranteed, 4.95%, 11/15/15		450,000		484,167
Transocean, Inc., Company Guaranteed, 6.00%, 3/15/18		1,000,000		1,120,190
Valero Energy Corp., Company Guaranteed, 4.75%, 4/01/14		550,000		585,332
TOTAL OIL & GAS			$	10,592,727
OIL & GAS FIELD SERVICES – 0.4%
NuStar Pipeline Operating Partnership, LP, Company Guaranteed, 5.88%, 6/01/13		1,250,000		1,296,857
PHARMACEUTICALS – 0.4%
Allergan, Inc., Sr. Unsecured, 5.75%, 4/01/16		225,000		263,064

Description	Par Value		Value
Pfizer, Inc., Sr. Unsecured, 5.35%, 3/15/15	$	250,000	$	282,563
Sanofi, Sr. Unsecured, 4.00%, 3/29/21		275,000		305,472
Teva Pharmaceutical Finance Co. BV, Company Guaranteed, 2.40%, 11/10/16		400,000		415,478
TOTAL PHARMACEUTICALS			$	1,266,577
PIPELINES – 1.1%
Enterprise Products Operating LLC, Company Guaranteed, 4.05%, 2/15/22		500,000		529,884
Enterprise Products Operating LLC, Company Guaranteed, 5.70%, 2/15/42		500,000		557,405
Enterprise Products Operating LLC, Company Guaranteed, 4.85%, 8/15/42		250,000		246,267
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 5.00%, 2/01/21		500,000		557,913
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,011,837
6,7Rockies Express Pipeline LLC, Sr. Unsecured, 5.63%, 4/15/20		500,000		450,000
TOTAL PIPELINES			$	3,353,306
REAL ESTATE – 0.1%
ProLogis LP, Company Guaranteed, 4.50%, 8/15/17		250,000		262,478
REAL ESTATE INVESTMENT TRUSTS (REIT) – 2.9%
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.95%, 1/15/21		250,000		262,540
BioMed Realty LP, Company Guaranteed, 3.85%, 4/15/16		1,000,000		1,040,290
Boston Properties LP, Sr. Unsecured, 5.00%, 6/01/15		650,000		714,211
Boston Properties LP, Sr. Unsecured, 5.88%, 10/15/19		1,000,000		1,159,709
Boston Properties LP, Sr. Unsecured, 4.13%, 5/15/21		250,000		262,503
Commonwealth REIT, Sr. Unsecured, 6.65%, 1/15/18		500,000		544,587
Commonwealth REIT, Sr. Unsecured, 5.88%, 9/15/20		500,000		519,301
Digital Realty Trust LP, Company Guaranteed, 5.25%, 3/15/21		500,000		535,772
HCP, Inc., Sr. Unsecured, MTN, 6.30%, 9/15/16		500,000		568,515
Health Care REIT, Inc., Sr. Unsecured, 4.95%, 1/15/21		1,000,000		1,044,481
Health Care REIT, Inc., Sr. Unsecured, 5.25%, 1/15/22		250,000		265,678
Mack-Cali Realty LP, Sr. Unsecured, 7.75%, 8/15/19		250,000		307,513
Simon Property Group LP, Sr. Unsecured, 5.65%, 2/01/20		500,000		583,824

(Wilmington Broad Market Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 39

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 4.75%, 6/01/21	$	1,000,000	$	1,036,294
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	8,845,218
RETAIL – 1.1%
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17		500,000		592,694
CVS Caremark Corp., Sr. Unsecured, 4.75%, 5/18/20		500,000		566,620
Kohl’s Corp., Sr. Unsecured, 6.25%, 12/15/17		250,000		301,812
Target Corp., Sr. Unsecured, 2.90%, 1/15/22		1,400,000		1,408,452
Yum! Brands, Inc., Sr. Unsecured, 3.75%, 11/01/21		250,000		263,321
TOTAL RETAIL			$	3,132,899
SEMICONDUCTORS – 0.8%
Applied Materials, Inc., Sr. Unsecured, 5.85%, 6/15/41		1,250,000		1,472,381
Broadcom Corp., Sr. Unsecured, 2.70%, 11/01/18		500,000		515,370
Texas Instruments, Inc., Sr. Unsecured, 2.38%, 5/16/16		250,000		263,044
TOTAL SEMICONDUCTORS			$	2,250,795
TELECOMMUNICATIONS – 2.3%
AT&T, Inc., Sr. Unsecured, 6.70%, 11/15/13		1,000,000		1,090,870
2.95%, 5/15/16		200,000		212,932
3.88%, 8/15/21		500,000		539,493
5.55%, 8/15/41		325,000		370,994
Corning, Inc., Sr. Unsecured, 4.75%, 3/15/42		300,000		300,629
6,7Crown Castle Towers LLC, Sr. Secured, 4.17%, 8/15/17		2,000,000		2,105,000
Verizon Communications, Inc., Sr. Unsecured, 1.25%, 11/03/14		295,000		298,955
Verizon Communications, Inc., Sr. Unsecured, 3.00%, 4/01/16		1,000,000		1,068,272
Verizon Communications, Inc., Sr. Unsecured, 5.50%, 2/15/18		250,000		295,846
Verizon Communications, Inc., Sr. Unsecured, 4.60%, 4/01/21		500,000		566,935
TOTAL TELECOMMUNICATIONS			$	6,849,926
TRANSPORTATION – 1.8%
CSX Corp., Sr. Unsecured, 7.90%, 5/01/17		1,114,000		1,391,106
CSX Corp., Sr. Unsecured, 4.75%, 5/30/42		250,000		251,731
Norfolk Southern Corp., Sr. Unsecured, 5.90%, 6/15/19		250,000		303,496
14Ryder System, Inc., Sr. Unsecured, MTN, 6.00%, 3/01/13		665,000		690,289
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		300,000		311,670

Description	Par Value		Value
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17	$	500,000	$	504,210
Union Pacific Corp., Sr. Unsecured, 5.75%, 11/15/17		900,000		1,078,290
Union Pacific Corp., Sr. Unsecured, 4.75%, 9/15/41		500,000		534,801
TOTAL TRANSPORTATION			$	5,065,593
TRUCKING AND LEASING – 0.2%
GATX Corp., Sr. Unsecured, 8.75%, 5/15/14		500,000		568,662
TOTAL CORPORATE BONDS (COST $146,260,082)			$	156,030,032
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.7%
AIRLINES – 0.7%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 7/31/21		485,408		500,577
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19		231,715		261,548
Delta Air Lines, Inc., Series A, Pass-Through Certificates, 7.75%, 12/17/19		438,623		499,482
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22		366,467		399,678
United Air Lines, Inc., Series 09-2, Pass-Through Certificates, 9.75%, 1/15/17		417,443		480,581
TOTAL AIRLINES			$	2,141,866
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,939,656)			$	2,141,866
GOVERNMENT AGENCIES – 2.5%
FEDERAL HOME LOAN BANK (FHLB) – 0.3%
5.25%, 6/18/14		175,000		193,460
125.50%, 8/13/14		500,000		559,063
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	752,523
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9%
1.75%, 5/30/19		2,000,000		2,018,668
2.38%, 1/13/22		125,000		125,925
4.38%, 7/17/15		500,000		560,681
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	2,705,274
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.3%
1.38%, 11/15/16		500,000		510,324
4.88%, 12/15/16		700,000		825,264
5.00%, 5/11/17		750,000		894,094
6.25%, 5/15/29		750,000		1,044,469

(Wilmington Broad Market Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

40 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
7.25%, 5/15/30	$	400,000	$	615,923
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	3,890,074
TOTAL GOVERNMENT AGENCIES (COST $6,668,637)			$	7,347,871
MORTGAGE-BACKED SECURITIES – 23.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 15.2%
Pool A13990, 4.50%, 10/01/33		187,378		201,697
Pool A83578, 5.00%, 12/01/38		255,746		276,573
Pool A93415, 4.00%, 8/01/40		9,833,785		10,379,099
Pool A93505, 4.50%, 8/01/40		6,900,443		7,367,373
Pool A97047, 4.50%, 2/01/41		6,975,368		7,447,367
Pool B17616, 5.50%, 1/01/20		195,771		212,890
Pool C00478, 8.50%, 9/01/26		31,876		37,399
Pool C01272, 6.00%, 12/01/31		124,082		138,743
Pool E00530, 6.00%, 1/01/13		1,973		2,054
Pool E00560, 6.00%, 7/01/13		19,170		19,704
Pool G01625, 5.00%, 11/01/33		201,351		218,000
Pool G02296, 5.00%, 6/01/36		1,352,093		1,462,627
Pool G02390, 6.00%, 9/01/36		64,779		71,786
Pool G02976, 5.50%, 6/01/37		938,669		1,023,511
Pool G02988, 6.00%, 5/01/37		804,121		890,590
Pool G03703, 5.50%, 12/01/37		453,647		494,650
Pool G04776, 5.50%, 7/01/38		658,171		717,249
Pool G06222, 4.00%, 1/01/41		6,866,205		7,251,249
Pool G08097, 6.50%, 11/01/35		63,008		71,149
Pool G12709, 5.00%, 7/01/22		307,698		333,669
Pool Q01443, 4.50%, 6/01/41		6,153,458		6,569,842
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	45,187,221
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.3%
Pool 254007, 6.50%, 10/01/31		60,178		68,774
Pool 254759, 4.50%, 6/01/18		290,819		313,139
Pool 254833, 4.50%, 8/01/18		48,829		52,573
Pool 256515, 6.50%, 12/01/36		127,157		143,573
14Pool 256639, 5.00%, 2/01/27		97,152		106,317
Pool 256752, 6.00%, 6/01/27		116,898		129,653
Pool 329794, 7.00%, 2/01/26		61,595		70,639
Pool 398162, 6.50%, 1/01/28		23,515		26,859
Pool 402255, 6.50%, 12/01/27		6,418		7,287
Pool 535939, 6.00%, 5/01/16		95,119		102,163
Pool 629603, 5.50%, 2/01/17		35,786		39,278
Pool 638023, 6.50%, 4/01/32		144,920		165,893
Pool 642345, 6.50%, 5/01/32		156,773		179,167
Pool 651292, 6.50%, 7/01/32		241,744		276,125

Description	Par Value		Value
Pool 686398, 6.00%, 3/01/33	$	333,626	$	373,624
Pool 688987, 6.00%, 5/01/33		538,084		602,258
Pool 695818, 5.00%, 4/01/18		338,403		367,197
Pool 745412, 5.50%, 12/01/35		143,497		157,988
Pool 838891, 6.00%, 7/01/35		137,522		152,807
14Pool 889982, 5.50%, 11/01/38		1,214,957		1,330,055
Pool 975207, 5.00%, 3/01/23		328,871		357,266
Pool AB1796, 3.50%, 11/01/40		2,732,106		2,839,512
Pool AE2520, 3.00%, 1/01/26		2,525,554		2,640,045
Pool TBA, 5.00%, 5/01/42		13,000,000		14,119,219
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	24,621,411
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 2077, 7.00%, 9/20/25		25,883		29,817
Pool 354677, 7.50%, 10/15/23		58,296		67,659
Pool 354713, 7.50%, 12/15/23		35,986		41,766
Pool 354765, 7.00%, 2/15/24		73,875		85,058
Pool 354827, 7.00%, 5/15/24		76,917		88,560
Pool 360869, 7.50%, 5/15/24		31,758		36,986
Pool 361843, 7.50%, 10/15/24		56,553		65,635
Pool 373335, 7.50%, 5/15/22		24,911		28,823
Pool 385623, 7.00%, 5/15/24		69,069		79,747
Pool 503405, 6.50%, 4/15/29		95,913		111,232
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	635,283
TOTAL MORTGAGE-BACKED SECURITIES (COST $68,249,379)			$	70,443,915
MUNICIPAL BOND – 0.2%
BUILD AMERICA BONDS – 0.2%
1,14New Jersey State, EDA, Revenue Bonds, 1.47%, 6/15/13		650,000		652,294
TOTAL MUNICIPAL BOND (COST $650,000)			$	652,294
PREFERRED STOCK – 0.1%
BANKS – 0.1%
Wachovia Capital Trust IX, 6.38%, 6/01/67		12,000		303,120
TOTAL PREFERRED STOCK (COST $300,000)			$	303,120
U.S. TREASURY – 15.1%
INFLATION INDEXED NOTES – 1.4%
0.13%, 4/15/16		500,000		546,567
1.13%, 1/15/21		3,000,000		3,578,322
2.00%, 1/15/14		100,000		130,767
TOTAL INFLATION INDEXED NOTES			$	4,255,656

(Wilmington Broad Market Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
U.S. TREASURY BONDS – 3.3%
3.13%, 2/15/42	$	3,250,000	$	3,253,555
5.25%, 2/15/29		500,000		678,125
5.38%, 2/15/31		600,000		837,094
6.00%, 2/15/26		1,000,000		1,421,719
6.25%, 5/15/30		500,000		758,125
6.38%, 8/15/27		450,000		670,219
7.50%, 11/15/16		300,000		390,609
8.88%, 2/15/19		1,130,000		1,697,119
TOTAL U.S. TREASURY BONDS			$	9,706,565
U.S. TREASURY NOTES – 10.4%
0.88%, 1/31/17		7,000,000		7,036,095
120.88%, 2/28/17		4,000,000		4,018,125
1.00%, 3/31/17		1,500,000		1,515,000
1.25%, 9/30/15		1,000,000		1,026,094
1.25%, 1/31/19		250,000		249,844
121.38%, 2/28/19		7,000,000		7,045,937
1.75%, 7/31/15		500,000		521,016
2.00%, 11/15/21		1,210,000		1,222,856
2.00%, 2/15/22		1,500,000		1,510,547
2.13%, 8/15/21		250,000		256,328
2.25%, 1/31/15		1,000,000		1,051,250
2.25%, 3/31/16		1,250,000		1,331,055
2.25%, 7/31/18		500,000		533,828
2.50%, 4/30/15		1,000,000		1,062,344
2.63%, 7/31/14		200,000		210,406
2.63%, 11/15/20		500,000		538,594
3.13%, 5/15/19		750,000		841,992
3.63%, 2/15/20		750,000		868,359
4.00%, 8/15/18		500,000		588,281
TOTAL U.S. TREASURY NOTES			$	31,427,951
TOTAL U.S. TREASURY (COST $42,733,918)			$	45,390,172
REPURCHASE AGREEMENT – 1.0%
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $3,046,885, collateralized by a U.S. Treasury Security 3.13%, maturing 05/15/21; total market value of $3,111,810.		3,046,871		3,046,871
TOTAL REPURCHASE AGREEMENT (COST $3,046,871)			$	3,046,871
TOTAL INVESTMENTS IN SECURITIES – 104.4% (COST $298,026,928)			$	313,638,879

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.8%
REPURCHASE AGREEMENTS – 3.8%
Barclays Capital, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $2,698,428, collateralized by U.S. Government Securities 3.00% to 5.00%, maturing 04/01/27 to 09/01/41; total market value of $2,752,386.	$	2,698,413	$	2,698,413
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $2,698,426, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $2,752,382.		2,698,413		2,698,413
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $568,092, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $579,451.		568,089		568,089
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $2,698,426, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $2,752,392.		2,698,413		2,698,413
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $2,698,427, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $2,752,404.		2,698,413		2,698,413
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $11,361,741)			$	11,361,741
TOTAL INVESTMENTS – 108.2% (COST $309,388,669)			$	325,000,620
COLLATERAL FOR SECURITIES ON LOAN – (3.8%)				(11,361,741	)
OTHER LIABILITIES LESS ASSETS – (4.4%)				(13,232,066	)
TOTAL NET ASSETS – 100.0%			$	300,406,813

(Wilmington Broad Market Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

42 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $309,410,445. The net unrealized appreciation/(depreciation) of investments was $15,590,175. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $16,252,254 and net unrealized depreciation from investments for those securities having an excess of cost over value of $662,079.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Securities	$	—	$	4,324,686	$	—	$	4,324,686
Collateralized Mortgage Obligations		—		9,458,700		—		9,458,700
Commercial Paper		—		14,499,352		—		14,499,352
Corporate Bonds		—		156,030,032		—		156,030,032
Enhanced Equipment Trust Certificates		—		2,141,866		—		2,141,866
Government Agencies		—		7,347,871		—		7,347,871
Mortgage-Backed Securities		—		70,443,915		—		70,443,915
Municipal Bond		—		652,294		—		652,294
Preferred Stock		303,120		—		—		303,120
U.S. Treasury		—		45,390,172		—		45,390,172
Repurchase Agreements		—		14,408,612		—		14,408,612
Total	$	303,120	$	324,697,500	$	—	$	325,000,620

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

43

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Corporate Bonds		53.6	%
U.S. Treasury		19.8	%
Government Agencies		8.0	%
Mortgage-Backed Securities		7.6	%
Collateralized Mortgage Obligations		3.0	%
Enhanced Equipment Trust Certificates		0.8	%
Municipal Bond		0.6	%
Asset-Backed Securities		0.2	%
Cash Equivalents1		6.6	%
Other Assets and Liabilities – Net2		(0.2	)%
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.

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

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		11.2	%
AA		6.6	%
A		18.3	%
BBB		25.7	%
BB		3.9	%
B		0.3	%
Not Rated		6.7	%
U.S. Government		7.8	%
U.S. Treasury		19.7	%
Other Assets and Liabilities – Net2		(0.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
ASSET-BACKED SECURITY – 0.2%
WHOLE LOAN – 0.2%
1,6,7SLM Student Loan Trust, Series 2011-A, Class A1, 1.24%, 10/15/24	$	611,396	$	611,690
TOTAL ASSET-BACKED SECURITY (COST $611,396)			$	611,690
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.0%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.2%
6,7American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 4/15/37		1,000,000		1,071,777
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.80%, 5/12/39		983,524		1,006,799
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.54%, 6/15/38		1,000,000		1,063,631
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	3,142,207
FEDERAL HOME LOAN BANK (FHLB) – 1.3%
Series 1, Class , 4.88%, 5/17/17		3,000,000		3,589,566

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%
Series 2005-29, Class WC, 4.75%, 4/25/35	$	256,831	$	279,428
Series 2005-97, Class LB, 5.00%, 11/25/35		135,881		137,283
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	416,711
WHOLE LOAN – 0.3%
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 5.06%, 11/25/35		1,164,040		937,247
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,865,384)			$	8,085,731
CORPORATE BONDS – 53.6%
AEROSPACE & DEFENSE – 0.9%
Boeing Co., Sr. Unsecured, 5.00%, 3/15/14		950,000		1,029,574
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,250,000		1,331,176
TOTAL AEROSPACE & DEFENSE			$	2,360,750

(Wilmington Intermediate-Term Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

44 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
AUTO MANUFACTURERS – 0.6%
6,7Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21	$	250,000	$	262,380
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.00%, 2/17/15		500,000		501,718
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 2.05%, 1/12/17		700,000		719,475
TOTAL AUTO MANUFACTURERS			$	1,483,573
AUTO PARTS & EQUIPMENT – 0.0%**
6,7Delphi Corp., Company Guaranteed, 5.88%, 5/15/19		125,000		132,500
6,7Delphi Corp., Company Guaranteed, 6.13%, 5/15/21		50,000		53,500
TOTAL AUTO PARTS & EQUIPMENT			$	186,000
BANKS – 10.3%
Bank of Montreal, Sr. Unsecured, MTN, 2.50%, 1/11/17		1,500,000		1,542,146
Bank of Nova Scotia, Sr. Notes, 1.85%, 1/12/15		1,500,000		1,529,628
1BB&T Corp., Sr. Unsecured, 1.17%, 4/28/14		1,000,000		1,003,610
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		1,000,000		1,057,570
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		1,655,000		1,667,724
1Citigroup, Inc., Sr. Unsecured, 0.60%, 3/07/14		500,000		481,991
Citigroup, Inc., Sr. Unsecured, 5.50%, 10/15/14		500,000		533,492
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		750,000		831,853
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		1,000,000		1,041,871
Credit Suisse, Sr. Unsecured, 5.30%, 8/13/19		750,000		831,689
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,175,000		1,180,090
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		255,000		255,464
Goldman Sachs Group, Inc., Sr. Unsecured, 3.70%, 8/01/15		1,400,000		1,424,344
JPMorgan Chase & Co., Sr. Unsecured, 4.65%, 6/01/14		1,250,000		1,331,851
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		250,000		288,557
JPMorgan Chase & Co., Sr. Notes, 4.63%, 5/10/21		300,000		319,344
1JPMorgan Chase Capital XXIII, Limited Guarantee, 1.50%, 5/15/47		1,000,000		740,994
1Morgan Stanley, Sr. Unsecured, 2.07%, 1/24/14		1,100,000		1,067,282
1PNC Funding Corp., Bank Guaranteed, 0.67%, 1/31/14		1,500,000		1,486,494
PNC Funding Corp., Bank Guaranteed, 5.40%, 6/10/14		1,500,000		1,636,940
Royal Bank of Canada, Sr. Notes, MTN, 2.30%, 7/20/16		2,000,000		2,056,726
Toronto-Dominion Bank, Sr. Unsecured, 2.50%, 7/14/16		1,000,000		1,039,649

Description	Par Value		Value
U.S. Bank N.A., Sr. Unsecured, MTN, 5.92%, 5/25/12	$	458,883	$	460,458
U.S. Bank N.A., Subordinated, BKNT, 6.30%, 2/04/14		305,000		332,764
US Bancorp, Sr. Unsecured, MTN, 2.20%, 11/15/16		500,000		515,879
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		640,000		642,201
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		762,002
Wells Fargo Bank NA, Subordinated, 5.75%, 5/16/16		500,000		567,772
Westpac Banking Corp., Sr. Unsecured, 4.88%, 11/19/19		750,000		816,687
TOTAL BANKS			$	27,447,072
BEVERAGES – 2.6%
Anheuser-Busch Cos. LLC, Company Guaranteed, 5.05%, 10/15/16		2,000,000		2,292,914
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 7.75%, 1/15/19		2,000,000		2,648,578
Coca-Cola Co., Sr. Unsecured, 1.80%, 9/01/16		2,000,000		2,058,865
TOTAL BEVERAGES			$	7,000,357
BIOTECHNOLOGY – 0.4%
Gilead Sciences, Inc., Sr. Unsecured, 4.50%, 4/01/21		500,000		547,849
Gilead Sciences, Inc., Sr. Unsecured, 4.40%, 12/01/21		350,000		381,129
TOTAL BIOTECHNOLOGY			$	928,978
BUILDING MATERIALS – 0.4%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,026,441
CHEMICALS – 0.6%
Dow Chemical Co., Sr. Unsecured, 7.60%, 5/15/14		1,000,000		1,126,644
Dow Chemical Co., Sr. Unsecured, 4.13%, 11/15/21		500,000		520,745
TOTAL CHEMICALS			$	1,647,389
COAL – 0.3%
Consol Energy, Inc., Company Guaranteed, 8.00%, 4/01/17		625,000		662,500
COMPUTERS – 0.5%
Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17		500,000		501,293
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16		725,000		748,801
TOTAL COMPUTERS			$	1,250,094
DIVERSIFIED FINANCIAL SERVICES – 6.4%
American Express Co., Sr. Unsecured, 4.88%, 7/15/13		765,000		799,065
6,7American Honda Finance Corp., Sr. Unsecured, MTN, 4.63%, 4/02/13		1,500,000		1,557,305
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		747,844
BP Capital Markets PLC, Company Guaranteed, 5.25%, 11/07/13		1,000,000		1,064,538

(Wilmington Intermediate-Term Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Caterpillar Financial Services Corp., Notes, 1.55%, 12/20/13	$	2,000,000	$	2,034,382
Charles Schwab Corp., Sr. Unsecured, MTN, 6.38%, 9/01/17		1,000,000		1,201,439
Charles Schwab Corp., Sr. Unsecured, 4.45%, 7/22/20		250,000		276,382
Ford Motor Credit Co. LLC, Sr. Unsecured, 3.88%, 1/15/15		1,500,000		1,561,875
Ford Motor Credit Co. LLC, Sr. Unsecured, 7.00%, 4/15/15		250,000		279,375
Ford Motor Credit Co. LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		287,500
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.88%, 8/02/21		1,000,000		1,132,500
6,7FUEL Trust, Secured, 3.98%, 6/15/16		300,000		311,525
1General Electric Capital Corp., Series A, Sr. Unsecured, MTNA, 0.66%, 10/06/15		1,000,000		967,153
General Electric Capital Corp., Unsecured, MTN, 2.30%, 4/27/17		750,000		753,911
General Electric Capital Corp., Sr. Unsecured, MTN, 4.65%, 10/17/21		500,000		544,775
6,7Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14		500,000		544,436
6,7Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17		250,000		258,695
6,7Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17		250,000		252,542
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17		1,040,000		1,043,144
Merrill Lynch & Co., Inc., Sr. Unsecured, 5.45%, 7/15/14		500,000		523,684
SLM Corp., Series A, Sr. Unsecured, MTNA, 5.00%, 10/01/13		1,000,000		1,024,182
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	17,166,252
ELECTRIC – 4.7%
Ameren Illinois Co., Sr. Secured, 9.75%, 11/15/18		2,775,000		3,820,230
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		625,000		709,375
Commonwealth Edison Co., 1st Mortgage, 1.95%, 9/01/16		1,000,000		1,025,082
Detroit Edison Co., Series G, Sr. Secured, 5.60%, 6/15/18		950,000		1,146,496
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15		500,000		519,147
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17		500,000		524,601
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		1,000,000		1,174,460
Florida Power & Light Co., 1st Mortgage, 5.55%, 11/01/17		500,000		607,492
Florida Power Corp., 1st Mortgage, 3.10%, 8/15/21		500,000		514,771
Oklahoma Gas & Electric Co., Sr. Secured, 6.65%, 7/15/27		440,000		569,171
Southern California Edison Co., Series 05-A, 1st Mortgage, 5.00%, 1/15/16		654,000		745,020

Description	Par Value		Value
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20	$	1,250,000	$	1,302,634
TOTAL ELECTRIC			$	12,658,479
ELECTRONICS – 0.8%
FLIR Systems, Inc., Sr. Unsecured, 3.75%, 9/01/16		650,000		666,135
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.25%, 8/15/16		1,500,000		1,565,333
TOTAL ELECTRONICS			$	2,231,468
ENVIRONMENTAL CONTROL – 0.2%
Allied Waste North America, Inc., Company Guaranteed, 6.88%, 6/01/17		600,000		624,750
FOOD – 1.5%
1Kraft Foods, Inc., Sr. Unsecured, 1.34%, 7/10/13		1,220,000		1,224,809
Kraft Foods, Inc., Unsecured, 5.25%, 10/01/13		750,000		796,560
Kraft Foods, Inc., Sr. Unsecured, 4.13%, 2/09/16		1,500,000		1,643,280
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		250,000		271,902
TOTAL FOOD			$	3,936,551
HEALTHCARE PROVIDERS & SERVICES – 0.2%
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17		500,000		604,623
HOME FURNISHINGS – 0.4%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16		1,000,000		1,121,717
HOUSEHOLD PRODUCTS – 0.4%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21		1,000,000		1,030,243
INSURANCE – 1.3%
MetLife, Inc., Sr. Unsecured, 5.00%, 6/15/15		730,000		806,710
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.88%, 1/14/15		1,700,000		1,795,463
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19		710,000		835,953
TOTAL INSURANCE			$	3,438,126
IRON/STEEL – 0.3%
Cliffs Natural Resources, Inc., Sr. Unsecured, 4.88%, 4/01/21		700,000		737,914
LEISURE TIME – 0.5%
Royal Caribbean Cruises Ltd., Sr. Unsecured, 7.00%, 6/15/13		1,200,000		1,260,000
MEDIA – 4.7%
CBS Corp., Company Guaranteed, 3.38%, 3/01/22		1,485,000		1,459,152

(Wilmington Intermediate-Term Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

46 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13	$	1,765,000	$	1,884,275
Comcast Corp., Company Guaranteed, 6.50%, 1/15/15		2,000,000		2,288,399
Comcast Corp., Company Guaranteed, 5.70%, 7/01/19		500,000		595,709
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 3.50%, 3/01/16		2,000,000		2,113,931
NBCUniversal Media LLC, Sr. Unsecured, 3.65%, 4/30/15		1,000,000		1,070,834
Time Warner Entertainment Co. LP, Company Guaranteed, 8.38%, 3/15/23		175,000		236,804
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14		1,555,000		1,676,496
Viacom, Inc., Sr. Unsecured, 3.88%, 12/15/21		1,250,000		1,324,818
TOTAL MEDIA			$	12,650,418
METALS & MINING – 0.9%
Alcoa, Inc., Sr. Unsecured, 6.00%, 7/15/13		1,251,000		1,325,942
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19		1,100,000		1,188,768
TOTAL METALS & MINING			$	2,514,710
MISCELLANEOUS MANUFACTURING – 1.8%
Ingersoll-Rand Co., Series B, Company Guaranteed, MTNB, 6.02%, 2/15/28		2,015,000		2,208,992
Ingersoll-Rand Global Holding Co. Ltd., Company Guaranteed, 6.00%, 8/15/13		1,000,000		1,064,092
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15		1,500,000		1,653,106
TOTAL MISCELLANEOUS MANUFACTURING			$	4,926,190
OIL & GAS – 4.5%
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17		695,000		827,386
BP Capital Markets PLC, Company Guaranteed, 3.20%, 3/11/16		775,000		826,240
Chesapeake Energy Corp., Company Guaranteed, 9.50%, 2/15/15		625,000		678,906
Marathon Oil Corp., Sr. Unsecured, 6.00%, 10/01/17		1,000,000		1,182,541
6,7Phillips 66, Company Guaranteed, 2.95%, 5/01/17		250,000		256,566
6,7Phillips 66, Company Guaranteed, 4.30%, 4/01/22		500,000		521,386
Sempra Energy, Sr. Unsecured, 2.30%, 4/01/17		800,000		821,907
Shell International Finance BV, Company Guaranteed, 4.00%, 3/21/14		2,000,000		2,128,430
Sunoco, Inc., Sr. Unsecured, 9.63%, 4/15/15		1,200,000		1,405,486
Total Capital SA, Company Guaranteed, 3.13%, 10/02/15		945,000		1,003,340

Description	Par Value		Value
Transocean, Inc., Company Guaranteed, 4.95%, 11/15/15	$	1,000,000	$	1,075,926
Valero Energy Corp., Company Guaranteed, 4.75%, 4/01/14		1,245,000		1,324,979
TOTAL OIL & GAS			$	12,053,093
OIL & GAS SERVICES – 0.2%
Weatherford International Ltd., Company Guaranteed, 5.15%, 3/15/13		10,000		10,350
Weatherford International Ltd., Company Guaranteed, 4.50%, 4/15/22		500,000		516,762
TOTAL OIL & GAS SERVICES			$	527,112
PHARMACEUTICALS – 0.9%
Allergan, Inc., Sr. Unsecured, 5.75%, 4/01/16		575,000		672,273
6,7Express Scripts Holding Co., Company Guaranteed, 2.10%, 2/12/15		150,000		152,379
Sanofi, Sr. Unsecured, 4.00%, 3/29/21		725,000		805,334
Teva Pharmaceutical Finance Co. BV, Company Guaranteed, 2.40%, 11/10/16		775,000		804,988
TOTAL PHARMACEUTICALS			$	2,434,974
PIPELINES – 0.8%
Enterprise Products Operating LLC, Company Guaranteed, 4.05%, 2/15/22		500,000		529,884
Kinder Morgan Energy Partners LP, Sr. Unsecured, 3.95%, 9/01/22		1,000,000		1,008,577
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 5.00%, 2/01/21		500,000		557,913
TOTAL PIPELINES			$	2,096,374
REAL ESTATE – 0.3%
ProLogis LP, Company Guaranteed, 4.50%, 8/15/17		750,000		787,433
REAL ESTATE INVESTMENT TRUSTS (REIT) – 0.8%
Commonwealth REIT, Sr. Unsecured, 5.88%, 9/15/20		500,000		519,301
HCP, Inc., Sr. Unsecured, MTN, 6.30%, 9/15/16		1,000,000		1,137,030
Vornado Realty LP, Sr. Unsecured, 4.25%, 4/01/15		500,000		524,038
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	2,180,369
RETAIL – 0.3%
Kohl’s Corp., Sr. Unsecured, 6.25%, 12/15/17		730,000		881,292
SOFTWARE – 0.1%
Microsoft Corp., Sr. Unsecured, 3.00%, 10/01/20		150,000		161,756
TELECOMMUNICATIONS – 2.6%
AT&T, Inc., Sr. Unsecured, 2.95%, 5/15/16		750,000		798,497
AT&T, Inc., Sr. Unsecured, 5.63%, 6/15/16		2,000,000		2,344,501

(Wilmington Intermediate-Term Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 47

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
AT&T, Inc., Sr. Unsecured, 3.88%, 8/15/21	$	500,000	$	539,493
Corning, Inc., Sr. Unsecured, 6.63%, 5/15/19		275,000		335,696
Telefonica Emisiones Sau, Company Guaranteed, 2.58%, 4/26/13		1,225,000		1,220,577
Verizon Communications, Inc., Sr. Unsecured, 1.25%, 11/03/14		760,000		770,189
Verizon Communications, Inc., Sr. Unsecured, 5.50%, 2/15/18		750,000		887,537
TOTAL TELECOMMUNICATIONS			$	6,896,490
TRANSPORTATION – 1.9%
CSX Corp., Sr. Unsecured, 7.90%, 5/01/17		685,000		855,393
CSX Corp., Sr. Unsecured, 4.25%, 6/01/21		500,000		545,716
Ryder System, Inc., Sr. Unsecured, MTN, 6.00%, 3/01/13		500,000		519,014
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		850,000		883,065
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17		500,000		504,210
Union Pacific Corp., Sr. Unsecured, 5.75%, 11/15/17		1,500,000		1,797,151
TOTAL TRANSPORTATION			$	5,104,549
TRUCKING AND LEASING – 0.5%
GATX Corp., Sr. Unsecured, 8.75%, 5/15/14		1,250,000		1,421,656
TOTAL CORPORATE BONDS (COST $136,446,008)			$	143,439,693
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.8%
AIRLINES – 0.8%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 7/31/21		485,408		500,577
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19		231,715		261,548
Delta Air Lines, Inc., Series A, Pass-Through Certificates, 7.75%, 12/17/19		438,623		499,482
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22		732,934		799,356
TOTAL AIRLINES			$	2,060,963
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,878,785)			$	2,060,963
GOVERNMENT AGENCIES – 8.0%
FEDERAL HOME LOAN BANK (FHLB) – 0.8%
125.50%, 8/13/14		2,000,000		2,236,253

Description	Par Value		Value
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.2%
1.75%, 5/30/19	$	2,000,000	$	2,018,668
2.38%, 1/13/22		2,500,000		2,518,509
2.50%, 5/27/16		2,500,000		2,672,815
4.38%, 7/17/15		1,315,000		1,474,592
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	8,684,584
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 4.0%
0.63%, 10/30/14		2,000,000		2,010,426
1.38%, 11/15/16		2,500,000		2,551,620
1.63%, 10/26/15		1,500,000		1,550,782
3.00%, 9/16/14		1,500,000		1,592,819
14.18%, 6/10/20		1,000,000		1,090,500
5.00%, 5/11/17		1,500,000		1,788,188
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	10,584,335
TOTAL GOVERNMENT AGENCIES (COST $20,675,322)			$	21,505,172
MORTGAGE-BACKED SECURITIES – 7.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 4.6%
Pool A18401, 6.00%, 2/01/34		148,070		165,196
Pool A93415, 4.00%, 8/01/40		4,830,631		5,098,505
Pool B19228, 4.50%, 4/01/20		101,119		108,705
Pool C90293, 7.50%, 9/01/19		228,522		263,074
Pool C90504, 6.50%, 12/01/21		90,659		102,599
Pool E00530, 6.00%, 1/01/13		3,265		3,400
Pool E76204, 5.50%, 4/01/14		732		766
Pool E83022, 6.00%, 4/01/16		38,019		40,894
Pool E92817, 5.00%, 12/01/17		320,848		346,325
Pool G01625, 5.00%, 11/01/33		201,351		218,000
Pool G02390, 6.00%, 9/01/36		113,364		125,625
Pool G08097, 6.50%, 11/01/35		101,963		115,137
Pool G08193, 6.00%, 4/01/37		264,430		292,865
Pool G11311, 5.00%, 10/01/17		194,166		209,705
Pool G12709, 5.00%, 7/01/22		2,002,242		2,171,243
Pool G13077, 5.50%, 4/01/23		2,696,430		2,930,542
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	12,192,581
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.8%
Pool 254240, 7.00%, 3/01/32		147,301		168,560
Pool 254833, 4.50%, 8/01/18		65,106		70,097
Pool 256639, 5.00%, 2/01/27		194,304		212,634
Pool 256752, 6.00%, 6/01/27		146,123		162,066
Pool 257007, 6.00%, 12/01/27		281,806		312,422

(Wilmington Intermediate-Term Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

48 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Pool 424286, 6.50%, 6/01/13	$	2,863	$	2,938
Pool 526062, 7.50%, 12/01/29		15,451		17,914
1Pool 612514, 2.47%, 5/01/33		107,996		113,255
Pool 619054, 5.50%, 2/01/17		139,187		152,771
Pool 629603, 5.50%, 2/01/17		59,643		65,464
Pool 688996, 8.00%, 11/01/24		16,941		18,717
Pool 745412, 5.50%, 12/01/35		144,645		159,252
Pool 832365, 5.50%, 8/01/20		1,720,086		1,883,109
Pool 838741, 5.00%, 9/01/20		1,360,998		1,481,907
Pool 839291, 5.00%, 9/01/20		22,401		24,391
Pool AE2520, 3.00%, 1/01/26		2,525,554		2,640,045
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	7,485,542
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 2616, 7.00%, 7/20/28		100,085		115,718
Pool 2701, 6.50%, 1/20/29		187,443		218,934
Pool 426727, 7.00%, 2/15/29		17,934		20,823
Pool 780825, 6.50%, 7/15/28		183,922		213,102
Pool 781231, 7.00%, 12/15/30		88,578		102,960
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	671,537
TOTAL MORTGAGE-BACKED SECURITIES (COST $19,158,029)			$	20,349,660
MUNICIPAL BOND – 0.6%
BUILD AMERICA BONDS – 0.6%
1New Jersey State, EDA, Revenue Bonds, 1.47%, 6/15/13		1,500,000		1,505,295
TOTAL MUNICIPAL BOND (COST $1,500,000)			$	1,505,295
U.S. TREASURY – 19.8%
INFLATION INDEXED NOTES – 1.2%
0.13%, 4/15/16		1,500,000		1,639,700
1.25%, 7/15/20		500,000		606,534
1.63%, 1/15/15		500,000		647,661
3.00%, 7/15/12		180,000		231,437
TOTAL INFLATION INDEXED NOTES			$	3,125,332
U.S. TREASURY NOTES – 18.6%
0.38%, 4/15/15		2,500,000		2,500,195
0.75%, 9/15/13		600,000		604,266
0.88%, 1/31/17		3,000,000		3,015,469
1.00%, 5/15/14		30,000		30,436
1.25%, 1/31/19		1,500,000		1,499,063
1.50%, 8/31/18		2,500,000		2,553,125

Description	Par Value/ Shares		Value
2.00%, 4/30/16	$	1,600,000	$	1,688,250
2.00%, 11/15/21		190,000		192,019
2.13%, 8/15/21		500,000		512,656
2.63%, 4/30/16		1,500,000		1,618,828
2.63%, 8/15/20		5,000,000		5,395,312
2.63%, 11/15/20		1,000,000		1,077,187
2.75%, 2/15/19		1,500,000		1,646,953
3.50%, 2/15/18		1,500,000		1,708,359
3.63%, 2/15/20		1,500,000		1,736,719
4.00%, 8/15/18		2,000,000		2,353,125
4.13%, 5/15/15		2,420,000		2,690,359
4.25%, 11/15/14		2,500,000		2,745,703
4.25%, 8/15/15		2,000,000		2,247,187
4.25%, 11/15/17		2,500,000		2,942,969
4.50%, 2/15/16		2,000,000		2,294,063
4.75%, 8/15/17		7,250,000		8,696,602
TOTAL U.S. TREASURY NOTES			$	49,748,845
TOTAL U.S. TREASURY (COST $50,085,918)			$	52,874,177
MONEY MARKET FUND – 0.0%**
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		4,109		4,109
TOTAL MONEY MARKET FUND (COST $4,109)			$	4,109
REPURCHASE AGREEMENT – 5.8%
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $15,609,074, collateralized by a U.S. Treasury Security 1.50%, maturing 06/30/16; total market value of $15,926,164.		15,609,000		15,609,000
TOTAL REPURCHASE AGREEMENT (COST $15,609,000)			$	15,609,000
TOTAL INVESTMENTS IN SECURITIES – 99.4% (COST $253,833,951)			$	266,045,490
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8%
REPURCHASE AGREEMENTS – 0.8%
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $305,304, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $311,408.		305,302		305,302
Mizuho Securities, Inc., 0.23%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 0.00% to 7.50%, maturing 02/01/26 to 02/25/44; total market value of $1,020,000.		1,000,000		1,000,000

(Wilmington Intermediate-Term Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

Wilmington Intermediate-Term Bond Fund (concluded)

Description	Par Value		Value
UBS Securities LLC 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 3.50% to 6.00%, maturing 02/01/20 to 01/01/48; total market value of $1,020,000.	$	1,000,000	$	1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,305,302)			$	2,305,302
TOTAL INVESTMENTS – 100.2% (COST $256,139,253)			$	268,350,792
COLLATERAL FOR SECURITIES ON LOAN – (0.8%)				(2,305,302	)
OTHER ASSETS LESS LIABILITIES – 0.6%				1,700,086
TOTAL NET ASSETS – 100.0%			$	267,745,576

Cost of investments for Federal income tax purposes is $256,142,996. The net unrealized appreciation/(depreciation) of investments was $12,207,795. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $12,625,781 and net unrealized depreciation from investments for those securities having an excess of cost over value of $417,986.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Securities	$	—	$	611,690	$	—	$	611,690
Collateralized Mortgage Obligations		—		8,085,731		—		8,085,731
Corporate Bonds		—		143,439,693		—		143,439,693
Enhanced Equipment Trust Certificates		—		2,060,963		—		2,060,963
Government Agency		—		21,505,172		—		21,505,172
Mortgage-Backed Securities		—		20,349,660		—		20,349,660
Municipal Bond		—		1,505,295		—		1,505,295
U.S. Treasury		—		52,874,177		—		52,874,177
Money Market Fund		4,109		—		—		4,109
Repurchase Agreements		—		17,914,302		—		17,914,302
Total	$	4,109	$	268,346,683	$	—	$	268,350,792

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

50

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Corporate Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Banks		17.7	%
Diversified Financial Services		10.0	%
Media		6.9	%
Oil & Gas		6.4	%
Food		6.0	%
Real Estate Investment Trusts (REIT)		5.6	%
Insurance		4.3	%
Electric		3.6	%
Beverages		3.4	%
Retail		3.3	%
Telecommunications		2.9	%
Chemicals		2.7	%
U.S. Treasury Note		2.6	%
Transportation		2.4	%
Computers		2.0	%
Internet		2.0	%
Commercial Mortgage-Backed Securities (CMBS)		1.8	%
Pipelines		1.8	%
Office/Business Equipment		1.7	%
Pharmaceuticals		1.5	%
Financial Services		1.3	%
Cosmetics/Personal Care		1.1	%
Healthcare Providers & Services		1.0	%
Metals & Mining		1.0	%
Iron/Steel		0.8	%
Software		0.8	%
Auto Manufacturers		0.7	%
Electronics		0.6	%
Auto Parts & Equipment		0.5	%
Building Materials		0.5	%
Gas		0.5	%
Leisure Time		0.5	%
Semiconductors		0.5	%
Federal Home Loan Mortgage Corporation (FHLMC)		0.4	%
Whole Loan		0.4	%
Commercial Services		0.3	%
Biotechnology		0.1	%
Federal National Mortgage Association (FNMA)		0.0	%4
Cash Equivalents1		1.0	%
Other Assets and Liabilities – Net2		(0.6	)%
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.

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

(4) Represent less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		4.5	%
AA		12.8	%
A		28.3	%
BBB		47.6	%
BB		3.4	%
Not Rated		1.0	%
U.S. Government Agency Securities		0.4	%
U.S. Treasuries		2.6	%
Other Assets and Liabilities – Net2		(0.6	)%
TOTAL		100.0	%

(Wilmington Short-Term Corporate Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

51

Wilmington Short-Term Corporate Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
1Pool 399251, 2.19%, 9/01/27	$	64	$	67
TOTAL ADJUSTABLE RATE MORTGAGE (COST $64)			$	67
ASSET-BACKED SECURITIES – 1.7%
FINANCIAL SERVICES – 1.3%
Hyundai Auto Receivables Trust, Series 2011-A, Class A2, 0.69%, 11/15/13		831,120		832,064
6,7Porsche Financial Auto Securitization Trust, Series 2011-1, Class A2, 0.56%, 12/16/13		767,182		767,715
Volkswagen Auto Loan Enhanced Trust, Series 2011-1, Class A2, 0.67%, 12/20/13		921,353		923,117
TOTAL FINANCIAL SERVICES			$	2,522,896
WHOLE LOAN – 0.4%
1,6,7SLM Student Loan Trust, Series 2011-A, Class A1, 1.24%, 10/15/24		815,195		815,587
TOTAL ASSET-BACKED SECURITIES (COST $3,334,746)			$	3,338,483
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.2%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.8%
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.80%, 5/12/39		1,311,365		1,342,399
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.54%, 6/15/38		2,000,000		2,127,262
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	3,469,661
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.4%
Series 2003-2632, Class A, 4.00%, 1/15/18		453,494		465,353
Series 2003-2649, Class KA, 4.50%, 7/15/18		280,902		298,140
Series 2005-2915, Class KP, 5.00%, 11/15/29		27,356		27,632
Series 2005-3075, Class TP, 5.50%, 1/15/30		25,373		25,636
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	816,761
WHOLE LOAN – 0.0%**
Morgan Stanley Mortgage Loan Trust Series 2004-1, Class 1A8, 4.75%, 11/25/18		12,061		12,052
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $4,342,952)			$	4,298,474

Description	Par Value		Value
4COMMERCIAL PAPER – 0.5%
FOOD – 0.5%
6,7Kroger Co., 0.39%, 5/01/12	$	1,000,000	$	999,989
TOTAL COMMERCIAL PAPER (COST $1,000,000)			$	999,989
CORPORATE BONDS – 92.6%
AUTO MANUFACTURERS – 0.7%
6,7Daimler Finance North America LLC, Company Guaranteed, 2.63%, 9/15/16		1,000,000		1,036,131
6,7Hyundai Motor Manufacturing Czech s.r.o., Company Guaranteed, 4.50%, 4/15/15		250,000		263,544
TOTAL AUTO MANUFACTURERS			$	1,299,675
AUTO PARTS & EQUIPMENT – 0.5%
1Johnson Controls, Inc., Sr. Unsecured, 0.94%, 2/04/14		1,000,000		1,002,041
BANKS – 17.7%
1Bank of America Corp., Sr. Unsecured, MTN, 1.89%, 1/30/14		1,000,000		982,072
Bank of New York Mellon Corp., Sr. Unsecured, MTN, 2.30%, 7/28/16		1,000,000		1,033,108
1Bank of Nova Scotia, Certificate of Deposit, 0.82%, 2/15/13		1,000,000		1,002,292
Bank of Nova Scotia, Sr. Unsecured, 2.05%, 10/07/15		2,000,000		2,054,670
1BB&T Corp., Sr. Unsecured, 1.17%, 4/28/14		1,000,000		1,003,610
BB&T Corp., Sr. Unsecured, 5.70%, 4/30/14		1,000,000		1,093,116
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		250,000		277,730
Capital One Financial Corp., Sr. Unsecured, 2.13%, 7/15/14		675,000		680,719
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		1,000,000		1,007,688
1Citigroup, Inc., Sr. Unsecured, 1.35%, 2/15/13		1,300,000		1,296,190
1Citigroup, Inc., Sr. Unsecured, 1.40%, 4/01/14		2,000,000		1,950,808
Citigroup, Inc., Sr. Unsecured, 2.65%, 3/02/15		1,000,000		999,077
Citigroup, Inc., Sr. Unsecured, 4.59%, 12/15/15		250,000		262,205
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		2,000,000		2,083,742
Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		850,000		894,507
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		900,000		901,638
1JPMorgan Chase & Co., Sr. Unsecured, MTN, 1.22%, 5/02/14		1,000,000		1,001,059

(Wilmington Short-Term Corporate Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

52 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
1JPMorgan Chase & Co., Sr. Unsecured, MTN, 1.27%, 1/24/14	$	1,000,000	$	1,001,489
JPMorgan Chase & Co., Sr. Unsecured, 3.15%, 7/05/16		1,000,000		1,037,289
1JPMorgan Chase Capital XXIII, Limited Guarantee, 1.50%, 5/15/47		1,000,000		740,994
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13		1,000,000		1,057,209
National City Corp., Sr. Unsecured, 4.90%, 1/15/15		1,000,000		1,097,832
PNC Funding Corp., Bank Guaranteed, 3.63%, 2/08/15		1,000,000		1,068,087
Royal Bank of Canada, Sr. Unsecured, 1.45%, 10/30/14		2,000,000		2,027,688
Royal Bank of Canada, Sr. Unsecured, MTN, 1.15%, 3/13/15		1,000,000		1,003,287
Toronto-Dominion Bank, Sr. Unsecured, 2.38%, 10/19/16		2,000,000		2,062,894
U.S. Bancorp, Sr. Unsecured, 4.20%, 5/15/14		2,000,000		2,140,708
Wachovia Bank NA, Subordinated, BKNT, 4.88%, 2/01/15		2,000,000		2,157,459
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		1,000,000		1,003,439
Wells Fargo & Co., Sr. Unsecured, 3.63%, 4/15/15		250,000		267,309
TOTAL BANKS			$	35,189,915
BEVERAGES – 3.4%
1Anheuser-Busch InBev Worldwide, Inc., Series FRN, Company Guaranteed, 1.02%, 1/27/14		500,000		502,760
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 2.50%, 3/26/13		1,000,000		1,017,788
Diageo Capital PLC, Company Guaranteed, 5.20%, 1/30/13		1,000,000		1,034,861
Diageo Finance BV, Company Guaranteed, 3.25%, 1/15/15		2,000,000		2,126,568
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.35%, 12/21/12		1,000,000		1,012,186
PepsiCo, Inc., Sr. Unsecured, 0.75%, 3/05/15		1,050,000		1,052,209
TOTAL BEVERAGES			$	6,746,372
BIOTECHNOLOGY – 0.1%
Gilead Sciences, Inc., Sr. Unsecured, 2.40%, 12/01/14		270,000		279,873
BUILDING MATERIALS – 0.5%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,026,441
CHEMICALS – 2.7%
Dow Chemical Co., Sr. Unsecured, 7.60%, 5/15/14		250,000		281,661
Ecolab, Inc., Sr. Unsecured, 2.38%, 12/08/14		1,000,000		1,035,404
1EI DU Pont de Nemours & Co., Sr. Unsecured, 0.89%, 3/25/14		2,000,000		2,016,163

Description	Par Value		Value
Potash Corp. of Saskatchewan, Inc., Sr. Unsecured, 4.88%, 3/01/13	$	2,000,000	$	2,069,182
TOTAL CHEMICALS			$	5,402,410
COMMERCIAL SERVICES – 0.3%
1Western Union Co., Sr. Unsecured, 1.05%, 3/07/13		500,000		500,912
COMPUTERS – 2.0%
Hewlett-Packard Co., Sr. Unsecured, 1.25%, 9/13/13		1,000,000		1,000,910
International Business Machines Corp., Sr. Unsecured, 2.10%, 5/06/13		1,000,000		1,018,137
International Business Machines Corp., Sr. Unsecured, 1.00%, 8/05/13		800,000		806,117
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16		1,000,000		1,032,829
TOTAL COMPUTERS			$	3,857,993
COSMETICS/PERSONAL CARE – 1.1%
Procter & Gamble Co., Sr. Unsecured, 3.50%, 2/15/15		2,000,000		2,158,332
DIVERSIFIED FINANCIAL SERVICES – 10.0%
American Express Co., Sr. Unsecured, 7.25%, 5/20/14		1,000,000		1,118,288
American Express Credit Corp., Sr. Unsecured, 5.13%, 8/25/14		1,000,000		1,086,648
1BlackRock, Inc., Sr. Unsecured, 0.79%, 5/24/13		1,000,000		1,002,776
BlackRock, Inc., Sr. Unsecured, 3.50%, 12/10/14		1,000,000		1,070,436
Capital One Bank USA NA, Subordinated, 6.50%, 6/13/13		1,000,000		1,052,778
Charles Schwab Corp., Sr. Unsecured, 4.95%, 6/01/14		1,000,000		1,083,169
Ford Motor Credit Co. LLC, Sr. Unsecured, 3.88%, 1/15/15		400,000		416,500
Ford Motor Credit Co., LLC, Sr. Unsecured, 8.00%, 6/01/14		2,000,000		2,232,500
6,7FUEL Trust, Secured, 3.98%, 6/15/16		400,000		415,367
1General Electric Capital Corp., Sr. Unsecured, MTN, 1.10%, 4/07/14		1,000,000		1,000,244
General Electric Capital Corp., Sr. Unsecured, 2.10%, 1/07/14		1,000,000		1,018,573
12General Electric Capital Corp., Sr. Unsecured, 2.90%, 1/09/17		500,000		518,787
1HSBC Finance Corp., Sr. Unsecured, 0.82%, 9/14/12		1,000,000		999,702
John Deere Capital Corp., Sr. Unsecured, MTN, 4.95%, 12/17/12		1,000,000		1,028,729
John Deere Capital Corp., Sr. Unsecured, MTN, 4.90%, 9/09/13		500,000		529,675
John Deere Capital Corp., Unsecured, 0.88%, 4/17/15		750,000		753,008

(Wilmington Short-Term Corporate Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 53

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16	$	1,500,000	$	1,562,759
SLM Corp., Series A, Sr. Unsecured, MTNA, 5.00%, 10/01/13		1,000,000		1,024,182
TD Ameritrade Holding Corp., Company Guaranteed, 2.95%, 12/01/12		2,000,000		2,024,139
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	19,938,260
ELECTRIC – 3.6%
Consolidated Edison Co. of New York, Inc., Series 03-B, Sr. Unsecured, 3.85%, 6/15/13		400,000		414,201
Consolidated Edison Co. of New York, Inc., Series 05-C, Sr. Unsecured, 5.38%, 12/15/15		110,000		126,580
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15		2,000,000		2,076,586
1DTE Energy Co., Sr. Unsecured, 1.18%, 6/03/13		1,000,000		1,004,036
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17		500,000		524,601
Georgia Power Co., Sr. Unsecured, 1.30%, 9/15/13		1,000,000		1,011,531
Virginia Electric and Power Co., Sr. Unsecured, 5.10%, 11/30/12		2,000,000		2,053,976
TOTAL ELECTRIC			$	7,211,511
ELECTRONICS – 0.6%
Agilent Technologies, Inc., Sr. Unsecured, 5.50%, 9/14/15		1,000,000		1,128,346
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.20%, 5/01/15		100,000		106,440
TOTAL ELECTRONICS			$	1,234,786
FOOD – 5.5%
Kellogg Co., Sr. Unsecured, 5.13%, 12/03/12		1,000,000		1,027,897
Kellogg Co., Sr. Unsecured Notes, 4.25%, 3/06/13		3,000,000		3,096,380
Kraft Foods, Inc., Unsecured, 5.25%, 10/01/13		1,000,000		1,062,080
Kraft Foods, Inc., Sr. Unsecured, 4.13%, 2/09/16		2,000,000		2,191,040
Kroger Co., Company Guaranteed, 5.50%, 2/01/13		250,000		259,247
Kroger Co., Company Guaranteed, 5.00%, 4/15/13		1,580,000		1,645,265
6,7WM Wrigley Jr. Co., Sr. Secured, 3.70%, 6/30/14		1,500,000		1,552,919
TOTAL FOOD			$	10,834,828
GAS – 0.5%
National Fuel Gas Co., Sr. Unsecured, 5.25%, 3/01/13		1,000,000		1,033,821
HEALTHCARE PROVIDERS & SERVICES – 1.0%
1Quest Diagnostics, Inc., Company Guaranteed, 1.32%, 3/24/14		2,000,000		2,011,589

Description	Par Value		Value
INSURANCE – 4.3%
Lincoln National Corp., Sr. Unsecured, 5.65%, 8/27/12	$	1,246,000	$	1,265,348
MassMutual Global Funding II, Sr. Secured
1,6,70.85%, 1/14/14		1,000,000		996,019
6,73.63%, 7/16/12		500,000		503,379
MetLife, Inc., Sr. Unsecured, 2.38%, 2/06/14		1,750,000		1,792,665
6,7Metropolitan Life Global Funding I, Sr. Secured, 2.50%, 1/11/13		1,000,000		1,014,345
Principal Financial Group, Inc., Company Guaranteed, 7.88%, 5/15/14		1,100,000		1,226,973
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.63%, 9/17/12		750,000		758,175
Prudential Financial, Inc., Sr. Unsecured, MTN, 2.75%, 1/14/13		1,000,000		1,013,050
TOTAL INSURANCE			$	8,569,954
INTERNET – 2.0%
eBay, Inc., Sr. Unsecured, 0.88%, 10/15/13		1,000,000		1,007,216
Google, Inc., Sr. Unsecured, 1.25%, 5/19/14		3,000,000		3,048,931
TOTAL INTERNET			$	4,056,147
IRON/STEEL – 0.8%
ArcelorMittal, Sr. Unsecured, 3.75%, 8/05/15		1,000,000		1,014,827
12ArcelorMittal, Sr. Unsecured, 3.75%, 3/01/16		500,000		501,310
TOTAL IRON/STEEL			$	1,516,137
LEISURE TIME – 0.5%
6,7Harley-Davidson Financial Services, Inc., Company Guaranteed, 3.88%, 3/15/16		1,000,000		1,050,145
MEDIA – 6.9%
Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13		2,000,000		2,135,156
COX Communications, Inc., Sr. Unsecured, 7.13%, 10/01/12		1,535,000		1,576,498
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 3.55%, 3/15/15		2,000,000		2,119,393
NBCUniversal Media LLC, Sr. Unsecured, 2.88%, 4/01/16		2,000,000		2,097,158
News America, Inc., Company Guaranteed, 5.30%, 12/15/14		2,000,000		2,212,226
Time Warner Cable, Inc., Company Guaranteed, 7.50%, 4/01/14		1,000,000		1,121,201
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14		2,001,000		2,157,343
Viacom, Inc., Sr. Unsecured, 1.25%, 2/27/15		300,000		300,702
TOTAL MEDIA			$	13,719,677
METALS & MINING – 1.0%
Vale Canada Ltd., Sr. Unsecured, 7.75%, 5/15/12		525,000		526,110
Xstrata Canada Corp., Company Guaranteed, 7.35%, 6/05/12		750,000		754,457

(Wilmington Short-Term Corporate Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

54 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
Xstrata Canada Corp., Company Guaranteed, 7.25%, 7/15/12	$	710,000	$	719,241
TOTAL METALS & MINING			$	1,999,808
OFFICE/BUSINESS EQUIPMENT – 1.7%
Pitney Bowes, Inc., Sr. Unsecured, 3.88%, 6/15/13		1,000,000		1,027,169
Xerox Corp., Sr. Unsecured, 5.50%, 5/15/12		2,000,000		2,003,568
1Xerox Corp., Sr. Unsecured, 1.32%, 5/16/14		250,000		248,405
TOTAL OFFICE/BUSINESS EQUIPMENT			$	3,279,142
OIL & GAS – 6.4%
Anadarko Petroleum Corp., Sr. Unsecured, 5.75%, 6/15/14		1,000,000		1,088,669
Chesapeake Energy Corp., Company Guaranteed, 7.63%, 7/15/13		1,000,000		1,040,000
Devon Energy Corp., Sr. Unsecured, 5.63%, 1/15/14		2,000,000		2,165,414
Diamond Offshore Drilling, Inc., Sr. Unsecured, 4.88%, 7/01/15		1,000,000		1,104,961
6,7,12Phillips 66, Company Guaranteed, 1.95%, 3/05/15		500,000		505,039
1Sempra Energy, Sr. Unsecured, 1.23%, 3/15/14		500,000		500,376
Tesoro Corp., Company Guaranteed, 6.25%, 11/01/12		1,000,000		1,025,000
Transocean, Inc., Company Guaranteed, 5.05%, 12/15/16		1,000,000		1,086,126
Valero Energy Corp., Company Guaranteed, 4.75%, 6/15/13		2,000,000		2,077,341
Valero Energy Corp., Company Guaranteed, 4.50%, 2/01/15		2,000,000		2,150,300
TOTAL OIL & GAS			$	12,743,226
PHARMACEUTICALS – 1.5%
Abbott Laboratories, Sr. Unsecured, 2.70%, 5/27/15		257,000		272,715
McKesson Corp., Sr. Unsecured, 3.25%, 3/01/16		2,000,000		2,150,835
Mead Johnson Nutrition Co., Sr. Unsecured, 3.50%, 11/01/14		500,000		522,907
TOTAL PHARMACEUTICALS			$	2,946,457
PIPELINES – 1.8%
Enterprise Products Operating LLC, Series G, Company Guaranteed, 5.60%, 10/15/14		1,000,000		1,108,810
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 4.25%, 9/01/12		2,500,000		2,528,459
TOTAL PIPELINES			$	3,637,269

Description	Par Value		Value
REAL ESTATE INVESTMENT TRUSTS (REIT) – 5.6%
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 5.70%, 3/15/17	$	1,000,000	$	1,157,772
Boston Properties LP, Sr. Unsecured, 6.25%, 1/15/13		1,175,000		1,211,417
Boston Properties LP, Sr. Unsecured, 5.63%, 4/15/15		1,000,000		1,111,888
CommonWealth REIT, Sr. Unsecured, 5.75%, 2/15/14		1,000,000		1,037,060
HCP, Inc., Sr. Unsecured, 6.45%, 6/25/12		385,000		387,917
HCP, Inc., Sr. Unsecured, 2.70%, 2/01/14		500,000		508,533
Health Care REIT, Inc., Sr. Unsecured, 6.00%, 11/15/13		2,000,000		2,118,066
Simon Property Group LP, Sr. Unsecured, 5.10%, 6/15/15		1,325,000		1,466,575
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 3.13%, 11/30/15		2,000,000		2,051,021
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	11,050,249
RETAIL – 3.3%
CVS Caremark Corp., Sr. Unsecured, 4.88%, 9/15/14		2,000,000		2,192,890
Home Depot, Inc., Sr. Unsecured, 5.25%, 12/16/13		2,000,000		2,154,081
Lowe’s Cos., Inc., Sr. Unsecured, 5.60%, 9/15/12		323,000		329,364
Staples, Inc., Company Guaranteed, 7.38%, 10/01/12		1,375,000		1,411,835
Wal-Mart Stores Pass-Through Trust 1994, Series A-2, Pass-Through Certificates, 8.85%, 1/02/15		416,165		462,464
TOTAL RETAIL			$	6,550,634
SEMICONDUCTORS – 0.5%
Broadcom Corp., Sr. Unsecured, 1.50%, 11/01/13		1,000,000		1,014,616
SOFTWARE – 0.8%
Oracle Corp., Sr. Unsecured, 3.75%, 7/08/14		1,500,000		1,603,784
TELECOMMUNICATIONS – 2.9%
AT&T, Inc., Sr. Unsecured, 0.88%, 2/13/15		1,000,000		999,209
Cisco Systems, Inc., Sr. Unsecured, 2.90%, 11/17/14		2,000,000		2,121,953
Juniper Networks, Inc., Sr. Unsecured, 3.10%, 3/15/16		500,000		521,538
1Verizon Communications, Inc., Series FRN, Sr. Unsecured, 1.08%, 3/28/14		1,000,000		1,008,481
Verizon Communications, Inc., Sr. Unsecured, 4.35%, 2/15/13		1,000,000		1,027,342
TOTAL TELECOMMUNICATIONS			$	5,678,523

(Wilmington Short-Term Corporate Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value/ Shares		Value
TRANSPORTATION – 2.4%
Federal Express Corp., Sr. Unsecured, 9.65%, 6/15/12	$	2,600,000	$	2,628,153
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		2,000,000		2,077,801
TOTAL TRANSPORTATION			$	4,705,954
TOTAL CORPORATE BONDS (COST $181,801,242)			$	183,850,481
U.S. TREASURY – 2.6%
U.S. TREASURY NOTES – 2.6%
0.63%, 4/30/13		2,600,000		2,610,766
0.75%, 3/31/13		420,000		422,116
1.25%, 2/15/14		1,000,000		1,017,734
2.00%, 4/30/16		1,000,000		1,055,156
TOTAL U.S. TREASURY NOTES			$	5,105,772
TOTAL U.S. TREASURY (COST $5,032,581)			$	5,105,772
MONEY MARKET FUND – 0.0%**
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		3,169		3,169
TOTAL MONEY MARKET FUND (COST $3,169)			$	3,169
REPURCHASE AGREEMENT – 0.2%
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $494,069, collateralized by a U.S. Treasury Security 3.13%, maturing 05/15/21; total market value of $507,360.		494,067		494,067
TOTAL REPURCHASE AGREEMENT (COST $494,067)			$	494,067
TOTAL INVESTMENTS IN SECURITIES – 99.8% (COST $196,008,821)			$	198,090,502

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8%
REPURCHASE AGREEMENTS – 0.8%
Barclays Capital, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Government Securities 3.00% to 5.00%, maturing 04/01/27 to 09/01/41; total market value of $380,362.	$	372,903	$	372,903
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $380,361.		372,903		372,903
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $78,508, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $80,078.		78,508		78,508
Goldman Sachs & Co., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Government Securities 3.50% to 5.50%, maturing 02/01/18 to 07/15/41; total market value of $380,361.		372,903		372,903
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $372,905, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $380,363.		372,903		372,903
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,570,120)			$	1,570,120
TOTAL INVESTMENTS – 100.6% (COST $197,578,941)			$	199,660,622
COLLATERAL FOR SECURITIES ON LOAN – (0.8%)				(1,570,120	)
OTHER ASSETS LESS LIABILITIES – 0.2%				347,771
TOTAL NET ASSETS – 100.0%			$	198,438,273

Cost of investments for Federal income tax purposes is $197,578,941. The net unrealized appreciation/(depreciation) of investments was $2,081,681. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,321,208 and net unrealized depreciation from investments for those securities having an excess of cost over value of $239,527.

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)

(Wilmington Short-Term Corporate Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

56 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (concluded)

The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	67	$	—	$	67
Asset-Backed Securities		—		3,338,483		—		3,338,483
Collateralized Mortgage Obligations		—		4,298,474		—		4,298,474
Commercial Paper		—		999,989		—		999,989
Corporate Bonds		—		183,850,481		—		183,850,481
U.S. Treasury		—		5,105,772		—		5,105,772
Money Market Fund		3,169		—		—		3,169
Repurchase Agreements		—		2,064,187		—		2,064,187
Total	$	3,169	$	199,657,453	$	—	$	199,660,622

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

57

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short Duration Government Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Federal Home Loan Mortgage Corporation (FHLMC)		28.2	%
Federal National Mortgage Association (FNMA)		27.3	%
U.S. Treasury Note		13.1	%
Government National Mortgage Association (GNMA)		11.6	%
Diversified Financial Services		5.2	%
Federal Farm Credit Bank (FFCB)		4.1	%
Banks		3.7	%
Inflation Indexed Notes		2.2	%
Federal Home Loan Bank (FHLB)		1.4	%
Whole Loan		1.3	%
Transportation		0.4	%
Healthcare Providers & Services		0.3	%
Small Business Administration		0.3	%
Facilities		0.2	%
Development		0.1	%
Housing		0.0	%4
Cash Equivalents1		0.6	%
Other Assets and Liabilities – Net2		0.0	%4
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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.

(4) Represent less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		28.6	%
AA		4.8	%
BB		1.3	%
BBB		0.6	%
Not Rated		0.6	%
U.S. Government Agency Securities		48.8	%
U.S. Treasuries		15.3	%
Other Assets and Liabilities – Net2		0.0	%4
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 34.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 13.8%
Series 1988-6, Class C, 9.05%, 6/15/19	$	17,994	$	20,161
Series 1989-112, Class I, 6.50%, 1/15/21		3,410		3,703
Series 1990-136, Class E, 6.00%, 4/15/21		9,089		9,851
Series 1990-141, Class D, 5.00%, 5/15/21		3,271		3,488
Series 1993-1577, Class PK, 6.50%, 9/15/23		139,609		156,925
Series 1993-1644, Class K, 6.75%, 12/15/23		120,070		134,347
Series 1994-1686, Class PJ, 5.00%, 2/15/24		24,416		26,116

Description	Par Value		Value
Series 2003-2590, Class NU, 5.00%, 6/15/17	$	34,566	$	34,703
Series 2003-2664, Class MA, 5.00%, 4/15/30		339,960		340,205
Series 2004-2747, Class HA, 4.00%, 10/15/13		33,668		33,787
Series 2004-2773, Class JD, 5.00%, 3/15/18		945,555		974,887
Series 2004-2786, Class PD, 4.50%, 1/15/18		947,068		970,301
Series 2004-2844, Class PV, 5.00%, 8/15/15		448,816		477,680
Series 2005-2931, Class QC, 4.50%, 1/15/19		1,000,000		1,035,907
Series 2005-2966, Class NC, 5.00%, 4/15/31		2,014,111		2,044,709
Series 2005-3062, Class LU, 5.50%, 10/15/16		3,979,345		4,349,998
Series 2005-3074, Class BG, 5.00%, 9/15/33		1,816,785		1,916,114
Series 2006-3116, Class PB, 5.00%, 6/15/29		169,374		170,171

(Wilmington Short Duration Government Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

58 PORTFOLIOS OF INVESTMENTS

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
Series 2006-R009, Class AJ, 5.75%, 12/15/18	$	1,427,858	$	1,456,473
Series 2007-3289, Class NC, 5.50%, 6/15/35		3,593,880		3,688,039
Series 2008-3481, Class BA, 5.00%, 8/15/34		1,043,504		1,063,653
Series 2009-3610, Class AB, 1.40%, 12/15/14		1,130,402		1,138,231
Series 2011-3871, Class PA, 4.00%, 1/15/41		4,059,012		4,105,309
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	24,154,758
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.4%
Series 1993-113, Class PK, 6.50%, 7/25/23		87,343		96,550
Series 1993-127, Class H, 6.50%, 7/25/23		82,421		91,029
Series 1993-202, Class J, 6.50%, 11/25/23		45,487		50,487
Series 1994-3, Class PL, 5.50%, 1/25/24		80,364		87,484
Series 1994-55, Class H, 7.00%, 3/25/24		95,478		106,955
Series 2002-52, Class QA, 6.00%, 7/18/32		48,921		54,213
Series 2003-113, Class PD, 4.00%, 2/25/17		331,425		334,320
Series 2003-122, Class OK, 4.00%, 6/25/17		354,229		358,296
Series 2003-45, Class AB, 3.75%, 5/25/33		48,765		50,210
Series 2003-64, Class BD, 5.00%, 3/25/30		107,643		108,995
Series 2003-74, Class VA, 5.50%, 7/25/14		1,995,755		2,078,773
Series 2003-80, Class BA, 5.00%, 5/25/31		174,496		177,998
Series 2003-80, Class CD, 5.00%, 4/25/30		159,943		162,609
Series 2003-84, Class GD, 4.50%, 3/25/17		240,493		243,575
Series 2004-52, Class ND, 4.50%, 5/25/29		211,917		212,842
Series 2004-96, Class QB, 5.00%, 2/25/32		406,072		415,120
Series 2005-30, Class UD, 5.00%, 8/25/30		3,247,705		3,285,810
Series 2005-87, Class PC, 5.00%, 2/25/27		24,748		24,751
Series 2007-26, Class C, 5.50%, 3/25/33		1,448,327		1,502,731
14Series 2008-74, Class AD, 5.00%, 4/25/37		356,337		359,053
Series 2011-81, Class PA, 3.50%, 8/25/26		4,634,091		4,882,077
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	14,683,878
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 11.2%
Series 2003-10, Class PV, 5.50%, 1/20/14		2,350,545		2,434,547
Series 2004-65, Class PA, 4.50%, 9/20/32		35,628		35,639
14Series 2005-20, Class VA, 5.00%, 6/16/16		3,014,918		3,041,535
Series 2005-44, Class PC, 5.00%, 12/20/33		2,402,375		2,571,578
Series 2010-17, Class K, 4.00%, 3/16/22		7,608,421		8,030,626
Series 2010-91, Class PA, 3.00%, 8/20/31		3,528,450		3,572,788
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	19,686,713
WHOLE LOAN – 1.3%
1Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.00%, 2/25/34		423,619		375,937
1Banc of America Mortgage Securities, Inc., Series 2004-B, Class 2A1, 3.05%, 3/25/34		358,122		327,829

Description	Par Value		Value
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 5.06%, 11/25/35	$	1,940,067	$	1,562,078
TOTAL WHOLE LOAN			$	2,265,844
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $60,976,611)			$	60,791,193
CORPORATE BONDS – 9.2%
BANKS – 3.7%
Ally Financial, Inc., FDIC Guaranteed, 2.20%, 12/19/12		5,000,000		5,061,899
First Tennessee Bank N.A., Subordinated, BKNT, 4.63%, 5/15/13		1,000,000		1,028,494
U.S. Bank N.A., Sr. Unsecured, MTN, 5.92%, 5/25/12		305,922		306,972
TOTAL BANKS			$	6,397,365
DIVERSIFIED FINANCIAL SERVICES – 5.2%
Citigroup Funding, Inc., FDIC Guaranteed, 1.88%, 10/22/12		5,000,000		5,039,320
2Sallie Mae, Inc., Sr. Unsecured, 4.34%, 10/03/22		5,595,000		4,150,606
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	9,189,926
HEALTHCARE PROVIDERS & SERVICES – 0.3%
Howard Hughes Medical Institute, Sr. Unsecured, 3.45%, 9/01/14		500,000		534,132
TOTAL CORPORATE BONDS (COST $15,445,448)			$	16,121,423
GOVERNMENT AGENCIES – 25.2%
FEDERAL FARM CREDIT BANK (FFCB) – 4.1%
4.50%, 10/17/12		7,000,000		7,140,767
FEDERAL HOME LOAN BANK (FHLB) – 1.4%
Series 656 5.38%, 5/18/16		2,000,000		2,373,789
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 11.6%
0.63%, 12/29/14		3,000,000		3,016,005
0.63%, 11/08/13		5,000,000		5,001,266
1.00%, 3/08/17		3,000,000		3,001,729
2.00%, 8/25/16		1,000,000		1,048,885
4.75%, 1/19/16		1,000,000		1,151,794
4.88%, 6/13/18		2,000,000		2,417,250
5.13%, 10/18/16		2,000,000		2,370,008
5.25%, 4/18/16		2,000,000		2,349,535
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	20,356,472

(Wilmington Short Duration Government Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 7.4%
14.18%, 6/10/20	$	5,000,000	$	5,452,500
Sr. Subordinated 5.25%, 8/01/12		7,500,000		7,595,243
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	13,047,743
HOUSING – 0.0%**
10Federal Housing Administration, Project Pass-Through Certificate, 7.43%, 4/01/22		35,340		34,986
U.S. Department of Housing and Urban Development, U.S. Government Guaranteed, Series 96-A, 7.66%, 8/01/15		3,455		3,509
TOTAL HOUSING			$	38,495
SMALL BUSINESS ADMINISTRATION – 0.3%
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-C, 6.70%, 3/01/16		38,108		41,151
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16		131,085		139,580
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16		300,708		330,576
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		8,213		8,973
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19		11,593		12,819
TOTAL SMALL BUSINESS ADMINISTRATION			$	533,099
TRANSPORTATION – 0.4%
Vessel Management Services, Inc., U.S. Government Guaranteed, 6.75%, 7/15/25		552,000		678,437
TOTAL GOVERNMENT AGENCIES (COST $41,750,618)			$	44,168,802
MORTGAGE-BACKED SECURITIES – 14.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.8%
Pool 287773, 7.50%, 3/01/17		1,018		1,073
Pool 538733, 9.00%, 9/01/19		330		381
Pool A18401, 6.00%, 2/01/34		1,220,275		1,361,407
Pool C78010, 5.50%, 4/01/33		2,005,526		2,203,091
Pool C80328, 7.50%, 7/01/25		61,826		71,599
Pool E00540, 6.00%, 3/01/13		38,145		38,971
Pool G01425, 7.50%, 5/01/32		142,295		164,966
Pool G01831, 6.00%, 5/01/35		483,616		539,550
Pool G12709, 5.00%, 7/01/22		469,483		509,111
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	4,890,149

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 11.5%
Pool 202957, 8.00%, 8/01/21	$	5,907	$	6,706
Pool 252439, 6.50%, 5/01/29		67,912		77,613
Pool 255933, 5.50%, 11/01/35		590,114		647,124
Pool 323419, 6.00%, 12/01/28		125,806		140,732
Pool 334593, 7.00%, 5/01/24		93,842		107,401
Pool 39862, 9.75%, 9/01/17		8,136		9,353
Pool 436746, 6.50%, 8/01/28		72,105		82,179
Pool 440401, 6.50%, 8/01/28		274,708		313,090
Pool 485678, 6.50%, 3/01/29		121,993		139,343
Pool 494375, 6.50%, 4/01/29		30,333		34,666
Pool 545051, 6.00%, 9/01/29		216,889		242,486
Pool 604867, 7.00%, 1/01/25		85,133		96,462
Pool 625596, 7.00%, 2/01/32		40,861		46,758
Pool 725418, 6.50%, 5/01/34		344,381		393,573
Pool 763704, 5.00%, 4/01/34		938,577		1,021,548
Pool 833143, 5.50%, 9/01/35		2,141,574		2,358,441
Pool 843323, 5.50%, 10/01/35		310,194		340,162
Pool AB1796, 3.50%, 11/01/40		910,702		946,504
Pool AB3417, 4.00%, 8/01/41		2,191,046		2,320,888
Pool AE2520, 3.00%, 1/01/26		841,851		880,015
Pool MA0921, 3.00%, 12/01/21		9,405,924		9,946,960
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	20,152,004
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.4%
Pool 1061, 9.00%, 4/20/23		19,254		22,646
Pool 146927, 9.00%, 9/15/16		2,088		2,124
Pool 1886, 9.00%, 10/20/24		2,865		3,355
Pool 188603, 9.00%, 11/15/16		7,589		8,779
Pool 208196, 9.00%, 2/15/17		11,526		13,333
Pool 306066, 8.50%, 7/15/21		6,583		7,719
Pool 307983, 8.50%, 7/15/21		19,516		22,883
Pool 341948, 8.50%, 1/15/23		13,850		16,071
Pool 346572, 7.00%, 5/15/23		20,647		23,772
Pool 484269, 7.00%, 9/15/28		51,921		60,285
Pool 581522, 6.00%, 5/15/33		261,736		298,857
Pool 592505, 6.00%, 4/15/33		215,320		244,646
Pool 780440, 8.50%, 11/15/17		2,563		2,950
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	727,420
TOTAL MORTGAGE-BACKED SECURITIES (COST $24,573,251)			$	25,769,573

(Wilmington Short Duration Government Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

60 PORTFOLIOS OF INVESTMENTS

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
MUNICIPAL BONDS – 0.3%
DEVELOPMENT – 0.1%
Miami FL, Rent Revenue, Series 1998 (Lease payments guaranteed by U.S. Government), 8.65%, 7/01/19	$	130,000	$	170,957
FACILITIES – 0.2%
Tacoma City, WA, Lease Revenue Bonds, (Lease payments guaranteed by U.S. Government), 8.20%, 9/15/13		300,000		313,170
TOTAL MUNICIPAL BONDS (COST $463,713)			$	484,127
U.S. TREASURY – 15.3%
INFLATION INDEXED NOTES – 2.2%
1.13%, 1/15/21		1,100,000		1,312,052
2.00%, 1/15/14		2,000,000		2,615,346
TOTAL INFLATION INDEXED NOTES			$	3,927,398
U.S. TREASURY NOTE – 13.1%
0.25%, 10/31/13		2,300,000		2,300,539
0.50%, 10/15/13		6,700,000		6,725,648

Description	Par Value/ Shares		Value
1.25%, 10/31/15	$	425,000	$	436,024
1.75%, 10/31/18		2,000,000		2,070,000
2.13%, 8/15/21		2,000,000		2,050,625
2.25%, 7/31/18		1,000,000		1,067,656
3.13%, 8/31/13		8,000,000		8,306,875
TOTAL U.S. TREASURY NOTE			$	22,957,367
TOTAL U.S. TREASURY (COST $26,429,117)			$	26,884,765
MONEY MARKET FUND – 0.6%
8Dreyfus Government Cash Management Fund, Institutional Shares, 0.00%		992,504		992,504
TOTAL MONEY MARKET FUND (COST $992,504)			$	992,504
TOTAL INVESTMENTS – 100.0% (COST $170,631,262)			$	175,212,387
OTHER LIABILITIES LESS ASSETS – 0.0%**				(33,534	)
TOTAL NET ASSETS – 100.0%			$	175,178,853

Cost of investments for Federal income tax purposes is $170,675,592. The net unrealized appreciation/(depreciation) of investments was $4,536,795. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,644,499 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,107,704.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	60,791,193	$	—	$	60,791,193
Corporate Bonds		—		16,121,423		—		16,121,423
Government Agencies		—		44,133,816		34,986		44,168,802
Mortgage-Backed Securities		—		25,769,573		—		25,769,573
Municipal Bonds		—		484,127		—		484,127
U.S. Treasury		—		26,884,765		—		26,884,765
Money Market Fund		992,504		—		—		992,504
Total	$	992,504	$	174,184,897	$	34,986	$	175,212,387

The security in Level 3 in the table above was considered a Level 3 security because it was fair valued under procedures adopted by the Board of Trustees at April 30, 2012. Such valuation is based on a review of inputs such as, but not limited to, similar securities, company specific financial information and company specific news. There were no changes in the valuation techniques used since the April 30, 2011 annual report for this security.

(Wilmington Short Duration Government Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 61

Wilmington Short Duration Government Bond Fund (concluded)

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 4/30/2011	$	—
Realized gain (loss)		64
Change in unrealized appreciation (depreciation)		3,799
Net purchases (sales)		31,123
Transfers in and/or out of Level 3		—
Balance as of 4/30/2012	$	34,986
Net change in unrealized appreciation/(depreciation) for investments still held as of 4/30/2012	$	3,799

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

62

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Dedicated Tax		18.6	%
Lease		15.0	%
School District		13.7	%
General Obligation		11.8	%
Medical		10.8	%
Water		8.6	%
Higher Education		8.0	%
Airport		2.4	%
Pre-Refunded/Escrow		2.3	%
Power		1.5	%
Transportation		1.4	%
Water & Sewer		1.3	%
Education		0.2	%
Cash Equivalents1		6.3	%
Other Assets and Liabilities – Net2		(1.9	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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		25.2	%
AA		46.5	%
BBB		23.1	%
BB		0.8	%
Not Rated		6.3	%
Other Assets and Liabilities – Net2		(1.9	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
MUNICIPAL BONDS – 95.6%
ALABAMA – 0.8%
MEDICAL – 0.8%
University of Alabama, Hospital Revenue, Refunding Bonds, (Series A), 5.75%, 5/07/12	$	1,000,000	$	1,150,220
TOTAL ALABAMA			$	1,150,220
ARIZONA – 3.9%
DEDICATED TAX – 0.8%
Mesa, AZ, Highway Revenue Bonds, (Series A), 5.00%, 7/01/19		1,000,000		1,118,640
LEASE – 0.7%
Tucson, AZ, Certificate Participation Bonds, (Series A), (National Reinsurance), 5.00%, 7/01/21		1,000,000		1,087,820

Description	Par Value		Value
WATER – 2.4%
Arizona State, Water Infrastructure Finance Authority, Revenue Bonds, (Series A), 5.00%, 10/01/23	$	3,000,000	$	3,534,270
TOTAL ARIZONA			$	5,740,730
CALIFORNIA – 6.8%
AIRPORT – 1.1%
5San Francisco, CA, City & County Airports Commission, Revenue Bonds, AMT, (Series A), (AMBAC)/(SFO Fuel Co. LLC, OBG), 5.25%, 1/01/19		1,540,000		1,542,695
GENERAL OBLIGATIONS – 0.4%
California State, GO Unlimited Bonds, 5.00%, 9/01/19		500,000		602,165

(Wilmington Municipal Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 63

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
LEASE – 3.1%
Sacramento, CA, City Financing Authority, Refunding Revenue Bonds, (Series B), 5.40%, 11/01/20	$	4,000,000	$	4,595,040
MEDICAL – 2.2%
California State, Health Facilities Financing Authority, Revenue Bonds, (Series H), (Catholic Healthcare West, OBG), 5.13%, 7/01/22		875,000		948,273
California State, Statewide Communities Development Authority, Revenue Bonds, (Series E-1), 5.00%, 6/01/12		2,000,000		2,317,220
TOTAL MEDICAL			$	3,265,493
TOTAL CALIFORNIA			$	10,005,393
COLORADO – 3.8%
DEDICATED TAX – 0.8%
Grand Junction, CO, Refunding Revenue Bonds, 5.00%, 3/01/16		1,000,000		1,155,140
WATER – 3.0%
Colorado State, Water Resources & Power Development Authority, Refunding Revenue Bonds, (Series A), 5.00%, 9/01/22		4,000,000		4,379,680
TOTAL COLORADO			$	5,534,820
GEORGIA – 4.4%
DEDICATED TAX – 1.3%
Georgia State, Road & Tollway Authority, Refunding Revenue Bonds, (Series B), (State GTD), 5.00%, 10/01/19		1,500,000		1,892,520
GENERAL OBLIGATIONS – 1.6%
Georgia State, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 7/01/21		2,000,000		2,367,240
HIGHER EDUCATION – 1.5%
Fulton County Development Authority, GA, Refunding Revenue Bonds, (Series A), (Georgia Technology Foundation Inc., OBG), 5.25%, 11/01/24		1,750,000		2,260,073
TOTAL GEORGIA			$	6,519,833
ILLINOIS – 6.2%
DEDICATED TAX – 3.1%
Illinois State, Sales Tax Revenue Bonds, 5.00%, 6/15/19		1,195,000		1,289,142
Illinois State, Sales Tax Revenue Bonds, (National Reinsurance FGIC), 6.00%, 6/15/26		2,500,000		3,294,075
TOTAL DEDICATED TAX			$	4,583,217
SCHOOL DISTRICT – 3.1%
Chicago Board of Education, IL, GO Unlimited Bonds, (Series B), (AMBAC), 5.00%, 12/01/21		1,000,000		1,084,680
Chicago Board of Education, IL, GO Unlimited Bonds, (Series D), (AGM), 5.00%, 12/01/21		3,000,000		3,399,570
TOTAL SCHOOL DISTRICT			$	4,484,250
TOTAL ILLINOIS			$	9,067,467

Description	Par Value		Value
INDIANA – 1.6%
MEDICAL – 1.6%
Indiana State, Finance Authority Health System, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21	$	2,000,000	$	2,279,060
TOTAL INDIANA			$	2,279,060
LOUISIANA – 0.8%
HIGHER EDUCATION – 0.8%
Louisiana State, Public Facilities Authority, Revenue Bonds, (Loyola University, OBG), 5.00%, 10/01/19		1,000,000		1,188,280
TOTAL LOUISIANA			$	1,188,280
MASSACHUSETTS – 4.9%
DEDICATED TAX – 3.3%
Massachusetts Bay, MA, Transportation Authority, Sales Tax Refunding Revenue Bonds, (Series C), 5.50%, 7/01/23		2,000,000		2,621,420
Massachusetts State, School Building Authority, Sales Tax Revenue Bonds, (Series A), (AGM), 5.00%, 8/15/21		2,000,000		2,266,740
TOTAL DEDICATED TAX			$	4,888,160
LEASE – 0.3%
Massachusetts State, Development Finance Agency, Lease Revenue Bonds, (Visual & Performing Arts Project), 6.00%, 8/01/16		310,000		369,870
WATER & SEWER – 1.3%
Massachusetts State, Water Resources Authority, Revenue Bonds, (Series B), (AGM), 5.25%, 8/01/27		1,500,000		1,919,520
TOTAL MASSACHUSETTS			$	7,177,550
MICHIGAN – 2.4%
MEDICAL – 1.2%
Michigan State, Hospital Finance Authority, Refunding Revenue Bonds, (Series A), (Hospital Oakwood, OBG), 5.00%, 7/15/21		1,600,000		1,737,728
SCHOOL DISTRICT – 0.8%
Ann Arbor School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/17		1,000,000		1,191,270
WATER – 0.4%
Detroit, MI, Water Supply System Revenue Bonds, (Series A), (AGM), 5.00%, 7/01/23		550,000		585,348
TOTAL MICHIGAN			$	3,514,346
MISSOURI – 1.5%
LEASE – 1.5%
Saint Louis Municipal Finance Corp., MO, Refunding Revenue Bonds, (Leasehold Revenue Refunded City Justice Center), 5.00%, 2/15/17		1,890,000		2,145,944
TOTAL MISSOURI			$	2,145,944

(Wilmington Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

64 PORTFOLIOS OF INVESTMENTS

Description	Par Value		Value
NEVADA – 4.7%
DEDICATED TAX – 1.6%
Clark County, NV, Highway Improvement, Motor Vehicle Fuel Tax, Refunding Revenue Bonds, 5.00%, 7/01/18	$	2,000,000	$	2,394,680
GENERAL OBLIGATIONS – 2.3%
Clark County, NV, GO Limited Bonds, (AMBAC), 5.00%, 11/01/25		1,000,000		1,120,230
Las Vegas Valley, NV, Water District, GO Limited Bonds, (Series A), (AGM), 5.00%, 6/01/20		2,000,000		2,278,880
TOTAL GENERAL OBLIGATIONS			$	3,399,110
SCHOOL DISTRICT – 0.8%
Washoe County, NV, School District, GO Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18		1,000,000		1,137,830
TOTAL NEVADA			$	6,931,620
NEW JERSEY – 4.9%
HIGHER EDUCATION – 0.6%
New Jersey State, Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Stevens Institution of Technology, OBG), 5.00%, 7/01/19		775,000		847,517
LEASE – 4.3%
New Jersey Economic Development Authority, Refunding Revenue Bonds, (Series W), (School Facilities Construction), (AGM), 5.00%, 3/01/18		3,000,000		3,557,280
New Jersey Economic Development Authority, Revenue Bonds, (Series N-1), (School Facilities Construction), (AGM), 5.50%, 9/01/25		2,250,000		2,829,892
TOTAL LEASE			$	6,387,172
TOTAL NEW JERSEY			$	7,234,689
NEW YORK – 10.3%
DEDICATED TAX – 5.0%
New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Refunding Revenue Bonds, (Subseries E), 5.00%, 11/01/22		4,125,000		5,032,789
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds, (Series B), (AMBAC), 5.50%, 3/15/25		1,750,000		2,332,837
TOTAL DEDICATED TAX			$	7,365,626
GENERAL OBLIGATIONS – 1.4%
New York City, NY, GO Unlimited Bonds, (Series D1), 5.00%, 12/01/21		1,000,000		1,167,700
New York City, NY, GO Unlimited Bonds, (Series E-1), 6.00%, 10/15/23		750,000		922,125
TOTAL GENERAL OBLIGATIONS			$	2,089,825
LEASE – 3.2%
Erie County, NY, IDA, School Facility, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/18		1,000,000		1,195,700

Description	Par Value		Value
New York State Urban Development Corp., State Personal Income Tax Revenue Bonds, (Series A-1), (AMBAC), 5.00%, 12/15/18	$	3,000,000	$	3,444,300
TOTAL LEASE			$	4,640,000
TRANSPORTATION – 0.7%
New York State Thruway Authority, Revenue Bonds, (Series F), (AMBAC), 5.00%, 1/01/25		1,000,000		1,080,430
TOTAL NEW YORK			$	15,175,881
NORTH CAROLINA – 1.1%
WATER – 1.1%
Charlotte, NC, Water & Sewer System, Refunding Revenue Bonds, 5.00%, 12/01/19		1,250,000		1,577,612
TOTAL NORTH CAROLINA			$	1,577,612
OHIO – 7.6%
DEDICATED TAX – 1.2%
Hamilton County, OH, Sales Tax Revenue Bonds, (Series A), (AMBAC), 5.00%, 12/01/17		1,500,000		1,743,165
GENERAL OBLIGATIONS – 2.4%
Akron, OH, GO Limited, (AMBAC), 5.00%, 12/01/24		1,000,000		1,111,440
Akron-Summit County, OH, Public Library, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20		1,960,000		2,371,522
TOTAL GENERAL OBLIGATIONS			$	3,482,962
PRE-REFUNDED/ESCROW – 2.3%
Ohio State Water Development Authority, Water Pollution Control Revenue Bonds, (Series B), (PRF to 6/1/15), 5.00%, 6/01/18		2,340,000		2,658,357
Ohio State Water Development Authority, Water Pollution Control Revenue Bonds, (Series B), (RRF to 6/1/15), 5.00%, 6/01/18		660,000		749,793
TOTAL PRE-REFUNDED/ESCROW			$	3,408,150
WATER – 1.7%
Ohio State, Water Development Authority, Refunding Revenue Bonds, (Series C), (Water Pollution Center), 5.00%, 12/01/20		2,000,000		2,531,920
TOTAL OHIO			$	11,166,197
PENNSYLVANIA – 5.5%
EDUCATION – 0.2%
Philadelphia, PA, Authority For Industrial Development, Refunding Revenue Bonds, (Series A), (The Bayer School Foundation, OBG), 4.90%, 5/01/17		280,000		284,665
GENERAL OBLIGATIONS – 0.7%
Philadelphia, PA, GO Unlimited Bonds, (CIFG), 5.00%, 8/01/23		1,000,000		1,054,530
MEDICAL – 1.2%
Allegheny County, PA, Hospital Development Authority, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,430,000		1,689,731

(Wilmington Municipal Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

Wilmington Municipal Bond Fund (continued)

PORTFOLIOS OF INVESTMENTS 65

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
SCHOOL DISTRICT – 2.7%
Hamburg, PA, Area School District, GO Unlimited, Refunding Revenue Notes, (Series A), (AGM State Aid Withholding), 5.50%, 4/01/24	$	2,405,000	$	2,856,755
Hempfield, PA, Area School District, Westmoreland County, GO Limited Bonds, (AGM State Aid Withholding), 5.25%, 3/15/25		1,000,000		1,170,490
TOTAL SCHOOL DISTRICT			$	4,027,245
TRANSPORTATION – 0.7%
Delaware River, PA, Joint Toll Bridge Commission, Refunding Revenue Bonds, 5.00%, 7/01/22		1,000,000		1,030,070
TOTAL PENNSYLVANIA			$	8,086,241
SOUTH CAROLINA – 0.9%
GENERAL OBLIGATIONS – 0.9%
South Carolina State, GO Unlimited, Refunding Revenue Bonds, (Series A), (SCSDE), 5.00%, 4/01/22		1,000,000		1,274,370
TOTAL SOUTH CAROLINA			$	1,274,370
TENNESSEE – 1.3%
GENERAL OBLIGATIONS – 1.3%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17		1,610,000		1,939,052
TOTAL TENNESSEE			$	1,939,052
TEXAS – 11.4%
AIRPORT – 1.3%
5Dallas-Fort Worth International Airport, TX, Revenue Bonds, AMT, (Series A), (National Reinsurance FGIC), 6.00%, 11/01/28		1,960,000		1,967,801
MEDICAL – 3.8%
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		5,568,400
SCHOOL DISTRICT – 6.3%
Lewisville, TX, Independent School District, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/17		1,000,000		1,171,470
San Antonio Independent School District, TX, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/21		5,000,000		5,679,050
Spring Independent School District, TX, GO Unlimited Bonds, (Series A), (PSF-GTD), 5.00%, 8/15/16		2,000,000		2,355,800
TOTAL SCHOOL DISTRICT			$	9,206,320
TOTAL TEXAS			$	16,742,521

Description	Par Value/ Shares		Value
VIRGINIA – 5.1%
HIGHER EDUCATION – 5.1%
Virginia State, College Building Authority, Educational Facilities Revenue Bonds, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19	$	6,000,000	$	7,471,500
TOTAL VIRGINIA			$	7,471,500
WASHINGTON – 5.7%
DEDICATED TAX – 1.5%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (National Reinsurance FGIC), 5.25%, 2/01/21		1,750,000		2,208,710
GENERAL OBLIGATIONS – 0.8%
King County, WA, GO Unlimited Bonds, (Series B), (Harborview Medical Center), (AGM), 5.00%, 6/01/22		1,000,000		1,087,150
LEASE – 1.9%
Washington State, Economic Development Finance Authority, Lease Revenue Bonds, (National Reinsurance)/(Washington Biomedical, OBG) 5.00%, 6/01/23		1,510,000		1,651,562
5.25%, 6/01/21		1,000,000		1,106,020
TOTAL LEASE			$	2,757,582
POWER – 1.5%
Klickitat County Public Utility District No. 1, WA, Refunding Revenue Bonds, (Series B), (National-Reinsurance, FGIC), 5.25%, 12/01/22		2,000,000		2,238,900
TOTAL WASHINGTON			$	8,292,342
TOTAL MUNICIPAL BONDS (COST $132,826,660)			$	140,215,668
MONEY MARKET FUND – 6.3%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02%		9,307,931		9,307,931
TOTAL MONEY MARKET FUND (COST $9,307,931)			$	9,307,931
TOTAL INVESTMENTS – 101.9% (COST $142,134,591)			$	149,523,599
OTHER LIABILITIES LESS ASSETS – (1.9%)				(2,806,892	)
TOTAL NET ASSETS – 100.0%			$	146,716,707

(Wilmington Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

66 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $142,134,591. The net unrealized appreciation/(depreciation) of investments was $7,389,008. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $7,405,678 and net unrealized depreciation from investments for those securities having an excess of cost over value of $16,670.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	140,215,668	$	—	$	140,215,668
Money Market Fund		9,307,931		—		—		9,307,931
Total	$	9,307,931	$	140,215,668	$	—	$	149,523,599

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

67

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Maryland Municipal Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
General Obligation		33.1	%
Medical		17.4	%
Pre-Refunded/Escrow		13.0	%
Transportation		10.6	%
Higher Education		6.3	%
Lease		5.0	%
Continuing Care		3.7	%
Not-For-Profit		2.0	%
Water & Sewer		1.9	%
Education		1.3	%
Dedicated Tax		0.8	%
Housing		0.0	%4
Cash Equivalents1		6.0	%
Other Assets and Liabilities – Net2		(1.1	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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.

(4) Represent less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		23.7	%
AA		39.8	%
A		12.9	%
BBB		11.8	%
BB		0.5	%
Not Rated		12.4	%
Other Assets and Liabilities – Net2		(1.1	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
MUNICIPAL BONDS – 95.1%
MARYLAND – 92.0%
CONTINUING CARE – 3.7%
Baltimore County, MD, Revenue Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22	$	1,200,000	$	1,268,124
Maryland State Health & Higher Educational Facilities Authority, (Hebrew Home of Greater Washington)/(Landow House, Inc.), 5.80%, 1/01/32		2,135,000		2,137,882
Maryland State Health & Higher Educational Facilities Authority, (Series B), (Peninsula United Methodist), 5.25%, 10/01/13		1,000,000		673,060
TOTAL CONTINUING CARE			$	4,079,066

Description	Par Value		Value
DEDICATED TAX – 0.8%
Montgomery County, MD, Revenue Bonds, (Series A), (Department of Liquor Controls), 5.00%, 4/01/29	$	555,000	$	621,123
Montgomery County, MD, Special Obligation, Special Tax, (Series A), (Radian), 5.38%, 7/01/20		250,000		253,060
TOTAL DEDICATED TAX			$	874,183
EDUCATION – 1.3%
11Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series 2006), (Washington Christian Academy), 5.50%, 7/01/38		1,000,000		399,990
Maryland State IDFA, Economic Development Revenue Bonds, (Series 2005A), (Our Lady of Good Counsel High School), 6.00%, 5/01/35		1,000,000		1,020,860
TOTAL EDUCATION			$	1,420,850

(Wilmington Maryland Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

68 PORTFOLIOS OF INVESTMENTS

Wilmington Maryland Municipal Bond Fund (continued)

Description	Par Value		Value
GENERAL OBLIGATIONS – 33.1%
5Anne Arundel County, MD, GO Limited Bonds, AMT, 5.50%, 9/01/15	$	500,000	$	501,590
Anne Arundel County, MD, GO Limited Bonds, General Improvements, 4.50%, 3/01/25		2,000,000		2,198,320
Anne Arundel County, MD, GO Limited, Refunding Bonds, 5.00%, 3/01/16		495,000		513,652
Anne Arundel County, MD, Refunding Revenue Bonds, (National Business Park Project)/(County Guaranty), 5.13%, 7/01/28		2,200,000		2,369,070
Baltimore County, MD, GO Unlimited, Refunding Revenue Bonds, 4.00%, 8/01/27		1,000,000		1,094,710
Cecil County, MD, GO Unlimited, Refunding Revenue Bonds, 5.00%, 11/01/23		2,590,000		3,271,766
Frederick County, MD, GO Unlimited Bonds, 5.25%, 11/01/19		1,500,000		1,908,480
Frederick County, MD, GO Unlimited Refunding Bonds, (Series A), 5.25%, 7/01/13		1,425,000		1,466,482
Frederick County, MD, Public Improvements, GO Unlimited Bonds, (Series A), 4.75%, 3/01/28		610,000		704,233
Harford County, MD, GO Unlimited Bonds, (Series A), 3.00%, 1/15/27		2,005,000		2,020,960
Harford County, MD, Public Improvements, GO Unlimited Bonds, 4.00%, 7/01/20		2,000,000		2,350,520
Howard County, MD, GO Unlimited Bonds, (Series A), 4.00%, 2/15/24		1,475,000		1,638,459
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18		2,500,000		3,098,625
Maryland State Community Development Administration, Revenue Bonds, (Series A), (National Reinsurance), 5.00%, 6/01/21		40,000		40,506
Maryland State, GO Unlimited Bonds, 5.00%, 7/15/17		2,725,000		3,304,580
MarylandState, State & Local Facilities Loan, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 11/01/18		2,000,000		2,491,900
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A), 5.00%, 7/01/22		2,000,000		2,432,360
Prince Georges County, MD, GO Limited Bonds, (Series A), 5.00%, 9/15/27		2,570,000		3,113,015
Queen Anne’s County, MD, (National Reinsurance), 5.00%, 11/15/16		1,000,000		1,146,480
Washington Suburban Sanitation District, MD, GO Unlimited Bonds, 6.00%, 6/01/18		1,000,000		1,288,430
TOTAL GENERAL OBLIGATIONS			$	36,954,138
HIGHER EDUCATION – 6.3%
Maryland State Economic Development Corp., Revenue Bonds, Morgan State University Project, (Series A), 6.00%, 7/01/22		500,000		506,530
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Maryland Institute College of Art), 5.00%, 6/01/36		1,900,000		1,930,590

Description	Par Value		Value
St. Mary’s College of Maryland, Academic & Auxiliary Fee, Revenue Bonds, (Subseries A), (AMBAC), 4.50%, 9/01/30	$	2,250,000	$	2,309,827
University System, MD, Auxiliary Facility & Tuition Revenue Bonds, (Series A), 4.00%, 4/01/16		2,000,000		2,250,160
TOTAL HIGHER EDUCATION			$	6,997,107
HOUSING – 0.0%**
5Prince Georges County, MD, Housing Authority, Single Family Mortgage, AMT, (Series A), (GNMA)/(FNMA)/(FHLMC), 5.55%, 12/01/33		5,000		5,142
LEASE – 5.0%
Maryland State Economic Development Corp., Lease Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21		2,570,000		2,984,412
Maryland State, Economic Development Corp., Lease Revenue Bonds, 5.00%, 6/01/19		1,000,000		1,225,470
Montgomery County, MD, Revenue Authority Lease, Revenue Bonds, 5.00%, 4/01/13		1,330,000		1,387,350
TOTAL LEASE			$	5,597,232
MEDICAL – 17.4%
Maryland State Health & Higher Educational Facilities Authority, (Carroll County, MD General Hospital), 6.00%, 7/01/37		2,250,000		2,257,020
Maryland State Health & Higher Educational Facilities Authority, (Frederick Memorial Hospital), 5.00%, 7/01/22		3,000,000		3,006,150
Maryland State Health & Higher Educational Facilities Authority, (Series A), (Suburban Hospital), 5.50%, 7/01/16		600,000		646,278
Maryland State Health & Higher Educational Facilities Authority, (Series B), (University of Maryland Medical System)/(AMBAC INS), 5.00%, 7/01/15		1,740,000		1,806,677
Maryland State Health & Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/01/12		355,000		357,882
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Baltimore Medical Center), 5.00%, 7/01/25		1,015,000		1,137,825
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28		2,500,000		2,711,475
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System, OBG) 5.00%, 7/01/19		1,000,000		1,223,720
5.00%, 7/01/22		1,000,000		1,231,310
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Peninsula Regional Medical Center) 5.00%, 7/01/17		1,745,000		1,942,639
5.00%, 7/01/26		1,000,000		1,045,620

(Wilmington Maryland Municipal Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 69

Wilmington Maryland Municipal Bond Fund (continued)

Description	Par Value		Value
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series A), (Western Maryland Health System)/(National Reinsurance FHA 242), 4.00%, 1/01/18	$	1,935,000	$	2,072,598
TOTAL MEDICAL			$	19,439,194
NOT-FOR-PROFIT – 2.0%
Maryland State Economic Development Corp., (Lutheran World Relief, Inc.), 5.25%, 4/01/29		2,100,000		2,177,175
PRE-REFUNDED/ESCROW – 9.9%
Anne Arundel County, MD, GO Limited, Refunding Bonds, (PRF to 3/01/13 @ 100), 5.00%, 3/01/16		505,000		525,230
Baltimore County, MD, Wastewater Project Revenue Bonds, (Series B), (National Reinsurance)/(PRF 7/01/15 @ 100), 5.00%, 7/01/22		1,290,000		1,472,961
Baltimore County, MD, Water Projects Revenue Bonds, ETM, (Series A), (FGIC INS), 5.38%, 7/01/15		775,000		852,461
Maryland State Department of Transportation, Refunding Revenue Bonds, (PRF 5/1/14 @ 100), 5.00%, 5/01/15		1,375,000		1,504,580
Maryland State Health & Higher Educational Facilities Authority, ETM, (AMBAC INS)/(Helix Health Systems, Inc.), 5.00%, 7/01/27		3,630,000		4,475,899
Maryland State Health & Higher Educational Facilities Authority, ETM, (Howard County General Hospital, MD), 5.50%, 7/01/13		260,000		265,515
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series A), (Sheppard Pratt Health System)/(PRF 7/1/13), 5.25%, 7/01/35		500,000		527,505
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, ETM, (Frederick Memorial Hospital)/(FGIC INS), 5.25%, 7/01/13		210,000		214,616
Montgomery County, MD, GO Unlimited Bonds, (Series A), (PRF 5/1/17 @ 100), 5.00%, 5/01/19		1,000,000		1,211,140
TOTAL PRE-REFUNDED/ESCROW			$	11,049,907
TRANSPORTATION – 10.6%
Baltimore City, MD, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.25%, 7/01/17		1,000,000		1,125,980
Maryland State Department of Transportation, County Transportation, Revenue Bonds, 5.50%, 2/01/17		1,785,000		2,178,449
Maryland State Department of Transportation, Refunding Revenue Bonds, 5.00%, 5/01/17		2,000,000		2,411,780
Maryland State Department of Transportation, Revenue Bonds 5.00%, 2/15/17		1,590,000		1,906,283
5.50%, 2/01/16		1,000,000		1,180,650

Description	Par Value/ Shares		Value
Maryland State Transportation Authority, Facilities Project Revenue, Refunding Bonds, 5.00%, 7/01/18	$	2,500,000	$	3,062,425
TOTAL TRANSPORTATION			$	11,865,567
WATER & SEWER – 1.9%
Baltimore County, MD, Wastewater Project Revenue Bonds, (National Reinsurance FGIC), 6.00%, 7/01/15		705,000		757,664
Baltimore, MD, Wastewater Project Revenue Bonds, (Series A), 5.00%, 7/01/22		1,135,000		1,408,739
TOTAL WATER & SEWER			$	2,166,403
TOTAL MARYLAND			$	102,625,964
PUERTO RICO – 3.1%
PRE-REFUNDED/ESCROW – 3.1%
Puerto Rico Housing Finance Authority, Prerefunded Revenue Bonds, Capital Guaranteed Program, (HUD LN)/(PRF 12/1/13 @ 100), 5.00%, 12/01/18		1,400,000		1,501,206
Puerto Rico Public Finance Corp., (Series A), (AMBAC INS), 5.38%, 6/01/19		1,500,000		1,898,445
TOTAL PRE-REFUNDED/ESCROW			$	3,399,651
TOTAL PUERTO RICO			$	3,399,651
TOTAL MUNICIPAL BONDS (COST $101,193,926)			$	106,025,615
MONEY MARKET FUND – 6.0%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02%		6,694,880		6,694,880
TOTAL MONEY MARKET FUND (COST $6,694,880)			$	6,694,880
TOTAL INVESTMENTS – 101.1% (COST $107,888,806)			$	112,720,495
OTHER LIABILITIES LESS ASSETS – (1.1%)				(1,218,188	)
TOTAL NET ASSETS – 100.0%			$	111,502,307

(Wilmington Maryland Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

70 PORTFOLIOS OF INVESTMENTS

Wilmington Maryland Municipal Bond Fund (continued)

See Notes to Portfolios of Investments

Cost of investments for Federal income tax purposes is $107,797,823. The net unrealized appreciation/(depreciation) of investments was $4,922,672. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,841,217 and net unrealized depreciation from investments for those securities having an excess of cost over value of $918,545.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	106,025,615	$	—	$	106,025,615
Money Market Fund		6,694,880		—		—		6,694,880
Total	$	6,694,880	$	106,025,615	$	—	$	112,720,495

April 30, 2012  /  ANNUAL REPORT

71

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Lease		27.2	%
General Obligation		16.4	%
School District		11.1	%
Water & Sewer		10.8	%
Dedicated Tax		9.2	%
Higher Education		6.3	%
Medical		6.0	%
Pre-Refunded/Escrow		5.4	%
Transportation		2.9	%
Utilities		1.2	%
Not-For-Profit		1.0	%
Cash Equivalents1		5.9	%
Other Assets and Liabilities – Net2		(3.4	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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		10.3	%
AA		66.2	%
A		15.2	%
BBB		4.2	%
Not Rated		7.5	%
Other Assets and Liabilities – Net2		(3.4	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
MUNICIPAL BONDS – 97.5%
NEW YORK – 97.5%
DEDICATED TAX – 9.2%
Grand Central, NY, District Management Association, Inc., 5.00%, 1/01/21	$	1,000,000	$	1,055,510
Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Refunding Revenue Bonds, (Subseries B-2), 5.00%, 11/01/16		1,000,000		1,182,710
New York State Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,780,750
New York State Thruway Authority, State Personal Income Tax Revenue, (Series A) 5.00%, 3/15/27		1,000,000		1,157,940
5.25%, 3/15/23		2,500,000		3,000,375
TOTAL DEDICATED TAX			$	10,177,285

Description	Par Value		Value
GENERAL OBLIGATIONS – 16.4%
Erie County, NY, GO Unlimited Bonds, (Series D-1), (National-Reinsurance), 5.00%, 6/01/12	$	1,000,000	$	1,003,882
New York City, NY, GO Unlimited Bonds, (Subseries G-1), 5.00%, 4/01/19		5,000,000		6,068,400
New York City, NY, GO Unlimited, Refunding Bonds, (Series B), 5.75%, 8/01/14		1,555,000		1,576,133
New York City, NY, GO Unlimited, Refunding Revenue Bonds, (Series E), 5.00%, 8/01/17		1,215,000		1,451,937
New York State Municipal Bond Bank Agency, Recovery Act, Refunding Revenue Bonds, (Subseries B1), (AGM GO of Bond Bank), 5.00%, 4/15/21		3,000,000		3,514,800
New York State, GO Unlimited Bonds, (Series E), 5.00%, 12/15/21		2,090,000		2,653,192
Westchester County, NY, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 10/15/17		1,425,000		1,735,935
TOTAL GENERAL OBLIGATIONS			$	18,004,279

(Wilmington New York Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

72 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
HIGHER EDUCATION – 6.3%
Geneva, NY, Revenue Bonds, (Project A), 5.38%, 2/01/33	$	1,000,000	$	1,027,960
New York State Dormitory Authority, Non-State Supported Debt, Refunding Revenue Bonds, (Yeshiva University, OBG) 5.00%, 9/01/26		1,000,000		1,099,320
5.00%, 9/01/27		1,415,000		1,537,383
New York State Dormitory Authority, State University Educational Facilities, Refunding Revenue Bonds, (Series A), 7.50%, 5/15/13		3,000,000		3,223,950
TOTAL HIGHER EDUCATION			$	6,888,613
LEASE – 27.2%
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		3,580,470
Erie County, NY, IDA, School Faculty Revenue Bonds, (Series A), (AGM), 5.75%, 5/01/21		1,000,000		1,189,910
Erie County, NY, IDA, School Faculty Revenue, Refunding Bonds, (State Aid Withholding), 5.00%, 5/01/17		1,000,000		1,176,320
New York City, NY, Transitional Finance Authority, Building Aid Revenue Bonds, (Series S-5), (State Aid Withholding), 5.00%, 1/15/27		2,000,000		2,269,280
New York State Dormitory Authority Lease Revenue, Refunding Bonds, (Series A), (Mental Health Services Facilities), 5.00%, 8/15/24		2,000,000		2,329,600
New York State Dormitory Authority, State Supported Debt, Mental Health Services Facilities, Revenue Bonds, (Series D), (National-Reinsurance FGIC State Appropriations), 5.00%, 2/15/23		2,000,000		2,209,740
New York State Dormitory Authority, State Supported Debt, Revenue Bonds, (AGM), 5.00%, 7/01/18		1,000,000		1,167,750
New York State Urban Development Corp., Service Contract Obligation, Refunding Revenue Bonds, (Series B), 5.25%, 1/01/23		5,500,000		6,340,895
Tobacco Settlement Financing Corp., NY, (Series B-1C), Mandatory Redemption, 5.50%, 6/01/22		1,000,000		1,053,690
Tobacco Settlement Financing Corp., NY, Asset-Backed Series, (Series A-1), 5.50%, 6/01/19		4,575,000		4,821,135
Tobacco Settlement Financing Corp., NY, Asset-Backed Series, (Series A-1), (AMBAC State GTD), 5.25%, 6/01/22		3,000,000		3,152,970
Tobacco Settlement Financing Corp., NY, Unrefunded Revenue Bonds, Asset Backed, (Series A-1), 5.50%, 6/01/18		660,000		662,541
TOTAL LEASE			$	29,954,301
MEDICAL – 6.0%
Monroe County, NY, IDA, (Highland Hospital Rochester Project), 5.00%, 8/01/22		1,000,000		1,044,780

Description	Par Value		Value
Monroe County, NY, IDA, Civic Facilities Revenue Bonds, (Highland Hospital Rochester Project), 5.00%, 8/01/25	$	995,000	$	1,025,188
New York State Dormitory Authority, FHA Insured Mortgage Ellis Hospital Revenue Bonds, (FHA INS), 5.05%, 8/15/24		730,000		787,721
New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, (AMBAC FHA INS), 5.10%, 2/01/19		910,000		912,685
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		1,140,710
5.00%, 5/01/17		1,300,000		1,508,234
Tompkins, NY, Healthcare Corp., (FHA INS), 10.80%, 2/01/28		210,000		220,153
TOTAL MEDICAL			$	6,639,471
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		1,128,850
PRE-REFUNDED/ESCROW – 5.4%
New York State Thruway Authority, Local Highway & Bridge, Refunding Revenue Bonds, 5.00%, 4/01/18		1,035,000		1,247,910
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, ETM, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21		3,500,000		4,655,280
TOTAL PRE-REFUNDED/ESCROW			$	5,903,190
SCHOOL DISTRICT – 11.1%
Clarence Central School District, NY, GO Unlimited Bonds, (AGM State Aid Withholding), 5.00%, 5/15/16		1,000,000		1,002,020
Greece, NY, Central School District, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 6/15/18		1,000,000		1,193,220
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		3,768,270
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		2,398,240
New York State Dormitory Authority, School Districts Financing Program, (Series D), (National Reinsurance State Aid Withholding), 5.50%, 10/01/17		895,000		910,206
New York State, Dormitory Authority Non State Supported Debt, Revenue Bonds, (Series H), (School District Funding Program)/(AGM State Aid Withholding), 5.00%, 10/01/23		2,500,000		2,910,250
TOTAL SCHOOL DISTRICT			$	12,182,206

(Wilmington New York Municipal Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 73

Wilmington New York Municipal Bond Fund (concluded)

Description	Par Value		Value
TRANSPORTATION – 2.9%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series B), 5.00%, 11/15/22	$	1,000,000	$	1,145,770
Metropolitan Transportation Authority, NY, Service Contract, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 7/01/25		2,000,000		2,012,440
TOTAL TRANSPORTATION			$	3,158,210
UTILITIES – 1.2%
Long Island Power Authority, NY, Electric System, Refunding Revenue Bonds, (Series 2010A), 5.00%, 5/01/14		1,210,000		1,313,528
WATER & SEWER – 10.8%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Refunding Revenue Bonds, (Series BB), 5.00%, 6/15/27		5,000,000		5,714,600
New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds, (Series C), (National Reinsurance), 5.00%, 6/15/27		3,000,000		3,316,320

Description	Par Value/ Shares		Value
New York State Environmental Facilities Corp., NY, State Clean Water & Drinking Revolving Funds, Pooled Financing Program, (Series B), 5.00%, 11/15/18	$	1,450,000	$	1,581,529
New York State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, Refunding Revenue Bonds, 5.00%, 6/15/17		1,020,000		1,221,124
TOTAL WATER & SEWER			$	11,833,573
TOTAL NEW YORK			$	107,183,506
TOTAL MUNICIPAL BONDS (COST $101,056,770)			$	107,183,506
MONEY MARKET FUND – 5.9%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02%		6,541,088		6,541,088
TOTAL MONEY MARKET FUND (COST $6,541,088)			$	6,541,088
TOTAL INVESTMENTS – 103.4% (COST $107,597,858)			$	113,724,594
OTHER LIABILITIES LESS ASSETS – (3.4%)				(3,712,323	)
TOTAL NET ASSETS – 100.0%			$	110,012,271

Cost of investments for Federal income tax purposes is $107,532,327. The net unrealized appreciation/(depreciation) of investments was $6,192,267. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,258,242 and net unrealized depreciation from investments for those securities having an excess of cost over value of $65,975.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	107,183,506	$	—	$	107,183,506
Money Market Fund		6,541,088		—		—		6,541,088
Total	$	6,541,088	$	107,183,506	$	—	$	113,724,594

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

74

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Pennsylvania Municipal Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Higher Education		24.5	%
General Obligation		16.0	%
School District		14.3	%
Pre-Refunded/Escrow		14.0	%
Transportation		8.9	%
Medical		7.9	%
Lease		6.7	%
Water & Sewer		4.3	%
Continuing Care		1.8	%
Dedicated Tax		1.2	%
Cash Equivalents1		9.0	%
Other Assets and Liabilities – Net2		(8.6	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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		4.6	%
AA		42.5	%
A		32.4	%
BBB		10.7	%
Not Rated		18.4	%
Other Assets and Liabilities – Net2		(8.6	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
MUNICIPAL BONDS – 99.6%
PENNSYLVANIA – 99.6%
CONTINUING CARE – 1.8%
Montgomery County, PA, IDA, (ACTS Retirement-Life Community, Inc.), 5.25%, 11/15/28	$	1,850,000	$	1,850,870
DEDICATED TAX – 1.2%
Pittsburgh & Allegheny County, PA, Sports & Exhibition Authority, Regional Asset District, Sales Tax Refunding Revenue Bonds, (AGM), 5.00%, 2/01/23		1,000,000		1,149,860
GENERAL OBLIGATIONS – 16.0%
Allegheny County, PA, GO Unlimited, (Series C-57), (National Reinsurance FGIC), 5.00%, 11/01/22		2,000,000		2,173,640
Berks County, PA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 11/15/21		2,000,000		2,373,720
Commonwealth of Pennsylvania, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/18		2,500,000		3,069,100

Description	Par Value		Value
Lower Merion Township, PA, GO Unlimited, Refunding Revenue Bonds, (Series A) 5.00%, 1/01/17	$	1,470,000	$	1,748,315
5.00%, 1/01/18		1,445,000		1,756,109
Pennsylvania State, GO Unlimited Bonds 5.00%, 10/01/15		1,235,000		1,422,275
5.00%, 11/15/23		2,000,000		2,467,000
Township of Cranberry, PA, GO Unlimited, Refunding Revenue Bonds, 4.50%, 3/01/26		1,000,000		1,113,420
TOTAL GENERAL OBLIGATIONS			$	16,123,579
HIGHER EDUCATION – 24.5%
Huntingdon County, PA, General Authority Refunding Revenue Bonds, (Series A), (Juniata College), 5.00%, 5/01/27		1,765,000		1,952,108
Lancaster, PA, Higher Education Authority, College Revenue, Refunding Bonds, (Franklin & Marshall College), 5.00%, 4/15/18		2,350,000		2,650,917

(Wilmington Pennsylvania Municipal Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 75

Wilmington Pennsylvania Municipal Bond Fund (continued)

Description	Par Value		Value
Montgomery County, PA, Higher Education & Health Authority Hospital, (Series FF1), (Dickinson College)/(CIFG INS) 5.00%, 5/01/19	$	1,420,000	$	1,569,370
5.00%, 5/01/20		1,490,000		1,632,950
Montgomery County, PA, Higher Education & Health Authority, Revenue Bonds, (Arcadia University, OBG)/(Radian), 5.00%, 4/01/21		300,000		316,677
Pennsylvania State Higher Education Facilities Authority, (Philadelphia College of Osteopathic Medicine), 5.00%, 12/01/13		1,345,000		1,427,529
Pennsylvania State Higher Education Facilities Authority, (Series EE 1), (York College of PA)/(XLCA), 5.00%, 11/01/18		1,020,000		1,117,512
Pennsylvania State Higher Education Facilities Authority, (St. Joseph’s University)/(Radian), 5.50%, 12/15/15		1,940,000		2,006,309
Pennsylvania State Higher Education Facilities Authority, (York College of Pennsylvania)/(National Reinsurance FGIC), 5.00%, 11/01/20		550,000		576,158
Pennsylvania State Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania, OBG), 5.00%, 9/01/19		1,000,000		1,234,280
Pennsylvania State Higher Educational Revenue, (National Reinsurance FGIC)/(Drexel University), 5.00%, 5/01/27		1,250,000		1,337,625
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Bryn Mawr College), 5.00%, 12/01/17		4,500,000		5,430,690
State Public School Building Authority, PA, College Revenue Bonds, (Harrisburg Area Community College, OBG), 5.00%, 10/01/19		2,150,000		2,466,416
Union County, PA, Higher Educational Facilities Financing Authority, Refunding Revenue Bonds, (Series A), (Bucknell University), 5.25%, 4/01/20		1,000,000		1,041,200
TOTAL HIGHER EDUCATION			$	24,759,741
LEASE – 6.7%
Berks County, PA, Vocational Technical School Authority, Refunding Revenue Bonds, (National-Reinsurance), 5.00%, 6/01/14		1,655,000		1,778,430
Charleroi, PA, Area School District, (Series C), (FGIC State Aid Withholding), 6.00%, 10/01/17		30,000		30,111
Philadelphia Redevelopment Authority, PA, Transportation Initiative, Refunding Revenue Bonds, 5.00%, 4/15/24		3,000,000		3,423,270
Philadelphia, PA, Redevelopment Authority, (Series C), (National Reinsurance FGIC), 5.00%, 4/15/27		1,500,000		1,549,425
TOTAL LEASE			$	6,781,236
MEDICAL – 7.9%
Allegheny County, PA, HDA, Revenue Bonds, (Series A), (Jefferson Regional Medical Center, PA), 4.25%, 5/01/12		290,000		290,009

Description	Par Value		Value
Central Bradford Progress Authority, PA, Refunding Revenue Bonds, (Guthrie Healthcare System, OBG), 5.00%, 12/01/26	$	2,000,000	$	2,241,780
Lancaster County, PA, Hospital Authority, (Series B), (Lancaster General Hospital), 5.00%, 3/15/23		1,770,000		1,949,885
Lancaster County, PA, Hospital Authority, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG), 5.00%, 3/15/19		1,485,000		1,697,073
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/24		1,500,000		1,765,155
TOTAL MEDICAL			$	7,943,902
PRE-REFUNDED/ESCROW – 14.0%
Bucks County, PA, IDA, Refunding Revenue Bonds, ETM, (Series A), (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19		4,775,000		7,503,149
Jenkintown, PA, School District, GO Unlimited Bonds, (Series A), (FGIC State Aid Withholding)/(PRF 5/15/12 @ 100), 5.00%, 5/15/28		1,375,000		1,377,777
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC INS), 6.00%, 9/01/19		2,410,000		3,092,126
Pennsylvania State Turnpike Commission, Oil Franchise Tax Revenue Bonds, ETM, (Series A), (AMBAC INS)/(Escrowed in State & Local Government Series COL), 5.00%, 12/01/15		2,090,000		2,098,172
TOTAL PRE-REFUNDED/ESCROW			$	14,071,224
SCHOOL DISTRICT – 14.3%
Eastern York, PA, School District, GO Unlimited Bonds, (Series A), (FSA State Aid Withholding), 5.00%, 9/01/24		1,200,000		1,360,260
Hempfield, PA, School District, GO Unlimited Bonds, (Series B), (National Reinsurance FGIC State Aid Withholding), 5.00%, 10/15/18		2,650,000		2,924,196
Mifflin County, PA, School District, GO Unlimited, (National-IBC XLCA State Aid Withholding), 7.50%, 9/01/26		2,000,000		2,486,940
Muhlenberg, PA, School District, GO Unlimited, Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 9/01/16		1,000,000		1,158,150
Philadelphia, PA, School District, GO Unlimited, (Series D), (FSA State Aid Withholding), 5.50%, 6/01/17		1,300,000		1,533,662
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 9/01/16		1,500,000		1,736,325
Pittsburgh School District, PA, GO Unlimited Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,132,875
Tredyffrin-Easttown, PA, School District, GO Unlimited Bonds, Refunding Bonds, (State Aid Withholding), 5.00%, 2/15/15		1,000,000		1,125,190
TOTAL SCHOOL DISTRICT			$	14,457,598

(Wilmington Pennsylvania Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

76 PORTFOLIOS OF INVESTMENTS

Wilmington Pennsylvania Municipal Bond Fund (concluded)

Description	Par Value		Value
TRANSPORTATION – 8.9%
Allegheny County Port Authority, PA, Special Refunding Revenue Bonds, 5.00%, 3/01/16	$	1,000,000	$	1,136,190
Delaware River Joint Toll Bridge Commission, PA, Refunding Revenue Bonds, 5.25%, 7/01/18		1,500,000		1,562,970
Pennsylvania State Turnpike Commission, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21		2,400,000		2,849,592
Pittsburgh, PA, Public Parking Authority, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 12/01/20		2,565,000		2,705,588
Southeastern Pennsylvania Transportation Authority, Refunding Revenue Bonds, 5.00%, 3/01/28		650,000		728,825
TOTAL TRANSPORTATION			$	8,983,165

Description	Par Value/ Shares		Value
WATER & SEWER – 4.3%
Allegheny County Sanitary Authority, PA, Sewer Revenue Bonds, (Series A), (National-Reinsurance), 5.00%, 12/01/30	$	2,000,000	$	2,204,700
Erie Sewer Authority, PA, Revenue Bonds, 4.63%, 12/01/24		2,000,000		2,170,780
TOTAL WATER & SEWER			$	4,375,480
TOTAL PENNSYLVANIA			$	100,496,655
TOTAL MUNICIPAL BONDS (COST $94,568,988)			$	100,496,655
MONEY MARKET FUND – 9.0%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02%		9,122,025		9,122,025
TOTAL MONEY MARKET FUND (COST $9,122,025)			$	9,122,025
TOTAL INVESTMENTS – 108.6% (COST $103,691,013)			$	109,618,680
OTHER LIABILITIES LESS ASSETS – (8.6%)				(8,673,400	)
TOTAL NET ASSETS – 100.0%			$	100,945,280

Cost of investments for Federal income tax purposes is $103,524,550. The net unrealized appreciation/(depreciation) of investments was $6,094,130. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,105,858 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,728.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	100,496,655	$	—	$	100,496,655
Money Market Fund		9,122,025		—		—		9,122,025
Total	$	9,122,025	$	100,496,655	$	—	$	109,618,680

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

77

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Virginia Municipal Bond Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
General Obligations		34.2	%
Lease		23.0	%
Water & Sewer		12.1	%
Pre-Refunded/Escrow		8.0	%
Medical		7.1	%
School District		5.8	%
Transportation		4.7	%
Higher Education		2.7	%
Multi-Family Housing		0.1	%
Cash Equivalents1		1.9	%
Other Assets and Liabilities – Net2		0.4	%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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		26.5	%
AA		60.6	%
A		3.7	%
BBB		3.1	%
Not Rated		5.7	%
Other Assets and Liabilities – Net2		0.4	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
MUNICIPAL BONDS – 97.7%
PUERTO RICO – 1.0%
TRANSPORTATION – 1.0%
Puerto Rico Highway and Transportation Authority, (Series W), 5.50%, 7/01/13	$	185,000	$	196,390
TOTAL PUERTO RICO			$	196,390
VIRGINIA – 96.8%
GENERAL OBLIGATIONS – 34.2%
Chesterfield County, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 1/01/24		500,000		628,520
Falls Church, VA, GO Unlimited, Refunding Revenue Bonds, 4.00%, 8/01/17		1,000,000		1,160,530
Hanover County, VA, Public Improvements, GO Unlimited, Refunding Bonds, 5.00%, 7/15/19		110,000		137,573
Henrico County, VA, GO Unlimited, Refunding Bonds, 5.00%, 7/15/19		500,000		628,460
Leesburg, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 1/15/24		500,000		608,745

Description	Par Value		Value
Loudoun County, VA, GO Unlimited Bonds, (Series A), 5.00%, 7/01/25	$	400,000	$	483,928
Loudoun County, VA, GO UT, (Series B), (State Aid Withholding), 5.25%, 12/01/14		500,000		562,645
Newport News, VA, GO Unlimited Bonds, Refunding Notes, (Series 2007A), 5.00%, 3/01/19		100,000		120,390
Poquoson, VA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 2/15/18		500,000		605,210
Prince William County, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 8/01/27		735,000		953,971
Virginia Beach, Public Improvement, GO Unlimited Bonds, (Series B), 5.00%, 5/01/20		400,000		459,796
Virginia Beach, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 4/01/24		500,000		625,665
TOTAL GENERAL OBLIGATIONS			$	6,975,433
HIGHER EDUCATION – 2.7%
Virginia College Building Authority, Educational Facilities, Refunding Revenue Bonds, (Series B), (University of Richmond, OBG), 5.00%, 3/01/21		250,000		313,893

(Wilmington Virginia Municipal Bond Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

78 PORTFOLIOS OF INVESTMENTS

Wilmington Virginia Municipal Bond Fund (continued)

Description	Par Value		Value
Virginia College Building Authority, Educational Facilities, Revenue Bonds, (Series A), (Public Higher Education Funding Program), 5.00%, 9/01/23	$	200,000	$	233,216
TOTAL HIGHER EDUCATION			$	547,109
LEASE – 23.0%
Fairfax County, VA, EDA, Refunding Revenue Bonds, (Series A), (Laurel Hill Public Facilities Projects), 5.00%, 6/01/17		750,000		897,285
Frederick County, VA, IDA, Revenue Bonds, (AMBAC INS), 5.00%, 12/01/14		455,000		502,625
Henrico County, VA, EDA, Refunding Revenue Bonds, (Series B), 4.50%, 8/01/21		325,000		385,362
Manassas Park Economic Development Authority, VA, Refunding Revenue Bonds, (Series A), 4.38%, 7/15/17		370,000		395,600
Virginia Beach, Development Authority, Social Services Facility, (AMBAC INS), 5.00%, 12/01/17		100,000		100,332
Virginia Beach, Development Authority, Town Center Project Phase I, (Series A), 4.25%, 8/01/13		50,000		50,494
Virginia State, College Building Authority, Educational Facilities Revenue Bonds, (Series E-1), (State Appropriation), 5.00%, 2/01/24		150,000		190,938
Virginia State, Public Building Authority, Public Facility Revenue Bonds, (Series B)
5.00%, 8/01/16		135,000		158,728
5.00%, 8/01/23		500,000		573,475
Virginia State, Public School Authority, Revenue Bonds, (Series B), (School Financing-1997 Resolution)/(National-Reinsurance), 5.00%, 8/01/26		400,000		459,648
Virginia State, Resources Authority Infrastructure, Refunding Revenue Bonds, (VA Pooled Funding Program)/(Moral Obligated), 5.00%, 11/01/30		500,000		575,975
Virginia State, Resources Authority Infrastructure, Revenue Bonds, (Series A), (VA Pooled Funding Program), 4.00%, 11/01/21		350,000		393,190
TOTAL LEASE			$	4,683,652
MEDICAL – 7.1%
Fairfax County, VA, IDA, Refunding Revenue Bonds, (Inova Health System), 5.25%, 8/15/19		500,000		584,290
Fairfax County, VA, IDA, Revenue Bonds, (Inova Health System), 5.00%, 8/15/23		250,000		303,947
Smyth County, VA, IDA, Hospital Refunding Revenue Bonds, (Mountain States Health Alliance), 5.00%, 7/01/15		400,000		436,084
Virginia Beach, Development Authority, (Virginia Beach, VA General Hospital)/(AMBAC INS), 5.13%, 2/15/18		110,000		129,227
TOTAL MEDICAL			$	1,453,548

Description	Par Value		Value
MULTI-FAMILY HOUSING – 0.1%
5Arlington County, VA, IDA, Colonial Village Revenue Bonds, AMT, (AHC LP-2)/(FANNIE MAE), Mandatory Tender 11/01/19, 5.15%, 11/01/31	$	10,000	$	10,327
PRE-REFUNDED/ESCROW – 8.0%
Fairfax County, VA, Water Authority Revenue Bonds, ETM, (Escrowed in U.S. Treasuries, COL), 5.80%, 1/01/16		375,000		412,867
Fredericksburg, VA, IDA, Revenue Bonds, (Mary Washington College R/E)/(State and Local Government PRF 4/01/14 @ 100), 5.35%, 4/01/29		250,000		271,897
Henrico County, VA, EDA, Revenue Bonds, (Series A), (Obligated Group)/(Bon Secours Health System, Inc., St. Francis Medical)/(State and Local Government PRF 11/15/12 @ 100), 5.60%, 11/15/30		5,000		5,146
Southeastern Public Service Authority, VA, Prerefunded Revenue Bonds, ETM, (AMBAC), 5.00%, 7/01/15		255,000		282,571
Southeastern Public Service Authority, VA, Refunding Revenue Bonds, ETM, (AMBAC), 5.00%, 7/01/15		245,000		270,703
Tobacco Settlement Financing Corp., VA, Revenue Bonds, (PRF 6/01/15 @ 100), 5.63%, 6/01/37		335,000		386,530
TOTAL PRE-REFUNDED/ESCROW			$	1,629,714
SCHOOL DISTRICT – 5.8%
Fauquier County, VA, GO Unlimited, Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 7/15/20		1,000,000		1,178,350
TRANSPORTATION – 3.7%
Richmond, VA, Metropolitan Authority Expressway, Refunding Revenue Bonds, (National-Reinsurance FGIC), 5.25%, 7/15/17		170,000		187,420
Virginia Commonwealth Transportation Board, Federal Highway Reimbursement, Revenue Bonds, Anticipation Notes, 5.00%, 9/28/15		500,000		574,005
TOTAL TRANSPORTATION			$	761,425
WATER & SEWER – 12.1%
Fairfax County, VA, Water Authority Revenue, Refunding Bonds, 5.00%, 4/01/21		100,000		122,972
Henrico County, VA, Water & Sewer Revenue, Refunding Bonds, 5.00%, 5/01/24		550,000		652,778
Norfolk, VA, Water Revenue Bonds, (National Reinsurance) 5.75%, 11/01/12		500,000		500,310
5.88%, 11/01/15		500,000		500,315
Upper Occoquan Sewage Authority, VA, (Series A), (National Reinsurance), 5.15%, 7/01/20		575,000		698,263
TOTAL WATER & SEWER			$	2,474,638
TOTAL VIRGINIA			$	19,714,196
TOTAL MUNICIPAL BONDS (COST $18,739,281)			$	19,910,586

(Wilmington Virginia Municipal Bond Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 79

Wilmington Virginia Municipal Bond Fund (concluded)

Description	Shares		Value
MONEY MARKET FUND – 1.9%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.02%		393,115	$	393,115
TOTAL MONEY MARKET FUND (COST $393,115)			$	393,115
TOTAL INVESTMENTS – 99.6% (COST $19,132,396)			$	20,303,701
OTHER ASSETS LESS LIABILITIES – 0.4%				70,681
TOTAL NET ASSETS – 100.0%			$	20,374,382

Cost of investments for Federal income tax purposes is $19,107,486. The net unrealized appreciation/(depreciation) of investments was $1,196,215. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,213,880 and net unrealized depreciation from investments for those securities having an excess of cost over value of $17,665.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	19,910,586	$	—	$	19,910,586
Money Market Fund		393,115		—		—		393,115
Total	$	393,115	$	19,910,586	$	—	$	20,303,701

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

80

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Prime Money Market Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Banks		12.7	%
Diversified Financial Services		9.4	%
Chemicals		7.7	%
Food		4.8	%
Agriculture		3.8	%
Municipal		3.8	%
Federal Farm Credit Bank (FFCB)		3.4	%
Miscellaneous Manufacturing		3.1	%
Beverages		2.7	%
Pharmaceuticals		2.7	%
Auto Manufacturers		2.7	%
Development		2.6	%
Commercial Services		2.5	%
Federal Home Loan Bank (FHLB)		2.0	%
Oil & Gas		1.7	%
Federal National Mortgage Association (FNMA)		1.6	%
Asset-Backed Securities		1.6	%
Media		1.5	%
Pollution Control		1.4	%
Insurance		1.4	%
Regional(State/Province)		1.2	%
General Obligation		1.2	%
Oil & Gas Services		1.2	%
Electronics		1.1	%
Cosmetics/Personal Care		0.9	%
School District		0.5	%
Retail		0.5	%
Water		0.5	%
Cash Equivalents1		19.8	%
Other Assets and Liabilities – Net2		0.0	%3
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%.

(Wilmington Prime Money Market Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

81

Wilmington Prime Money Market Fund

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
ASSET-BACKED COMMERCIAL PAPER – 6.6%
6,7CRC Funding LLC, 0.25%, 5/10/2012	$	70,000,000	$	69,995,625
MetLife Short Term Funding LLC
6,70.21%, 7/25/2012		25,000,000		24,987,604
6,70.23%, 7/11/2012		50,000,000		49,977,319
6,7Old Line Funding LLC, 0.23%, 8/6/2012		100,000,000		99,938,028
TOTAL ASSET-BACKED COMMERCIAL PAPER (COST $244,898,576)			$	244,898,576
CERTIFICATE OF DEPOSIT – 9.4%
Bank of Montreal, CHI, 0.15%, 5/23/2012		100,000,000		100,000,000
Bank of Nova Scotia, HOU, 0.21%, 6/13/2012		50,000,000		50,000,000
Chase Bank USA, 0.18%, 7/2/2012		100,000,000		100,000,000
Toronto Dominion Bank, NY, 0.17%, 6/27/2012		100,000,000		100,000,000
TOTAL CERTIFICATE OF DEPOSIT (COST $350,000,000)			$	350,000,000
CORPORATE NOTES & BONDS – 2.0%
1,6,7American Honda Finance Corp., 0.72%, 1/17/2013		25,000,000		25,000,000
Goldman Sachs Group, Inc., FDIC Guaranteed, 3.25%, 6/15/2012		50,000,000		50,187,490
TOTAL CORPORATE NOTES & BONDS (COST $75,187,490)			$	75,187,490
FINANCIAL COMPANY COMMERCIAL PAPER – 7.0%
6,7Australia & New Zealand Banking Group Ltd., 0.17%, 5/9/2012		25,000,000		24,999,056
6,7Commonwealth Bank of Australia, 0.18%, 7/24/2012		50,000,000		49,979,583
National Rural Utilities Cooperative Finance Corp, 0.15%, 6/7/2012		35,000,000		34,994,604
6,7Pacific Life Insurance Co., 0.16%, 5/15/2012		50,000,000		49,996,889
Toyota Motor Credit Corp. 0.20%, 7/11/2012		25,000,000		24,990,139
0.43%, 7/9/2012		75,000,000		74,938,187
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (COST $259,898,458)			$	259,898,458
MUNICIPAL COMMERCIAL PAPER – 7.5%
Alaska Housing Finance Corp., 0.20%, 5/15/2012		24,600,000		24,598,087

Description	Par Value		Value
Catholic Health Initiatives, CO, (Series B), 0.30%, 7/2/2012	$	20,000,000	$	20,000,000
City of Houston, Combined Utility System,TX, (Series B-1), (JP Morgan Chase, LOC)
0.20%, 5/21/2012		25,000,000		25,000,000
0.24%, 6/6/2012		20,000,000		20,000,000
Regional Transportation Authority, IL, (Series B-1), (JP Morgan Chase, LOC), 0.20%, 5/23/2012		45,000,000		45,000,000
St Joseph County, IN, (University of Notre Dame), 0.17%, 5/8/2012		20,000,000		19,999,339
Stanford University 0.17%, 5/11/2012		24,200,000		24,198,857
0.20%, 7/3/2012		47,000,000		46,983,550
University Of California Revenue, 0.20%, 6/7/2012		50,000,000		49,989,722
TOTAL MUNICIPAL COMMERCIAL PAPER (COST $275,769,555)			$	275,769,555
3MUNICIPAL NOTES & BONDS – 6.2%
Chicago Board of Education, IL, GO Unlimited Bonds, (Series B) Weekly VRDNs, (Wells Fargo Bank N.A., LOC), 0.25%, 5/3/2012		20,000,000		20,000,000
Jackson County, MS, Pollution Control Revenue, Refunding Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012		30,005,000		30,005,000
Mississippi State Business Finance Commission Corp., Gulf Opportunity Revenue Bonds, (Series I) Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012		19,100,000		19,100,000
Mississippi State, Business Finance Commission Gulf Opportunity, Revenue Bonds, (Series D) Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012		21,290,000		21,290,000
Parish of St James, LA, Revenue Bonds, (Series B-1) Weekly VRDNs, (Nucor Corp.)/(Nucor Steel Louisiana LLC, OBG), 0.24%, 5/2/2012		37,100,000		37,100,000
Texas Transportation Commission, GO Unlimited Bonds, (Series B) Weekly VRDNs, (State Street/Calpers, SPA), 0.25%, 5/2/2012		43,200,000		43,200,000
Uinta County, WY, Pollution Control Refunding Revenue Bonds, Daily VRDNs, (Chevron Corp., OBG), 0.23%, 5/1/2012		23,850,000		23,850,000
Valdez City, AK, Marine Terminal Revenue Bonds, (Series C) Daily VRDNs, (Exxon Pipeline Co. Project/Exxon Mobil, OBG), 0.21%, 5/1/2012		19,110,000		19,110,000

(Wilmington Prime Money Market Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

82 PORTFOLIOS OF INVESTMENTS

Wilmington Prime Money Market Fund (continued)

Description	Par Value		Value
Water Development Board, TX, Revenue Bonds, (Series A) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.26%, 5/1/2012	$	17,230,000	$	17,230,000
TOTAL MUNICIPAL NOTES & BONDS (COST $230,885,000)			$	230,885,000
OTHER COMMERCIAL PAPER – 34.5%
Air Products & Chemicals, Inc.
6,70.15%, 5/2/2012		52,000,000		51,999,783
6,70.15%, 5/4/2012		41,000,000		40,999,487
Archer-Daniels-Midland Co.
6,70.15%, 5/7/2012		40,000,000		39,999,000
6,70.15%, 5/14/2012		50,000,000		49,997,292
6,7Baker Hughes, Inc., 0.16%, 5/2/2012		42,576,000		42,575,811
BASF SE
6,70.16%, 6/28/2012		44,800,000		44,788,452
6,70.18%, 6/26/2012		50,000,000		49,986,000
1,6,7BP Capital Markets PLC, 0.67%, 2/8/2013		25,000,000		25,000,000
Coca Cola Co.
6,70.14%, 6/19/2012		50,000,000		49,990,472
6,70.17%, 5/14/2012		50,000,000		49,996,931
EI Du Pont de Nemours & Co.
6,70.16%, 5/2/2012		20,000,000		19,999,911
6,70.16%, 6/11/2012		40,000,000		39,992,711
6,70.16%, 6/14/2012		40,000,000		39,992,178
General Electric Co.
0.15%, 6/26/2012		40,000,000		39,990,667
0.15%, 6/28/2012		50,000,000		49,987,917
6,7Glaxosmithkline Finance PLC, 0.15%, 5/10/2012		45,000,000		44,998,313
Honeywell International, Inc.
6,70.25%, 9/25/2012		25,000,000		24,974,479
6,70.30%, 12/28/2012		14,500,000		14,470,898
Motiva Enterprises LLC, 0.15%, 5/11/2012		36,815,000		36,813,466
6,7Nestle Capital Corp., 0.26%, 10/1/2012		80,000,000		79,911,600
6,7Philip Morris International, Inc., 0.16%, 7/16/2012		50,000,000		49,983,111
6,7Procter & Gamble Co., 0.12%, 5/8/2012		35,000,000		34,999,183
6,7Sanofi, 0.21%, 6/13/2012		100,000,000		99,974,917
6,7Siemens Capital Co., LLC, 0.15%, 6/4/2012		27,100,000		27,096,161
Straight-A Funding LLC, 0.13%, 5/1/2012		60,000,000		60,000,000
6,7Sysco Corp., 0.15%, 5/9/2012		48,930,000		48,928,369
6,7Unilever Capital Corp., 0.15%, 7/12/2012		50,000,000		49,985,000
6,7Wal-Mart Stores, Inc., 0.12%, 5/7/2012		20,000,000		19,999,600
6,7Walt Disney Co., 0.10%, 5/21/2012		54,009,000		54,006,149
TOTAL OTHER COMMERCIAL PAPER (COST $1,281,437,858)			$	1,281,437,858

Description	Par Value		Value
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 7.0%
Federal Farm Credit Bank
10.23%, 8/22/2012	$	65,000,000	$	64,997,965
10.26%, 10/12/2012		60,000,000		60,000,000
Federal Home Loan Bank
10.19%, 11/23/12		47,000,000		46,994,719
0.26%, 1/8/2013		25,000,000		25,000,000
1Federal National Mortgage Association, 0.21%, 11/18/2013		60,200,000		60,181,999
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $257,174,683)			$	257,174,683
REPURCHASE AGREEMENTS – 19.8%
Barclays Capital, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $31,000,146, collateralized by a U.S. Treasury Security 1.38%, maturing 09/15/12; total market value of $31,310,071.		31,000,000		31,000,000
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $140,000,661, collateralized by a U.S. Treasury Security 3.63%, maturing 08/15/19; total market value of $142,802,138.		140,000,000		140,000,000
Deutsche Bank Securities, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $365,002,028, collateralized by U.S. Government Securities 0.45% to 5.13%, maturing 08/23/13; total market value of $368,650,956.		365,000,000		365,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $199,600,943, collateralized by U.S. Treasury Securities 0.25% to 3.63%, maturing 09/15/14 to 02/15/21; total market value of $201,596,115.		199,600,000		199,600,000
TOTAL REPURCHASE AGREEMENTS (COST $735,600,000)			$	735,600,000
TOTAL INVESTMENTS – 100.0% (COST $3,710,851,620)			$	3,710,851,620
OTHER ASSETS LESS LIABILITIES – 0.0%**				267,507
TOTAL NET ASSETS – 100.0%			$	3,711,119,127

(Wilmington Prime Money Market Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 83

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Commercial Paper	$	—	$	244,898,576	$	—	$	244,898,576
Certificate Of Deposit		—		350,000,000		—		350,000,000
Corporate Notes & Bonds		—		75,187,490		—		75,187,490
Financial Company Commercial Paper		—		259,898,458		—		259,898,458
Municipal Commercial Paper		—		275,769,555		—		275,769,555
Municipal Notes & Bonds		—		230,885,000		—		230,885,000
Other Commercial Paper		—		1,281,437,858		—		1,281,437,858
Repurchase Agreements		—		735,600,000		—		735,600,000
U.S. Government Agency & Obligations		—		257,174,683		—		257,174,683
Total	$	—	$	3,710,851,620	$	—	$	3,710,851,620

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

84

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
U.S. Government Agency & Obligations		60.4	%
Cash Equivalents1		39.6	%
Other Assets and Liabilities – Net2		0.0	%3
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, 2012

Description	Par Value		Value
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 60.4%
FEDERAL FARM CREDIT BANK (FFCB) – 6.8%
10.14%, 10/31/12	$	25,000,000	$	25,000,000
10.23%, 2/22/13		13,845,000		13,853,551
10.23%, 8/22/12		100,000,000		99,996,869
10.27%, 9/20/12		59,500,000		59,530,703
20.05%, 5/11/12		25,000,000		24,999,653
20.09%, 5/29/12		20,000,000		19,998,613
20.11%, 9/13/12		25,000,000		24,989,688
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	268,369,077
FEDERAL HOME LOAN BANK (FHLB) – 14.0%
1Federal Home Loan Bank, 0.19%, 11/23/12		48,000,000		47,994,607
20.08%, 5/16/12		40,000,000		39,998,750
20.09%, 5/09/12		25,000,000		24,999,528
20.11%, 6/13/12		50,000,000		49,993,431
20.12%, 6/20/12		50,000,000		49,991,666
20.12%, 7/20/12		23,000,000		22,993,867
20.15%, 5/17/12		30,000,000		29,997,942
20.15%, 10/26/12		94,000,000		93,930,283
20.18%, 10/16/12		50,000,000		49,958,000
0.08%, 5/29/12		20,000,000		19,999,383
10.33%, 2/25/13		100,000,000		100,000,000
1.38%, 6/08/12		25,000,000		25,032,300
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	554,889,757

Description	Par Value		Value
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 18.6%
20.06%, 5/07/12	$	91,000,000	$	90,998,939
20.08%, 5/21/12		50,000,000		49,997,778
20.08%, 6/19/12		50,000,000		49,994,556
20.09%, 5/29/12		50,000,000		49,996,500
20.10%, 5/18/12		35,725,000		35,723,397
20.12%, 7/09/12		50,000,000		49,988,500
20.12%, 7/10/12		25,000,000		24,994,167
20.12%, 7/16/12		55,000,000		54,986,067
20.12%, 8/27/12		27,180,000		27,169,309
20.12%, 9/12/12		50,000,000		49,977,666
20.13%, 6/26/12		25,000,000		24,994,944
20.14%, 8/20/12		50,000,000		49,978,417
20.15%, 10/22/12		30,000,000		29,978,250
10.20%, 3/21/13		21,438,000		21,446,771
0.52%, 11/26/12		13,999,000		14,023,720
1.00%, 8/28/12		100,000,000		100,314,000
1.75%, 6/15/12		14,048,000		14,075,987
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	738,638,968
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 19.8%
20.05%, 5/09/12		50,000,000		49,999,448
20.05%, 5/14/12		49,300,000		49,299,199
20.07%, 7/02/12		200,000,000		199,974,167
20.08%, 5/01/12		36,055,000		36,055,000
20.09%, 6/25/12		25,000,000		24,996,586
20.09%, 10/02/12		50,000,000		49,980,750

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

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 85

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

Description	Par Value		Value
20.12%, 5/30/12	$	16,000,000	$	15,998,453
20.12%, 7/11/12		25,000,000		24,994,083
20.14%, 7/16/12		125,750,000		125,712,338
20.14%, 7/18/12		25,201,000		25,193,134
20.15%, 10/24/12		25,000,000		24,981,667
20.18%, 10/01/12		14,000,000		13,989,290
10.21%, 11/18/13		45,000,000		44,986,544
0.38%, 12/28/12		25,000,000		25,037,611
1.13%, 7/30/12		25,000,000		25,059,820
4.75%, 11/19/12		49,406,000		50,629,307
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	786,887,397
U.S. TREASURY BILL – 1.3%
20.13%, 10/25/12		50,000,000		49,967,550
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $2,398,752,749)			$	2,398,752,749
REPURCHASE AGREEMENTS – 39.6%
Barclays Capital, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $150,000,708, collateralized by U.S. Treasury Securities 2.75% to 6.13%, maturing 02/15/19 to 11/15/27; total market value of $151,500,113.		150,000,000		150,000,000

Description	Par Value		Value
Credit Suisse First Boston LLC, 0.17%, dated 04/30/12, due 05/01/12, repurchase price $405,701,916, collateralized by U.S. Treasury Securities 2.38% to 2.50%, maturing 02/25/15 to 03/21/15; total market value of $413,818,755.	$	405,700,000	$	405,700,000
Deutsche Bank Securities, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $667,003,706, collateralized by U.S. Government Securities 0.00% – 6.25%, maturing 05/10/2012 – 11/15/2030; total market value of $673,670,218.		667,000,000		667,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $350,001,653, collateralized by U.S. Treasury Securities 0.00% – 4.5%, maturing 04/04/2013 – 08/15/2039; total market value of $353,500,007.		350,000,000		350,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,572,700,000)			$	1,572,700,000
TOTAL INVESTMENTS – 100.0% (COST $3,971,452,749)			$	3,971,452,749
OTHER ASSETS LESS LIABILITIES – 0.0%**				1,408,247
TOTAL NET ASSETS – 100.0%			$	3,972,860,996

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Repurchase Agreements	$	—	$	1,572,700,000	$	—	$	1,572,700,000
U.S. Government Agency & Obligations		—		2,398,752,749		—		2,398,752,749
Total	$	—	$	3,971,452,749	$	—	$	3,971,452,749

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

86

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
U.S. Government Agency & Obligations		46.6	%
Cash Equivalents1		53.4	%
Other Assets and Liabilities – Net2		0.0	%3
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, 2012

Description	Par Value		Value
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 46.6%
U.S. TREASURY BILLS – 37.7%
20.01%, 5/17/12	$	50,000,000	$	49,999,778
20.04%, 7/05/12		100,000,000		99,991,875
20.10%, 8/02/12		50,000,000		49,987,471
20.10%, 8/16/12		50,000,000		49,984,322
20.12%, 9/13/12		25,000,000		24,988,656
20.13%, 10/18/12		25,000,000		24,984,653
20.13%, 10/25/12		25,000,000		24,983,775
20.14%, 9/20/12		100,000,000		99,946,158
TOTAL U.S. TREASURY BILLS			$	424,866,688
U.S. TREASURY NOTES – 8.9%
0.38%, 9/30/12		25,000,000		25,022,304
1.75%, 8/15/12		75,000,000		75,351,690
TOTAL U.S. TREASURY NOTES			$	100,373,994
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $525,240,682)			$	525,240,682
REPURCHASE AGREEMENTS – 53.4%
Barclays Capital, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $233,001,100, collateralized by U.S. Treasury Securities 1.75% to 2.75%, maturing 07/31/15 to 02/15/19; total market value of $235,330,091.		233,000,000		233,000,000

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $260,001,372, collateralized by U.S. Treasury Securities 0.00%, maturing 05/21/12 to 01/15/29; total market value of $262,600,099.	$	260,000,000	$	260,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.17%, dated 04/30/12, due 05/01/12, repurchase price $110,000,519, collateralized by a U.S. Treasury Security 0.75%, maturing 06/15/14; total market value of $111,100,091.		110,000,000		110,000,000
TOTAL REPURCHASE AGREEMENTS (COST $603,000,000)			$	603,000,000
TOTAL INVESTMENTS – 100.0% (COST $1,128,240,682)			$	1,128,240,682
OTHER ASSETS LESS LIABILITIES – 0.0%**				205,338
TOTAL NET ASSETS – 100.0%			$	1,128,446,020

(Wilmington U.S. Treasury Money Market Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 87

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Repurchase Agreements	$	—	$	603,000,000	$	—	$	603,000,000
U.S. Government Agency & Obligations		—		525,240,682		—		525,240,682
Total	$	—	$	1,128,240,682	$	—	$	1,128,240,682

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

88

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Tax-Exempt Money Market Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Higher Education		31.7	%
Medical		10.5	%
Municipal		8.7	%
Regional(State/Province)		8.0	%
Development		7.1	%
Electric		7.0	%
Water		5.4	%
General Obligation		5.4	%
School District		4.2	%
Pollution Control		3.5	%
Transportation		2.5	%
Commercial Services		2.5	%
Multi-Family Housing		1.8	%
General Revenue		0.6	%
Water & Sewer		0.6	%
Education		0.4	%
Other Assets and Liabilities – Net1		0.1	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Par Value		Value
COMMERCIAL PAPER – 45.9%
ARIZONA – 1.8%
Salt River Project Agricultural Improvement & Power District, (Series C), 0.17%, 5/17/12	$	8,400,000	$	8,400,000
TOTAL ARIZONA			$	8,400,000
CALIFORNIA – 2.3%
University Of California, 0.15%, 6/11/12		10,500,000		10,500,000
TOTAL CALIFORNIA			$	10,500,000
FLORIDA – 4.2%
JEA, 0.15%, 5/09/12		19,300,000		19,300,000
TOTAL FLORIDA			$	19,300,000
GEORGIA – 3.4%
Metropolitan Atlanta Rapid Transit Authority, GA, (Series 7C-1), 0.24%, 5/24/12		4,800,000		4,800,000

Description	Par Value		Value
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, Commercial Paper Notes, (Series 7C-1), 0.23%, 7/13/12	$	3,000,000	$	3,000,000
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, Commercial Paper Notes, (Series 7D-1), 0.15%, 5/10/12		7,850,000		7,850,000
TOTAL GEORGIA			$	15,650,000
ILLINOIS – 1.5%
Illinois Educational Facilities Authority, Pooled Financing Program, (Series 95), 0.13%, 5/10/12		7,083,000		7,083,000
TOTAL ILLINOIS			$	7,083,000
MARYLAND – 6.6%
Howard County, MD, (Series 2011), 0.17%, 5/24/12		9,266,000		9,266,000
Johns Hopkins University, 0.15%, 7/19/12		21,200,000		21,200,000
TOTAL MARYLAND			$	30,466,000

(Wilmington Tax-Exempt Money Market Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 89

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value		Value
MICHIGAN – 2.5%
University of Michigan, 0.15%, 5/09/12	$	11,500,000	$	11,500,000
TOTAL MICHIGAN			$	11,500,000
MISSOURI – 4.3%
Curators of University of Missouri, (Series A) 0.16%, 5/01/12		4,500,000		4,500,000
0.17%, 5/09/12		15,500,000		15,500,000
TOTAL MISSOURI			$	20,000,000
NEVADA – 2.4%
Las Vegas Valley Water District, (Series 04-A) 0.13%, 5/10/12		8,000,000		8,000,000
0.15%, 6/12/12		3,000,000		3,000,000
TOTAL NEVADA			$	11,000,000
OHIO – 1.3%
Ohio Higher Educational Facility Commission, (Case Western University) 0.16%, 6/05/12		2,700,000		2,700,000
0.16%, 6/06/12		3,500,000		3,500,000
TOTAL OHIO			$	6,200,000
SOUTH CAROLINA – 1.0%
South Carolina Public Service Authority, (Series B), 0.15%, 5/14/12		3,360,000		3,360,000
South Carolina Public Service Authority, Revenue Notes, Tax-Exempt Commercial Paper, (Subseries C), 0.15%, 6/04/12		1,326,000		1,326,000
TOTAL SOUTH CAROLINA			$	4,686,000
TENNESSEE – 2.0%
Metropolitan Government Of Nashville & Davidson County, TN, (Series A), 0.15%, 5/01/12		9,000,000		9,000,000
TOTAL TENNESSEE			$	9,000,000
TEXAS – 10.6%
City of Houston, TX, General Obligation Commercial Paper Notes, (Series H-2), 0.16%, 5/17/12		5,400,000		5,400,000
Texas A&M University, (Series B), 0.15%, 6/11/12		10,000,000		10,000,000
Texas Tech University 0.15%, 5/02/12		3,057,000		3,057,000
0.15%, 7/19/12		10,000,000		10,000,000
University of Texas System 0.15%, 6/11/12		5,383,000		5,383,000
0.15%, 6/12/12		15,300,000		15,300,000
TOTAL TEXAS			$	49,140,000
WISCONSIN – 2.0%
State Of Wisconsin, 0.17%, 5/23/12		9,101,000		9,101,000
TOTAL WISCONSIN			$	9,101,000
TOTAL COMMERCIAL PAPER (COST $212,026,000)			$	212,026,000

Description	Par Value		Value
MUNICIPAL BONDS – 10.4%
ALABAMA – 0.6%
Jefferson County, AL, Sewer Revenue Warrants, Revenue Bonds, (Series D), (FGIC),(PRF to 8/01/12 @ 100), 5.25%, 2/01/23	$	2,500,000	$	2,531,406
TOTAL ALABAMA			$	2,531,406
ARIZONA – 0.7%
Southern Arizona, Capital Facilities Finance Corp., Student Housing Revenue Bonds, (National-Reinsurance)/(University of Arizona, OBG), (PRF to 9/01/12 @ 100), 5.10%, 9/01/33		3,000,000		3,049,556
TOTAL ARIZONA			$	3,049,556
IDAHO – 1.1%
Idaho State, GO Unlimited Notes, TANs, 2.00%, 6/29/12		5,000,000		5,013,606
TOTAL IDAHO			$	5,013,606
NEW YORK – 5.4%
Byron-Bergen Central School District, NY, GO Unlimited, Refunding Notes, BANs, (State Aid Withholding), 1.50%, 7/13/12		5,830,000		5,838,068
Cattaraugus-Little Valley Central School District, NY, GO Unlimited, Refunding Notes, BANs, (State Aid Withholding), 2.00%, 6/15/12		4,665,765		4,672,011
East Bloomfield-Holcomb Fire District, NY, GO Unlimited Notes, BANs, (State Aid Withholding), 2.00%, 8/15/12		1,180,000		1,183,382
Seneca Falls, NY, Central School District, GO Unlimited Notes, BANs, (State Aid Withholding), 1.50%, 6/15/12		3,900,000		3,903,327
Suffolk County, NY, GO Unlimited Bonds, Public Improvements, (Series B), 2.00%, 10/15/12		4,300,000		4,333,248
Wyandanch, NY, Union Free School District, GO Unlimited Notes, TANs, (State Aid Withholding) 2.00%, 6/22/12		4,000,000		4,001,955
2.25%, 6/22/12		1,000,000		1,001,189
TOTAL NEW YORK			$	24,933,180
OHIO – 0.3%
State of Ohio, Revitalization Project Revenue Notes, BANs, (Series A), 0.35%, 6/01/12		1,500,000		1,500,000
TOTAL OHIO			$	1,500,000
OREGON – 1.5%
Oregon State, GO Limited Notes, TANs, 2.00%, 6/29/12		7,000,000		7,019,485
TOTAL OREGON			$	7,019,485
TENNESSEE – 0.1%
Montgomery County, TN, GO Unlimited Bonds, (FGIC), (REF to 5/01/12 @ 100), 5.50%, 5/01/14		500,000		500,000
TOTAL TENNESSEE			$	500,000

(Wilmington Tax-Exempt Money Market Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

90 PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value		Value
WISCONSIN – 0.7%
Wisconsin State, Revenue Notes, 2.00%, 6/15/12	$	1,200,000	$	1,202,605
Wisconsin State, School Districts Cash Flow Administration, Temporary Borrowing Program, Revenue Notes, 1.00%, 10/15/12		2,000,000		2,005,454
TOTAL WISCONSIN			$	3,208,059
TOTAL MUNICIPAL BONDS (COST $47,755,292)			$	47,755,292
3SHORT-TERM MUNICIPAL BONDS – 43.6%
ALASKA – 2.5%
Valdez Alaska Marine Term, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil Corporation), 0.20%, 5/01/12		1,000,000		1,000,000
Valdez City, AK, Marine Terminal Revenue Bonds, (Series C) Daily VRDNs, (Exxon Pipeline Co. Project/Exxon Mobil, OBG), 0.21%, 5/01/12		5,200,000		5,200,000
Valdez, AK, Marine Terminal Revenue Bonds, (Series B) Daily VRDNs, (Exxon Pipeline Co. Project, OBG), 0.21%, 5/01/12		5,500,000		5,500,000
TOTAL ALASKA			$	11,700,000
CONNECTICUT – 1.5%
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (Series V-2) Daily VRDNs, (Yale University, OBG), 0.22%, 5/01/12		5,370,000		5,370,000
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (Series Y-2) Daily VRDNs, (Yale University, OBG), 0.22%, 5/01/12		1,700,000		1,700,000
TOTAL CONNECTICUT			$	7,070,000
DELAWARE – 7.9%
Delaware State Health Facilities Authority, Revenue Bonds, (Series A) Daily VRDNs, (Christiana Care Health Services, OBG), 0.23%, 5/01/12		16,700,000		16,700,000
University of Delaware, DE, Refunding Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.26%, 5/01/12		19,675,000		19,675,000
TOTAL DELAWARE			$	36,375,000
FLORIDA – 0.9%
Orange County Housing Finance Authority, FL, Refunding Revenue Bonds, Weekly VRDNs, (Walk Apartments LLC, OBG)/(Fannie Mae, LIQ & Guarantor), 0.25%, 5/02/12		4,035,000		4,035,000
TOTAL FLORIDA			$	4,035,000
ILLINOIS – 0.5%
Educational Facilities Authority, IL, Revenue Bonds, (Series B-3), (University of Chicago, OBG), 0.44%, 5/03/12		2,400,000		2,400,000
TOTAL ILLINOIS			$	2,400,000

Description	Par Value		Value
KENTUCKY – 1.2%
Shelby County, KY, Lease Revenue Bonds, (Series A) Daily VRDNs, (U.S Bank NA, LOC), 0.24%, 5/01/12	$	5,520,000	$	5,520,000
TOTAL KENTUCKY			$	5,520,000
LOUISIANA – 1.6%
Parish of St James, LA, Revenue Bonds, (Series B-1) Weekly VRDNs, (Nucor Corp.)/(Nucor Steel Louisiana LLC, OBG), 0.24%, 5/02/12		7,200,000		7,200,000
TOTAL LOUISIANA			$	7,200,000
MARYLAND – 1.5%
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series B) Daily VRDNs, (Well Fargo Bank N.A., SPA), 0.23%, 5/01/12		6,700,000		6,700,000
TOTAL MARYLAND			$	6,700,000
MASSACHUSETTS – 0.2%
Massachusetts State Health & Educational Facilities Authority, Refunding Revenue Bonds, (Series R) Daily VRDNs, (Harvard University, OBG), 0.22%, 5/01/12		800,000		800,000
TOTAL MASSACHUSETTS			$	800,000
MISSISSIPPI – 1.0%
Mississippi State Business Finance Commission Corp., Gulf Opportunity Revenue Bonds, (Series F) Daily VRDNs, (Chevron Corp.)/(Chevron U.S.A. Inc., OBG), 0.24%, 5/01/12		4,490,000		4,490,000
TOTAL MISSISSIPPI			$	4,490,000
MISSOURI – 2.2%
Missouri State Health & Educational Facilities Authority, Revenue Bonds, (Series B) Daily VRDNs, (Well Fargo Bank N. A., SPA)/(Washington University, OBG), 0.25%, 5/01/12		10,255,000		10,255,000
TOTAL MISSOURI			$	10,255,000
NEW HAMPSHIRE – 0.8%
New Hampshire, HEFA, Refunding Revenue Bonds, Weekly VRDNs, (Dartmouth College)/(U.S. Bank), 0.23%, 5/02/12		3,525,000		3,525,000
TOTAL NEW HAMPSHIRE			$	3,525,000
NEW YORK – 0.2%
New York State, Dormitory Authority State Supported Debt, Revenue Bonds, (Series B) Daily VRDNs, (University of Rochester, OBG)/(HSBC Bank USA NA, LOC), 0.23%, 5/01/12		800,000		800,000
TOTAL NEW YORK			$	800,000
OHIO – 3.3%
Ohio State, Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4) Daily VRDNs, (Cleveland Clinic, OBG), 0.23%, 5/01/12		15,355,000		15,355,000
TOTAL OHIO			$	15,355,000

(Wilmington Tax-Exempt Money Market Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 91

Wilmington Tax-Exempt Money Market Fund (concluded)

Description	Par Value		Value
OKLAHOMA – 2.5%
Oklahoma State Turnpike Authority, Revenue Bonds, (Series E) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.24%, 5/01/12	$	11,720,000	$	11,720,000
TOTAL OKLAHOMA			$	11,720,000
PENNSYLVANIA – 1.0%
Delaware County, PA, IDA, (Series G) Weekly VRDNs, (General Electric Capital Co.(GTD)), 0.23%, 5/02/12		1,075,000		1,075,000
Delaware County, PA, IDA, Refunding Revenue Bonds, (Series G) Weekly VRDNs, (General Electric Capital Corp.), 0.23%, 5/02/12		1,000,000		1,000,000
Delaware County, PA, IDA, Revenue Bonds, (Series G) Weekly VRDNs, (Resource Recovery Facility)/(General Electric Capital Corp.), 0.23%, 5/02/12		2,580,000		2,580,000
TOTAL PENNSYLVANIA			$	4,655,000
TEXAS – 13.9%
Gulf Coast Waste Disposal Authority, TX, Pollution Control, Refunding Revenue Bonds, Daily VRDNs, (Exxon Mobil Corp.), 0.20%, 5/01/12		2,300,000		2,300,000
Gulf Coast Waste Disposal Authority, TX, Revenue Bonds, Weekly VRDNs, (Air Products LP, OBG), 0.22%, 5/02/12		13,100,000		13,100,000
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, (series B) Daily VRDNs, (JP Morgan Chase/Northern Trust/Bank of America, SPA)/(St. Lukes Episcopal Hospital, OBG), 0.26%, 5/01/12		16,500,000		16,500,000
Houston Higher Education Finance Corp., TX, Revenue Bonds, (Series A) Daily VRDNs, (William Marsh Rice University, OBG), 0.23%, 5/01/12		5,300,000		5,300,000

Description	Par Value		Value
Houston Higher Education Finance Corp., TX, Revenue Bonds, (Series B) Daily VRDNs, (William Marsh Rice University, OBG), 0.22%, 5/01/12	$	2,300,000	$	2,300,000
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, (Series A-2) Daily VRDNs, (Exxon Mobile Corp.)/(Exxon Capital Ventures, OBG), 0.21%, 5/01/12		2,300,000		2,300,000
Lower Neches Valley Authority Industrial Development Corp., TX, Refunding Revenue Bonds, (Series A-2) Daily VRDNs, (Exxon Mobile Project, OBG), 0.20%, 5/01/12		3,050,000		3,050,000
Water Development Board, TX, Revenue Bonds, (Series A) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.26%, 5/01/12		19,390,000		19,390,000
TOTAL TEXAS			$	64,240,000
WISCONSIN – 0.9%
Wisconsin State, Housing & Economic Development Authority, Revenue Bonds, (Series E) Weekly VRDNs, (AGM GO of Authority)/(Federal Home Loan Bank, SPA), 0.35%, 5/02/12		4,135,000		4,135,000
TOTAL WISCONSIN			$	4,135,000
TOTAL SHORT-TERM MUNICIPAL BONDS (COST $200,975,000)			$	200,975,000
TOTAL INVESTMENTS – 99.9% (COST $460,756,292)			$	460,756,292
OTHER ASSETS LESS LIABILITIES – 0.1%				686,532
TOTAL NET ASSETS – 100.0%			$	461,442,824

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Commercial Paper	$	—	$	212,026,000	$	—	$	212,026,000
Municipal Bonds		—		47,755,292		—		47,755,292
Short-Term Municipal Bonds		—		200,975,000		—		200,975,000
Total	$	—	$	460,756,292	$	—	$	460,756,292

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

92

NOTES TO PORTFOLIOS OF INVESTMENTS

(1) Floating rate note with current rate and stated maturity date shown.

(2) Zero coupon security. The rate shown reflects the effective yield at purchase date.

(3) Current rate and next reset date shown for Variable Rate Demand Notes.

(4) Discount rate at time of purchase.

(5) At April 30, 2012, the percentage of total investments at market value subject to the alternative minimum tax is as follows:

Wilmington Fund	Amount		Percentage of Total Investments
Wilmington Municipal Bond Fund		$3,510,496		1.0%
Wilmington Maryland Municipal Bond Fund		506,732		0.4%
Wilmington Virginia Municipal Bond Fund		10,327		0.1%

(6) 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, 2012, these liquid restricted securities were as follows:

Wilmington Fund	Amount		Percentage of Total Net Assets
Wilmington Broad Market Bond Fund		$31,270,072		10.4%
Wilmington Intermediate-Term Bond Fund		5,986,681		2.2%
Wilmington Short-Term Corporate Bond Fund		9,920,180		5.0%
Wilmington Prime Money Market Fund		1,489,519,912		40.1%

(7) 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, 2012, these restricted securities were as follows:

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
Wilmington Broad Market Bond Fund
American Honda Finance Corp.		08/20/2009		$502,572		$519,101
American Tower Trust		04/30/2007		1,000,000		1,071,777
ASIF Global Financing XIX		01/08/2003		1,172,807		1,196,360
BAE Systems Holdings, Inc.		06/01/2009		498,255		572,396
Barrick Gold Corp.		03/29/2012		1,996,400		2,105,306
Baxter International, Inc.		04/25/2012		1,999,903		1,999,972
BNY Institutional Capital Trust A		11/25/1996		1,500,000		1,526,250
Crown Castle Towers LLC		07/29/2010		1,000,000		1,052,500
Crown Castle Towers LLC		08/04/2010		1,003,370		1,052,500
CVS Caremark Corp.		04/25/2012		1,999,900		1,999,983
Daimler Finance North America LLC		09/07/2011		247,588		262,380
Delphi Corp.		05/10/2011		125,000		132,500
Delphi Corp.		05/10/2011		50,000		53,500
Diageo Capital PLC		04/19/2012		1,999,478		1,999,765
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.		03/05/2012		499,005		491,447
Dominion Resources, Inc.		04/20/2012		1,499,724		1,499,886
FMR LLC		10/28/2009		997,720		1,105,933
FUEL Trust		06/14/2011		300,000		311,525
Harley-Davidson Financial Services, Inc.		01/26/2012		499,890		501,471
Harley-Davidson Funding Corp.		11/19/2009		499,195		544,436
Hyundai Capital America		12/01/2011		248,878		258,695
Hyundai Capital Services, Inc.		03/06/2012		249,073		252,542
Kroger Co.		04/30/2012		1,999,978		1,999,979
LA Arena Funding LLC		04/23/1999		1,273,714		1,388,254

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 93

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
Liberty Mutual Group, Inc.		05/18/2011		$489,395		$507,219
Metropolitan Life Global Funding I		01/06/2010		498,755		507,173
Pacific Gas & Electric Co.		04/27/2012		1,999,894		1,999,958
Phillips 66		03/07/2012		498,815		521,386
Phillips 66		03/07/2012		249,955		256,566
Rockies Express Pipeline LLC		03/17/2010		499,555		450,000
SLM Student Loan Trust		04/14/2011		611,396		611,690
Western Union Co.		04/30/2012		1,999,982		1,999,982
WM Wrigley Jr. Co.		06/21/2010		499,485		517,640
						$31,270,072		10.4%
Wilmington Intermediate-Term Bond Fund
American Honda Finance Corp.		08/20/2009		1,507,717		1,557,305
American Tower Trust		04/30/2007		1,000,000		1,071,777
Daimler Finance North America LLC		09/07/2011		247,588		262,380
Delphi Corp.		05/10/2011		125,000		132,500
Delphi Corp.		05/10/2011		50,000		53,500
Express Scripts Holding Co.		02/06/2012		149,281		152,379
FUEL Trust		06/14/2011		300,000		311,525
Harley-Davidson Funding Corp.		11/19/2009		499,195		544,436
Hyundai Capital America		12/01/2011		248,878		258,695
Hyundai Capital Services, Inc.		03/06/2012		249,073		252,542
Phillips 66		03/07/2012		498,815		521,386
Phillips 66		03/07/2012		249,955		256,566
SLM Student Loan Trust		04/14/2011		611,396		611,690
						$5,986,681		2.2%
Wilmington Short-Term Corporate Bond Fund
Daimler Finance North America LLC		09/07/2011		993,500		1,036,131
FUEL Trust		06/14/2011		400,000		415,367
Harley-Davidson Financial Services, Inc.		03/01/2011		499,700		525,073
Harley-Davidson Financial Services, Inc.		04/27/2011		503,510		525,073
Hyundai Motor Manufacturing Czech s.r.o.		04/15/2010		249,248		263,544
Kroger Co.		04/30/2012		999,989		999,989
MassMutual Global Funding II		06/25/2009		499,610		503,379
MassMutual Global Funding II		04/07/2011		1,000,000		996,019
Metropolitan Life Global Funding I		01/06/2010		997,510		1,014,345
Phillips 66		03/07/2012		499,770		505,039
Porsche Financial Auto Securitization Trust		06/16/2011		767,143		767,715
SLM Student Loan Trust		04/14/2011		815,195		815,587
WM Wrigley Jr. Co.		04/20/2011		1,553,175		1,552,919
						$9,920,180		5.0%
Wilmington Prime Money Market Fund
Air Products & Chemicals, Inc.		04/19/2012		51,997,183		51,999,783
Air Products & Chemicals, Inc.		04/20/2012		40,997,608		40,999,487
American Honda Finance Corp.		01/11/2012		25,000,000		25,000,000
Archer-Daniels-Midland Co.		04/17/2012		49,994,375		49,997,292
Archer-Daniels-Midland Co.		04/26/2012		39,998,167		39,999,000
Australia & New Zealand Banking Group Ltd.		02/07/2012		24,989,257		24,999,056
Baker Hughes, Inc.		04/25/2012		42,574,675		42,575,811

ANNUAL REPORT  /  April 30, 2012

94 NOTES TO PORTFOLIOS OF INVESTMENTS

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
BASF SE		04/17/2012		$49,982,500		$49,986,000
BASF SE		04/30/2012		44,788,252		44,788,452
BP Capital Markets PLC		02/13/2012		25,000,000		25,000,000
Coca Cola Enterprises, Inc.		12/12/2011		49,963,639		49,996,931
Coca Cola Enterprises, Inc.		03/29/2012		49,984,056		49,990,472
Commonwealth Bank of Australia		04/24/2012		49,977,882		49,979,583
CRC Funding LLC		02/09/2012		59,962,083		59,996,250
CRC Funding LLC		02/09/2012		9,993,681		9,999,375
EI Du Pont de Nemours & Co.		03/19/2012		19,996,089		19,999,911
EI Du Pont de Nemours & Co.		04/23/2012		39,990,756		39,992,178
EI Du Pont de Nemours & Co.		04/24/2012		39,991,467		39,992,711
Glaxosmithkline Finance PLC		04/26/2012		44,997,375		44,998,313
Honeywell International, Inc.		01/05/2012		24,954,167		24,974,479
Honeywell International, Inc.		02/27/2012		14,463,170		14,470,898
MetLife Short Term Funding LLC		04/16/2012		49,972,528		49,977,319
MetLife Short Term Funding LLC		04/24/2012		24,986,583		24,987,604
Nestle Capital Corp.		12/01/2011		24,944,931		24,972,375
Nestle Capital Corp.		12/01/2011		4,988,986		4,994,475
Nestle Capital Corp.		12/05/2011		42,906,523		42,952,485
Nestle Capital Corp.		12/05/2011		6,984,783		6,992,265
Old Line Funding LLC		04/04/2012		99,920,778		99,938,028
Pacific Life Insurance Co.		04/26/2012		49,995,778		49,996,889
Philip Morris International, Inc.		04/24/2012		49,981,556		49,983,111
Procter & Gamble Co.		02/17/2012		34,990,550		34,999,183
Sanofi		04/13/2012		99,964,417		99,974,917
Siemens Capital Co., LLC		04/19/2012		27,094,806		27,096,161
Sysco Corp.		04/18/2012		48,925,719		48,928,369
Unilever Capital Corp.		01/18/2012		41,969,200		41,987,400
Unilever Capital Corp.		01/18/2012		7,994,133		7,997,600
Wal-Mart Stores, Inc.		02/06/2012		19,993,933		19,999,600
Walt Disney Co.		01/04/2012		46,982,884		46,997,519
Walt Disney Co.		01/04/2012		7,006,448		7,008,630
						$1,489,519,912		40.1%

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 95

(8) 7-Day net yield.

(10) 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, 2012, the value of these securities amounted to:

Wilmington Fund	Amount		Percentage of Total Net Assets
Wilmington Short Duration Government Bond Fund		$34,986		0.0%

(11) Security is in default.

(12) Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements.

(13) The Fund’s advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees.

(14) All or a portion of this security was segregated for extended settlement contracts.

* Non-income producing security.

** Represents less than 0.05%.

The following acronyms are used throughout this report:

AMBAC – American Bond Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BANs – Bond Anticipation Notes

CAPMAC – Capital Markets Assurance Corporation

CIFG – CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee

COL – Collateralized

EDA – Economic Development Agency

ETM – Escrowed to Maturity

FHA – Federal Housing Administration

FHLMC – Federal Home Loan Mortgage Association

FGIC – Financial Guarantee Insurance Company

FNMA – Federal National Mortgage Association

FSA – Financial Security Assurance Inc.

GNMA – Government National Mortgage Association

GO – General Obligation

GTD – Guaranteed

HDA – Housing Development Authority

HEFA – Health & Education Facility Authority

IDA – Industrial Development Authority/Agency

IDFA – Industrial Development Finance Authority

INS – Insured

LIQ – Liquidity Agreement

LLC – Limited Liability Corporation

LOC – Letter of Credit

LP – Limited Partnership

MTN – Medium Term Note

PLC – Public Company Limited

PRF – Prerefunded

Q-SBLF – Qualified School Bond Loan Fund

SCSDE – South Carolina State Department of Education

TANs – Tax Anticipation Notes

TBA – To Be Announced

UT – Unlimited Tax

UPMC – University of Pittsburgh Medical Center

VRDNs – Variable Rate Demand Notes

XLCA – XL Capital Assurance Inc.

ANNUAL REPORT  /  April 30, 2012

96 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2012	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
ASSETS:
Investments, at identified cost	$	309,388,669		$	256,139,253		$	197,578,941		$	170,631,262		$	142,134,591
Investments in repurchase agreements, at value (Including securities on loan)	$	14,408,612		$	17,914,302		$	2,064,187		$	—		$	—
Investments in securities, at value		310,592,008			250,436,490			197,596,435			175,212,387			149,523,599
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		325,000,620			268,350,792			199,660,622			175,212,387			149,523,599
Income receivable		2,445,576			2,213,767			1,800,807			741,962			1,782,281
Receivable for shares sold		838,034			310,912			627,980			234,119			493,132
Receivable for investments sold		253,438			1,560,313			253,438			1,404			—
Other assets		5,232			3,121			7,498			2,567			11,442
TOTAL ASSETS		328,542,900			272,438,905			202,350,345			176,192,439			151,810,454
LIABILITIES:
Payable for investments purchased		15,369,637			1,640,311			1,749,746			—			4,736,908
Collateral for securities on loan		11,361,741			2,305,302			1,570,120			—			—
Income distribution payable		794,519			540,135			222,531			403,802			253,561
Payable for shares redeemed		496,492			107,116			295,455			535,480			33,411
Payable for Trustees’ fees		730			772			805			456			1,817
Payable for distribution services fee		3,996			8,001			3,732			11,798			239
Payable for shareholder services fee		1,362			2,200			9			142			22
Other accrued expenses		107,610			89,492			69,674			61,908			67,789
TOTAL LIABILITIES		28,136,087			4,693,329			3,912,072			1,013,586			5,093,747
NET ASSETS	$	300,406,813		$	267,745,576		$	198,438,273		$	175,178,853		$	146,716,707
NET ASSETS CONSIST OF:
Paid-in capital	$	282,756,711		$	254,164,030		$	196,272,275		$	172,651,611		$	137,153,048
Undistributed (distributions in excess of) net investment income		95,859			47,637			23,865			(51,557	)		(201	)
Accumulated net realized gain (loss) on investments		1,942,292			1,322,370			60,452			(2,002,326	)		2,174,852
Net unrealized appreciation (depreciation) of investments		15,611,951			12,211,539			2,081,681			4,581,125			7,389,008
TOTAL NET ASSETS	$	300,406,813		$	267,745,576		$	198,438,273		$	175,178,853		$	146,716,707
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
A Shares
Net Assets	$	8,431,194		$	12,961,031		$	8,911,994		$	22,874,213		$	707,866
Shares outstanding (unlimited shares authorized)		824,184			1,217,607			867,084			2,337,051			51,341
Net Asset Value per share	$	10.23		$	10.64		$	10.28		$	9.79		$	13.79
Offering price per share*	$	10.71	***	$	11.14	***	$	10.46	**	$	9.96	**	$	14.44	***
C Shares
Net Assets	$	—		$	1,365,365		$	350,213		$	905,273		$	—
Shares outstanding (unlimited shares authorized)		—			127,996			34,042			92,288			—
Net Asset Value per share	$	—		$	10.67		$	10.29		$	9.81		$	—
I Shares
Net Assets	$	291,975,619		$	253,419,180		$	189,176,066		$	151,399,367		$	146,008,841
Shares outstanding (unlimited shares authorized)		29,005,989			23,794,420			18,404,532			15,438,250			10,587,230
Net Asset Value per share	$	10.07		$	10.65		$	10.28		$	9.81		$	13.79

* 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

(Statements of Assets and Liabilities continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (continued) 97

April 30, 2012	Wilmington Maryland Municipal  Bond Fund			Wilmington New York Municipal Bond Fund			Wilmington Pennsylvania Municipal  Bond Fund			Wilmington Virginia Municipal  Bond Fund			Wilmington Prime Money  Market Fund
ASSETS:
Investments, at identified cost	$	107,888,806		$	107,597,858		$	103,691,013		$	19,132,396		$	3,710,851,620
Investments in repurchase agreements, at value	$	—		$	—		$	—		$	—		$	735,600,000
Investments in securities, at value		112,720,495			113,724,594			109,618,680			20,303,701			2,975,251,620
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		112,720,495			113,724,594			109,618,680			20,303,701			3,710,851,620
Cash		27,500			—			—			—			31,762
Income receivable		1,351,077			1,331,588			1,346,390			239,695			818,552
Receivable for shares sold		154,335			149,033			59,929			19,120			2,709
Receivable for investments sold		—			—			—			497,365			—
Other assets		2,737			—			1,563			1,392			9,527
TOTAL ASSETS		114,256,144			115,205,215			111,026,562			21,061,273			3,711,714,170
LIABILITIES:
Payable for investments purchased		2,417,430			4,956,289			9,795,618			601,835			—
Income distribution payable		245,099			168,023			220,825			34,298			97,586
Payable for shares redeemed		20,868			1,496			12,415			—			—
Payable for Trustees’ fees		580			551			560			578			181
Payable for distribution services fee		15,676			24,041			3,464			10,023			3,074
Payable for shareholder services fee		1,798			222			87			—			32,798
Other accrued expenses		52,386			42,322			48,313			40,157			461,404
TOTAL LIABILITIES		2,753,837			5,192,944			10,081,282			686,891			595,043
NET ASSETS	$	111,502,307		$	110,012,271		$	100,945,280		$	20,374,382		$	3,711,119,127
NET ASSETS CONSIST OF:
Paid-in capital	$	107,132,048		$	107,146,644		$	94,499,351		$	18,928,069		$	3,711,104,354
Undistributed (distributions in excess of) net investment income		21,419			24,569			37,089			338			13,101
Accumulated net realized gain (loss) on investments		(482,849	)		(3,285,678	)		481,173			274,670			1,672
Net unrealized appreciation (depreciation) of investments		4,831,689			6,126,736			5,927,667			1,171,305			—
TOTAL NET ASSETS	$	111,502,307		$	110,012,271		$	100,945,280		$	20,374,382		$	3,711,119,127
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
A Shares
Net Assets	$	36,078,975		$	35,099,417		$	8,677,638		$	20,374,382		$	—
Shares outstanding (unlimited shares authorized)		3,548,138			3,312,908			826,180			1,818,044			—
Net Asset Value per share	$	10.17		$	10.59		$	10.50		$	11.21		$	—
Offering price per share*	$	10.65	***	$	11.09	***	$	10.99	***	$	11.74	***	$	—
Administrative Shares
Net Assets	$	—		$	—		$	—		$	—		$	464,721,073
Shares outstanding (unlimited shares authorized)		—			—			—			—			464,824,931
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00
I Shares
Net Assets	$	75,423,332		$	74,912,854		$	92,267,642		$	—		$	—
Shares outstanding (unlimited shares authorized)		7,405,616			7,067,124			8,781,473			—			—
Net Asset Value per share	$	10.18		$	10.60		$	10.51		$	—		$	—
Institutional Shares
Net Assets	$	—		$	—		$	—		$	—		$	42,072,466
Shares outstanding (unlimited shares authorized)		—			—			—			—			42,072,580
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00
Select Shares
Net Assets	$	—		$	—		$	—		$	—		$	2,424,782,699
Shares outstanding (unlimited shares authorized)		—			—			—			—			2,425,053,223
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00
Service Shares
Net Assets	$	—		$	—		$	—		$	—		$	779,542,889
Shares outstanding (unlimited shares authorized)		—			—			—			—			779,583,363
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00

* 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

(Statements of Assets and Liabilities continued next page)

ANNUAL REPORT  /  April 30, 2012

98 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

April 30, 2012	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	$	3,971,452,749		$	1,128,240,682	$	460,756,292
Investments in repurchase agreements, at value	$	1,572,700,000		$	603,000,000	$	—
Investments in securities, at value		2,398,752,749			525,240,682		460,756,292
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		3,971,452,749			1,128,240,682		460,756,292
Cash		48,593			58,409		58,971
Income receivable		1,729,290			284,971		725,384
Receivable for shares sold		18			—		7,335
Other assets		15,942			4,796		457
TOTAL ASSETS		3,973,246,592			1,128,588,858		461,548,439
LIABILITIES:
Income distribution payable		31,510			8,596		5,371
Payable for Trustees’ fees		1,725			131		956
Payable for distribution services fee		6,923			3,625		531
Other accrued expenses		345,438			130,486		98,757
TOTAL LIABILITIES		385,596			142,838		105,615
NET ASSETS	$	3,972,860,996		$	1,128,446,020	$	461,442,824
NET ASSETS CONSIST OF:
Paid-in capital	$	3,972,857,350		$	1,128,437,937	$	461,510,452
Undistributed (distributions in excess of) net investment income		(14,818	)		8,083		4,430
Accumulated net realized gain (loss) on investments		18,464			—		(72,058	)
TOTAL NET ASSETS	$	3,972,860,996		$	1,128,446,020	$	461,442,824
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Shares
Net Assets	$	1,801,115,026		$	909,306,368	$	41,512,679
Shares outstanding (unlimited shares authorized)		1,801,302,173			909,335,718		41,515,117
Net Asset Value per share	$	1.00		$	1.00	$	1.00
Select Shares
Net Assets	$	1,213,145,594		$	210,230,804	$	362,550,852
Shares outstanding (unlimited shares authorized)		1,213,270,782			210,248,019		362,594,477
Net Asset Value per share	$	1.00		$	1.00	$	1.00
Service Shares
Net Assets	$	873,277,973		$	8,908,848	$	57,379,293
Shares outstanding (unlimited shares authorized)		873,266,401			8,909,082		57,425,914
Net Asset Value per share	$	1.00		$	1.00	$	1.00
Institutional Shares
Net Assets	$	85,322,403		$	—	$	—
Shares outstanding (unlimited shares authorized)		85,324,488			—		—
Net Asset Value per share	$	1.00		$	—	$	—

See Notes which are an integral part of the Financial Statements

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF OPERATIONS 99

Year Ended April 30, 2012	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	$	203		$	196		$	1,453		$	4
Interest		9,651,585			4,298,870			3,912,027			3,025,143
Security lending		5,791			8,575			4,149			—
TOTAL INVESTMENT INCOME		9,657,579			4,307,641			3,917,629			3,025,147
EXPENSES:
Investment advisory fee		1,365,172			861,624			1,297,629			706,068
Administrative personnel and services fee		64,494			36,037			53,481			33,316
Portfolio accounting, administration and custodian fees		99,964			66,849			90,943			46,732
Transfer and dividend disbursing agent fees and expenses		88,363			26,240			87,754			26,197
Trustees’ fees		20,199			20,199			20,356			20,199
Professional fees		45,839			41,511			41,197			35,879
Distribution services fee—A Shares		17,088			20,253			26,731			43,353
Distribution services fee—C Shares		—			13,698			4,237			11,095
Shareholder services fee—A Shares		17,088			20,253			26,731			43,353
Shareholder services fee—C Shares		—			3,425			1,059			2,774
Shareholder services fee—I Shares		568,592			309,715			454,643			258,412
Share registration costs		29,037			35,112			33,070			33,878
Printing and postage		17,119			6,006			15,730			5,737
Miscellaneous		34,050			23,763			27,219			17,813
TOTAL EXPENSES		2,367,005			1,484,685			2,180,780			1,284,806
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(218,972	)		(257,231	)		(482,849	)		(156,505	)
Waiver of shareholder services fee—A Shares		(10,556	)		(12,161	)		(26,731	)		(43,353	)
Waiver of shareholder services fee—C Shares		—			(2,481	)		(1,059	)		(2,588	)
Waiver of shareholder services fee—I Shares		(568,592	)		(309,715	)		(454,643	)		(258,412	)
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator		(7,364	)		(1,517	)		(7,395	)		(3,355	)
TOTAL WAIVERS AND REIMBURSEMENTS		(805,484	)		(583,105	)		(972,677	)		(464,213	)
Net expenses		1,561,521			901,580			1,208,103			820,593
Net investment income		8,096,058			3,406,061			2,709,526			2,204,554
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		6,123,925			4,066,312			378,568			1,826,640
Net change in unrealized appreciation (depreciation) of investments		1,282,204			(693,946	)		63,770			(1,991,670	)
Net realized and unrealized gain (loss) on investments		7,406,129			3,372,366			442,338			(165,030	)
Change in net assets resulting from operations	$	15,502,187		$	6,778,427		$	3,151,864		$	2,039,524

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

ANNUAL REPORT  /  April 30, 2012

100 STATEMENTS OF OPERATIONS (continued)

	Wilmington Municipal  Bond Fund						Wilmington Maryland Municipal Bond Fund			Wilmington New York Municipal Bond Fund			Wilmington Pennsylvania Municipal Bond Fund
	Ten Months Ended April 30,  2012(a)			Year Ended June 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2012			Year Ended April 30, 2012
INVESTMENT INCOME:
Dividends	$	—		$	12,043		$	—		$	76		$	45
Interest		4,092,340			6,416,445			4,918,047			3,798,821			4,178,030
TOTAL INVESTMENT INCOME		4,092,340			6,428,488			4,918,047			3,798,897			4,178,075
EXPENSES:
Investment advisory fee		449,396			556,187			760,153			714,080			673,144
Administrative personnel and services fee		28,868			25,616			31,316			29,437			27,742
Portfolio accounting, administration and custodian fees		90,045			135,636			55,250			49,893			50,100
Transfer and dividend disbursing agent fees and expenses		45,350			65,701			23,267			28,957			19,545
Trustees’ fees		24,521			34,750			20,396			20,419			20,452
Professional fees		44,792			61,294			37,590			39,018			38,272
Distribution services fee—A Shares		1,636			1,633			89,260			87,257			20,731
Shareholder services fee—A Shares		239			—			89,260			87,257			20,731
Shareholder services fee—I Shares		49,104			—			193,059			178,421			229,512
Share registration costs		25,757			34,014			13,003			7,279			—
Printing and postage		24,871			18,925			2,340			5,666			3,561
Compliance services		8,571			11,645			—			—			—
Miscellaneous		19,482			19,364			23,740			21,456			19,363
TOTAL EXPENSES		812,632			964,765			1,338,634			1,269,140			1,123,153
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(23,407	)		—			(216,174	)		(287,060	)		(158,540	)
Waiver of shareholder services fee—A Shares		(239	)		—			(79,352	)		(87,263	)		(20,752	)
Waiver of shareholder services fee—I Shares		(49,104	)		—			(193,059	)		(178,421	)		(229,512	)
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator		—			—			(1,267	)		(2,144	)		(842	)
TOTAL WAIVERS AND REIMBURSEMENTS		(72,750	)		—			(489,852	)		(554,888	)		(409,646	)
Net expenses		739,882			964,765			848,782			714,252			713,507
Net investment income		3,352,458			5,463,723			4,069,265			3,084,645			3,464,568
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		3,265,303			654,612			(421,195	)		1,125,425			1,084,003
Realized gain distributions received from investment companies		—			12			—			—			—
Net change in unrealized appreciation (depreciation) of investments		5,001,572			(273,365	)		4,937,390			4,137,027			3,614,827
Net realized and unrealized gain (loss) on investments		8,266,875			381,259			4,516,195			5,262,452			4,698,830
Change in net assets resulting from operations	$	11,619,333		$	5,844,982		$	8,585,460		$	8,347,097		$	8,163,398

(a) Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 101

Year Ended April 30, 2012	Wilmington Virginia Municipal Bond Fund			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:
Dividends	$	—		$	—		$	—		$	19,050		$	—
Interest		774,973			3,477,349			3,223,258			717,813			456,750
TOTAL INVESTMENT INCOME		774,973			3,477,349			3,223,258			736,863			456,750
EXPENSES:
Investment advisory fee		139,728			7,412,850			9,944,239			4,324,381			762,020
Administrative personnel and services fee		5,756			500,523			678,246			300,095			50,648
Portfolio accounting, administration and custodian fees		21,220			593,337			798,177			361,767			75,787
Transfer and dividend disbursing agent fees and expenses		15,327			157,246			11,976			16,886			13,963
Trustees’ fees		20,198			20,363			18,999			19,868			20,832
Professional fees		36,588			43,404			35,992			42,121			40,026
Distribution services fee—A Shares		51,878			—			—			—			—
Distribution services fee—Administrative Shares		—			961,704			4,726,344			2,147,566			100,443
Distribution services fee—S Shares		—			12,131			—			—			—
Distribution services fee—Service Shares		—			726,621			332,677			23,249			45,848
Shareholder services fee—A Shares		51,878			—			—			—			—
Shareholder services fee—Administrative Shares		—			245,624			1,292,999			527,052			29,416
Shareholder services fee—I Shares		—			—			—			257,159			—
Shareholder services fee—Institutional I Shares		—			1,094,828			—			—			—
Shareholder services fee—S Shares		—			12,131			—			—			—
Shareholder services fee—Select Shares		—			1,823,309			1,124,113			274,765			328,612
Shareholder services fee—Service Shares		—			726,632			332,677			23,249			46,610
Share registration costs		4,090			49,178			33,874			36,442			30,194
Printing and postage		2,202			34,539			14,405			9,368			2,883
Miscellaneous		9,466			153,483			203,852			123,207			11,082
TOTAL EXPENSES		358,331			14,567,903			19,548,570			8,487,175			1,558,364
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(106,891	)		(5,975,593	)		(8,779,177	)		(4,624,661	)		(573,924	)
Waiver of distribution services fee—Administrative Shares		—			(961,704	)		(4,726,344	)		(2,147,566	)		(100,443	)
Waiver of distribution services fee—S Shares		—			(12,131	)		—			—			—
Waiver of distribution services fee—Service Shares		—			(726,621	)		(332,677	)		(23,249	)		(45,848	)
Waiver of shareholder services fee—A Shares		(51,878	)		—			—			—			—
Waiver of shareholder services fee—Administrative Shares		—			(245,624	)		(1,292,999	)		(527,052	)		(29,416	)
Waiver of shareholder services fee—I Shares		—			—			—			(257,159	)		—
Waiver of shareholder services fee—Institutional I Shares		—			(1,106,758	)		—			—			—
Waiver of shareholder services fee—S Shares		—			(12,030	)		—			—			—
Waiver of shareholder services fee—Select Shares		—			(1,821,444	)		(1,124,113	)		(274,765	)		(328,612	)
Waiver of shareholder services fee—Service Shares		—			(673,399	)		(332,677	)		(23,249	)		(46,198	)
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator		(441	)		(20,455	)		(66	)		(727	)		(299	)
TOTAL WAIVERS AND REIMBURSEMENTS		(159,210	)		(11,555,759	)		(16,588,053	)		(7,878,428	)		(1,124,740	)
Net expenses		199,121			3,012,144			2,960,517			608,747			433,624
Net investment income		575,852			465,205			262,741			128,116			23,126
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		274,828			5,879			31,971			13,750			46
Net change in unrealized appreciation (depreciation) of investments		594,440			—			—			—			—
Net realized and unrealized gain (loss) on investments		869,268			5,879			31,971			13,750			46
Change in net assets resulting from operations	$	1,445,120		$	471,084		$	294,712		$	141,866		$	23,172

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT  /  April 30, 2012

102 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Broad Market Bond Fund						Wilmington Intermediate-Term Bond Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	8,096,058		$	8,477,621		$	3,406,061		$	4,401,668
Net realized gain (loss) on investments		6,123,925			5,541,696			4,066,312			3,843,770
Net change in unrealized appreciation (depreciation) of investments		1,282,204			63,926			(693,946	)		(999,035	)
Change in net assets resulting from operations		15,502,187			14,083,243			6,778,427			7,246,403
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(219,962	)		(229,377	)		(183,231	)		(215,492	)
B Shares		—			(14,459	)		—			(6,314	)
C Shares		—			—			(21,044	)		(21,648	)
I Shares		(8,190,147	)		(8,235,941	)		(3,258,611	)		(4,253,857	)
Distributions from net realized gain on investments
A Shares		(155,794	)		(88,622	)		(277,193	)		(69,233	)
B Shares		—			—			—			(2,389	)
C Shares		—			(7,145	)		(46,621	)		(10,680	)
I Shares		(5,189,617	)		(2,856,073	)		(3,682,030	)		(1,074,039	)
Change in net assets resulting from distributions to shareholders		(13,755,520	)		(11,431,617	)		(7,468,730	)		(5,653,652	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		338,445			1,531,738			2,574,273			3,134,711
B Shares		—			11,396			—			27,026
C Shares		—			—			619,511			1,262,659
I Shares		65,940,446			63,281,313			27,033,293			24,929,262
Proceeds from shares issued in connection with Reorganization (Note 8)		58,782,175			—			147,980,426			—
Distributions reinvested
A Shares		337,682			276,843			392,754			216,735
B Shares		—			22,645			—			7,292
C Shares		—			—			56,008			19,469
I Shares		9,693,413			7,016,050			4,689,799			2,752,514
Cost of shares redeemed
A Shares		(767,544	)		(1,517,023	)		(1,127,972	)		(2,472,238	)
B Shares		—			(668,876	)		—			(306,283	)
C Shares		—			—			(623,521	)		(16,372	)
I Shares		(51,652,201	)		(69,285,835	)		(28,850,257	)		(44,123,895	)
Change in net assets resulting from share transactions		82,672,416			668,251			152,744,314			(14,569,120	)
Change in net assets		84,419,083			3,319,877			152,054,011			(12,976,369	)
NET ASSETS:
Beginning of year		215,987,730			212,667,853			115,691,565			128,667,934
End of year	$	300,406,813		$	215,987,730		$	267,745,576		$	115,691,565
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	95,859		$	7,645		$	47,637		$	18,485
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		31,833			146,295			240,914			293,326
B Shares		—			1,149			—			740
C Shares		—			—			57,791			117,963
I Shares		6,573,305			6,335,156			2,537,108			2,339,460
Shares issued in connection with Reorganization (Note 8)		5,858,174			—			13,946,072			—
Distributions reinvested
A Shares		33,350			27,285			37,284			20,281
B Shares		—			2,264			—			682
C Shares		—			—			5,324			1,818
I Shares		974,780			702,473			445,485			257,459
Shares redeemed
A Shares		(73,823	)		(149,715	)		(105,708	)		(230,193	)
B Shares		—			(62,370	)		—			(28,673	)
C Shares		—			—			(57,861	)		(1,540	)
I Shares		(5,138,452	)		(6,894,829	)		(2,711,555	)		(4,120,095	)
Net change resulting from share transactions		8,259,167			107,708			14,394,854			(1,348,772	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 103

	Wilmington Short-Term Corporate Bond Fund						Wilmington Short Duration Government Bond Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	2,709,526		$	2,537,451		$	2,204,554		$	2,369,230	**
Net realized gain (loss) on investments		378,568			1,293,976			1,826,640			(138,094	)**
Net change in unrealized appreciation (depreciation) of investments		63,770			55,915			(1,991,670	)		(16,673	)**
Change in net assets resulting from operations		3,151,864			3,887,342			2,039,524			2,214,463
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(127,699	)		(109,128	)		(384,724	)		(333,191	)
B Shares		—			(1,363	)		—			(3,499	)
C Shares		(1,852	)		(2,259	)		(15,881	)		(13,324	)
I Shares		(2,645,212	)		(2,439,743	)		(2,532,776	)		(2,299,117	)
Distributions from net realized gain on investments
A Shares		(36,859	)		(8,792	)		—			—
B Shares		—			(237	)		—			—
C Shares		(1,477	)		(443	)		—			—
I Shares		(646,562	)		(214,131	)		—			—
Change in net assets resulting from distributions to shareholders		(3,459,661	)		(2,776,096	)		(2,933,381	)		(2,649,131	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		6,816,943			7,946,101			3,592,852			8,674,399
B Shares		—			13,410			—			8,435
C Shares		197,370			259,710			355,365			1,045,861
I Shares		63,222,247			95,077,274			61,490,495			37,734,803
Proceeds from Shares issued in connection with Reorganization (Note 8)		—			—			63,847,406			—
Distributions reinvested
A Shares		152,669			69,382			290,578			265,899
B Shares		—			1,721			—			3,326
C Shares		1,417			813			9,954			6,704
I Shares		2,099,699			1,422,061			1,066,256			809,777
Cost of shares redeemed
A Shares		(9,920,311	)		(1,647,678	)		(3,585,926	)		(2,725,621	)
B Shares		—			(176,053	)		—			(258,057	)
C Shares		(240,015	)		(1,507	)		(681,389	)		(26,104	)
I Shares		(52,413,258	)		(29,642,966	)		(51,428,411	)		(32,855,236	)
Change in net assets resulting from share transactions		9,916,761			73,322,268			74,957,180			12,684,186
Change in net assets		9,608,964			74,433,514			74,063,323			12,249,518
NET ASSETS:
Beginning of year		188,829,309			114,395,795			101,115,530			88,866,012
End of year	$	198,438,273		$	188,829,309		$	175,178,853		$	101,115,530
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	23,865		$	3,962		$	(51,557	)	$	(1,656	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		663,009			775,059			366,327			877,882
B Shares		—			510			—			537
C Shares		19,230			25,425			36,087			105,279
I Shares		6,160,045			9,267,129			6,256,075			3,803,486
Shares issued in connection with Reorganization (Note 8)		—			—			6,515,306			—
Distributions reinvested
A Shares		14,899			6,774			29,600			26,880
B Shares		—			168			—			335
C Shares		138			79			1,011			677
I Shares		204,972			138,880			108,485			81,679
Shares redeemed
A Shares		(967,743	)		(160,018	)		(365,307	)		(276,107	)
B Shares		—			(17,138	)		—			(26,163	)
C Shares		(23,452	)		(147	)		(69,313	)		(2,646	)
I Shares		(5,113,279	)		(2,898,257	)		(5,240,005	)		(3,321,856	)
Net change resulting from share transactions		957,819			7,138,464			7,638,266			1,269,983

** Certain amounts have been reclassified to reflect amortization adjustments and paydown losses.

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

ANNUAL REPORT  /  April 30, 2012

104 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Municipal Bond Fund									Wilmington Maryland Municipal Bond Fund
	Ten Months Ended April 30, 2012			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	3,352,458		$	5,463,723		$	5,385,936		$	4,069,265		$	4,668,179
Net realized gain (loss) on investments		3,265,303			654,624			1,207,422			(421,195	)		252,837
Net change in unrealized appreciation (depreciation) of investments		5,001,572			(273,365	)		5,341,547			4,937,390			(2,733,910	)
Change in net assets resulting from operations		11,619,333			5,844,982			11,934,905			8,585,460			2,187,106
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(16,766	)		(20,833	)		(9,966	)		(1,221,463	)		(1,411,378	)
B Shares		—			—			—			—			(15,389	)
I Shares		(3,335,788	)		(5,442,890	)		(5,375,970	)		(2,860,460	)		(3,254,642	)
Distributions from net realized gain on investments
A Shares		(10,129	)		(3,181	)		(317	)		—			—
I Shares		(1,733,845	)		(999,078	)		(286,188	)		—			—
Change in net assets resulting from distributions to shareholders		(5,096,528	)		(6,465,982	)		(5,672,441	)		(4,081,923	)		(4,681,409	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		68,090			409,604			413,692			1,613,461			1,521,011
B Shares		—			—			—			—			—
I Shares		31,325,608			34,655,128			86,810,282			5,357,945			9,415,881
Distributions reinvested
A Shares		22,813			16,031			3,097			990,695			1,040,983
B Shares		—			—			—			—			7,585
I Shares		2,373,765			2,386,205			1,795,491			335,735			324,919
Cost of shares redeemed
A Shares		(176,393	)		(247,382	)		(11,356	)		(2,486,938	)		(9,493,968	)
B Shares		—			—			—			—			(706,018	)
I Shares		(35,697,116	)		(61,153,482	)		(63,678,569	)		(12,273,784	)		(14,166,229	)
Change in net assets resulting from share transactions		(2,083,233	)		(23,933,896	)		25,332,637			(6,462,886	)		(12,055,836	)
Change in net assets		4,439,572			(24,554,896	)		31,595,101			(1,959,349	)		(14,550,139	)
NET ASSETS:
Beginning of period		142,277,135			166,832,031			135,236,930			113,461,656			128,011,795
End of period	$	146,716,707		$	142,277,135		$	166,832,031		$	111,502,307		$	113,461,656
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(201	)	$	(105	)	$	(105	)	$	21,419		$	3,875
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		5,004			31,504			31,462			161,476			149,203
B Shares		—			—			—			—			—
I Shares		2,307,549			2,623,517			6,631,216			533,219			948,495
Distributions reinvested
A Shares		1,687			1,218			235			98,962			104,729
B Shares		—			—			—			—			759
I Shares		175,583			181,311			137,518			33,491			32,676
Shares redeemed
A Shares		(12,840	)		(19,039	)		(885	)		(248,089	)		(958,526	)
B Shares		—			—			—			—			(67,717	)
I Shares		(2,627,310	)		(4,648,399	)		(4,881,554	)		(1,223,458	)		(1,431,439	)
Net change resulting from share transactions		(150,327	)		(1,829,888	)		1,917,992			(644,399	)		(1,221,820	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 105

	Wilmington New York Municipal Bond Fund						Wilmington Pennsylvania Municipal Bond Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	3,084,645		$	3,871,732		$	3,464,568		$	3,690,730
Net realized gain (loss) on investments		1,125,425			(345,235	)		1,084,003			335,442
Net change in unrealized appreciation (depreciation) of investments		4,137,027			(1,506,769	)		3,614,827			(1,391,118	)
Change in net assets resulting from operations		8,347,097			2,019,728			8,163,398			2,635,054
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(948,523	)		(1,341,392	)		(273,645	)		(237,624	)
B Shares		—			(19,307	)		—			(13,838	)
I Shares		(2,122,485	)		(2,531,467	)		(3,261,367	)		(3,431,099	)
Distributions from net realized gain on investments
Change in net assets resulting from distributions to shareholders		(3,071,008	)		(3,892,166	)		(3,535,012	)		(3,682,561	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		1,396,095			2,265,693			746,960			2,464,530
B Shares		—			—			—			—
I Shares		14,491,388			16,836,677			8,778,763			11,182,194
Distributions reinvested
A Shares		782,863			1,054,658			191,056			180,604
B Shares		—			17,328			—			9,777
I Shares		1,075,560			998,141			740,423			609,900
Cost of shares redeemed
A Shares		(2,935,575	)		(9,155,442	)		(394,669	)		(1,548,480	)
B Shares		—			(856,341	)		—			(700,665	)
I Shares		(13,100,538	)		(15,032,428	)		(15,281,446	)		(15,309,800	)
Change in net assets resulting from share transactions		1,709,793			(3,871,714	)		(5,218,913	)		(3,111,940	)
Change in net assets		6,985,882			(5,744,152	)		(590,527	)		(4,159,447	)
NET ASSETS:
Beginning of year		103,026,389			108,770,541			101,535,807			105,695,254
End of year	$	110,012,271		$	103,026,389		$	100,945,280		$	101,535,807
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	24,569		$	(5,730	)	$	37,089		$	107,695
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		134,466			216,375			72,848			241,930
B Shares		—			—			—			—
I Shares		1,394,887			1,657,937			844,582			1,106,663
Distributions reinvested
A Shares		75,819			103,173			18,561			17,807
B Shares		—			1,693			—			963
I Shares		104,094			97,715			71,896			60,219
Shares redeemed
A Shares		(281,345	)		(909,289	)		(38,305	)		(151,094	)
B Shares		—			(77,988	)		—			(66,995	)
I Shares		(1,266,350	)		(1,475,745	)		(1,486,652	)		(1,521,321	)
Net change resulting from share transactions		161,571			(386,129	)		(517,070	)		(311,828	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

ANNUAL REPORT  /  April 30, 2012

106 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Virginia Municipal Bond Fund						Wilmington Prime Money Market Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	575,852		$	684,515		$	465,205		$	465,415
Net realized gain (loss) on investments		274,828			79,544			5,879			—
Net change in unrealized appreciation (depreciation) of investments		594,440			(241,291	)		—			—
Change in net assets resulting from operations		1,445,120			522,768			471,084			465,415
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(573,992	)		(681,181	)		—			—
Administrative Shares		—			—			(97,456	)		(164,341	)
B Shares		—			—			—			(19	)
Institutional I Shares		—			—			(96,235	)		(225,258	)
Institutional Shares		—			—			(2,187	)		—
S Shares		—			—			(511	)		(1,192	)
Select Shares		—			—			(204,449	)		(43,015	)
Service Shares		—			—			(30,012	)		(23,560	)
Distributions from net realized gain on investments
A Shares		(61,136	)		—			—			—
Administrative Shares		—			—			(1,010	)		—
Institutional I Shares		—			—			(1,762	)		—
S Shares		—			—			(17	)		—
Select Shares		—			—			(863	)		—
Service Shares		—			—			(555	)		—
Change in net assets resulting from distributions to shareholders		(635,128	)		(681,181	)		(435,057	)		(457,385	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		1,309,355			1,047,561			—			—
Administrative Shares		—			—			854,721,908			858,351,940
B Shares		—			—			—			48,770
Institutional I Shares		—			—			976,613,959			1,116,334,940
Institutional Shares		—			—			42,909,072			—
S Shares		—			—			53,086,901			112,590,000
Select Shares		—			—			2,657,192,587			1,159,756,741
Service Shares		—			—			474,230,548			155,495,435
Proceeds from shares issued in connection with Reorganization (Note 8)		—			—			2,179,476,547			—
Distributions reinvested
A Shares		390,348			373,793			—			—
Administrative Shares		—			—			5			10
B Shares		—			—			—			21
Institutional I Shares		—			—			6,058			16,082
Institutional Shares		—			—			497			—
S Shares		—			—			17			60
Select Shares		—			—			59,435			33,365
Service Shares		—			—			23,172			23,257
Cost of shares redeemed
A Shares		(2,938,549	)		(1,697,760	)		—			—
Administrative Shares		—			—			(806,384,915	)		(867,066,245	)
B Shares		—			—			—			(253,926	)
Institutional I Shares		—			—			(1,488,987,356	)		(1,170,580,109	)
Institutional Shares		—			—			(47,746,474	)		—
S Shares		—			—			(58,957,563	)		(119,546,284	)
Select Shares		—			—			(2,071,526,559	)		(1,273,362,600	)
Service Shares		—			—			(552,021,749	)		(182,348,866	)
Change in net assets resulting from share transactions		(1,238,846	)		(276,406	)		2,212,696,090			(210,507,409	)
Change in net assets		(428,854	)		(434,819	)		2,212,732,117			(210,499,379	)
NET ASSETS:
Beginning of year		20,803,236			21,238,055			1,498,387,010			1,708,886,389
End of year		20,374,382		$	20,803,236		$	3,711,119,127		$	1,498,387,010
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	338		$	2,441		$	13,101		$	(21,254	)

(Statements of Changes in Net Assets continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 107

	Wilmington Virginia Municipal Bond Fund						Wilmington Prime Money Market Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		118,674			96,080			—			—
Administrative Shares		—			—			854,721,908			858,351,940
B Shares		—			—			—			48,770
Institutional I Shares		—			—			976,450,856			1,116,334,940
Institutional Shares		—			—			42,909,072			—
S Shares		—			—			53,081,909			112,590,000
Select Shares		—			—			2,657,355,690			1,159,756,741
Service Shares		—			—			474,235,600			155,495,435
Shares issued in connection with Reorganization (Note 8)		—			—			2,179,479,827			—
Distributions reinvested
A Shares		35,467			34,366			—			—
Administrative Shares		—			—			5			10
B Shares		—			—			—			21
Institutional I Shares		—			—			6,058			16,082
Institutional Shares		—			—			497			—
S Shares		—			—			17			60
Select Shares		—			—			59,435			33,365
Service Shares		—			—			23,172			23,257
Shares redeemed
A Shares		(266,033	)		(156,165	)		—			—
Administrative Shares		—			—			(806,384,915	)		(867,066,245	)
B Shares		—			—			—			(253,926	)
Institutional I Shares		—			—			(1,488,987,356	)		(1,170,580,109	)
Institutional Shares		—			—			(47,746,474	)		—
S Shares		—			—			(58,957,563	)		(119,546,284	)
Select Shares		—			—			(2,071,526,559	)		(1,273,362,600	)
Service Shares		—			—			(552,021,749	)		(182,348,866	)
Net change resulting from share transactions		(111,892	)		(25,719	)		2,212,699,430			(210,507,409	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

ANNUAL REPORT  /  April 30, 2012

108 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	262,741		$	227,404		$	128,116		$	120,686
Net realized gain (loss) on investments		31,971			—			13,750			5,300
Net change in unrealized appreciation (depreciation) of investments		—			—			—			—
Change in net assets resulting from operations		294,712			227,404			141,866			125,986
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Shares		(203,073	)		(173,078	)		(100,268	)		(74,920	)
Institutional I Shares		—			—			—			(22,116	)
Institutional Shares		(1,276	)		—			—			—
Select Shares		(49,244	)		(48,851	)		(24,945	)		(8,642	)
Service Shares		(8,510	)		(3,204	)		(1,116	)		(1,231	)
Distributions from net realized gain on investments
Administrative Shares		(11,203	)		(11,564	)		(15,067	)		—
Select Shares		(2,131	)		(3,264	)		(3,840	)		—
Service Shares		(173	)		(214	)		(143	)		—
Change in net assets resulting from distributions to shareholders		(275,610	)		(240,175	)		(145,379	)		(106,909	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Shares		3,841,287,817			3,046,806,667			3,301,935,173			2,682,169,766
Institutional I Shares		—			—			—			726,497,713
Institutional Shares		97			—			—			—
Select Shares		1,434,890,575			1,600,579,006			1,322,087,786			734,784,789
Service Shares		379,016,399			71,796,583			23,723,341			42,441,571
Proceeds from shares issued in connection with Reorganization (Note 8)		1,785,990,941			—			—			—
Distributions reinvested
Administrative Shares		5,148			13			5			—
Institutional I Shares		—			—			—			388
Institutional Shares		1			—			—			—
Select Shares		1,523			1,954			7,776			7,239
Service Shares		3,299			3,139			14			10
Cost of shares redeemed
Administrative Shares		(3,533,335,430	)		(3,135,973,704	)		(3,068,693,891	)		(2,660,643,620	)
Institutional I Shares		—			—			—			(737,173,495	)
Institutional Shares		(14,039,669	)		—			—			—
Select Shares		(1,525,934,420	)		(1,741,077,371	)		(1,349,589,815	)		(804,512,975	)
Service Shares		(279,249,973	)		(71,740,682	)		(25,441,891	)		(42,569,468	)
Change in net assets resulting from share transactions		2,088,636,308			(229,604,395	)		204,028,498			(58,998,082	)
Change in net assets		2,088,655,410			(229,617,166	)		204,024,985			(58,979,005	)
NET ASSETS:
Beginning of year		1,884,205,586			2,113,822,752			924,421,035			983,400,040
End of year	$	3,972,860,996		$	1,884,205,586		$	1,128,446,020		$	924,421,035
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(14,818	)	$	(15,456	)	$	8,083		$	6,296
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Shares		3,841,287,817			3,046,806,667			3,301,935,173			2,682,169,766
Institutional I Shares		—			—			—			726,497,713
Institutional Shares		97			—			—			—
Select Shares		1,434,890,575			1,600,579,006			1,322,087,786			734,784,789
Service Shares		379,016,421			71,796,583			23,723,341			42,441,571
Shares issued in connection with Reorganization (Note 8)		1,785,986,774			—			—			—
Distributions reinvested
Administrative Shares		5,148			13			5			—
Institutional I Shares		—			—			—			388
Institutional Shares		1			—			—			—
Select Shares		1,523			1,954			7,776			7,239
Service Shares		3,299			3,139			14			10
Shares redeemed
Administrative Shares		(3,533,335,430	)		(3,135,973,704	)		(3,068,693,891	)		(2,660,643,620	)
Institutional I Shares		—			—			—			(737,173,495	)
Institutional Shares		(14,039,669	)		—			—			—
Select Shares		(1,525,934,420	)		(1,741,077,371	)		(1,349,589,815	)		(804,512,975	)
Service Shares		(279,249,973	)		(71,740,682	)		(25,441,891	)		(42,569,468	)
Net change resulting from share transactions		2,088,632,163			(229,604,395	)		204,028,498			(58,998,082	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 109

	Wilmington Tax-Exempt Money Market Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income	$	23,126		$	36,100
Net realized gain (loss) on investments		46			—
Net change in unrealized appreciation (depreciation) of investments		—			—
Change in net assets resulting from operations		23,172			36,100
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Shares		(4,780	)		(10,621	)
Select Shares		(16,128	)		(24,011	)
Service Shares		(1,848	)		(2,058	)
Distributions from net realized gain on investments
Administrative Shares		(23	)		—
Select Shares		(54	)		—
Service Shares		(4	)		—
Change in net assets resulting from distributions to shareholders		(22,837	)		(36,690	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Shares		51,092,331			82,897,090
Select Shares		181,390,336			170,176,509
Service Shares		44,887,670			37,814,367
Proceeds from shares issued in connection with Reorganization (Note 8)		369,618,689			—
Distributions reinvested
Administrative Shares		—			—
Select Shares		493			345
Service Shares		2,982			2,026
Cost of shares redeemed
Administrative Shares		(44,650,435	)		(86,444,854	)
Select Shares		(242,756,850	)		(145,290,490	)
Service Shares		(52,046,105	)		(44,986,161	)
Change in net assets resulting from share transactions		307,539,111			14,168,832
Change in net assets		307,539,446			14,168,242
NET ASSETS:
Beginning of year		153,903,378			139,735,136
End of year	$	461,442,824		$	153,903,378
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	4,430		$	4,060
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Shares		51,092,331			82,897,090
Select Shares		181,390,336			170,176,509
Service Shares		44,887,670			37,814,367
Shares issued in connection with Reorganization (Note 8)		369,702,380			—
Distributions reinvested
Administrative Shares		—			—
Select Shares		493			345
Service Shares		2,982			2,026
Shares redeemed
Administrative Shares		(44,650,435	)		(86,444,854	)
Select Shares		(242,756,850	)		(145,290,490	)
Service Shares		(52,046,105	)		(44,986,161	)
Net change resulting from share transactions		307,622,802			14,168,832

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT  /  April 30, 2012

110 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON BROAD MARKET BOND FUND
A SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.16			$ 10.05			$  9.24			$ 9.77			$ 9.84
Income (Loss) From Operations:
Net Investment Income(c)		0.32			0.38			0.39			0.45			0.46
Net Realized and Unrealized Gain (Loss) on Investments		0.33			0.26			0.81			(0.54	)		(0.08	)
Total Income (Loss) From Operations		0.65			0.64			1.20			(0.09	)		0.38
Less Distributions From:
Net Investment Income		(0.33	)		(0.38	)		(0.39	)		(0.44	)		(0.45	)
Net Realized Gains		(0.25	)		(0.15	)		—			—			—
Total Distributions		(0.58	)		(0.53	)		(0.39	)		(0.44	)		(0.45	)
Net Asset Value, End of Period		$10.23			$10.16			$10.05			$ 9.24			$9.77
Total Return(a)		6.54	%		6.50	%		13.13	%		(0.84	)%		3.93	%
Net Assets, End of Period (000’s)		$8,431			$6,602			$6,289			$5,681			$5,572
Ratios to Average Net Assets
Gross Expense		1.25	%		1.28	%		1.26	%		1.32	%		1.29	%
Net Expenses(b)		1.00	%		1.00	%		0.84	%		0.78	%		0.88	%
Net Investment Income		3.12	%		3.76	%		4.00	%		4.75	%		4.66	%
Portfolio Turnover Rate		93	%		128	%		142	%		93	%		152	%
I SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.01			$ 9.90			$ 9.10			$ 9.63			$ 9.71
Income (Loss) From Operations:
Net Investment Income(c)		0.35			0.41			0.40			0.43			0.48
Net Realized and Unrealized Gain (Loss) on Investments		0.32			0.26			0.80			(0.50	)		(0.10	)
Total Income (Loss) From Operations		0.67			0.67			1.20			(0.07	)		0.38
Less Distributions From:
Net Investment Income		(0.36	)		(0.41	)		(0.40	)		(0.46	)		(0.46	)
Net Realized Gains		(0.25	)		(0.15	)		—			—			—
Total Distributions		(0.61	)		(0.56	)		(0.40	)		(0.46	)		(0.46	)
Net Asset Value, End of Period		$10.07			$10.01			$ 9.90			$ 9.10			$ 9.63
Total Return(a)		6.90	%		6.93	%		13.39	%		(0.71	)%		4.03	%
Net Assets, End of Period (000’s)		$291,976			$209,386			$205,794			$159,120			$91,416
Ratios to Average Net Assets
Gross Expense		1.00	%		1.03	%		1.01	%		1.06	%		1.04	%
Net Expenses(b)		0.66	%		0.66	%		0.64	%		0.64	%		0.73	%
Net Investment Income		3.47	%		4.12	%		4.21	%		4.83	%		4.80	%
Portfolio Turnover Rate		93	%		128	%		142	%		93	%		152	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Formerly Class A Shares.

(e) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 111

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON INTERMEDIATE-TERM BOND FUND
A SHARES(g)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.76			$10.63			$  9.96			$ 9.97			$ 9.81
Income (Loss) From Operations:
Net Investment Income(c)		0.24			0.34			0.43			0.41			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.28			0.24			0.68			(0.00	)		0.16
Total Income (Loss) From Operations		0.52			0.58			1.11			0.41			0.56
Less Distributions From:
Net Investment Income		(0.25	)		(0.35	)		(0.44	)		(0.42	)		(0.40	)
Net Realized Gains		(0.39	)		(0.10	)		—			—			—
Total Distributions		(0.64	)		(0.45	)		(0.44	)		(0.42	)		(0.40	)
Net Asset Value, End of Period		$10.64			$10.76			$10.63			$ 9.96			$ 9.97
Total Return(a)		4.96	%		5.51	%		11.33	%		4.20	%		5.85	%
Net Assets, End of Period (000’s)		$12,961			$6,744			$5,777			$2,619			$1,495
Ratios to Average Net Assets
Gross Expense		1.35	%		1.43	%		1.41	%		1.35	%		1.36	%
Net Expenses(b)		1.00	%		1.01	%		0.87	%		0.78	%		0.85	%
Net Investment Income		2.22	%		3.18	%		4.23	%		4.22	%		4.12	%
Portfolio Turnover Rate		253	%		485	%		164	%		191	%		279	%
C SHARES(h)	2012			2011			2010(d)
Net Asset Value, Beginning of Period		$10.78			$10.65			$10.55
Income (Loss) From Operations:
Net Investment Income(c)		0.16			0.25			0.02
Net Realized and Unrealized Gain (Loss) on Investments		0.32			0.25			0.10
Total Income (Loss) From Operations		0.48			0.50			0.12
Less Distributions From:
Net Investment Income		(0.20	)		(0.27	)		(0.02	)
Net Realized Gains		(0.39	)		(0.10	)		—
Total Distributions		(0.59	)		(0.37	)		(0.02	)
Net Asset Value, End of Period		$10.67			$10.78			$10.65
Total Return(a)		4.28	%		4.79	%		1.10	%
Net Assets, End of Period (000’s)		$1,366			$1,323			$48
Ratios to Average Net Assets
Gross Expense		2.13	%		2.19	%		2.30	%(e)
Net Expenses(b)		1.72	%		1.74	%		1.81	%(e)
Net Investment Income		1.52	%		2.39	%		3.30	%(e)
Portfolio Turnover Rate		253	%		485	%		164	%(f)

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

112 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON INTERMEDIATE-TERM BOND FUND – (continued)
I SHARES(i)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.77			$10.64			$  9.96			$ 9.97			$ 9.81
Income (Loss) From Operations:
Net Investment Income(c)		0.28			0.38			0.47			0.43			0.42
Net Realized and Unrealized Gain (Loss) on Investments		0.27			0.24			0.67			(0.01	)		0.16
Total Income (Loss) From Operations		0.55			0.62			1.14			0.42			0.58
Less Distributions From:
Net Investment Income		(0.28	)		(0.39	)		(0.46	)		(0.43	)		(0.42	)
Net Realized Gains		(0.39	)		(0.10	)		—			—			—
Total Distributions		(0.67	)		(0.49	)		(0.46	)		(0.43	)		(0.42	)
Net Asset Value, End of Period		$10.65			$10.77			$10.64			$ 9.96			$ 9.97
Total Return(a)		5.33	%		5.96	%		11.62	%		4.35	%		6.01	%
Net Assets, End of Period (000’s)		$253,419			$107,625			$122,553			$126,742			$178,343
Ratios to Average Net Assets
Gross Expense		1.09	%		1.17	%		1.15	%		1.09	%		1.11	%
Net Expenses(b)		0.64	%		0.66	%		0.63	%		0.63	%		0.70	%
Net Investment Income		2.58	%		3.54	%		4.49	%		4.31	%		4.27	%
Portfolio Turnover Rate		253	%		485	%		164	%		191	%		279	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Reflects investment operations for the period from April 5, 2010 to April 30, 2010.

(e) Annualized for periods less than one year.

(f) Reflects portfolio turnover for the Fund for the year ended April 30, 2010.

(g) Formerly Class A Shares.

(h) Formerly Class C Shares.

(i) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 113

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON SHORT-TERM CORPORATE BOND FUND
A SHARES(g)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.29			$  10.21			$  9.89			$ 9.87			$ 9.83
Income (Loss) From Operations:
Net Investment Income(c)		0.12			0.16			0.21			0.27			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.03			0.10			0.33			0.08			0.03
Total Income (Loss) From Operations		0.15			0.26			0.54			0.35			0.43
Less Distributions From:
Net Investment Income		(0.12	)		(0.17	)		(0.22	)		(0.33	)		(0.39	)
Net Realized Gains		(0.04	)		(0.01	)		—			—			—
Total Distributions		(0.16	)		(0.18	)		(0.22	)		(0.33	)		(0.39	)
Net Asset Value, End of Period		$10.28			$10.29			$10.21			$ 9.89			$ 9.87
Total Return(a)		1.48	%		2.57	%		5.47	%		3.59	%		4.48	%
Net Assets, End of Period (000’s)		$8,912			$11,905			$5,461			$453			$63
Ratios to Average Net Assets
Gross Expense		1.37	%		1.45	%		1.49	%		1.48	%		1.49	%
Net Expenses(b)		0.86	%		0.86	%		0.92	%		0.89	%		0.89	%
Net Investment Income		1.16	%		1.57	%		2.04	%		3.21	%		4.01	%
Portfolio Turnover Rate		73	%		142	%		81	%		94	%		80	%
C SHARES(h)	2012			2011			2010(d)
Net Asset Value, Beginning of Period		$10.30			$10.21			$10.18
Income (Loss) From Operations:
Net Investment Income(c)		0.04			0.08			0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.04			0.11			0.03
Total Income (Loss) From Operations		0.08			0.19			0.04
Less Distributions From:
Net Investment Income		(0.05	)		(0.09	)		(0.01	)
Net Realized Gains		(0.04	)		(0.01	)		—
Total Distributions		(0.09	)		(0.10	)		(0.01	)
Net Asset Value, End of Period		$10.29			$10.30			$10.21
Total Return(a)		0.71	%		1.89	%		0.35	%
Net Assets, End of Period (000’s)		$350			$393			$130
Ratios to Average Net Assets
Gross Expense		2.12	%		2.20	%		2.65	%(e)
Net Expenses(b)		1.61	%		1.61	%		1.70	%(e)
Net Investment Income		0.42	%		0.79	%		1.57	%(e)
Portfolio Turnover Rate		73	%		142	%		81	%(f)

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

114 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON SHORT-TERM CORPORATE BOND FUND – (continued)
I SHARES(i)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.29			$10.21			$  9.89			$ 9.88			$ 9.83
Income (Loss) From Operations:
Net Investment Income(c)		0.15			0.18			0.23			0.33			0.41
Net Realized and Unrealized Gain (Loss) on Investments		0.03			0.10			0.32			0.02			0.05
Total Income (Loss) From Operations		0.18			0.28			0.55			0.35			0.46
Less Distributions From:
Net Investment Income		(0.15	)		(0.19	)		(0.23	)		(0.34	)		(0.41	)
Net Realized Gains		(0.04	)		(0.01	)		—			—			—
Total Distributions		(0.19	)		(0.20	)		(0.23	)		(0.34	)		(0.41	)
Net Asset Value, End of Period		$10.28			$10.29			$10.21			$ 9.89			$ 9.88
Total Return(a)		1.74	%		2.83	%		5.66	%		3.64	%		4.74	%
Net Assets, End of Period (000’s)		$189,176			$176,531			$108,636			$61,655			$54,417
Ratios to Average Net Assets
Gross Expense		1.11	%		1.20	%		1.22	%		1.23	%		1.24	%
Net Expenses(b)		0.61	%		0.61	%		0.71	%		0.73	%		0.74	%
Net Investment Income		1.42	%		1.81	%		2.32	%		3.42	%		4.17	%
Portfolio Turnover Rate		73	%		142	%		81	%		94	%		80	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Reflects investment operations for the period from April 9, 2010 to April 30, 2010.

(e) Annualized for periods less than one year.

(f) Reflects portfolio turnover for the Fund for the year ended April 30, 2010.

(g) Formerly Class A Shares.

(h) Formerly Class C Shares.

(i) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 115

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
A SHARES(g)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$9.87			$9.90			$ 9.90			$ 9.78			$ 9.61
Income (Loss) From Operations:
Net Investment Income(c)		0.16			0.21	(j)		0.30			0.32			0.36
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		0.00	(j)(k)		0.01			0.12			0.17
Total Income (Loss) From Operations		0.14			0.21			0.31			0.44			0.53
Less Distributions From:
Net Investment Income		(0.22	)		(0.24	)		(0.31	)		(0.32	)		(0.36	)
Net Realized Gains		—			—			—			—			—
Total Distributions		(0.22	)		(0.24	)		(0.31	)		(0.32	)		(0.36	)
Net Asset Value, End of Period		$9.79			$9.87			$ 9.90			$ 9.90			$ 9.78
Total Return(a)		1.40	%		2.10	%		3.15	%		4.59	%		5.65	%
Net Assets, End of Period (000’s)		$22,874			$16,848			$10,680			$5,209			$3,005
Ratios to Average Net Assets
Gross Expense		1.27	%		1.36	%		1.36	%		1.25	%		1.26	%
Net Expenses(b)		0.88	%		0.89	%		0.86	%		0.80	%		0.81	%
Net Investment Income		1.65	%		2.09	%(j)		3.04	%		3.27	%		3.76	%
Portfolio Turnover Rate		131	%		255	%		164	%		84	%		67	%
C SHARES(h)	2012			2011			2010(d)
Net Asset Value, Beginning of Period		$9.89			$9.92			$ 9.90
Income (Loss) From Operations:
Net Investment Income(c)		0.10			0.13	(j)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.04	)		0.00	(j)(k)		0.02
Total Income (Loss) From Operations		0.06			0.13			0.03
Less Distributions From:
Net Investment Income		(0.14	)		(0.16	)		(0.01	)
Net Realized Gains		—			—			—
Total Distributions		(0.14	)		(0.16	)		(0.01	)
Net Asset Value, End of Period		$9.81			$9.89			$ 9.92
Total Return(a)		0.61	%		1.29	%		0.30	%
Net Assets, End of Period (000’s)		$905			$1,231			$210
Ratios to Average Net Assets
Gross Expense		2.03	%		2.12	%		2.08	%(e)
Net Expenses(b)		1.65	%		1.66	%		1.72	%(e)
Net Investment Income		1.00	%		1.28	%(j)		2.32	%(e)
Portfolio Turnover Rate		131	%		255	%		164	%(f)

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

116 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – (continued)
I SHARES(i)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$9.89			$9.92			$ 9.92			$ 9.78			$ 9.61
Income (Loss) From Operations:
Net Investment Income(c)		0.18			0.23	(j)		0.32			0.35			0.38
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		0.00	(j)(k)		0.00			0.13			0.17
Total Income (Loss) From Operations		0.16			0.23			0.32			0.48			0.55
Less Distributions From:
Net Investment Income		(0.24	)		(0.26	)		(0.32	)		(0.34	)		(0.38	)
Net Realized Gains		—			—			—			—			—
Total Distributions		(0.24	)		(0.26	)		(0.32	)		(0.34	)		(0.38	)
Net Asset Value, End of Period		$9.81			$9.89			$ 9.92			$ 9.92			$ 9.78
Total Return(a)		1.66	%		2.35	%		3.32	%		4.96	%		5.81	%
Net Assets, End of Period (000’s)		$151,399			$83,037			$77,725			$69,442			$164,547
Ratios to Average Net Assets
Gross Expense		1.01	%		1.11	%		1.11	%		0.99	%		1.01	%
Net Expenses(b)		0.63	%		0.64	%		0.65	%		0.65	%		0.66	%
Net Investment Income		1.85	%		2.34	%(j)		3.25	%		3.45	%		3.91	%
Portfolio Turnover Rate		131	%		255	%		164	%		84	%		67	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Reflects investment operations for the period from April 12, 2010 to April 30, 2010.

(e) Annualized for periods less than one year.

(f) Reflects portfolio turnover for the Fund for the year ended April 30, 2010.

(g) Formerly Class A Shares.

(h) Formerly Class C Shares.

(i) Formerly Institutional I Shares.

(j) 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%.

(k) Represent less than $0.05.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 117

For a share outstanding throughout each year ended June 30, unless otherwise noted:

WILMINGTON MUNICIPAL BOND FUND†
A SHARES	For the period July 1, 2011 through April 30, 2012*			2011			2010			2009			2008			2007
Net Asset Value, Beginning of Period		$13.18			$13.22			$12.64			$12.79			$12.75			$12.66
Income (Loss) From Operations:
Net Investment Income		0.29	(b)		0.42			0.46			0.47			0.45			0.40
Net realized and unrealized gain (loss) on Investments		0.78			0.04			0.61			(0.10	)		0.04			0.09
Total Income (Loss) From Operations		1.07			0.46			1.07			0.37			0.49			0.49
Less Distributions From:
Net Investment Income		(0.29	)		(0.42	)		(0.46	)		(0.47	)		(0.45	)		(0.40	)
Net Realized gains		(0.17	)		(0.08	)		(0.03	)		(0.05	)		—			—
Total Distributions		(0.46	)		(0.50	)		(0.49	)		(0.52	)		(0.45	)		(0.40	)
Net Asset Value, End of Period		$13.79			$13.18			$13.22			$12.64			$12.79			$12.75
Total Return(a)		8.18	%		3.56	%		8.57	%		3.04	%		3.86	%		3.92	%
Net Assets, End of Period (000’s)		$708			$758			$579			$164			$11			$10
Ratios to Average Net Assets
Gross Expense		0.92	%(d)		0.86	%		0.85	%		0.87	%		0.86	%		0.90	%
Net Expenses(b)		0.87	%(d)		0.86	%		0.85	%		0.87	%		0.86	%		0.90	%
Net Investment Income		2.56	%(d)		3.20	%		3.55	%		3.50	%		3.48	%		3.15	%
Portfolio Turnover Rate		52	%		30	%		44	%		19	%		37	%		56	%
I SHARES(c)	For the period July 1, 2011 through April 30, 2012*			2011			2010			2009			2008			2007
Net Asset Value, Beginning of Period		$13.19			$13.22			$12.64			$12.79			$12.75			$12.66
Income (Loss) From Operations:
Net Investment Income		0.32	(b)		0.45			0.49			0.50			0.48			0.43
Net realized and unrealized gain (loss) on Investments		0.77			0.05			0.61			(0.10	)		0.04			0.09
Total Income (Loss) From Operations		1.09			0.50			1.10			0.40			0.52			0.52
Less Distributions From:
Net Investment Income		(0.32	)		(0.45	)		(0.49	)		(0.50	)		(0.48	)		(0.43	)
Net Realized gains		(0.17	)		(0.08	)		(0.03	)		(0.05	)		—			—
Total Distributions		(0.49	)		(0.53	)		(0.52	)		(0.55	)		(0.48	)		(0.43	)
Net Asset Value, End of Period		$13.79			$13.19			$13.22			$12.64			$12.79			$12.75
Total Return		8.33	%		3.90	%		8.84	%		3.27	%		4.09	%		4.15	%
Net Assets, End of Period (000’s)		$146,009			$141,519			$166,253			$135,073			$134,272			$113,118
Ratios to Average Net Assets
Gross Expense		0.68	%(d)		0.61	%		0.60	%		0.62	%		0.61	%		0.65	%
Net Expenses(e)		0.62	%(d)		0.61	%		0.60	%		0.62	%		0.61	%		0.65	%
Net Investment Income		2.80	%(d)		3.44	%		3.79	%		3.99	%		3.70	%		3.37	%
Portfolio Turnover Rate		52	%		30	%		44	%		19	%		37	%		56	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) Per share numbers have been calculated using the average shares method.

(c) Formerly Institutional Shares.

(d) Annualized for periods less than one year.

(e) The investment advisor or 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 Municipal Bond Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the period, prior to that date reflect the performance of the WT Fund.

* Prior to March 9, 2012, the Funds fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements.

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

118 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON MARYLAND MUNICIPAL BOND FUND
A SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  9.77			$  9.98			$ 9.50			$ 9.82			$10.10
Income (Loss) From Operations:
Net Investment Income(c)		0.34			0.36			0.38			0.40			0.39
Net Realized and Unrealized Gain (Loss) on Investments		0.40			(0.21	)		0.49			(0.30	)		(0.26	)
Total Income (Loss) From Operations		0.74			0.15			0.87			0.10			0.13
Less Distributions From:
Net Investment Income		(0.34	)		(0.36	)		(0.39	)		(0.40	)		(0.39	)
Net Realized Gains		—			—			—			(0.02	)		(0.02	)
Total Distributions		(0.34	)		(0.36	)		(0.39	)		(0.42	)		(0.41	)
Net Asset Value, End of Period		$10.17			$9.77			$ 9.98			$ 9.50			$  9.82
Total Return(a)		7.71	%		1.54	%		9.24	%		1.10	%		1.30	%
Net Assets, End of Period (000’s)		$36,079			$34,550			$42,303			$38,627			$41,846
Ratios to Average Net Assets
Gross Expense		1.36	%		1.38	%		1.38	%		1.38	%		1.39	%
Net Expenses(b)		0.94	%		0.94	%		0.82	%		0.79	%		0.81	%
Net Investment Income		3.41	%		3.62	%		3.90	%		4.21	%		3.95	%
Portfolio Turnover Rate		34	%		6	%		8	%		6	%		3	%
I SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  9.79			$  9.99			$ 9.51			$ 9.83			$10.11
Income (Loss) From Operations:
Net Investment Income(c)		0.37			0.39			0.40			0.41			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.39			(0.20	)		0.48			(0.30	)		(0.26	)
Total Income (Loss) From Operations		0.76			0.19			0.88			0.11			0.14
Less Distributions From:
Net Investment Income		(0.37	)		(0.39	)		(0.40	)		(0.41	)		(0.40	)
Net Realized Gains		—			—			—			(0.02	)		(0.02	)
Total Distributions		(0.37	)		(0.39	)		(0.40	)		(0.43	)		(0.42	)
Net Asset Value, End of Period		$10.18			$9.79			$ 9.99			$ 9.51			$  9.83
Total Return(a)		7.89	%		1.90	%		9.33	%		1.20	%		1.40	%
Net Assets, End of Period (000’s)		$75,423			$78,912			$85,039			$79,494			$86,933
Ratios to Average Net Assets
Gross Expense		1.11	%		1.13	%		1.13	%		1.13	%		1.14	%
Net Expenses(b)		0.66	%		0.67	%		0.70	%		0.70	%		0.72	%
Net Investment Income		3.69	%		3.90	%		4.02	%		4.30	%		4.05	%
Portfolio Turnover Rate		34	%		6	%		8	%		6	%		3	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Formerly Class A Shares.

(e) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 119

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON NEW YORK MUNICIPAL BOND FUND
A SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.08			$  10.25			$  9.89			$10.25			$10.51
Income (Loss) From Operations:
Net Investment Income(c)		0.28			0.35			0.35			0.38			0.39
Net Realized and Unrealized Gain (Loss) on Investments		0.51			(0.16	)		0.36			(0.34	)		(0.27	)
Total Income (Loss) From Operations		0.79			0.19			0.71			0.04			0.12
Less Distributions From:
Net Investment Income		(0.28	)		(0.36	)		(0.35	)		(0.40	)		(0.38	)
Net Realized Gains		—			—			—			—			—
Total Distributions		(0.28	)		(0.36	)		(0.35	)		(0.40	)		(0.38	)
Net Asset Value, End of Period		$10.59			$10.08			$10.25			$  9.89			$10.25
Total Return(a)		7.99	%		1.83	%		7.28	%		0.44	%		1.21	%
Net Assets, End of Period (000’s)		$35,099			$34,107			$40,748			$33,904			$60,836
Ratios to Average Net Assets
Gross Expense		1.36	%		1.40	%		1.40	%		1.40	%		1.39	%
Net Expenses(b)		0.84	%		0.84	%		0.80	%		0.75	%		0.79	%
Net Investment Income		2.73	%		3.47	%		3.42	%		3.96	%		3.70	%
Portfolio Turnover Rate		87	%		67	%		64	%		102	%		119	%
I SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.08			$  10.26			$  9.89			$10.25			$10.51
Income (Loss) From Operations:
Net Investment Income(c)		0.31			0.38			0.36			0.41			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.52			(0.18	)		0.37			(0.36	)		(0.27	)
Total Income (Loss) From Operations		0.83			0.20			0.73			0.05			0.13
Less Distributions From:
Net Investment Income		(0.31	)		(0.38	)		(0.36	)		(0.41	)		(0.39	)
Net Realized Gains		—			—			—			—			—
Total Distributions		(0.31	)		(0.38	)		(0.36	)		(0.41	)		(0.39	)
Net Asset Value, End of Period		$10.60			$10.08			$10.26			$  9.89			$10.25
Total Return(a)		8.33	%		1.97	%		7.54	%		0.54	%		1.31	%
Net Assets, End of Period (000’s)		$74,913			$68,919			$67,239			$57,173			$42,737
Ratios to Average Net Assets
Gross Expense		1.11	%		1.15	%		1.15	%		1.15	%		1.16	%
Net Expenses(b)		0.59	%		0.59	%		0.64	%		0.65	%		0.66	%
Net Investment Income		2.99	%		3.71	%		3.58	%		4.11	%		3.83	%
Portfolio Turnover Rate		87	%		67	%		64	%		102	%		119	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Formerly Class A Shares.

(e) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

120 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND
A SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.02			$  10.13			$  9.87			$10.02			$10.09
Income (Loss) From Operations:
Net Investment Income(c)		0.34			0.33			0.37			0.37			0.35
Net Realized and Unrealized Gain (Loss) on Investments		0.48			(0.11	)		0.26			(0.14	)		(0.07	)
Total Income (Loss) From Operations		0.82			0.22			0.63			0.23			0.28
Less Distributions From:
Net Investment Income		(0.34	)		(0.33	)		(0.37	)		(0.37	)		(0.35	)
Net Realized Gains		—			—			—			(0.01	)		—
Total Distributions		(0.34	)		(0.33	)		(0.37	)		(0.38	)		(0.35	)
Net Asset Value, End of Period		$10.50			$10.02			$10.13			$  9.87			$10.02
Total Return(a)		8.37	%		2.33	%		6.51	%		2.39	%		2.87	%
Net Assets, End of Period (000’s)		$8,678			$7,750			$6,727			$4,731			$5,344
Ratios to Average Net Assets
Gross Expense		1.35	%		1.40	%		1.38	%		1.37	%		1.38	%
Net Expenses(b)		0.94	%		0.95	%		0.95	%		0.95	%		0.95	%
Net Investment Income		3.23	%		3.30	%		3.69	%		3.77	%		3.54	%
Portfolio Turnover Rate		37	%		19	%		8	%		21	%		14	%
I SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.03			$  10.13			$  9.87			$10.02			$10.09
Income (Loss) From Operations:
Net Investment Income(c)		0.35			0.36			0.38			0.38			0.37
Net Realized and Unrealized Gain (Loss) on Investments		0.50			(0.10	)		0.26			(0.14	)		(0.08	)
Total Income (Loss) From Operations		0.85			0.26			0.64			0.24			0.29
Less Distributions From:
Net Investment Income		(0.37	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)
Net Realized Gains		—			—			—			(0.01	)		—
Total Distributions		(0.37	)		(0.36	)		(0.38	)		(0.39	)		(0.36	)
Net Asset Value, End of Period		$10.51			$10.03			$10.13			$  9.87			$10.02
Total Return(a)		8.57	%		2.57	%		6.62	%		2.49	%		2.97	%
Net Assets, End of Period (000’s)		$92,268			$93,786			$98,299			$106,029			$117,723
Ratios to Average Net Assets
Gross Expense		1.10	%		1.15	%		1.13	%		1.12	%		1.13	%
Net Expenses(b)		0.69	%		0.70	%		0.83	%		0.85	%		0.85	%
Net Investment Income		3.48	%		3.54	%		3.82	%		3.87	%		3.64	%
Portfolio Turnover Rate		37	%		19	%		8	%		21	%		14	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Formerly Class A Shares.

(e) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 121

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON VIRGINIA MUNICIPAL BOND FUND
A SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.78			$10.86			$10.67			$10.67			$10.90
Income (Loss) From Operations:
Net Investment Income(c)		0.31			0.35			0.37			0.38			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.45			(0.08	)		0.19			0.00	(d)		(0.14	)
Total Income (Loss) From Operations		0.76			0.27			0.56			0.38			0.26
Less Distributions From:
Net Investment Income		(0.30	)		(0.35	)		(0.37	)		(0.38	)		(0.39	)
Net Realized Gains		(0.03	)		—			—			(0.00	)(d)		(0.10	)
Total Distributions		(0.33	)		(0.35	)		(0.37	)		(0.38	)		(0.49	)
Net Asset Value, End of Period		$11.21			$10.78			$10.86			$10.67			$10.67
Total Return(a)		7.22	%		2.48	%		5.28	%		3.73	%		2.47	%
Net Assets, End of Period (000’s)		$20,374			$20,803			$21,238			$20,085			$16,570
Ratios to Average Net Assets
Gross Expense		1.73	%		1.79	%		1.81	%		1.88	%		1.77	%
Net Expenses(b)		0.96	%		0.94	%		0.82	%		0.84	%		0.88	%
Net Investment Income		2.78	%		3.21	%		3.40	%		3.62	%		3.67	%
Portfolio Turnover Rate		39	%		11	%		19	%		7	%		3	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Represents less than $0.01.

(e) Formerly Class A Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

122 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON PRIME MONEY MARKET FUND
ADMINISTRATIVE SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.012			0.042
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.012	)		(0.042	)
Return of Capital		—			—			(0.000	)(c)		—			—
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.012	)		(0.042	)
Net Asset Value, End of Period		$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.03	%		0.04	%		0.04	%		1.25	%		4.29	%
Net Assets, End of Period (000’s)		$464,721			$416,387			$425,103			$447,219			$1,104,416
Ratios to Average Net Assets
Gross Expense		0.80	%		0.75	%		0.77	%		0.74	%		0.74	%
Net Expenses(b)		0.16	%		0.25	%		0.26	%		0.53	%		0.52	%
Net Investment Income		0.02	%		0.04	%		0.04	%		1.55	%		3.93	%
SELECT SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.011			0.041
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.011	)		(0.041	)
Return of Capital		—			—			(0.000	)(c)		—			—
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.011	)		(0.041	)
Net Asset Value, End of Period		$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.02	%		0.01	%		0.02	%		1.13	%		4.14	%
Net Assets, End of Period (000’s)		$2,424,783			$345,931			$459,497			$630,429			$837,674
Ratios to Average Net Assets
Gross Expense		0.73	%		0.75	%		0.77	%		0.76	%		0.75	%
Net Expenses(b)		0.16	%		0.28	%		0.29	%		0.67	%		0.67	%
Net Investment Income		0.03	%		0.01	%		0.02	%		1.20	%		3.97	%
SERVICE SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.013			0.043
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.013	)		(0.043	)
Return of Capital		—			—			(0.000	)(c)		—			—
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.013	)		(0.043	)
Net Asset Value, End of Period		$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.03	%		1.30	%		4.35	%
Net Assets, End of Period (000’s)		$779,543			$217,836			$244,661			$320,238			$459,544
Ratios to Average Net Assets
Gross Expense		0.98	%		1.00	%		1.02	%		1.00	%		0.99	%
Net Expenses(b)		0.18	%		0.28	%		0.28	%		0.49	%		0.47	%
Net Investment Income		0.01	%		0.01	%		0.03	%		1.42	%		3.98	%

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 123

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON PRIME MONEY MARKET FUND – (continued)
INSTITUTIONAL SHARES(g)	2012
Net Asset Value, Beginning of Period		$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)
Less Distributions From:
Net Investment Income		(0.000	)(c)
Return of Capital		—
Total Distributions		(0.000	)
Net Asset Value, End of Period		$1.000
Total Return(a)		0.01	%
Net Assets, End of Period (000’s)		$42,072
Ratios to Average Net Assets
Gross Expense		0.46	%(h)
Net Expenses(b)		0.16	%(h)
Net Investment Income		0.04	%(h)

(a) Total returns for periods of less than one year are not annualized.

(b) The investment manager voluntarily waived a portion of its fees.

(c) Represents less than $0.001.

(d) Formerly Institutional II Shares.

(e) Formerly Class A Shares.

(f) Formerly Class A2 Shares.

(g) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.

(h) Annualized for periods less the one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

124 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
ADMINISTRATIVE SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.012			0.040
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.012			0.040
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.012	)		(0.040	)
Return of Capital		—			(0.000	)(c)		(0.000	)(c)		—			—
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.012	)		(0.040	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.02	%		1.23	%		4.09	%
Net Assets, End of Period (000’s)		$1,801,115			$1,493,139			$1,582,317			$1,642,160			$1,417,435
Ratios to Average Net Assets
Gross Expense		0.79	%		0.73	%		0.74	%		0.73	%		0.73	%
Net Expenses(b)		0.12	%		0.25	%		0.29	%		0.58	%		0.55	%
Net Investment Income		0.01	%		0.01	%		0.02	%		1.17	%		3.88	%
SELECT SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.013			0.041
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.013			0.041
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.013	)		(0.041	)
Return of Capital		—			(0.000	)(c)		(0.000	)(c)		—			—
Total Distributions		(0.000	)		(0.001	)		(0.000	)		(0.013	)		(0.041	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.02	%		1.34	%		4.20	%
Net Assets, End of Period (000’s)		$1,213,146			$355,506			$496,004			$1,394,758			$2,196,947
Ratios to Average Net Assets
Gross Expense		0.72	%		0.74	%		0.75	%		0.73	%		0.73	%
Net Expenses(b)		0.12	%		0.26	%		0.32	%		0.48	%		0.45	%
Net Investment Income		0.01	%		0.01	%		0.02	%		1.38	%		3.97	%
SERVICE SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.011			0.038
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.011			0.038
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.011	)		(0.038	)
Return of Capital		—			(0.000	)(c)		(0.000	)(c)		—			—
Total Distributions		(0.000	)		(0.000	)		(0.000	)		(0.011	)		(0.038	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.02	%		1.14	%		3.97	%
Net Assets, End of Period (000’s)		$873,278			$35,561			$35,502			$42,427			$26,789
Ratios to Average Net Assets
Gross Expense		0.97	%		0.98	%		1.00	%		0.99	%		0.99	%
Net Expenses(b)		0.13	%		0.25	%		0.30	%		0.73	%		0.70	%
Net Investment Income		0.01	%		0.01	%		0.02	%		0.97	%		3.77	%

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 125

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND – (continued)
INSTITUTIONAL SHARES(g)	2012
Net Asset Value, Beginning of Period		$1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)
Total Income (Loss) From Operations		0.000
Less Distributions From:
Net Investment Income		(0.000	)(c)
Return of Capital		—
Total Distributions		(0.000	)
Net Asset Value, End of Period		$1.000
Total Return(a)		0.00	%
Net Assets, End of Period (000’s)		$85,322
Ratios to Average Net Assets
Gross Expense		0.46	%(h)
Net Expenses(b)		0.13	%(h)
Net Investment Income		0.01	%(h)

(a) Total returns for periods of less than one year are not annualized.

(b) The investment manager voluntarily waived a portion of its fees.

(c) Represents less than $0.001.

(d) Formerly Institutional II Shares.

(e) Formerly Institutional I Shares.

(f) Formerly Class A Shares.

(g) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.

(h) Annualized for periods less the one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

126 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON U.S. TREASURY MONEY MARKET FUND
ADMINISTRATIVE SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.006			0.035
Net Realized and Unrealized Gain (Loss)		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.006			0.035
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.006	)		(0.035	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.02	%		0.58	%		3.51	%
Net Assets, End of Period (000’s)		$909,306			$676,070			$654,530			$752,284			$447,430
Ratios to Average Net Assets
Gross Expense		0.80	%		0.74	%		0.73	%		0.74	%		0.75	%
Net Expenses(b)		0.06	%		0.16	%		0.22	%		0.54	%		0.64	%
Net Investment Income		0.01	%		0.01	%		0.03	%		0.39	%		3.22	%
SELECT SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.005			0.033
Net Realized and Unrealized Gain (Loss)		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.005			0.033
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.005	)		(0.033	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.02	%		0.54	%		3.40	%
Net Assets, End of Period (000’s)		$210,231			$71,929			$141,648			$133,754			$103,488
Ratios to Average Net Assets
Gross Expense		0.73	%		0.74	%		0.74	%		0.74	%		0.76	%
Net Expenses(b)		0.06	%		0.17	%		0.20	%		0.60	%		0.74	%
Net Investment Income		0.01	%		0.01	%		0.02	%		0.48	%		3.32	%
SERVICE SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.004			0.031
Net Realized and Unrealized Gain (Loss)		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.004			0.031
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.004	)		(0.031	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.02	%		0.43	%		3.14	%
Net Assets, End of Period (000’s)		$8,909			$10,627			$10,755			$10,271			$21,153
Ratios to Average Net Assets
Gross Expense		0.99	%		0.99	%		0.98	%		0.99	%		1.01	%
Net Expenses(b)		0.06	%		0.16	%		0.20	%		0.74	%		0.99	%
Net Investment Income		0.01	%		0.01	%		0.02	%		0.45	%		3.27	%

(a) Total returns for periods of less than one year are not annualized.

(b) The investment manager voluntarily waived a portion of its fees.

(c) Represents less than $0.001.

(d) Formerly Class Institutional II Shares.

(e) Formerly Class A Shares.

(f) Formerly Class S Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 127

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON TAX-EXEMPT MONEY MARKET FUND
ADMINISTRATIVE SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.001			0.012			0.026
Net Realized and Unrealized Gain (Loss)		0.000	(c)		—			—			—			0.001
Total Income (Loss) From Operations		0.000			0.000			0.001			0.012			0.027
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.001	)		(0.012	)		(0.027	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.03	%		0.06	%		1.25	%		2.74	%
Net Assets, End of Period (000’s)		$41,513			$33,322			$36,870			$49,143			$39,081
Ratios to Average Net Assets
Gross Expense		0.87	%		0.83	%		0.78	%		0.78	%		0.82	%
Net Expenses(b)		0.23	%		0.39	%		0.45	%		0.56	%		0.54	%
Net Investment Income		0.01	%		0.03	%		0.06	%		1.21	%		2.64	%
SELECT SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.001			0.014			0.028
Net Realized and Unrealized Gain (Loss)		0.000	(c)		—			—			—			0.001
Total Income (Loss) From Operations		0.000			0.000			0.001			0.014			0.029
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.001	)		(0.014	)		(0.029	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.03	%		0.09	%		1.40	%		2.88	%
Net Assets, End of Period (000’s)		$362,551			$108,802			$83,916			$180,584			$70,133
Ratios to Average Net Assets
Gross Expense		0.77	%		0.83	%		0.78	%		0.78	%		0.90	%
Net Expenses(b)		0.23	%		0.39	%		0.41	%		0.42	%		0.39	%
Net Investment Income		0.01	%		0.03	%		0.10	%		1.14	%		2.75	%
SERVICE SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(c)		0.000	(c)		0.000	(c)		0.010			0.024
Net Realized and Unrealized Gain (Loss)		0.000	(c)		—			—			—			0.001
Total Income (Loss) From Operations		0.000			0.000			0.000			0.010			0.025
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)		(0.000	)(c)		(0.010	)		(0.025	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.03	%		1.00	%		2.49	%
Net Assets, End of Period (000’s)		$57,379			$11,779			$18,949			$21,338			$22,194
Ratios to Average Net Assets
Gross Expense		1.02	%		1.08	%		1.04	%		1.03	%		1.08	%
Net Expenses(b)		0.23	%		0.41	%		0.47	%		0.80	%		0.79	%
Net Investment Income		0.01	%		0.01	%		0.04	%		0.99	%		2.44	%

(a) Total returns for periods of less than one year are not annualized.

(b) The investment manager voluntarily waived a portion of its fees.

(c) Represents less than $0.001.

(d) Formerly Class Institutional II Shares.

(e) Formerly Institutional I Shares.

(f) Formerly Class A Shares.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT  /  April 30, 2012

128 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2012

1. ORGANIZATION

Wilmington Funds (the “Trust”), formerly known as MTB Group of Funds, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 26 portfolios, 13 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 13 funds (1 of which is only made available to variable annuity contracts) are presented in separate reports.

Fund	Investment Goal
Wilmington Broad Market Bond Fund (“Broad Market Bond Fund” formerly MTB Income Fund)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”) formerly MTB Intermediate-Term Bond Fund(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Short-Term Corporate Bond Fund (“Short-Term Corporate Bond Fund”) formerly MTB Short-Term Corporate Bond Fund(d)	The Fund seeks to provide current income.
Wilmington Short Duration Government Bond Fund (“Short Duration Government Bond Fund”) formerly MTB 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”) formerly MTB 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”) formerly MTB 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.
Wilmington Pennsylvania Municipal Bond Fund (“Pennsylvania Municipal Bond Fund”) formerly MTB Pennsylvania Municipal Bond Fund(n)	The Fund seeks to provide current income that is exempt from both federal and Pennsylvania state and local income taxes.
Wilmington Virginia Municipal Bond Fund (“Virginia Municipal Bond Fund”) formerly MTB Virginia Municipal Bond Fund(n)	The Fund seeks to provide current income that is exempt from both federal and Virginia state and local income taxes.
Wilmington Prime Money Market Fund (“Prime Money Market Fund”) formerly MTB 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”) formerly MTB US 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”) formerly MTB 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”) formerly MTB Tax-Free 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

(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 7 classes of shares: A Shares, C Shares, Service Shares, Select Shares, Administrative Shares, I Shares and Institutional Shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

Effective January 23, 2012, shares of the MTB Money Market Fund, MTB New York Tax-Free Money Market Fund, MTB Pennsylvania Tax-Free Money Fund, MTB Tax-Free Money Market

Fund, MTB U.S. Government Money Market Fund, and MTB Treasury Money Market Fund were converted into new share classes. Class A shares were converted to Service Shares, Class I shares were converted to Select Shares and Class I2 shares were converted to Administrative Shares. In addition, for the MTB Money Market Fund, Class A2 Shares and Class S Shares were combined and converted to Service Shares and Class I Shares and Class A shares were combined and converted to Select Shares.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 129

Class A Shares, Class C Shares, and Institutional I Shares were renamed A Shares, C Shares, and I Shares, respectively for all other series in the Trust.

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:

• Money Market Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.

• 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 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 significant 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, 2012, there were no significant 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 procedure noted previously, 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.

In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04, which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS, will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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 the 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, except Virginia Municipal Bond Fund, offer multiple classes of shares. Investment income, realized gains and losses, and

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

130 NOTES TO FINANCIAL STATEMENTS

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 distribution 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 transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Funds.

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 Fund does 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 Fund’s 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 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.

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, 2012.

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.”

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 131

As of April 30, 2012, 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	$	11,102,559	$	11,361,741
Intermediate-Term Bond Fund		2,236,253		2,305,302
Short-Term Corporate Bond Fund		1,525,134		1,570,120

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 gains 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, discount accretion/premium amortization on debt securities and distributions recognition on income distribution payable.

As of April 30, 2012, 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 2011, 2010 and 2009, remain subject to examination by the Internal Revenue Service.

For the period ended April 30, 2012, 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)
Broad Market Bond Fund	$	980	$	402,265		$	(403,245	)
Intermediate-Term Bond Fund		—		85,977			(85,977	)
Short-Term Corporate Bond		—		85,139			(85,139	)
Short Duration Government Bond		2,308,767		678,926			(2,987,693	)
Maryland Municipal Bond Fund		—		30,202			(30,202	)
New York Municipal Bond Fund		—		16,662			(16,662	)
Pennsylvania Municipal Bond Fund		—		(162	)		162
Virginia Municipal Bond Fund		—		(3,963	)		3,963
Tax-Exempt Money Market Fund		72,023		—			(72,023	)

The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:

	2012					2011
Fund	Ordinary Income*			Long-Term Capital Gains		Ordinary Income			Long-Term Capital Gains		Return of Capital
Broad Market Bond Fund	$	10,360,344		$	3,395,176	$	8,854,834		$	2,576,783	$	—
Intermediate-Term Bond Fund		5,573,369			1,895,361		5,074,358			579,284		—
Short-Term Corporate Bond		3,118,418			341,243		2,552,493			223,603		—
Short Duration Government Bond		2,933,381			—		2,649,131			—		—
Municipal Bond Fund		3,352,554	**		1,743,974		5,577,824	***		888,158		—
Maryland Municipal Bond Fund		4,081,923	**		—		4,681,409	***		—		—
New York Municipal Bond Fund		3,071,008	**		—		3,892,166	***		—		—
Pennsylvania Municipal Bond Fund		3,535,012	**		—		3,682,561	***		—		—
Virginia Municipal Bond Fund		573,992	**		61,136		681,181	***		—		—
Prime Money Market Fund		435,057			—		457,385			—		—
U.S. Government Money Market Fund		275,610			—		225,133			—		15,042
U.S. Treasury Money Market Fund		145,379			—		106,909			—		—
Tax-Exempt Money Market Fund		22,837	**		—		36,690	***		—		—

For the year ended June 30, 2010, the tax character of distributions paid for the Municipal Bond Fund was ordinary income in the amount of $151,095, tax exempt income in the amount of $5,318,027 and long term capital gains in the amount of $203,319.

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

** Included in this amount is tax exempt income of $3,344,842, $4,047,836, $3,054,578, $3,502,557, $573,992 and $22,756, respectively.

*** Included in this amount is tax exempt income of $5,155,523, $4,672,384, $3,887,386, $3,594,614, $681,181 and $36,662, respectively.

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

132 NOTES TO FINANCIAL STATEMENTS

As of April 30, 2012, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed/ Over Distributed Ordinary Income			Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)		Capital Loss Carryforwards and Deferrals
Broad Market Bond Fund	$	678,943		$	1,380,984	$	15,590,175	$	—
Intermediate-Term Bond Fund		706,442			667,310		12,207,795		—
Short-Term Corporate Bond		23,865			60,452		2,081,681		—
Short Duration Government Bond		(51,557	)		600,449		4,536,795		(2,558,445	)
Municipal Bond Fund		677,567			1,497,084		7,389,008		—
Maryland Municipal Bond Fund		94,651			—		4,849,442		(573,834	)
New York Municipal Bond Fund		24,569			—		6,192,267		(3,351,209	)
Pennsylvania Municipal Bond Fund		37,089			314,710		6,094,130		—
Virginia Municipal Bond Fund		22,553			227,545		1,196,215		—
Prime Money Market Fund		14,773			—		—		—
U.S. Government Money Market Fund		3,646			—		—		—
U.S. Treasury Money Market Fund		8,083			—		—		—
Tax-Exempt Money Market Fund		4,430			—		—		(72,058	)

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.

At April 30, 2012, 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	2012		2013		2014		2015		2016		2017		2018		2019
Short Duration Government Bond	$	—	$	385,099	$	1,434,935	$	129,435	$	—	$	—	$	—	$	108,426	$	500,550	$	2,558,445
Maryland Municipal Bond Fund		—		—		—		—		—		—		98,224		—		114,515		212,739
New York Municipal Bond Fund		—		—		—		—		—		348,865		3,002,344		—		—		3,351,209
Tax-Exempt Money Market Fund		—		—		—		—		6,657		63,251		2,115		—		—		72,023

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 133

The Funds used capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2012:

Fund	Capital Loss Carryforwards Used
Short Duration Government Bond	$	97,215
New York Municipal Bond Fund		565,449
Pennsylvania Municipal Bond Fund		760,034

The Short Duration Government Bond Fund expired capital loss carryforwards in the amount of $640,541.

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 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 losses deferred to May 1, 2012 are as follows:

Fund	Ordinary		Short-Term		Long-Term
Maryland Municipal Bond Fund	$	—	$	—	$	361,095
Tax-Exempt Money Market Fund		—		35		—
Pennsylvania Municipal Bond Fund		153

4. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

Wilmington Funds Management Corporation (“WFMC”) (formerly Rodney Square Management Corporation) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) (formerly MTB Investment Advisors, Inc.) provides sub-advisory services to the Funds. Prior to March 12, 2012, WTIA served as the Investment Advisor of the Funds, with the exception of the Municipal Bond Fund. 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.

	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	%
Pennsylvania Municipal Bond Fund		0.50	%
Virginia Municipal Bond Fund		0.50	%
Prime Money Market Fund		0.40	%

	Advisory Fee Annual Rate
U.S. Government Money Market Fund		0.40	%
U.S. Treasury Money Market Fund		0.40	%
Tax-Exempt Money Market Fund		0.40	%

Prior to March 9, 2012, the advisory rates were 0.60% for Broad Market Fund and Short Duration Government Bond and 0.70% for Intermediate Term Bond, Short-Term Corporate Bond Fund, Maryland Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund and Virginia Municipal Bond Fund and 0.35% for Municipal Bond Fund, respectively.

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2012 (August 31, 2013 with regard to the Broad Market Bond Fund, Intermediate-Term Bond Fund, Short Duration Government Bond Fund and Municipal Bond Fund), 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
	A Shares			C Shares			I Shares
Broad Market Bond Fund		1.00	%		N/A			0.65	%
Intermediate-Term Bond Fund		0.95	%		1.68	%		0.60	%
Short-Term Corporate Bond Fund		0.86	%		1.61	%		0.61	%
Short Duration Government Bond Fund		0.89	%		1.66	%		0.64	%
Municipal Bond Fund		0.86	%		N/A			0.61	%
Maryland Municipal Bond Fund		0.95	%		N/A			0.67	%
New York Municipal Bond Fund		0.84	%		N/A			0.59	%
Pennsylvania Municipal Bond Fund		0.95	%		N/A			0.70	%
Virginia Municipal Bond Fund		0.96	%		N/A			N/A

Prior to March 9, 2012 the contractual expense caps were 0.66% and 0.66% (not including class specific expenses, and 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), for Broad Market Bond Fund and Intermediate Term Bond Fund, respectively.

WFMC has voluntarily agreed to reduce its advisory fee and/or reimburse each of the Money Market Fund’s operating expenses, or certain “class-specific fees and expenses” to prevent the 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.

Compliance Services – Prior to March 9, 2012, RSMC provided compliance services to the Municipal Bond Fund pursuant to Compliance Services Agreement. The fees for these services are shown separately on the Statement of Operations.

Administrative Fee – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration, accounting, transfer

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

134 NOTES TO FINANCIAL STATEMENTS

agency, and custody services. WTIA 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
WTIA	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	.0285%	on the first $500 million
	.0280%	on the next $500 million
	.0275%	on assets in excess of $1 billion

WTIA may voluntarily choose to waive any portion of its fee. WTIA can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2012, WTIA 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’ A Shares, Administrative Shares and Service Shares, and up to 1.00% of the average daily net assets of the Funds’ C 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, 2012, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the distribution fees paid by the Funds which are listed below:

Fund	Distribution Fees
Broad Market Bond Fund	$	11,604
Intermediate-Term Bond Fund		18,585
Short-Term Corporate Bond Fund		9,943
Short Duration Government Bond Fund		35,838
Municipal Bond Fund		9
Maryland Municipal Bond Fund		78,468
New York Municipal Bond Fund		82,172
Pennsylvania Municipal Bond Fund		20,562
Virginia Municipal Bond Fund		46,982
Tax-Exempt Money Market Fund		473

Sales Charges – The Class A Shares of all the Funds bear front-end sales charges and Class C Shares may be subject to a contingent deferred sales charge (“CDSC”).

For the year ended April 30, 2012, M&T received the amounts listed below from sales charges on the sale of Class A Shares and from the CDSC charges upon redemptions of Class C Shares.

Fund	Sales Charges from A Shares		CDSC Charges from A Shares and C Shares
Broad Market Bond Fund	$	224	$	—
Intermediate-Term Bond Fund		478		507
Short-Term Corporate Bond Fund		33		17
Short Duration Government Bond Fund		355		5,124
Maryland Municipal Bond Fund		1,446		—
New York Municipal Bond Fund		1,665		—
Pennsylvania Municipal Bond Fund		3,087		—

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 A Shares, C Shares, I Shares, Administrative Shares, Select Shares and Service 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 Shareholder 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, 2012, M&T received a portion of the fees paid by the following Funds listed in the chart below:

Fund	Shareholder Services Fee
Broad Market Bond Fund	$	4,468
Intermediate-Term Bond Fund		5,555
Short Duration Government Bond Fund		58
Municipal Bond Fund		197
Maryland Municipal Bond Fund		9,412
Tax-Exempt Money Market Fund		151

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.

For the period May 1, 2011 to February 17, 2012, ALPS Fund Services, Inc. provided transfer agency services to the Trust. Effective February 18, 2012, BNY Mellon Fund Services Inc. replaced ALPS as the Fund’s transfer agent.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 135

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.

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, 2012 were as follows:

	Investments
Fund Name	Purchases		Sales
Broad Market Bond Fund	$	215,876,230	$	153,080,591
Intermediate-Term Bond Fund		249,123,826		150,380,432
Short-Term Corporate Bond Fund		112,272,978		100,789,062
Short Duration Government Bond Fund		184,665,331		129,668,869
Municipal Bond Fund		72,205,998		76,785,776
Maryland Municipal Bond Fund		37,835,502		47,644,896
New York Municipal Bond Fund		91,739,291		91,348,182
Pennsylvania Municipal Bond Fund		36,586,974		40,260,031
Virginia Municipal Bond Fund		7,967,835		8,986,155

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2012 as follows:

Fund Name	U.S. Government Securities
	Purchases		Sales
Broad Market Bond Fund	$	73,004,167	$	59,947,513
Intermediate-Term Bond Fund		203,251,406		174,925,092
Short-Term Corporate Bond Fund		33,936,841		33,598,102
Short Duration Government Bond Fund		43,268,742		28,491,800

6. CONCENTRATION OF RISK

Since Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund, Maryland Municipal Bond Fund and Virginia 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, 2012, 39.7% for Municipal Bond Fund, 20.4% for Maryland Municipal Bond Fund, 43.5% for New York Municipal Bond Fund, 37.6% for Pennsylvania Municipal Bond Fund and 36.4% for Virginia 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 12.3% for Municipal Bond Fund, 9.3% for Maryland Municipal Bond Fund, 13.6% for New York Municipal Bond Fund, 14.5% for Pennsylvania Municipal Bond Fund and 14.8% for Virginia Municipal Bond Fund.

7. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNY Mellon. 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 BNY Mellon. The termination date of this LOC is February 8, 2012 however this was extended to March 11, 2013. The Funds did not utilize the LOC for the year ended April 30, 2012.

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 Prime Money Market Fund, Wilmington Broad Market Bond Fund, Wilmington U.S. Government Money Market Fund, Wilmington Tax-Exempt Money Market Fund, Wilmington Short/Intermediate-Term Bond Fund, and Wilmington Municipal Bond Fund, each a series of WT Mutual Fund, and the MTB Prime Money Market Fund, MTB Pennsylvania Tax-Free Money Market Fund, MTB New York Tax-Free Money Market Fund, and MTB U.S. Government Bond 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 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

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

136 NOTES TO FINANCIAL STATEMENTS

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 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 A Shares	$	1,867,478		183,086		183,257
Institutional Shares in exchange for I Shares		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

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 A Shares	$	4,443,745		422,307		418,433
Institutional Shares in exchange for I Shares		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.

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

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 137

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
A Shares	$	5,861,284		585,561		599,123
I Shares		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.

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.

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 Shares	$	1,208,345,372		1,208,360,799		1,208,360,799
Service Shares in exchange for Service Shares		639,474,385		639,458,864		639,458,864
Institutional Shares in exchange for Institutional Shares		46,909,309		46,909,485		46,909,485
MTB Prime Money Market Fund								284,747,481
Corporate Class Shares in exchange for Select Shares		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.

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 Shares	$	737,947,983		737,931,587		737,931,587
Service Shares in exchange for Service Shares		948,680,846		948,691,128		948,691,128
Institutional Shares in exchange for Institutional Shares		99,362,112		99,364,059		99,364,059
							$	3,985,859,407

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

138 NOTES TO FINANCIAL STATEMENTS

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 Shares	$	260,019,317		260,026,244		260,026,244
Institutional Shares in exchange for Select Shares		145,662		145,667		145,667
MTB New York Tax-Free Money Market Fund								87,841,224
Service Shares		46,004,012		46,049,092		46,049,092
Select Shares		41,837,212		41,868,889		41,868,889
MTB Pennsylvania Tax-Free Money Market Fund								21,612,486
Service Shares		6,751,848		6,752,580		6,752,580
Select Shares		13,112,355		13,111,398		13,111,398
Administrative Shares		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.

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 (A Shares and I Shares) 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.

9. RECLASSIFICATIONS

Certain amounts have been reclassified for the Wilmington Short Duration Government Bond Fund on the Statement of Changes in Net Assets for the year ended April 30, 2011. Net investment income was decreased by $276,743 and net realized gain (loss) on investments and change in unrealized appreciation (depreciation) was increased by $99,255 and $177,488, respectively. The adjustments were made due to prior period amortization and paydown reclasses. The reclassifications have no impact to the Fund’s net asset value.

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 the following event requires disclosure in the Funds’ financial statements through this date.

At a meeting of the Board of Trustees (the “Board”) of the Trust held on June 22, 2012, the Board determined that a proposed merger of the Pennsylvania Municipal Bond Fund and the Virginia Municipal Bond Fund (the “Target Funds”) into the Municipal Bond Fund (the “Acquiring Fund”) would be in the best interests of the Target Funds and their shareholders. Subject to shareholder approval, on or about the close of business on November 30, 2012, the Target Funds will be merged into the Acquiring Fund. The Board also approved Plans of Reorganization (the “Plans”) for the mergers. The proposed Plans contemplate that the Acquiring Fund will acquire all of the assets of the Target Funds and assume the liabilities of the Target Funds (as set forth in the Plans) in exchange for designated shares in the Acquiring Fund, which the Target Funds will distribute to their shareholders, in exchange for their respective Target Fund shares.

Effective as of the close of business on September 7, 2012, the Target Funds will be closed to new investors, but may continue to accept purchases from existing shareholders (including through the reinvestment of dividends and capital gains) until the last business day before the merger.

April 30, 2012  /  ANNUAL REPORT

139

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 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, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, 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 (thirteen of the series constituting the Wilmington Funds) (the “Funds”), including the portfolios of investments, as of April 30, 2012, and the related statements of operations, 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, 2012, 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, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, 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, 2012, and the results of their operations, the changes in their net assets and financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania

June 29, 2012

ANNUAL REPORT  /  April 30, 2012

140 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 100 East Pratt Street, 17th 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
Kenneth G. Thompson* Birth date: 9/64 TRUSTEE Began serving: December 2008	Principal Occupations: President, Wilmington Funds; Senior Vice President and Managing Director, Wilmington Trust Investment Advisors, Inc. (“WTIA”); Senior Vice President, M&T Bank. Other Directorships Held: None
Robert J. Christian* Birth date: 2/49 TRUSTEE Began serving: March 2012	Principal Occupations: Retired. Other Directorships Held: Fund Vantage Trust (33 portfolios); Optimum Fund Trust (6 portfolios) (registered investment companies). Previous Positions: Executive Vice President of Wilmington Trust Company (“WTC”) (2/96 to 2/06); President of Rodney Square Management Corporation (“RSMC”) (1996 to 2005); Vice President of RSMC (2005 to 2006).
R. Samuel Fraundorf, CFA, CPA* Birth year: 1964 TRUSTEE Began serving: March 2012	Principal Occupations: President of WTIA. Other Directorships Held: None. Previous Positions: Chief Operating Officer of Wilmington Trust Investment Management (“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).
Jeffrey Durkee** Birth year: 1958 TRUSTEE Began serving: December 2007	Principal Occupations: President and Chief Executive Officer, Wilmington Trust Investment Advisors, Inc. (3/07 to 1/12). Other Directorships Held: None. Previous Positions: Chairman and CEO Private Wealth Management, Mercantile Bankshares Corporation (4/06 to 3/07); Senior Vice President and Director, Southern Division, Legg Mason Wood Walker (1998 to 4/06).

*     Kenneth G. Thompson is “interested” due to positions he held with M&T Bank, the parent of the Fund’s Advisor. Robert J. Christian is “interested” due to positions he held with WTC and RSMC. R. Samuel Fraundorf is “interested” due to positions he held with WTIM.

**   Jeffrey Durkee resigned as Trustee effective January 27, 2012. Mr. Durkee was “interested” due to positions he held with WTIA.

April 30, 2012  /  ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 141

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: Retired Other Directorships Held: Chairman, Community Foundation for Greater Buffalo (1/05 to 2/08); Chairman, Trustee and Treasurer, Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to present); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Baker Victory Services (1/05 to 12/08); Director, Dunn Tire Corporation (1/05 to present); Director, Read to Succeed Buffalo (1/08 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.
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, Highmark Blue Cross/Blue Shield (2/05 to 6/10); Director, Chek-Med Corporation (6/03 to present). Previous Positions: President and Chief Executive Officer, 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: Hilbert College (2000 to 2011); Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation; Former National Director, Classic Car Club of America.
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); Surrey Services for Seniors (2002 to 2008).
Dr. Marguerite D. Hambleton Birth date: 2/43 TRUSTEE Began Serving: September 2005	Principal Occupations: President, AAA New York State Association (travel and financial services) (7/09 to present). Other Directorships Held: Director, AAA Foundation for Traffic Safety (5/85 to 12/01); Director, AAA (travel and financial services) (3/91-3/08). Previous Positions: President, New York Federal Reserve Board, Buffalo Branch (2003-2005); President and CEO, AAA Western and Central New York (travel and financial services) (12/85 to 12/05).

ANNUAL REPORT  /  April 30, 2012

142 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
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).
Dr. Eric Brucker Birth date: 12/41 TRUSTEE Began serving: March 2012	Principal Occupations: Retired. Other Directorships Held: None. Previous Positions: Professor of Economics, Widener University (2004 to 2012); Dean, School of Business Administration of Widener University (2001 to 2004); Dean, School of Business, Public Policy and Health, University of Maine (1998 to 2001); Dean, School of Management, University of Michigan-Dearborn (1992 to 1998); Academic Vice President, Trenton State University (1989-1991); Dean, College of Business and Economics, University of Delaware (1976 to 1989).
Nicholas A. Giordano Birth date: 2/43 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).

OFFICERS

Name Address Birth year Position With Trust	Principal Occupations for Past Five Years and Previous Positions
Kenneth G. Thompson Birth year: 1964 PRESIDENT Began serving: March 2012	Principal Occupations: 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.

April 30, 2012  /  ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 143

Name Address Birth year Position With Trust	Principal Occupations for Past Five Years and Previous Positions
Gregory B. McShea Birth year: 1965 CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2009 AML COMPLIANCE OFFICER Began serving: February 2012	Principal Occupations: Managing Director, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. Previous Positions: General Counsel, Legg Mason Capital Management, Inc. (2007 to 2009); General Counsel, Western Asset Management Company (2003 to 2009); Associate General Counsel and Compliance Director, Legg Mason Wood Walker, Incorporated (1997 to 2003).
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008	Principal Occupations: 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).
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: President and Managing Partner, Foreside Financial Group, LLC (5/08 to present). Previous Positions: 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, 2012

144

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Advisory Agreement and Sub-Advisory Agreement on Behalf of Each Fund

At in-person meetings held on October 26 and December 9, 2011, the Board, including each Trustee who is not an “interested person” as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved an investment advisory agreement between the Trust, on behalf of each Fund, and WFMC (the “New Investment Advisory Agreement”). At the same meetings, the Board, including all of the Independent Trustees, also approved a sub-advisory agreement among the Trust, on behalf of each Fund, WFMC and WTIA (the “New Sub-Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Agreements”).

The New Agreements relate to each of: the Wilmington Large-Cap Value Fund, Wilmington Large-Cap Growth Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund, Wilmington Multi-Manager International Fund, Wilmington Strategic Allocation Moderate Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Broad Market Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, 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 (the “Group A Funds”); the Wilmington Large-Cap Strategy Fund, Wilmington Small-Cap Strategy Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Aggressive Fund, and Wilmington Municipal Bond Fund (the “Group B Funds”); and the Wilmington Rock Maple Alternatives Fund (the “Alternatives Fund,” and, collectively with the Group A Funds and the Group B Funds, the “Funds”). Each Group A Fund has been a series of the Trust for a number of years, and on or about March 12, 2012, certain of the Group A Funds acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The shareholders of each Group A Fund as of January 6, 2012, approved the New Agreements. The Board established the Group B Funds at the October 26 and December 9 meetings and on or about March 12, 2012, each Group B Fund acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The Board established the Alternatives Fund at the October 26 and December 9 meetings and the Alternatives Fund commenced operations on or about January 14, 2012.

Before considering the New Advisory Agreement and the New Sub-Advisory Agreement with respect to each Fund, the Board requested and reviewed information relating to the New Agreements, which was provided by WFMC and WTIA. That information addressed, among other things: (i) the services to be performed; (ii) the size and qualifications of WFMC and WTIA’s portfolio management staff; (iii) any potential or actual material conflicts of interest which may arise in connection with WFMC and WTIA’s management of the Funds; (iv) how the Funds would be managed by WFMC and WTIA, including a general description of the investment decision making processes, sources of information and investment strategies; (v) investment performance information; (vi) results of independent audit and regulatory examinations, including any recommendations or deficiencies noted; (vii) any litigation, investigation or administrative proceeding which may have a material impact on WFMC or WTIA’s ability to service the Funds; and (viii) WFMC and WTIA’s internal program for ensuring compliance with applicable investment objectives, policies and practices of the Funds, and the federal securities laws and other regulatory requirements. WFMC and WTIA provided written responses to the Board’s request for information, and also provided oral responses during the in-person meetings. The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the New Agreements and certain other considerations relevant to their deliberations on whether to approve the New Agreements.

At the meetings on October 26 and December 9, 2011, the Board determined that WFMC and WTIA had the capabilities, resources and personnel necessary to provide satisfactory advisory services to each Fund, and that the advisory fees paid by each Fund, taking into account any applicable fee limitations and breakpoints, represent reasonable compensation to WFMC and WTIA. In making their decision to approve the New Agreements for each Fund, the Independent Trustees gave attention to all information furnished, including information provided throughout the prior year by WTIA (formerly known as MTB Investment Advisors, Inc.) as investment advisor to the Group A Funds. The Trustees also noted that WFMC and WTIA are under the common control of M&T Bank Corporation, and that the officers and employees of WFMC overlap with the officers and employees of WTIA.

In making their decision to approve the New Agreements for each Fund, the Independent Trustees considered various factors, as described below, that they believed to be relevant in evaluating the New Agreements. In their deliberations, the Trustees did not identify any particular information or factor that was controlling, and different Trustees may have attributed different weights to the various factors.

Nature, Extent and Quality of Services. The Board considered that the New Agreements are substantially similar to the Trust’s previous investment advisory agreements with WTIA, which were approved for renewal at an in-person meeting held on September 14-15, 2011. In the case of each Fund, the Trustees therefore considered the many reports furnished to them during the year at regular Board meetings covering matters such as: the relative performance of the Group A Funds; compliance with the investment objectives, policies, strategies and limitations of the Group A Funds; and the compliance of management personnel with the numerous operational and compliance policies and procedures that were established by the Board. In the case of each Fund, the Trustees also considered WFMC and WTIA’s personnel who possess the experience to provide investment management services to the Funds. The Trustees noted that the Wilmington Multi-Manager International Fund, Wilmington Large-Cap Value Fund, Wilmington Multi-Manager Real Asset Fund and Alternatives Fund employ a multi-manager approach

April 30, 2012  /  ANNUAL REPORT

145

through which the Funds rely on two or more sub-advisors to manage a portion of each Fund’s assets under the ongoing supervision of WFMC and WTIA. In the case of the Wilmington Multi-Manager Real Asset Fund and Alternatives Fund, which were established at the October 26 and December 9 meetings, the Trustees focused on the prior experience of WFMC and WTIA in overseeing the investment activities of sub-advisors that are not affiliated with WFMC and WTIA.

Based on the information provided by WFMC and WTIA, the Trustees concluded that the nature, extent and quality of the services provided by WFMC and WTIA supported the approval of the New Agreements.

Investment Performance. The Board considered the overall investment performance of WFMC, WTIA and the Group A and Group B Funds, as well as the funds of the WT Mutual Fund for which WFMC previously served as investment advisor. Although the Trustees gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees also gave weight to their review of investment performance in connection with the approval of the New Agreements at the Board meetings held October 26 and December 9, 2011. The Trustees reviewed reports prepared by WFMC and WTIA, which showed each Group A Fund’s investment performance in comparison with its applicable peer group for the one-, five- and ten-year periods, as well as information about each Fund’s performance compared to its benchmark. With respect to the Group B Funds, the Trustees considered similar information about the performance of each series of the WT Mutual Fund that was merged into a corresponding Group B Fund. With respect to the Alternatives Fund, the Trustees considered hypothetical, pro-forma performance information for the Fund. The Board concluded that the performance information provided by WFMC and WTIA supported approval of the New Agreements.

Comparative Expenses. WFMC and WTIA represented to the Board that the aggregate contractual investment advisory fees for each Group A Fund would be the same as that previously charged to the Funds by WTIA. At its meeting on September 14-15, 2011, the Board, including all of the Independent Trustees, approved the continuation of the investment advisory agreements for each Group A Fund based upon, among other things, comparative information about the net advisory fee ratios and total expense ratios (after deduction for advisory fee waivers and expense reimbursements) of each Fund versus those of a group of funds selected as being similar to each Fund. The Trustees reviewed reports prepared by WFMC and WTIA which showed each Group B Fund’s advisory fees and expenses in comparison with its applicable peer group. The Trustees also reviewed reports prepared by WFMC which showed Alternatives Fund’s advisory fees and expenses in comparison with its applicable peer group. In that regard, the Trustees noted the unique nature of the Alternatives Fund, which uses multiple sub-advisors employing alternative investment strategies, as well as WFMC and WTIA’s contractual commitment to waive certain fees and reimburse expenses for the Fund.

At the October 26 and December 9 meetings, the Trustees concluded that the proposed advisory and sub-advisory fees to be paid to and the services to be provided by WFMC and WTIA supported approval of the New Agreements.

Management Profitability. The Trustees also considered the profitability of the relationships among the Funds and WFMC and WTIA, noting the significant decreases in profitability for the Group A Funds over the last few years. The Trustees considered any direct or indirect revenues received by affiliates of WFMC and WTIA. Based on the information provided, the Trustees concluded that the profitability to WFMC and WTIA with respect to the Funds supported approval of the New Agreements.

Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory and sub-advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFMC and WTIA’s assessments that under the current market conditions and based on the asset sizes of the Funds, and the existence of certain voluntary and contractual fee waivers, economies of scale were appropriately reflected in the investment advisory fees of the Funds.

Other Benefits. The Trustees considered the “fall-out” or ancillary benefits resulting from the relationships among the Funds and WFMC and WTIA. In that regard, the Board considered the fees received by WFMC and WTIA and their affiliates for providing other services to the Funds under separate agreements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, WFMC and WTIA must seek to obtain best execution of fund trades.

Conclusion. After consideration of all the factors, taking into consideration the information presented at the meetings and deliberating in executive session with independent legal counsel outside of the presence of management personnel, the Board, including all of the Independent Trustees, approved the New Agreements. The Board based its decision on the totality of the circumstances, including the factors identified above, and with a view to past and long-term considerations. Not all of the factors and considerations identified were relevant to each Fund, nor did the Board find any one of them to be determinative.

Sub-Advisory Agreements on Behalf of the Wilmington Multi-Manager International Fund (the “International Fund”), the Wilmington Multi-Manager Real Asset Fund (the “Real Asset Fund”) and the Alternatives Fund

At in-person meetings held on October 26 and December 9, 2011, the Board, including all of the Independent Trustees, approved investment sub-advisory agreements among the Trust, WFMC and each of the following sub-advisors: (i) on behalf the International Fund, Acadian Asset Management, LLC; Dimensional Fund Advisors LP; Goldman Sachs Asset Management, L.P.; Parametric Portfolio Associates LLC; and Principal Global Investors LLC; (ii) on behalf of the Real Asset Fund, CBRE Clarion Securities LLC, EII Realty Securities, Inc.; Pacific Investment Management Company, LLC; and HSBC Global Asset Management (France); and (iii) on behalf of the Alternatives Fund, Acuity Capital Management, LLC; ADAR Investment Management, LLC; Calypso Capital Management, LP; Evercore Wealth Management, LLC; Madison Street Partners, LLC; Parametric Risk Advisors, LLC; Rock Maple Services, LLC (“Rock Maple”); TIG Advisors, LLC; Water Island Capital, LLC; and Whitebox Advisors LLC. Together, the International Fund, Real Asset Fund and Alternatives Fund are referred to as the

ANNUAL REPORT  /  April 30, 2012

146

“Sub-Advised Funds.” The Sub-Advised Funds’ agreements with the sub-advisors listed above are referred to as the “Sub-Advisory Agreements.”

Before meeting to determine whether to approve the Sub-Advisory Agreements, the Board had the opportunity to review written materials provided by each of the sub-advisors and independent legal counsel to the Independent Trustees, which contained information to help the Board evaluate the Sub-Advisory Agreements. The materials generally included information regarding, among other things: (i) services performed or to be performed; (ii) the size and qualifications of each sub-advisor’s portfolio management staff; (iii) any potential or actual conflicts of interest which may arise in connection with a sub-advisor’s management of the relevant Fund; (iv) investment performance information; (v) results of any independent audit or regulatory examinations, including any recommendations or deficiencies noted; (vi) any litigation, investigation or administrative proceeding which may have a material impact on any sub-advisor’s ability to service the relevant Fund; and (vii) the sub-advisor’s internal program for ensuring compliance with applicable investment objectives, policies and practices, the federal securities laws and other regulatory requirements. The Board also considered the recommendations of management with respect to each sub-adviser.

The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements, including the Sub-Advisory Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the Sub-Advisory Agreements and certain other considerations relevant to their deliberations on whether to approve them.

In addition to the information provided by each sub-advisor as described above, the Trustees also considered all other factors they believed to be relevant to evaluating the Sub-Advisory Agreements, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors.

Nature, Extent and Quality of Services. The Trustees considered the services to be provided to each Sub-Advised Fund by each sub-advisor, including information about the education and experience of relevant personnel at each sub-advisor. With respect to the Alternatives Fund, WFMC engages WTIA and Rock Maple to assist in the identification and selection of sub-advisors and in the portfolio construction process. The Trustees concluded that the nature, extent and quality of the services provided by the sub-advisors to each Sub-Advised Fund are appropriate and consistent with the terms of the Sub-Advisory Agreements.

Investment Performance. The Trustees reviewed information from the sub-advisors for the International Fund and Real Asset Fund reflecting the investment performance of their respective sub-advised portions of the corresponding series of the WT Mutual Fund (that was merged into the International Fund and Real Asset Fund, as applicable) for various time periods, and, as available, information about the performance of similarly managed accounts. Although the Alternatives Fund did not have historical performance, the sub-advisors to the Alternatives Fund, to the extent available, showed investment performance information for similarly managed pooled accounts and investment companies for various periods. The Board concluded, taking into account the recommendations of Fund management, that the information supported approval of the Sub-Advisory Agreements.

Comparative Expenses. The sub-advisors provided information regarding sub-advisory fees and an analysis of these fees in relation to the delivery of services to the Sub-Advised Funds. The Trustees also reviewed information regarding fees charged by the sub-advisors to other similar clients, to the extent available, and evaluated any explanation provided by the sub-advisors as to differences in fees charged to the Sub-Advised Funds and other similarly managed accounts. The Trustees concluded that the amount of the sub-advisory fees to be paid to the sub-advisors was supported by the information provided.

Management Profitability. The Board considered information about the profitability of the relationships among each Sub-Advised Fund and each sub-advisor. Based on the information provided, the Board concluded that each sub-advisor’s profitability supported approval of the Sub-Advisory Agreements.

Economies of Scale. The Trustees also considered the extent to which economies of scale would be realized relative to fee levels as each Sub-Advised Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFCM and WTIA’s assessments that under the current market conditions and based on asset sizes of the Sub-Advised Funds, economies of scale were appropriately reflected in the fees to be paid to each sub-advisor.

Other Benefits. The Trustees considered any ancillary benefit resulting from each sub-advisor’s relationship with the Sub-Advised Fund, including any soft-dollar arrangements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, the sub-advisors must seek to obtain best execution of fund trades.

Conclusion. Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Sub-Advisory Agreements was in the best interests of each Fund. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent counsel, approved the Sub-Advisory Agreements.

April 30, 2012  /  ANNUAL REPORT

147

SHAREHOLDER PROXY RESULTS

At February 21, 2012, a summary report of shares voted by proposal is as follows:

To approve a new investment advisory agreement between MTB Group of Funds, on behalf of each Fund, and Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation).

	Shares Voted
For		2,817,888,588
Against		10,879,070
Abstain		301,975,843
Broker Non-Vote		537,128,987

To approve a new investment sub-advisory agreement among MTB Group of Funds, on behalf of each Fund, Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation) and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investment Advisors, Inc.).

	Shares Voted
For		2,606,529,311
Against		11,647,269
Abstain		302,566,927
Broker Non-Vote		537,128,986

Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB New York Tax-free Money Market Fund (“target fund”) to MTB Tax-free Money Market Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.

	Shares Voted
For		50,360,421
Against		644,933
Abstain		8,882,130

Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB Pennsylvania Tax-free Money Market Fund (“target fund”) to MTB Tax-free Money Market Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.

	Shares Voted
For		20,321,772
Against		118,118
Abstain		49,066

Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB Prime Money Market Fund (“target fund”) to MTB Money Market Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.

	Shares Voted
For		142,457,478
Against		724
Abstain		984,307

Plan of reorganization providing for the (i) transfer of substantially all of the assets and liabilities of MTB U.S. Government Bond Fund (“target fund”) to MTB Short Duration Government Bond Fund, (“acquiring fund”); (ii) distribution of shares of corresponding class of the acquiring fund to holders of target fund; (iii) liquidation of target fund.

	Shares Voted
For		5,776,497
Against		2,642
Abstain		5,913

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Broad Market Bond Fund (“target fund”), to MTB Income Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		3,840,290
Against		—
Abstain		—

ANNUAL REPORT  /  April 30, 2012

148

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Municipal Bond Fund (“target fund”), to Wilmington Municipal Bond Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		8,049,453
Against		12,554
Abstain		17,343

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Prime Money Market Fund (“target fund”), to MTB Money Market Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund as Investment Company.

	Shares Voted
For		1,662,602,925
Against		339,083
Abstain		86,111

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Short/Intermediate-Term Bond Fund (“target fund”), to MTB Intermediate-Term Bond Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		8,954,157
Against		15,259
Abstain		14,598

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Tax-free Money Market Fund (“target fund”), to MTB Tax-free Money Market Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		259,776,831
Against		—
Abstain		—

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington U.S. Government Money Market Fund (“target fund”), to MTB U.S. Government Money Market Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		2,141,824,454
Against		—
Abstain		29,368

April 30, 2012  /  ANNUAL REPORT

149

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.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.

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, 2012

150

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.

• Information or data entered into a website will be retained.

April 30, 2012  /  ANNUAL REPORT

151

• 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, 2012

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 Trust Investment Advisors

111 South Calvert Street, 26th Floor

Baltimore, MD 21202

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-MM/FI-0412

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.

Since we are required by law to send a report to each person listed as a shareholder, you (or your household) may receive more than one report.

April 30, 2012

PRESIDENT’S MESSAGE AND

Annual Report

WILMINGTON FUNDS

Equity Funds

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

Wilmington Small-Cap Strategy Fund

Wilmington Large Cap Growth Fund (“Large Cap Growth Fund”) formerly MTB Large Cap Growth Fund

Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”) formerly a series of WT Mutual Fund

Wilmington Large Cap Value Fund (“Large Cap Value Fund”) formerly MTB Large Cap Value Fund

Wilmington Mid Cap Growth Fund (“Mid Cap Growth Fund”) formerly MTB Mid Cap Growth Fund

Wilmington Small Cap Growth Fund (“Small Cap Growth Fund”) formerly MTB Small Cap Growth Fund

Wilmington Small-Cap Strategy Fund (“Small-Cap Strategy Fund”) formerly a series of WT Mutual 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	75
Statements of Assets and Liabilities	76
Statements of Operations	78
Statements of Changes in Net Assets	80
Financial Highlights	83
Notes to Financial Statements	90
Report of Independent Registered Public Accounting Firm	97
Board of Trustees and Trust Officers	98
Board Approval of Investment Advisory Agreements	102
Shareholder Proxy Results	104

Dear Investor:

I am pleased to enclose the Annual Report of the Wilmington Funds, formerly known as the MTB Group of Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2011 through April 30, 2012. 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 new advisor to the Trust, and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investments Advisors, Inc.), the sub-advisor to the Trust, have provided the following review of the economy, bond and stock markets over the 12-month reporting period:

The Economy

The U.S. economy continues to show positive growth, but it is a slow rate of growth. The Commerce Department announced its early estimate of Gross Domestic Product (“GDP”) growth of 2.2% in the first quarter. Momentum is improving, but economic expansion remains mediocre. Since the beginning of the current recovery (third quarter of calendar year 2009), the country has averaged a 2.4% growth rate. This is significantly lower than the 4.5% annual growth rate during the last seven economic recoveries over the past 40 years. Currently, personal consumption accounts for 70% of GDP, and there is a reluctance – or inability – to ramp up spending. Consumers are concerned about the value of their homes and the outlook for jobs. Post-recession employment growth has averaged less than 1% annually since the recession ended in 2009. Jobless recoveries have become the norm. At the same time, worker productivity (output per hour) has increased. These productivity gains allow employers to keep labor costs in check, boosting profitability.

There are pockets of strength in the U.S. economic recovery, and the warm winter may have brought an early spring to the economy. Private sector hiring picked up, but government cutbacks (state and local) held back over-all job growth. April’s unemployment rate dropped to 8.1% and the economy added 115,000 jobs in the month. While this appears favorable, over 300,000 workers have dropped out of the work force and 41% of the unemployed have been out of work for six months or more.

Global concerns remain; including a slower growth in China’s economy, austerity programs in the peripheral Eurozone countries, and a technical recession in the United Kingdom. On this side of the Atlantic, we are seeing some positive contributions from the consumer, exports, and private inventory investments. The Federal Reserve (the “Fed”) has noted an improving economy; however, “not enough to warrant a change in stimulative policies at this time”. They predicted economic growth between 2.4% and 2.9% this year, which is significantly better than the 1.7% last year.

The Bond Markets

The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Fed responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank (ECB) initiated its “Long-Term Refinancing Operations” which addressed some of the liquidity concerns of its banking system by allowing banks to borrow cash from the ECB at a discounted borrowing rate by depositing longer-term loans with the ECB.

PRESIDENT’S MESSAGE  /  April 30, 2012

ii

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries.

It’s been a good year in fixed income, particularly in the tax-exempt bond arena. Two trends in the municipal market appeared during the 12 months ending 4/30/2012, both reflecting a reversal of the trends in place during the prior fiscal year. One trend was the increased supply of municipal debt issues where levels had moved into a more traditional range as compared to the previous period’s depressed levels, and the other trend was the increased level of demand for municipal securities compared to the previous period’s sell off of municipal securities.

For the 12-month reporting period May 1, 2011 through April 30, 2012, certain Barclays Capital indices performed as follows¹:

Barclays Capital U.S. Aggregate Bond Index2	Barclays Capital U.S. Treasury Bond Index3		Barclays Capital U.S. Mortgage- Backed Securities Index4		Barclays Capital U.S. Credit Bond Index5		Barclays Capital Municipal Bond Index6
7.54%		8.89%		5.74%		9.20%		11.36%

The Stock Markets

The Funds’ fiscal year ended with broad U.S. stock indices modestly higher. The slight net change masks an index drop of nearly 20% and a recovery. The potential effects of a European insolvency in both sovereign credit and banks put a scare into equity markets in August but were alleviated at least temporarily by allowing European banks to move their funding needs out to three years to provide some insurance against a liquidity crisis. While concerns about Europe fluctuated, the economic picture in the U.S. appeared to firm with a marginally better employment picture and confidence improving for both consumers and small businesses. As employment improves, it is expected that the housing market will show signs of stability with the hope of potentially adding to domestic growth at some point in the future.

The S&P 500 jumped 12.6% (including dividends) in the first quarter of 2012 with the unusual feature of having positive returns in each of the three months. One strategist points out that this has happened in only 17 of the past 66 years and there were no down years in those periods. Of course, past performance is no indication of future performance. As we approach mid-year, the market has its eyes on many issues including weakness in the European Union; the elections in the U.S.; a slowdown in China; and, the “fiscal cliff” in the U.S. which refers to a combination of expiring tax cuts, the end of the 2009 stimulus package, automatic spending cuts and new healthcare-related taxes which will be a drag on the economy.

The best performing industries during the fiscal year included computer hardware, auto retailing and homebuilding. The worst performing industries, suggesting a concern about a cyclical slowdown, included tires and rubber, aluminum, coal and consumable fuel.

For the 12-month reporting period May 1, 2011 through April 30, 2012, certain stock market indices performed as follows:

S&P 500 Index7	Dow Jones Industrial Average8		NASDAQ Composite Index9		MSCI All Country World ex-US  (Net) Index10
4.76%		5.97%		7.17%		(12.90)%

April 30, 2012  /  PRESIDENT’S MESSAGE

iii

The Trust, with assets of $12.8 billion as of April 30, 2012, 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 income¹¹, 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,

Kenneth Thompson

President

June 4, 2012

PRESIDENT’S MESSAGE  /  April 30, 2012

iv

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.

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. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

2. Barclays Capital U.S. Aggregate Bond Index is 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.

3. 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.

4. 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.

5. 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.

6. Barclays Capital Municipal Bond Index tracks the performance of 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.

7. 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.

8. 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 average is unmanaged and investments cannot be made directly in an average.

9. 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.

10. 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 44 countries indices comprising 23 developed and 21 emerging market country indices.

11. Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes.

Sector allocation and credit quality percentages are based on total portfolio as of quarter-end and are subject to change at any time. This data is shown for informational purposes only and is not to be considered a recommendation to purchase or sell any security. The credit quality of the investments in a Fund’s portfolio does not apply to the safely and stability of the Fund and are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as Standard & Poor’s, and typically range from AAA (highest) to D (lowest). When ratings from two NRSROs are available, the lowest rating is used. Bonds not rated by an NRSRO are included in the Not Rated category, which does not necessarily indicate low quality. Cash is defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents. For more information regarding rating methodologies for S&P visit www.standardandpoors.com and for Moody’s visit www.moodys.com.

April 30, 2012  /  PRESIDENT’S MESSAGE

1

WILMINGTON LARGE CAP GROWTH FUND

(formerly known as MTB Large Cap Growth Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Large Cap Growth Fund (the “Fund”) had a total return of (4.36)%* for A Shares and (3.96)%* for I Shares, versus its benchmark, the Russell 1000 Growth Index,** which had a total return of 7.26%.

The equity markets bottomed in early March of 2009. Since that date most equity index levels have about doubled. We are now three years into the recovery. We say recovery rather than a bull market because although equities remain inexpensive versus their historical norms, market uneasiness and volatility have kept traditional investors on the sideline. A large portion of investors have failed to reap the financial successes of the past three years due to fear and loss of capital stemming from the 2008 global financial collapse. This fiscal year, the United States has witnessed a steady but slow economic recovery. Asia is in the midst of a slowdown, albeit from a rather lofty level, and most of Western Europe is in a recession. Domestic earnings continue to come in above plan; however we are now in a global market and it is difficult for the U.S. equity market to single-handedly carry the weight of the rest of the world. Even with our slow but steady growth coupled with above trend earnings, the investor has yet to return in earnest. A recent Rasmussen poll asked the question, do you feel that the U.S. economy is currently in a recession? And 62% responded affirmatively. We wonder why volatility remains at a fever pitch. Our domestic market is close to a year high, and we are only a few percentage points away from the all-time high registered in October 2007. The equity market usually forecasts economic conditions a year in advance. We are off to a surprisingly strong start this year, even with the European financial uncertainty. Maybe the recent move in equities will be a harbinger for a bright financial future.

After delivering a solid double-digit return in fiscal 2011, last year was a disappointment. The Fund started strongly and actually was named a Category King by the Wall street Journal for outstanding performance. However Greece fiscal issues once again surfaced during the summer months and the Fund got caught by being aggressively positioned for continued economic growth and it quickly forfeited the above benchmark performance. Fiscal issues in Europe continued into the fall months and worries of the contagion spreading to much larger economies (Spain and Italy) weighed heavily on the equity markets. We again were cited as a Category King in January 2012; however it was not enough to make up for our summer shortfall. We are off to a good start in fiscal 2013, and we believe that as economic numbers continue to improve, equity shareholders will be rewarded.

The Fund’s top performing equity positions once again came from a rather eclectic group void of any central theme. CBS Corp. was our top performing equity. This national broadcasting company continued to surprise skeptics by delivering eight of the top ten weekly shows. CBS Corp. shareholders were rewarded as its share price appreciated over 37% during our fiscal year. Apple, Inc. was another top performer. The company announced several new products and withstood the death of its founder, Steve Jobs, and yet it still managed to appreciate over 70% during our fiscal year, becoming the largest market capitalization company in the world. The

Fund also benefitted from our holding in D.R. Horton, Inc. This leading homebuilder finally was rewarded for its actions taken during the financial collapse. The company rewarded its shareholders by appreciating over 35% in our fiscal year.

The Fund was negatively impacted by our position CBRE Group, Inc., a real estate and financial advisory firm. Shares of CBRE Group, Inc. dropped over 28% as earnings in their real estate division failed to meet street expectations. Another holding, Illumina, Inc. manufactures a gene sequencing machine and although there was a lot of chatter regarding its future advantages, weak earnings drove its share price lower. Our position in Baker Hughes, Inc. also had a negative impact on the Fund’s overall performance. Baker Hughes, Inc.’s share price fell over 40% from its recent high as margins in its domestic pressure pumping division collapsed. Baker Hughes, Inc. is a leading oil service company, which specialized in providing services into the new shale gas regions. As natural gas inventories climbed into an unseasonably warm winter, margins dropped, placing pressure on its share price.

As we reflect back on fiscal year 2012, we were caught with mixed emotions. To win an accolade among your peers we were elated; however we were quickly humbled by the market volatility over concerns of fiscal collapse in Greece and other Western European countries. We are once again off to a good start in fiscal year 2013; however we must be prudent given the looming financial atmosphere in Europe. We are cautious as we enter the summer months and we have reduced our aggressive growth stance; however we firmly believe that if strong domestic economic data continues then this should lead the market to a new all-time high.

* 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 A Shares was (9.66)%, 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 Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

ANNUAL REPORT  /  April 30, 2012

2

WILMINGTON LARGE CAP GROWTH FUND – A SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large Cap Growth Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 1000 Growth Index (“Russell 1000 Growth”)² and the Lipper Large-Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(9.66)%
5 Years	(0.85)%
10 Years	1.19%

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 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 1000 Growth Index and the Lipper Large-Cap Growth Funds Average 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 or Lipper average and the represented index is unmanaged.

* Formerly Class A Shares.

April 30, 2012  /  ANNUAL REPORT

3

WILMINGTON LARGE CAP GROWTH FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Large Cap Growth Fund (I Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Russell 1000 Growth¹ and the Lipper Large-Cap Growth Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(3.96)%
5 Years	0.51%
Start of Performance (8/18/03)	3.60%

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 The performance shown for the I Shares of the Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Average assumes the reinvestment of all dividends and distributions. Lipper Large-Cap Growth Funds Average performance is as of the month-end following the inception date for the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

4

WILMINGTON LARGE-CAP STRATEGY FUND

(formerly a series of the WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 7.12%* for A Shares and 7.32%* for I Shares, versus its benchmark, the Russell 1000 Index**, which had a total return of 7.11%.

The Fund attempts to outperform the Russell 1000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Strategy Team (IST). During the third quarter of calendar year 2011, the IST style recommendation for domestic large-cap equities was neutral. The I Shares of the Fund accurately tracked the benchmark and returned (14.68)% during the third calendar quarter. At the end of the third calendar quarter, the IST recommended an overweight to growth companies for domestic large-cap portfolios. The Fund was rebalanced to track a custom benchmark of 60% Russell 1000 Growth Index** / 40% Russell 1000 Value Index**. The IST held this target through the end of calendar year 2011. For the fourth quarter of 2011, the Russell 1000 Value Index returned 13.11% and the Russell 1000 Growth Index returned 10.61%. The I Shares of the Fund returned 11.61% and the Russell 1000 Index returned 11.84%. The 0.23% of underperformance is attributable to the recommended growth tilt over the period.

During the first quarter of calendar year 2012, the growth index outperformed the value index by 3.57%. In accordance with the IST recommendations, the Fund continued to overweight growth companies and the I Shares returned 13.23% versus 12.90% for the benchmark. The 0.33% of outperformance is attributable to the IST recommended growth tilt.

In April, the Fund continued to target a custom benchmark of 60% Russell 1000 Growth Index / 40% Russell 1000 Value Index. Large-cap growth companies slightly outperformed value companies in April. The I Shares of the Fund returned (0.47)% slightly outperforming the benchmark.

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

* 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 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.

** The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is 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.

April 30, 2012  /  ANNUAL REPORT

5

WILMINGTON LARGE-CAP STRATEGY FUND – A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large-Cap Strategy Fund (A Shares) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2012, compared to the Russell 1000 Index (“Russell 1000”)² and the Standard & Poors 500 Index (“S&P 500”).²

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(1.67)%
5 Years	(1.53)%
Start of Performance (12/19/05)	1.44%

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	1.11%
After Waivers	0.50%

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 1000 Index and the S&P 500 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, 2012

6

WILMINGTON LARGE-CAP STRATEGY FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Large-Cap Strategy Fund (I Shares) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2012, compared to the Russell 1000¹ Index and the Standard & Poors 500 Index (“S&P 500”).¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	4.33%
5 Years	(0.07)%
Start of Performance (7/01/03)	4.82%

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	0.86%
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 The performance shown for the I Shares 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 or Lipper average and the represented index is unmanaged.

* Formerly Institutional Shares.

April 30, 2012  /  ANNUAL REPORT

7

WILMINGTON LARGE CAP VALUE FUND

(formerly known as MTB Large Cap Value Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Large Cap Value Fund (the “Fund”) had a total return of (6.94)%* for A Shares and (6.65)%* for I Shares, versus its benchmark, the Russell 1000 Value Index,** which had a total return of 1.03%.

Following very strong returns for the prior year, U.S. equity markets delivered moderate returns for the fiscal year ended April 30 2012. During the first part of the year global equities corrected significantly as concerns about slowing U.S. economic growth and European sovereign debt roiled the markets. However, beginning in October 2011 global equity markets rose significantly as the outlook for domestic growth improved and, the European Central Bank provided significant liquidity to European banks thus easing the risk of a bank default and/or a credit crunch. The markets continue to be driven by a gradually improving U.S. economy and relatively strong corporate earnings growth. U.S. corporations have demonstrated great cost control, have strong balance sheets and have maintained high profit margins in an environment where revenue growth has become a bit more challenging. Overall valuations for the market, although not compelling, remain reasonable.

PORTFOLIO REVIEW:

CONSUMER DISCRETIONARY: General Motors Co. declined as the company reported mixed quarterly earnings as better-than-expected North America volume and pricing was offset by higher costs. Investors were also concerned about a potential degradation in pricing and product mix going forward given sharply rising gasoline prices, and production cutbacks early in the year due to supply shortages from Japan. The potential overhang of the U.S. government’s ownership stake also weighed on the stock. Our investment thesis for the stock remains intact as the company’s fundamentals have greatly improved since it emerged from bankruptcy. Increased profit forecasts and the potential return of cash to shareholders along with a positive outlook for auto sales volumes continue to offer support. The outlook for earnings is being driven by higher volumes and a large new product pipeline. General Motors Co. has recently entered into an alliance with Peugeot S.A. to develop shared vehicle platforms and to collaborate on global sourcing with the goal of reducing costs at its Opel operations in Europe. In addition, General Motors Co. is particularly focused on further restructuring opportunities in Europe.

ENERGY: Natural gas prices reached 10 year lows as mild winter weather and falling coal prices resulted in a glut of gas in North America storage. Companies have begun to shut in production and shift significant capital away from dry gas, which should help to set a floor on gas prices later this year and allow for increases going into 2013. The prospect of lower North American natural gas production is a more likely reality in late 2012/early 2013 given the steep spending cuts currently underway. Amongst our energy holdings, Apache Corp. appreciated following declines last year fueled by political instability in Egypt. ApacheCorp.’s pace of acquisitions should slow appreciably from 2011, which will enable investors to focus on its strong operations, capital returns, and cash flow generation. We increased our position in Talisman Energy, Inc. as the

company is selling assets which we expect will help recognize the significant undervaluation of the remainder of the firm. In addition, we believe it will shortly announce an update suggesting a timeline for production at their Yme project in the North Sea which should reverse the negative concern that has developed over the past year. We believe investor’s expectations for the company are exceedingly low. Our position in Canadian Natural Resources Ltd. declined due to the temporary shutdown of its Horizon Oil Sands project for repairs, resulting in the company lowering its production guidance. Horizon issues have weighed on management’s credibility since a fire in the coker unit shut down production for eight months last year. Investor sentiment on the stock also reflected wider heavy oil differentials as Canadian crude traded at a depressed level to West Texas Intermediate (WTI). The reversal of the Seaway pipeline and addition of more pipeline capacity should lower the WTI discount to Brent crude. The company generates substantial free cash flow, and has significant long-lived, proven reserves that we believe are overlooked by the market. We have recently increased our position in Canadian Natural Resources Ltd. on price weakness. In addition, the company just authorized a share repurchase of up to 5% of the outstanding shares over the next 12 months.

FINANCE: Our financial holdings were weak during the first six months of the year but have recovered significantly since October 2011. Although the low interest rate environment continues to weigh on the banks, their balance sheets have substantially improved over the past two years, as reflected by increased levels of capital, reserves, and liquidity. Settlement with the states’ Attorneys General regarding mortgage foreclosure and servicing practices, and the European Central Bank’s successful efforts to date in staving off the Eurozone’s sovereign debt crisis has removed an overhang on the group. Recently, portfolio holdings JP Morgan Chase & Co. and Wells Fargo & Co. announced an increase to their dividends along with share buyback plans after successfully passing the Federal Reserve’s most recent CCAR stress test. We expect Citigroup Inc. to get regulatory approval to increase capital return to shareholders later this year. Goldman Sachs Group, Inc. benefitted from increased capital market activity, which has rebounded from the depressed levels witnessed in the last half of 2011. Following a difficult first six months, our insurance stocks appreciated on the strength of improving fundamentals and a more positive outlook for capital redeployment. Responding to shareholder pressure, Hartford Financial Services Group, Inc. announced a strategic restructuring whereby it will focus on property casualty by divesting its life and retirement businesses, and put its annuity business into runoff. Once executed, the restructuring should help improve returns and reduce capital market-related volatility. We believe the strategic plan is a step in the right direction, and that management is extremely focused on creating shareholder value. Recently, we trimmed our stake in Lincoln National Corp. at an attractive price, and increased our position in Unum Group. Unum Group is poised to benefit from improving pricing trends in group disability insurance. The company has a strong balance sheet and stable free cash flow that provides an opportunity for management to return significant capital back to shareholders. The stock trades at a steep discount to book value.

ANNUAL REPORT  /  April 30, 2012

8

HEALTHCARE: Our healthcare holdings performed well during the year. Pfizer, Inc. had positive pipeline news as FDA panel committees recommended Axitinib in the treatment of advanced renal cell carcinoma, and Prevnar-13 for the prevention of pneumococcal disease in adults over 50 years of age. The company generates strong cash flow that supports an attractive dividend, while expense controls and the anticipated sale of several businesses remain potential catalysts. We tendered 85% of our Amgen, Inc. stock in a Dutch auction at $60 per share, and sold the remaining shares shortly thereafter. Although we believe Amgen, Inc. has an attractive valuation with a solid drug pipeline that includes Denosumab for the treatment of bone loss, the company faces a number of regulatory and competitive headwinds going forward that caused us to be more cautious. We believe our investment in Teva Pharmaceutical Industries Ltd. offers an attractive risk/reward at current levels. We expect Teva Pharmaceutical Industries Ltd.’s Copaxone franchise to continue to drive earnings and cash flow growth, and believe that the stock’s valuation reflects a far more pessimistic scenario. Teva Pharmaceutical Industries Ltd. announced the appointment of a new CEO and $3.0 billion share buyback, which was well received by investors as it represents a shift toward a more shareholder focused capital allocation strategy. The next catalyst for the stock is a lower court trial ruling on the generic challenge of Copaxone, Teva’s branded multiple sclerosis drug, in mid-2012.

MATERIALS & PROCESSING: Our gold investments declined as gold equities have continued their under-performance relative to the price of gold. Operationally, AngloGold Ashanti Ltd. reported solid performance at its Geita mine in Tanzania, while its Obuasi mine in Ghana continues to make steady progress towards improving results. We believe the turnaround of these two mines, along with its Tropicana project coming online in late 2013, remain catalysts for the stock. For Barrick Gold Corp., the ramp up of production at its Pueblo Viejo mine in the Dominican Republic is progressing as expected, while its Pascua-Lama development in Argentina/Chile is slated for production in mid-2013. Together these projects should add 1.5 million ounces of new low cost annual gold output. Cost inflation going forward remains a concern as fuel and labor prices continue to increase. During the year, we added fertilizer producer Mosaic Co. to the portfolio. The stock has been pressured by concerns regarding the near term demand outlook for phosphate and potash given delayed U.S. dealer purchases and uncertainty of Indian and Brazilian imports. While we acknowledge these near term headwinds, we believe the medium/long term fundamentals remain favorable given the company’s unique position in a cartel potash market. Mosaic Co. offers a substantial resource base at an attractive price, has net cash on its balance sheet, and positive free cash flow that could be used for share repurchases. The company recently announced that it had negotiated a favorable agreement to resume operations at its South Fort Meade phosphate mine in Florida, enabling the company to significantly lower its phosphate rock acquisition costs.

INDUSTRIALS: The recent positive performance of Ingersoll-Rand PLC. reflects early indications of a cyclical recovery in housing and construction end-markets after being depressed for the last three years. The company has also made significant progress at resolving internal profit pressures, particularly within its HVAC business. The stock trades at an attractive valuation, and earnings

expectations appear to be conservative. Additionally, an activist investor has recently taken a position in the stock. PACCAR, Inc. has recently reported good earnings progress that reflects continued fundamental improvement in the North American commercial truck market. Missteps at competitor Navistar International Corp. related to EPA certification for new engines could provide some upside opportunities for PACCAR, Inc. in the near term.

TECHNOLOGY: Motorola Mobility Holdings, Inc. appreciated significantly during the year as the company received an all cash takeover offer from Google, Inc. at $40 per share. The catalyst for the acquisition was Motorola’s extensive patent portfolio, which Google plans to use to protect its Android franchise. We had increased our position in Motorola Mobility Holdings, Inc. back in March 2011 based on valuation given the attractiveness of its patent portfolio, and subsequently eliminated the entire position after the acquisition was announced. The recent appreciation of CA, Inc. reflects the company’s announcement that it will return $2.5 billion of capital to shareholders through 2014 by raising its dividend 400% and repurchasing shares (equating to roughly 80% of the company’s free cash flows). These are actions that we have strongly supported. CA, Inc.’s strengthened management team has made strides to improve the company’s market position and enhance shareholder value through a strategic restructuring and increased focus on internal operations. Going forward, our focus will be on management’s execution at improving margins in its distribution business. Shares of Microsoft Corp. also posted a strong gain for the quarter, reflecting anticipation of a successful launch of Windows 8 later this year and a resurgent PC market. Another potential catalyst is an index rebalancing expected to occur later this year due to an increase in the shares available for trading (i.e. “float”) as Bill Gates continues to reduce his personal holdings of Microsoft Corp. stock. This could put upward pressure on the stock price. We also initiated a new position in Hewlett-Packard Co. The company is in the midst of a strategic turnaround following several quarters of declining revenues and earnings. Former eBay CEO Meg Whitman was brought in as CEO in 2011 to oversee a complex transformation which will include cost restructuring, an increase in research and development spending with a focus on growth areas, and a more cohesive strategy for its server, storage, and networking businesses. The near-term goal for the firm is to improve operating margins while stabilizing the revenue stream. HP continues to generate a strong free cash flow which it can use to support its current dividend, repurchase shares, and reduce its debt load. The recent appointment of an activist investor to the board of HP should keep management focused on addressing operational issues that will improve profitability as well as pursue innovations in higher growth markets with better margins. The market is forecasting declines in profitability that are significantly worse than we believe will occur.

OUTLOOK: While this is no time to be complacent and no permanent solutions have been applied to the structural issues facing the global economy, U.S. economic growth continues at a slow/moderate pace. Earnings reports are, on balance, pretty good. Dividend increases and share repurchase authorizations have continued as well. Interest rates have increased modestly on medium/long-term Treasuries although they remain at exceptionally low levels. Inflation is still modest, and confidence in the U.S. has kept interest rates at a level well below normal. Warning signs are not hard to find. China’s rate of economic growth, a critical engine for global

April 30, 2012  /  ANNUAL REPORT

9

growth and commodity prices/demand, is decelerating and uncertain. Concerns about the structural fiscal problems in Europe have surfaced again. The U.S. has been a major beneficiary of low interest rates due to the turmoil and fear in Europe; how long our country can borrow and finance its structural deficits at historically low rates remains a big question mark. There is no easy cure for structural deficits. Austerity programs provide a long-term balance between government spending and revenues, but are socially and politically difficult. It is hard to get anything done until market dynamics absolutely force action under the threat of otherwise dire consequences.

We would like to close our outlook with a few observations. Shareholder activism has accelerated over the past year. We cannot recall a time when there have been more companies undergoing challenges from major shareholders (whether or not they are 13D filers) to solve problems, improve profitability, accelerate the return of free cash flow, or create value in other ways. Waiting for a robust economy to solve problems and increase stock prices can’t be and isn’t the go to option anymore. We have generally found company managements to be more understanding of the need to have greater urgency. Separately, we have even witnessed Wall Street analysts promoting what we refer to as “sell side activism” as there have been several reports urging or articulating the value or need to restructure. We have redoubled our efforts to find companies that not only offer attractive valuation and downside protection, but can solve problems and force recognition of value even in a difficult economic environment. The number of our portfolio investments that are in the midst of transforming themselves to highlight and recognize value is meaningful and growing.

* 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 A Shares was (12.08)%, 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 Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

ANNUAL REPORT  /  April 30, 2012

10

WILMINGTON LARGE CAP VALUE FUND – A SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Large Cap Value Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 1000 Value Index (“Russell 1000 Value”)², and the Lipper Large Cap Value Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(12.08)%
5 Years	(3.62)%
10 Years	2.53%

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. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.43%
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 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 1000 Value Index and the Lipper Large Cap Value Funds Average 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 or Lipper average and the represented index is unmanaged.

* Formerly Class A Shares.

April 30, 2012  /  ANNUAL REPORT

11

WILMINGTON LARGE CAP VALUE FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Large Cap Value Fund (I Shares) (the “Fund”) from August 18, 2003 (start of performance) to April 30, 2012, compared to the Russell 1000 Value Index (“Russell 1000 Value”)¹, and the Lipper Large Cap Value Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(6.65)%
5 Years	(2.39)%
Start of Performance (8/18/03)	4.84%

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	1.18%
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 The performance shown for the I Shares of the Fund, the Russell 1000 Value Index and the Lipper Large Cap Value Funds Average assumes the reinvestment of all dividends and distributions. Lipper Large Cap Value Funds Average performance is as of the month-end following the inception date for the Fund. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

12

WILMINGTON MID CAP GROWTH FUND

(formerly known as MTB Mid Cap Growth Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Mid Cap Growth Fund (the “Fund”) had a total return of (1.55)%* for A Shares and (1.40)%* for I Shares, versus its benchmark, the Russell Mid Cap Growth Index**, which had a total return of 0.78%.

The Fund faced a challenging year as equity markets fluctuated in a broad range. The pattern was reminiscent of 2010, with investors beginning the year anxious about the prospect for continued economic growth. This concern reached a fever pitch from August through October as the U.S. debt-ceiling, European sovereign/bank debt, and China growth concerns worked together to undermine investor confidence. Stock correlations rose to levels above the 2008 crisis, while valuations plummeted. As in 2010, our analysis indicated that the worst fears reflected in the equity market were unlikely to be realized. We retained our pro-growth positioning and our conviction was rewarded with a strong rebound from November 2011 through March 2012. Through March and April 2012, however, growth jitters (and consolidation from the rapid rebound) again softened investor enthusiasm for stocks in general, growth stocks particularly, and a few of our holdings especially.

The Fund’s performance relative to the benchmark mainly reflects significant weakness of a few holdings, which unfortunately had a large enough impact to offset some remarkable successes. To an extent, the wide dispersion of outcomes reflects narrowing stock market leadership as we recover from the 2008/2009 lows. When a company appears to no longer display attractive growth momentum, the stock gets punished. In addition, the fiscal year began at a high point for the Fund, and thus the year-over-year return looks weak from a high starting point. Broadly speaking, we held solid winners in Consumer Discretionary (Lululemon Athletica, Inc., CBS Corp.), Consumer Staples (Herbalife Ltd.), Information Technology (Sourcefire, Inc.), and Energy (Cabot Oil & Gas Corp.). Unfortunately, we offset these and other strong performers with weak results from other holdings, notably Walter Industries, Inc., Allscripts Healthcare Solutions, Inc., Peabody Energy Corp., Aruba Networks, Inc., and McDermott International, Inc. Sector allocation had an additional negative impact, as Energy and Information Technology stocks struggled against investor pessimism despite, in our analysis, attractive underlying fundamentals.

Finally, in the periods when the market has been driven (generally down) by macro news flow, volatile and highly-correlated stock movements have made it difficult for fundamentally-based, active managers in general. Strong, individual company-based results were frequently overwhelmed by sector rotations and broad market gyrations. The result was that a majority of managers underperformed the benchmark, which allowed our I Share returns to achieve the 50^th percentile of the Lipper Mid Cap Growth Funds Average for the year despite our missteps. Nonetheless, our goal remains to exceed the benchmark’s return and, while our discipline may not achieve that goal every year, our long-term results indicate that we have been able to identify companies with strong business models selling at attractive valuations. We remain committed to the disciplined implementation of that approach.

* 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 A Shares was (6.95)%, 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 of 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.

April 30, 2012  /  ANNUAL REPORT

13

WILMINGTON MID CAP GROWTH FUND – A SHARES^†, *

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Mid Cap Growth Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”),² and the Lipper Mid Cap Growth Funds Average.²

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(6.95)%
5 Years	4.20%
10 Years	6.84%

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. Total returns shown include the maximum sales charge of 5.50%.

Annual Operating Expense Ratio

Before Waivers	1.62%
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 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 Mid Cap Growth Index and the Lipper Mid Cap Growth Funds Average 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 or Lipper average 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.

* Formerly Class A Shares.

ANNUAL REPORT  /  April 30, 2012

14

WILMINGTON MID CAP GROWTH FUND – I SHARES^†, *

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Mid Cap Growth Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell Mid Cap Growth Index (“Russell Mid Cap Growth”),¹ and the Lipper Mid Cap Growth Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(1.40)%
5 Years	5.55%
10 Years	7.60%

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	1.37%
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 The performance shown for the I Shares of the Fund, the Russell Mid Cap Growth Index and the Lipper Mid Cap Growth Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average 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.

* Formerly Institutional I Shares.

April 30, 2012  /  ANNUAL REPORT

15

WILMINGTON SMALL CAP GROWTH FUND

(formerly known as MTB Small Cap Growth Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Small Cap Growth Fund (the “Fund”) had a total return of (8.68)%* for A Shares, (8.77)%* for C Shares and (8.53)%* for I Shares, versus its benchmark, the Russell 2000 Growth Index,** which had a total return of (4.42)%.

After peaking in late April into early May 2011, equity markets encountered significant turbulence during the first half of the Fund’s fiscal year. Macroeconomic and political concerns again trumped strong corporate profit performance as European sovereign debt issues (seemingly annual), worries over China slowing, and political gridlock in the United States and Europe dominated investors’ behavior. Turmoil in Europe intensified, driven by fear of Greek debt issues spilling over into the stronger European core countries. As China continued to tighten credit availability, fears of a hard landing resurfaced. In the U.S., the debt ceiling debate led S&P to downgrade the U.S.’s debt rating.

The first quarter of 2012 saw the S&P 500 Index turn in its best quarterly performance since the third quarter of 2009 as Europe backed away from the point of collapse, the U.S. economy showed continued signs of life, and central banks pledged to step in and support global economic growth. Investors diverted assets from relatively safe but low-yielding bonds into riskier investments following last year’s turmoil. The risk on trade was alive and well.

Financials rallied as the U.S. economy strengthened and the Federal Reserve reported that 15 of the 19 largest banks in the U.S. passed its latest stress test to gauge their ability to withstand a deep financial downturn. Technology shares benefited from strong results from Apple, Inc. and Consumer Discretionary shares outperformed the broad market. Stocks levered to growth in China and the emerging markets, Materials and Industrials, lagged but still delivered positive returns. Could this be a sign of new leadership in the market and will the improvement in the economy continue after the effect of the warm weather wears off? Only time will tell.

In April cracks in Europe were fixed and the housing market recovery trade began to emerge. Economic data continued to surprise to the upside at a less frequent rate. Profits were booked and a wait and see attitude began to permeate the market. Fear of a repeat of last summer’s selloff was too fresh in the minds of investors. Yet leading economic indicators continue to improve and commodity prices started to decline, the opposite of last year.

* 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 A Shares was (13.71)%, adjusted for the Fund’s maximum sales charge, and the total return for C Shares was (9.68)%, adjusted for the Fund’s contingent deferred 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.

ANNUAL REPORT  /  April 30, 2012

16

WILMINGTON SMALL CAP GROWTH FUND – A SHARES* AND C SHARES^†, *

The graph below illustrates the hypothetical investment of $10,000^1,2 in the Wilmington Small Cap Growth Fund (A and C Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 2000 Growth Index (“Russell 2000 Growth”)³ and the Lipper Small Cap Growth Funds Average.³

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		C Shares
1 Year		(13.71)%		(9.68)%
5 Years		(0.85)%		0.34%
10 Years		3.21%		3.64%

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% for A Shares and contingent deferred sales charge (“CDSC”) of 1.00% as applicable for C Shares.

Annual Operating Expense Ratio

	A Shares		C Shares
Before Waivers		1.67%		2.17%
After Waivers		1.47%		1.52%

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 Represents a hypothetical investment of $10,000 in C Shares of the Fund. The ending value does not reflect a contingent deferred sales load on any redemption over 1 year from purchase date. The Fund’s performance assumes the reinvestment of all dividends and distributions.

3 The performance for the Russell 2000 Growth Index and the Lipper Small Cap Growth Funds Average 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 or Lipper average 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.

* Formerly Class A Shares and Institutional I Shares.

April 30, 2012  /  ANNUAL REPORT

17

WILMINGTON SMALL CAP GROWTH FUND – I SHARES^†, *

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Small Cap Growth Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Russell 2000 Growth¹ and the Lipper Small Cap Growth Funds Average.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(8.53)%
5 Years	0.42%
10 Years	3.95%

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	1.42%
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 The performance shown for I Shares of the Fund, the Russell 2000 Growth Index and the Lipper Small Cap Growth Funds Average assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average 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.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

18

WILMINGTON SMALL-CAP STRATEGY FUND

(formerly a series of the WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Small-Cap Strategy Fund (the “Fund”) had a total return of 0.06% for I Shares, versus its benchmark, the Russell 2000 Index**, which had a total return of (0.12)%.

The Fund attempts to outperform the Russell 2000 Index by overweighting growth or value companies based on recommendations from the Wilmington Trust Investment Strategy Team (IST). During the third quarter of calendar year 2011, the IST style recommendation for domestic small-cap equities was neutral, and the Fund underperformed the benchmark by 0.10%. At the end of the third quarter of the calendar year, the IST recommended overweighting growth companies for domestic small-cap portfolios. The Fund was rebalanced to track a custom benchmark of 60% Russell 2000 Growth Index** / 40% Russell 2000 Value Index**. The IST held this target through the end of the calendar year. For the fourth quarter of the calendar year, the Russell 2000 Value Index returned 15.97% and the Russell 2000 Growth Index returned 14.99%. The Fund returned 15.36% and slightly underperformed the Russell 2000 Index return of 15.47%. The 0.11% of underperformance is attributable to the recommended growth tilt over the period.

During the first quarter of calendar year 2012, the growth index outperformed the value index by 1.69%. The Fund continued to be overweight growth companies and returned 12.57% versus 12.44% for the benchmark. The 0.13% of outperformance is attributable to the IST recommended growth tilt.

In April, the Fund continued to target a custom benchmark of 60% Russell 2000 Growth Index / 40% Russell 2000 Value Index. Small-cap growth companies slightly outperformed value companies in April. The Fund returned (1.49)%, almost matching the Russell 2000 Index return of (1.55)%.

At the April IST meeting, the proprietary U.S. small-cap style model continued to favor growth stocks. The IST voted to follow the models and recommended maintaining the overweight to growth 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 portfolio.

* 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, 2012  /  ANNUAL REPORT

19

WILMINGTON SMALL-CAP STRATEGY FUND – I SHARES*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Small-Cap Strategy Fund (I Shares) (the “Fund”) from July 01, 2003 (start of performance) to April 30, 2012, compared to the Russell 2000 Index¹ and the S&P Small Cap 600 Index.¹

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(4.07)%
5 Years	0.28%
Start of Performance (7/01/03)	6.70%

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.

Annual Operating Expense Ratio

Before Waivers	1.09%
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 The performance shown for I Shares of the Fund, the Russell 2000 Index and the S&P Small Cap 600 Index assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average and the represented index is unmanaged.

* Formerly Institutional Shares.

ANNUAL REPORT  /  April 30, 2012

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, 2011 to April 30, 2012.

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 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON LARGE CAP GROWTH FUND
Actual
A Shares	$	1,000.00	$	1,098.00	$	7.41		1.42	%
I Shares	$	1,000.00	$	1,099.60	$	5.38		1.03	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,017.80	$	7.12		1.42	%
I Shares	$	1,000.00	$	1,019.74	$	5.17		1.03	%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
A Shares	$	1,000.00	$	1,130.00	$	2.65		0.50	%
I Shares	$	1,000.00	$	1,131.50	$	1.32		0.25	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,022.38	$	2.51		0.50	%
I Shares	$	1,000.00	$	1,023.62	$	1.26		0.25	%
WILMINGTON LARGE CAP VALUE FUND
Actual
A Shares	$	1,000.00	$	1,070.10	$	6.69		1.30	%
I Shares	$	1,000.00	$	1,071.40	$	5.20		1.01	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,018.40	$	6.52		1.30	%
I Shares	$	1,000.00	$	1,019.84	$	5.07		1.01	%
WILMINGTON MID CAP GROWTH FUND
Actual
A Shares	$	1,000.00	$	1,090.80	$	6.45		1.24	%
I Shares	$	1,000.00	$	1,091.40	$	5.56		1.07	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,018.70	$	6.22		1.24	%
I Shares	$	1,000.00	$	1,019.54	$	5.37		1.07	%

April 30, 2012  /  ANNUAL REPORT

21

	Beginning Account Value 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON SMALL CAP GROWTH FUND
Actual
A Shares	$	1,000.00	$	1,062.00	$	7.33		1.43	%
C Shares	$	1,000.00	$	1,061.60	$	7.53		1.47	%
I Shares	$	1,000.00	$	1,062.50	$	6.15		1.20	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,017.75	$	7.17		1.43	%
C Shares	$	1,000.00	$	1,017.55	$	7.37		1.47	%
I Shares	$	1,000.00	$	1,018.90	$	6.02		1.20	%
WILMINGTON SMALL-CAP STRATEGY FUND
Actual
I Shares	$	1,000.00	$	1,110.00	$	1.31		0.25	%
Hypothetical (assuming a 5% return before expense)
I Shares	$	1,000.00	$	1,023.62	$	1.26		0.25	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (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, 2012

22

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large Cap Growth Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Stocks	Percentage of Total Net Assets
Common Stocks
Information Technology		31.3	%
Consumer Discretionary		14.5	%
Industrials		11.4	%
Energy		11.3	%
Consumer Staples		10.5	%
Health Care		8.7	%
Financials		6.0	%
Materials		4.8	%
Cash Equivalents1		1.8	%
Other Assets and Liabilities – Net2		(0.3	)%
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, 2012

Description	Number of Shares		Value
COMMON STOCKS – 98.5%
CONSUMER DISCRETIONARY – 14.5%
AUTO COMPONENTS – 1.1%
*BorgWarner, Inc.		14,000	$	1,106,560
AUTOMOBILES – 1.0%
Ford Motor Co.		85,000		958,800
HOTELS RESTAURANTS & LEISURE – 2.2%
Las Vegas Sands Corp.		18,000		998,820
Starwood Hotels & Resorts Worldwide, Inc.		19,000		1,124,800
			$	2,123,620
HOUSEHOLD DURABLES – 1.5%
DR Horton, Inc.		88,000		1,438,800
INTERNET & CATALOG RETAIL – 1.9%
*Amazon.com, Inc.		8,000		1,855,200
MEDIA – 1.9%
CBS Corp., Non – Voting		55,000		1,834,250
SPECIALTY RETAIL – 1.9%
*Bed Bath & Beyond, Inc.		9,000		633,510

Description	Number of Shares		Value
Ltd. Brands, Inc.		24,000	$	1,192,800
			$	1,826,310
TEXTILES, APPAREL & LUXURY GOODS – 3.0%
*,12Lululemon Athletica, Inc.		11,000		815,540
NIKE, Inc.		11,000		1,230,570
PVH Corp.		10,000		888,000
			$	2,934,110
TOTAL CONSUMER DISCRETIONARY			$	14,077,650
CONSUMER STAPLES – 10.5%
BEVERAGES – 4.7%
Coca-Cola Co.		22,000		1,679,040
PepsiCo, Inc.		44,500		2,937,000
			$	4,616,040
FOOD & STAPLES RETAILING – 1.9%
Costco Wholesale Corp.		10,500		925,785
Whole Foods Market, Inc.		11,000		913,770
			$	1,839,555

(Wilmington Large Cap Growth Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

Wilmington Large Cap Growth Fund (continued)

Description	Number of Shares		Value
FOOD PRODUCTS – 0.8%
*Green Mountain Coffee Roasters, Inc.		15,000	$	731,250
PERSONAL PRODUCTS – 1.3%
Estee Lauder Cos., Inc.		19,500		1,274,325
TOBACCO – 1.8%
Philip Morris International, Inc.		19,000		1,700,690
TOTAL CONSUMER STAPLES			$	10,161,860
ENERGY – 11.3%
ENERGY EQUIPMENT & SERVICES – 6.7%
*Cameron International Corp.		15,000		768,750
Halliburton Co.		40,000		1,368,800
National Oilwell Varco, Inc.		19,000		1,439,440
Schlumberger Ltd.		28,500		2,112,990
*Weatherford International Ltd.		60,000		856,200
			$	6,546,180
OIL, GAS & CONSUMABLE FUELS – 4.6%
*Alpha Natural Resources, Inc.		65,000		1,048,450
Exxon Mobil Corp.		40,000		3,453,600
			$	4,502,050
TOTAL ENERGY			$	11,048,230
FINANCIALS – 6.0%
CAPITAL MARKETS – 1.7%
Goldman Sachs Group, Inc.		6,500		748,475
T Rowe Price Group, Inc.		14,000		883,610
			$	1,632,085
CONSUMER FINANCE – 0.8%
American Express Co.		13,000		782,730
DIVERSIFIED FINANCIAL SERVICES – 1.0%
Bank of America Corp.		120,000		973,200
INSURANCE – 0.7%
Prudential Financial, Inc.		12,000		726,480
REAL ESTATE INVESTMENT TRUSTS – 0.8%
American Tower Corp.		12,000		786,960
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.0%
*CBRE Group, Inc.		52,000		978,120
TOTAL FINANCIALS			$	5,879,575

Description	Number of Shares		Value
HEALTH CARE – 8.7%
BIOTECHNOLOGY – 2.1%
*Biogen Idec, Inc.		6,000	$	804,060
*Celgene Corp.		5,000		364,600
*Gilead Sciences, Inc.		17,000		884,170
			$	2,052,830
HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%
Baxter International, Inc.		12,500		692,625
Medtronic, Inc.		10,000		382,000
Stryker Corp.		19,000		1,036,830
			$	2,111,455
HEALTH CARE PROVIDERS & SERVICES – 2.9%
*Express Scripts Holding Co.		30,000		1,673,700
UnitedHealth Group, Inc.		20,000		1,123,000
			$	2,796,700
PHARMACEUTICALS – 1.5%
Abbott Laboratories		17,000		1,055,020
Allergan, Inc.		4,000		384,000
			$	1,439,020
TOTAL HEALTH CARE			$	8,400,005
INDUSTRIALS – 11.4%
AEROSPACE & DEFENSE – 4.9%
Boeing Co.		22,000		1,689,600
Precision Castparts Corp.		6,300		1,111,131
United Technologies Corp.		24,500		2,000,180
			$	4,800,911
AIR FREIGHT & LOGISTICS – 1.1%
CH Robinson Worldwide, Inc.		17,500		1,045,450
INDUSTRIAL CONGLOMERATES – 2.1%
Danaher Corp.		38,000		2,060,360
MACHINERY – 3.3%
Caterpillar, Inc.		17,500		1,798,475
Cummins, Inc.		3,500		405,405
Manitowoc Co., Inc.		70,000		969,500
			$	3,173,380
TOTAL INDUSTRIALS			$	11,080,101
INFORMATION TECHNOLOGY – 31.3%
COMMUNICATIONS EQUIPMENT – 5.3%
*,12Aruba Networks, Inc.		22,000		464,640
*Finisar Corp.		38,000		627,760
*Juniper Networks, Inc.		35,000		750,050

(Wilmington Large Cap Growth Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

24 PORTFOLIOS OF INVESTMENTS

Wilmington Large Cap Growth Fund (continued)

Description	Number of Shares		Value
QUALCOMM, Inc.		41,000	$	2,617,440
*Riverbed Technology, Inc.		36,000		710,280
			$	5,170,170
COMPUTERS & PERIPHERALS – 10.0%
*Apple, Inc.		14,200		8,296,208
*EMC Corp.		50,000		1,410,500
			$	9,706,708
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.5%
Corning, Inc.		35,000		502,250
INTERNET SOFTWARE & SERVICES – 2.2%
*Baidu, Inc. ADR		3,500		464,450
*Google, Inc.		2,700		1,634,121
			$	2,098,571
IT SERVICES – 5.4%
International Business Machines Corp.		19,000		3,934,520
Mastercard, Inc.		3,000		1,356,810
			$	5,291,330
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.7%
*Advanced Micro Devices, Inc.		215,000		1,582,400
*,12Lam Research Corp.		12,000		499,800
Xilinx, Inc.		15,000		545,700
			$	2,627,900
SOFTWARE – 5.2%
Microsoft Corp.		98,000		3,137,960
Oracle Corp.		65,000		1,910,350
			$	5,048,310
TOTAL INFORMATION TECHNOLOGY			$	30,445,239
MATERIALS – 4.8%
CHEMICALS – 2.5%
Air Products & Chemicals, Inc.		12,000		1,025,880

Description	Number of Shares		Value
EI du Pont de Nemours & Co.		14,000	$	748,440
Potash Corp. of Saskatchewan, Inc.		15,000		637,200
			$	2,411,520
METALS & MINING – 2.3%
Cliffs Natural Resources, Inc.		12,500		778,250
Freeport-McMoRan Copper & Gold, Inc.		39,000		1,493,700
			$	2,271,950
TOTAL MATERIALS			$	4,683,470
TOTAL COMMON STOCKS (COST $74,923,524)			$	95,776,130
TOTAL INVESTMENTS IN SECURITIES – 98.5% (COST $74,923,524)			$	95,776,130
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.8%
REPURCHASE AGREEMENTS – 1.8%
Credit Suisse First Boston LLC, 0.18%, dated 04/30/12, due 05/01/12, repurchase price $763,142, collateralized by U.S. Treasury Securities 0.63% to 2.38%, maturing 04/30/13 to 02/15/41; total market value of $778,403.	$	763,138		763,138
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $1,020,000.		1,000,000		1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,763,138)			$	1,763,138
TOTAL INVESTMENTS – 100.3% (COST $76,686,662)			$	97,539,268
COLLATERAL FOR SECURITIES ON LOAN – (1.8%)				(1,763,138	)
OTHER ASSETS LESS LIABILITIES – 1.5%				1,466,844
TOTAL NET ASSETS – 100.0%			$	97,242,974

Cost of investments for Federal income tax purposes is $77,348,384. The net unrealized appreciation/(depreciation) of investments was $20,190,884. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $22,475,131 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,284,247.

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)

(Wilmington Large Cap Growth Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

Wilmington Large Cap Growth Fund (concluded)

The following is a summary of the inputs used as of April 30, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	95,776,130	$	—	$	—	$	95,776,130
Repurchase Agreements		—		1,763,138		—		1,763,138
Total	$	95,776,130	$	1,763,138	$	—	$	97,539,268

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

26

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Stocks	Percentage of Total Net Assets
Common Stocks
Information Technology		21.4	%
Financials		13.2	%
Consumer Discretionary		12.7	%
Industrials		11.0	%
Health Care		11.0	%
Energy		10.7	%
Consumer Staples		10.1	%
Materials		4.2	%
Utilities		2.9	%
Telecommunication Services		2.3	%
Mutual Fund		0.4	%
Warrant		0.0	%3
Rights		0.0	%3
Preferred Stock		0.0	%3
Cash Equivalents1		0.8	%
Other Assets and Liabilities – Net2		(0.7	)%
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) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
COMMON STOCKS – 99.5%
CONSUMER DISCRETIONARY – 12.7%
AUTO COMPONENTS – 0.4%
Autoliv, Inc.		2,450	$	153,713
*BorgWarner, Inc.		4,840		382,554
Gentex Corp.		2,190		48,114
*Goodyear Tire & Rubber Co.		11,860		130,223
Johnson Controls, Inc.		15,030		480,509
Lear Corp.		2,400		99,600
*TRW Automotive Holdings Corp.		1,010		46,167
*Visteon Corp.		1,500		75,255
			$	1,416,135

Description	Number of Shares		Value
AUTOMOBILES – 0.5%
Ford Motor Co.		94,120	$	1,061,674
*General Motors Co.		14,000		322,000
Harley-Davidson, Inc.		7,950		416,023
*,12Tesla Motors, Inc.		1,500		49,695
Thor Industries, Inc.		280		9,472
			$	1,858,864
DISTRIBUTORS – 0.1%
Genuine Parts Co.		4,960		321,309
*LKQ Corp.		6,240		208,728
			$	530,037

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 27

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
DIVERSIFIED CONSUMER SERVICES – 0.1%
*Apollo Group, Inc.		2,487	$	87,592
*Career Education Corp.		845		6,025
DeVry, Inc.		2,020		64,943
H&R Block, Inc.		6,860		100,842
Service Corp. International		10,870		125,875
Weight Watchers International, Inc.		1,560		118,498
			$	503,775
HOTELS RESTAURANTS & LEISURE – 2.5%
*Bally Technologies, Inc.		700		33,985
Brinker International, Inc.		4,020		126,509
Carnival Corp.		9,820		319,052
*Chipotle Mexican Grill, Inc.		1,050		434,857
Choice Hotels International, Inc.		60		2,257
Darden Restaurants, Inc.		4,640		232,371
Dunkin’ Brands Group, Inc.		900		29,133
International Game Technology		100		1,558
Las Vegas Sands Corp.		14,520		805,715
Marriott International, Inc.		7,072		276,444
*Marriott Vacations Worldwide Corp.		1,187		35,052
McDonald’s Corp.		31,499		3,069,578
*MGM Resorts International		9,410		126,282
*Panera Bread Co.		845		133,442
*Penn National Gaming, Inc.		2,480		111,550
Royal Caribbean Cruises Ltd.		4,080		111,670
Starbucks Corp.		23,460		1,346,135
Starwood Hotels & Resorts Worldwide, Inc.		6,430		380,656
Wendy’s Co.		1,200		5,844
*WMS Industries, Inc.		3,720		91,177
Wyndham Worldwide Corp.		5,260		264,788
Wynn Resorts Ltd.		2,320		309,488
Yum! Brands, Inc.		15,150		1,101,860
			$	9,349,403
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		7,070		115,594
Garmin Ltd.		1,290		60,798
Harman International Industries, Inc.		1,180		58,504
Jarden Corp.		1,560		65,411
Leggett & Platt, Inc.		3,670		79,896
12Lennar Corp.		4,910		136,203
*Mohawk Industries, Inc.		1,650		110,583
Newell Rubbermaid, Inc.		3,120		56,784
*NVR, Inc.		130		101,912
*PulteGroup, Inc.		8,840		86,986

Description	Number of Shares		Value
*Tempur-Pedic International, Inc.		2,900	$	170,636
*Toll Brothers, Inc.		4,050		102,870
Tupperware Brands Corp.		2,700		168,183
Whirlpool Corp.		2,450		156,849
			$	1,471,209
INTERNET & CATALOG RETAIL – 1.2%
*Amazon.com, Inc.		11,030		2,557,857
12Expedia, Inc.		3,120		133,006
*Liberty Interactive Corp.		18,350		345,714
*,12Netflix, Inc.		1,180		94,565
*priceline.com, Inc.		1,530		1,164,055
*TripAdvisor, Inc.		3,120		117,031
			$	4,412,228
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Hasbro, Inc.		3,490		128,223
Mattel, Inc.		10,650		357,840
Polaris Industries, Inc.		2,000		158,880
			$	644,943
MEDIA – 3.4%
*AMC Networks, Inc.		1,685		71,613
Cablevision Systems Corp.		6,540		96,923
CBS Corp., Non-Voting		18,200		606,970
*Charter Communications, Inc.		100		6,047
*Clear Channel Outdoor Holdings, Inc.		500		3,785
Comcast Corp.		70,280		2,131,592
*DIRECTV		20,990		1,034,177
*Discovery Communications, Inc.		6,500		353,730
Dish Network Corp.		4,680		149,620
*,12DreamWorks Animation SKG, Inc.		2,290		41,243
Gannett Co., Inc.		6,290		86,928
Interpublic Group of Cos., Inc.		15,320		180,929
John Wiley & Sons, Inc.		2,100		94,899
*Lamar Advertising Co.		2,400		76,368
*Liberty Global, Inc.		11,020		548,906
*Liberty Media Corp.—Liberty Capital		1,843		161,152
*Madison Square Garden Co.		87		3,129
McGraw-Hill Cos., Inc.		7,440		365,825
Morningstar, Inc.		1,100		63,492
News Corp.		44,130		864,948
Omnicom Group, Inc.		10,390		533,111
12Regal Entertainment Group		770		10,480
Scripps Networks Interactive, Inc.		2,280		114,502
*Sirius XM Radio, Inc.		123,100		278,206
Thomson Reuters Corp.		9,600		286,272
Time Warner Cable, Inc.		11,024		886,881
Time Warner, Inc.		21,096		790,256

(Wilmington Large-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

28 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Viacom, Inc.		17,620	$	817,392
Virgin Media, Inc.		10,170		249,775
Walt Disney Co.		36,946		1,592,742
12Washington Post Co.		140		52,944
			$	12,554,837
MULTILINE RETAIL – 0.8%
*Big Lots, Inc.		1,324		48,511
Dillard’s, Inc.		1,400		90,384
*Dollar General Corp.		1,500		71,190
*Dollar Tree, Inc.		3,281		333,546
Family Dollar Stores, Inc.		4,826		325,996
12JC Penney Co., Inc.		4,930		177,776
Kohl’s Corp.		6,110		306,294
Macy’s, Inc.		9,280		380,666
Nordstrom, Inc.		5,880		328,457
*,12Sears Holdings Corp.		1,270		68,301
Target Corp.		13,660		791,460
			$	2,922,581
SPECIALTY RETAIL – 2.4%
Aaron’s, Inc.		4,300		116,831
Abercrombie & Fitch Co.		2,400		120,408
Advance Auto Parts, Inc.		2,150		197,370
American Eagle Outfitters, Inc.		1,050		18,910
*,12Autonation, Inc.		580		20,056
*Autozone, Inc.		860		340,698
*Bed Bath & Beyond, Inc.		6,790		477,948
Best Buy Co., Inc.		4,980		109,909
*CarMax Inc		4,300		132,741
Chico’s FAS, Inc.		8,990		138,086
Dick’s Sporting Goods, Inc.		2,300		116,380
Foot Locker, Inc.		4,930		150,809
12GameStop Corp.		820		18,663
Gap, Inc.		6,390		182,115
Guess?, Inc.		1,160		33,965
Home Depot, Inc.		44,040		2,280,832
Lowe’s Cos., Inc.		29,300		922,071
Ltd. Brands, Inc.		8,250		410,025
*Orchard Supply Hardware Stores Corp.		57		1,224
*O’Reilly Automotive, Inc.		4,500		474,570
PetSmart, Inc.		3,860		224,884
12RadioShack Corp.		3,660		18,959
Ross Stores, Inc.		7,680		473,011
*Sally Beauty Holdings, Inc.		200		5,320
Signet Jewelers Ltd.		1,420		69,253
Staples, Inc.		13,810		212,674
Tiffany & Co.		4,890		334,769

Description	Number of Shares		Value
TJX Cos., Inc.		23,040	$	960,998
Tractor Supply Co.		2,800		275,548
Ulta Salon Cosmetics & Fragrance, Inc.		200		17,636
*Urban Outfitters, Inc.		4,060		117,578
Williams-Sonoma, Inc.		3,640		140,832
			$	9,115,073
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Coach, Inc.		8,650		632,834
*Fossil, Inc.		1,600		209,072
NIKE, Inc.		10,560		1,181,347
PVH Corp.		1,580		140,304
Ralph Lauren Corp.		1,900		327,313
*Under Armour, Inc.		100		9,793
VF Corp.		1,550		235,678
			$	2,736,341
TOTAL CONSUMER DISCRETIONARY			$	47,515,426
CONSUMER STAPLES – 10.1%
BEVERAGES – 2.5%
Beam, Inc.		4,760		270,273
Brown-Forman Corp.		3,398		293,417
Coca-Cola Co.		58,741		4,483,113
Coca-Cola Enterprises, Inc.		13,240		398,789
*Constellation Brands, Inc.		4,630		100,008
Dr Pepper Snapple Group, Inc.		4,250		172,465
Molson Coors Brewing Co.		3,650		151,767
*Monster Beverage Corp.		3,568		231,777
PepsiCo, Inc.		46,899		3,095,334
			$	9,196,943
FOOD & STAPLES RETAILING – 2.0%
Costco Wholesale Corp.		11,860		1,045,696
CVS Caremark Corp.		28,200		1,258,284
Kroger Co.		12,336		287,059
12Safeway, Inc.		6,550		133,161
12SUPERVALU, Inc.		3,900		23,166
Sysco Corp.		13,490		389,861
Walgreen Co.		29,120		1,020,947
Wal-Mart Stores, Inc.		49,833		2,935,662
Whole Foods Market, Inc.		5,570		462,700
			$	7,556,536
FOOD PRODUCTS – 1.6%
Archer-Daniels-Midland Co.		15,240		469,849
Bunge Ltd.		1,370		88,365
Campbell Soup Co.		1,056		35,724
ConAgra Foods, Inc.		9,330		240,901
Corn Products International, Inc.		2,270		129,526

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 29

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Dean Foods Co.		6,660	$	81,785
Flowers Foods, Inc.		6,225		133,526
General Mills, Inc.		14,384		559,394
*Green Mountain Coffee Roasters, Inc.		3,940		192,075
Hershey Co.		4,640		310,926
HJ Heinz Co.		7,380		393,428
Hormel Foods Corp.		3,460		100,548
JM Smucker Co.		2,799		222,884
Kellogg Co.		7,140		361,070
Kraft Foods, Inc.		35,287		1,406,893
McCormick & Co., Inc.		5,030		281,227
Mead Johnson Nutrition Co.		5,250		449,190
*Post Holdings, Inc.		625		18,594
*Ralcorp Holdings, Inc.		1,250		91,012
Sara Lee Corp.		18,000		396,720
*Smithfield Foods, Inc.		4,810		100,818
Tyson Foods, Inc.		6,100		111,325
			$	6,175,780
HOUSEHOLD PRODUCTS – 1.7%
Church & Dwight Co., Inc.		5,692		289,154
Clorox Co.		2,068		144,967
Colgate-Palmolive Co.		13,688		1,354,291
*Energizer Holdings, Inc.		2,290		163,346
Kimberly-Clark Corp.		10,340		811,380
Procter & Gamble Co.		57,106		3,634,226
			$	6,397,364
PERSONAL PRODUCTS – 0.3%
Avon Products, Inc.		16,170		349,272
Estee Lauder Cos., Inc.		7,580		495,353
Herbalife Ltd.		3,960		278,467
			$	1,123,092
TOBACCO – 2.0%
Altria Group, Inc.		59,650		1,921,326
Lorillard, Inc.		2,940		397,753
Philip Morris International, Inc.		53,760		4,812,058
Reynolds American, Inc.		10,040		409,933
			$	7,541,070
TOTAL CONSUMER STAPLES			$	37,990,785
ENERGY – 10.7%
ENERGY EQUIPMENT & SERVICES – 2.0%
*Atwood Oceanics, Inc.		2,650		117,474
Baker Hughes, Inc.		11,400		502,854
*Cameron International Corp.		7,180		367,975
12CARBO Ceramics, Inc.		700		58,863
12Core Laboratories NV		1,500		205,470

Description	Number of Shares		Value
12Diamond Offshore Drilling, Inc.		1,440	$	98,712
*Dresser-Rand Group, Inc.		2,070		100,768
*FMC Technologies, Inc.		7,760		364,720
Halliburton Co.		26,530		907,857
Helmerich & Payne, Inc.		3,080		158,281
*McDermott International, Inc.		5,080		57,404
*Nabors Industries, Ltd.		7,430		123,710
National Oilwell Varco, Inc.		9,155		693,583
Oceaneering International, Inc.		3,480		179,672
*Oil States International, Inc.		1,360		108,229
Patterson-UTI Energy, Inc.		4,330		70,016
*Rowan Cos., Inc.		3,240		111,877
12RPC, Inc.		450		4,653
Schlumberger Ltd.		41,584		3,083,038
*SEACOR Holdings, Inc.		660		61,334
*Superior Energy Services, Inc.		2,740		73,761
Tidewater, Inc.		1,660		91,350
*Unit Corp.		220		9,295
			$	7,550,896
OIL, GAS & CONSUMABLE FUELS - 8.7%
*Alpha Natural Resources, Inc.		7,134		115,071
Anadarko Petroleum Corp.		10,850		794,328
Apache Corp.		9,173		880,058
12Arch Coal, Inc.		5,590		54,558
Cabot Oil & Gas Corp.		6,240		219,274
Chesapeake Energy Corp.		12,000		221,280
Chevron Corp.		44,800		4,773,888
Cimarex Energy Co.		2,750		190,052
*Cobalt International Energy, Inc.		3,900		104,364
*Concho Resources, Inc.		3,280		351,550
ConocoPhillips		29,460		2,110,220
CONSOL Energy, Inc.		6,850		227,694
*Continental Resources, Inc.		1,360		121,380
*Denbury Resources, Inc.		12,115		230,670
Devon Energy Corp.		8,700		607,695
El Paso Corp.		25,540		757,772
Energen Corp.		830		43,475
EOG Resources, Inc.		8,000		878,480
EQT Corp		3,450		171,879
12EXCO Resources, Inc.		2,470		18,130
Exxon Mobil Corp.		139,283		12,025,694
*Forest Oil Corp.		3,600		47,952
Hess Corp.		5,690		296,677
HollyFrontier Corp		5,240		161,497
12Kinder Morgan, Inc.		4,200		150,780
*Lone Pine Resources, Inc.		2,204		13,136
Marathon Oil Corp.		17,330		508,462

(Wilmington Large-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

30 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Marathon Petroleum Corp.		7,765	$	323,102
Murphy Oil Corp.		3,650		200,640
*Newfield Exploration Co.		4,260		152,934
Noble Energy, Inc.		4,360		433,035
Occidental Petroleum Corp.		19,600		1,787,912
Peabody Energy Corp.		9,070		282,168
Pioneer Natural Resources Co.		3,720		430,850
*Plains Exploration & Production Co.		2,591		105,842
QEP Resources Inc		5,000		154,050
*,12Quicksilver Resources, Inc.		5,790		27,213
Range Resources Corp.		3,850		256,641
*,12Sandridge Energy, Inc.		15,730		125,683
SM Energy Co.		1,570		103,793
*Southwestern Energy Co.		9,028		285,104
Spectra Energy Corp.		13,700		421,138
Sunoco, Inc.		2,400		118,296
Teekay Corp.		520		18,772
*Tesoro Corp.		2,340		54,405
*Ultra Petroleum Corp.		5,500		108,680
Valero Energy Corp.		11,570		285,779
*Whiting Petroleum Corp.		3,500		200,200
Williams Cos., Inc.		12,150		413,464
*WPX Energy, Inc.		5,116		89,888
			$	32,455,605
TOTAL ENERGY			$	40,006,501
FINANCIALS – 13.2%
CAPITAL MARKETS – 1.9%
*Affiliated Managers Group, Inc.		1,470		167,021
*American Capital Ltd.		11,200		111,216
Ameriprise Financial, Inc.		5,240		284,060
Ares Capital Corp.		7,500		120,300
Bank of New York Mellon Corp.		26,670		630,745
BlackRock, Inc.		2,060		394,655
Charles Schwab Corp.		28,470		407,121
*E*TRADE Financial Corp.		4,900		52,087
Eaton Vance Corp.		670		17,621
12Federated Investors, Inc.		3,970		87,658
Franklin Resources, Inc.		4,880		612,489
Goldman Sachs Group, Inc.		10,990		1,265,499
Greenhill & Co., Inc.		960		37,296
Invesco Ltd.		8,870		220,331
Janus Capital Group, Inc.		6,350		48,133
Jefferies Group, Inc.		3,260		51,932
Lazard Ltd.		3,950		108,665
Legg Mason, Inc.		3,910		101,934
*LPL Investment Holdings, Inc.		3,700		132,793

Description	Number of Shares		Value
Morgan Stanley		33,796	$	583,995
Northern Trust Corp.		4,880		232,239
Raymond James Financial, Inc.		2,010		73,606
SEI Investments Co.		1,940		39,169
State Street Corp.		10,020		463,124
T Rowe Price Group, Inc.		8,280		522,592
TD Ameritrade Holding Corp.		5,650		106,163
Waddell & Reed Financial, Inc.		2,740		87,625
			$	6,960,069
COMMERCIAL BANKS – 2.3%
Associated Banc-Corp.		5,285		70,449
Bank of Hawaii Corp.		770		37,645
BB&T Corp.		13,790		441,832
BOK Financial Corp.		320		18,250
CapitalSource, Inc.		4,820		31,089
*CIT Group, Inc.		3,600		136,260
City National Corp.		940		50,064
Comerica, Inc.		3,630		116,233
Commerce Bancshares, Inc.		464		18,606
Cullen/Frost Bankers, Inc.		1,440		84,902
East West Bancorp, Inc.		6,500		148,005
Fifth Third Bancorp		19,900		283,177
First Citizens Bancshares, Inc.		50		8,665
First Horizon National Corp.		6,384		58,605
First Niagara Financial Group, Inc.		10,030		89,668
Fulton Financial Corp.		7,410		77,731
Huntington Bancshares, Inc.		21,541		144,109
KeyCorp		16,870		135,635
9M&T Bank Corp.		2,210		190,657
PNC Financial Services Group, Inc.		11,360		753,395
*Popular, Inc.		42,000		74,760
Regions Financial Corp.		26,656		179,661
SunTrust Banks, Inc.		10,880		264,166
Synovus Financial Corp.		15,640		32,844
TCF Financial Corp.		4,310		49,436
US Bancorp		40,720		1,309,962
Valley National Bancorp		5,355		67,473
Wells Fargo & Co.		108,705		3,634,008
Zions Bancorporation		5,090		103,785
			$	8,611,072
CONSUMER FINANCE – 0.8%
American Express Co.		27,160		1,635,304
Capital One Financial Corp.		8,000		443,840
Discover Financial Services		16,080		545,112

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 31

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*,12Green Dot Corp.		2,000	$	52,780
SLM Corp.		11,460		169,952
			$	2,846,988
DIVERSIFIED FINANCIAL SERVICES – 2.4%
Bank of America Corp.		231,690		1,879,006
CBOE Holdings, Inc.		500		13,220
Citigroup, Inc.		60,902		2,012,202
CME Group, Inc.		960		255,187
*IntercontinentalExchange, Inc.		2,100		279,384
JPMorgan Chase & Co.		84,720		3,641,266
Leucadia National Corp.		5,070		126,040
Moody’s Corp.		7,840		321,048
*MSCI, Inc.		2,520		92,207
*NASDAQ Omx Group, Inc.		3,830		94,103
NYSE Euronext		6,920		178,190
			$	8,891,853
INSURANCE – 3.0%
ACE Ltd.		7,700		584,969
Aflac, Inc.		10,350		466,164
*Alleghany Corp.		256		87,782
Allied World Assurance Co. Holdings AG		930		66,923
Allstate Corp.		10,580		352,631
American Financial Group, Inc.		3,800		147,896
*American International Group, Inc.		7,150		243,315
American National Insurance Co.		60		4,212
Aon PLC		7,350		380,730
*Arch Capital Group Ltd.		3,540		139,051
Arthur J Gallagher & Co.		3,880		145,733
Aspen Insurance Holdings, Ltd.		190		5,381
Assurant, Inc.		2,530		102,060
Assured Guaranty Ltd.		6,100		86,498
Axis Capital Holdings Ltd.		3,280		111,586
*Berkshire Hathaway, Inc.		36,206		2,912,773
Brown & Brown, Inc.		2,170		58,525
Chubb Corp.		6,650		485,916
Cincinnati Financial Corp.		4,606		164,066
CNA Financial Corp.		1,050		32,151
Endurance Specialty Holdings Ltd.		200		8,036
Erie Indemnity Co.		270		20,763
Everest Re Group Ltd.		1,770		175,407
Fidelity National Financial, Inc.		6,220		119,859
*Genworth Financial, Inc.		8,760		52,648
Hanover Insurance Group, Inc.		2,500		100,900
Hartford Financial Services Group, Inc.		7,590		155,975
HCC Insurance Holdings, Inc.		870		27,805
Kemper Corp.		370		11,096

Description	Number of Shares		Value
Lincoln National Corp.		8,070	$	199,894
Loews Corp.		5,290		217,578
*Markel Corp.		180		79,250
Marsh & McLennan Cos., Inc.		14,040		469,638
*,12MBIA, Inc.		1,650		16,632
Mercury General Corp.		370		16,720
MetLife, Inc.		18,001		648,576
Old Republic International Corp.		6,600		65,670
PartnerRe Ltd.		2,170		151,075
Principal Financial Group, Inc.		4,690		129,772
Progressive Corp.		10,280		218,964
Protective Life Corp.		1,130		33,064
Prudential Financial, Inc.		8,630		522,460
Reinsurance Group of America, Inc.		1,690		98,257
RenaissanceRe Holdings Ltd.		1,320		103,039
StanCorp Financial Group, Inc.		2,140		82,133
Torchmark Corp.		2,730		132,978
Travelers Cos., Inc.		7,080		455,386
Unum Group		2,110		50,091
Validus Holdings Ltd.		3,370		109,525
White Mountains Insurance Group Ltd.		160		83,680
WR Berkley Corp.		3,580		134,823
XL Group PLC		6,420		138,094
			$	11,408,150
REAL ESTATE INVESTMENT TRUSTS – 2.6%
Alexandria Real Estate Equities, Inc.		440		32,965
American Capital Agency Corp.		2,700		84,348
American Tower Corp.		12,110		794,174
Annaly Capital Management, Inc.		12,250		199,920
Apartment Investment & Management Co.		3,970		107,785
AvalonBay Communities, Inc.		2,622		381,239
Boston Properties, Inc.		4,150		449,237
Brandywine Realty Trust		1,130		13,402
BRE Properties, Inc.		1,100		57,750
Camden Property Trust		1,970		133,310
Chimera Investment Corp.		40,700		117,623
CommonWealth REIT		3,742		70,163
Corporate Office Properties Trust		1,820		42,861
DDR Corp.		2,800		41,440
Digital Realty Trust, Inc.		4,660		349,919
Douglas Emmett, Inc.		4,410		102,488
Duke Realty Corp.		6,310		93,514
Equity Residential		7,350		451,584
Essex Property Trust, Inc.		1,050		165,868
Federal Realty Investment Trust		1,170		117,772
General Growth Properties, Inc.		16,243		289,125

(Wilmington Large-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

32 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Hospitality Properties Trust		4,650	$	128,247
HCP, Inc.		8,070		334,502
Health Care REIT, Inc.		4,220		239,105
Host Hotels & Resorts, Inc.		12,540		208,666
Kimco Realty Corp.		6,880		133,541
Liberty Property Trust		1,340		48,843
Macerich Co.		2,510		154,541
Mack-Cali Realty Corp.		2,630		75,534
Piedmont Office Realty Trust, Inc.		3,300		58,542
Plum Creek Timber Co., Inc.		3,210		134,948
Prologis, Inc.		9,810		351,002
Public Storage		4,560		653,266
Rayonier, Inc.		3,915		177,545
Realty Income Corp.		3,910		153,819
Regency Centers Corp.		2,060		92,618
*,12Rouse Properties, Inc.		609		8,185
Senior Housing Properties Trust		3,140		69,331
Simon Property Group, Inc.		8,433		1,312,175
SL Green Realty Corp.		1,990		164,056
Taubman Centers, Inc.		1,850		142,783
UDR, Inc.		3,980		104,793
Ventas, Inc.		6,866		403,652
Vornado Realty Trust		2,773		238,034
Weingarten Realty Investors		3,560		94,554
Weyerhaeuser Co.		14,010		285,244
			$	9,864,013
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
*CBRE Group, Inc.		8,910		167,597
*Forest City Enterprises, Inc.		3,200		51,040
*Howard Hughes Corp.		658		44,158
Jones Lang LaSalle, Inc.		1,270		101,524
*,12St Joe Co.		2,820		50,281
			$	414,600
THRIFTS & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.		2,432		17,170
New York Community Bancorp, Inc.		9,640		130,044
People’s United Financial, Inc.		7,600		93,784
*TFS Financial Corp.		250		2,457
Washington Federal, Inc.		4,670		81,912
			$	325,367
TOTAL FINANCIALS			$	49,322,112
HEALTH CARE – 11.0%
BIOTECHNOLOGY – 1.6%
*Alexion Pharmaceuticals, Inc.		5,540		500,373
Amgen, Inc.		16,184		1,150,844

Description	Number of Shares		Value
*Amylin Pharmaceuticals, Inc.		4,380	$	113,486
*Biogen Idec, Inc.		7,200		964,872
*BioMarin Pharmaceutical, Inc.		1,900		65,930
*Celgene Corp.		13,783		1,005,056
*,12Dendreon Corp.		1,960		22,834
*Gilead Sciences, Inc.		24,027		1,249,644
*,12Human Genome Sciences, Inc.		5,500		80,905
*Myriad Genetics, Inc.		2,310		60,083
*Regeneron Pharmaceuticals, Inc.		2,400		324,624
*United Therapeutics Corp.		1,340		58,625
*Vertex Pharmaceuticals, Inc.		6,183		237,922
			$	5,835,198
HEALTH CARE EQUIPMENT & SUPPLIES – 2.0%
*Alere, Inc.		2,650		63,308
Baxter International, Inc.		16,150		894,872
Becton Dickinson & Co.		6,160		483,252
*,12Boston Scientific Corp.		21,000		131,460
*CareFusion Corp.		4,900		126,959
Cooper Cos., Inc.		2,050		180,749
Covidien PLC		14,300		789,789
CR Bard, Inc.		3,380		334,485
DENTSPLY International, Inc.		3,670		150,690
*Edwards Lifesciences Corp.		3,286		272,639
*Gen-Probe, Inc.		1,610		131,295
Hill-Rom Holdings, Inc.		2,260		73,337
*Hologic, Inc.		8,040		153,725
*IDEXX Laboratories, Inc.		1,790		157,395
*Intuitive Surgical, Inc.		1,300		751,660
Medtronic, Inc.		32,260		1,232,332
*ResMed, Inc.		4,620		157,126
St Jude Medical, Inc.		10,270		397,654
Stryker Corp.		9,400		512,958
Teleflex, Inc.		1,160		72,697
*Thoratec Corp.		2,100		73,101
*Varian Medical Systems, Inc.		4,050		256,851
Zimmer Holdings, Inc.		3,010		189,419
			$	7,587,753
HEALTH CARE PROVIDERS & SERVICES – 2.2%
Aetna, Inc.		9,220		406,049
*AMERIGROUP Corp.		200		12,352
AmerisourceBergen Corp.		10,570		393,310
*Brookdale Senior Living, Inc.		470		8,935
Cardinal Health, Inc.		12,730		538,097
Cigna Corp.		7,890		364,755
*Community Health Systems, Inc.		290		7,059

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Coventry Health Care, Inc.		3,890	$	116,661
*DaVita, Inc.		3,294		291,783
*Express Scripts Holding Co.		25,662		1,431,683
HCA Holdings, Inc.		5,500		148,060
*Health Management Associates, Inc.		3,700		26,640
*Health Net, Inc.		1,220		43,444
*Henry Schein, Inc.		3,760		288,542
Humana, Inc.		3,970		320,300
*Laboratory Corp. of America Holdings		3,110		273,338
*LifePoint Hospitals, Inc.		2,330		90,917
Lincare Holdings, Inc.		3,870		94,428
McKesson Corp.		9,470		865,653
*MEDNAX, Inc.		1,370		96,229
Omnicare, Inc.		1,959		68,252
Patterson Cos., Inc.		970		33,067
Quest Diagnostics, Inc.		4,650		268,258
*Tenet Healthcare Corp.		9,700		50,343
UnitedHealth Group, Inc.		23,170		1,300,996
Universal Health Services, Inc.		3,380		144,360
*VCA Antech, Inc.		70		1,656
WellPoint, Inc.		7,110		482,200
			$	8,167,367
HEALTH CARE TECHNOLOGY – 0.1%
*Allscripts Healthcare Solutions, Inc.		4,700		52,076
*Cerner Corp.		4,820		390,854
*SXC Health Solutions Corp.		1,000		90,580
			$	533,510
LIFE SCIENCES TOOLS & SERVICES – 0.5%
Agilent Technologies, Inc.		9,890		417,160
*Bio-Rad Laboratories Inc		890		96,111
*Charles River Laboratories International, Inc.		1,920		68,218
*Covance, Inc.		240		11,222
*,12Illumina, Inc.		2,200		97,966
*Life Technologies Corp.		3,031		140,517
*Mettler-Toledo International, Inc.		920		164,974
PerkinElmer, Inc.		3,470		95,772
*QIAGEN NV		5,600		93,688
Techne Corp.		1,731		115,873
Thermo Fisher Scientific, Inc.		7,420		412,923
*Waters Corp.		2,810		236,349
			$	1,950,773
PHARMACEUTICALS – 4.6%
Abbott Laboratories		46,009		2,855,319
Allergan, Inc.		9,240		887,040
Bristol-Myers Squibb Co.		34,700		1,157,939
Eli Lilly & Co.		24,090		997,085

Description	Number of Shares		Value
*Endo Pharmaceuticals Holdings, Inc.		3,410	$	119,827
*Forest Laboratories, Inc.		5,230		182,161
*Hospira, Inc.		4,270		149,962
Johnson & Johnson		59,420		3,867,648
Merck & Co., Inc.		62,746		2,462,153
*Mylan, Inc.		12,130		263,342
Perrigo Co.		2,060		216,094
Pfizer, Inc.		170,007		3,898,261
*Valeant Pharmaceuticals International, Inc.		2		111
*Warner Chilcott PLC		7,500		163,125
*Watson Pharmaceuticals, Inc.		2,220		167,299
			$	17,387,366
TOTAL HEALTH CARE			$	41,461,967
INDUSTRIALS – 11.0%
AEROSPACE & DEFENSE – 2.5%
Alliant Techsystems, Inc.		1,020		54,366
*BE Aerospace, Inc.		2,900		136,387
Boeing Co.		20,390		1,565,952
Exelis, Inc.		5,070		58,457
General Dynamics Corp.		7,410		500,175
Goodrich Corp.		2,730		342,506
Honeywell International, Inc.		25,470		1,545,010
*Huntington Ingalls Industries, Inc.		1,645		64,895
L-3 Communications Holdings, Inc.		1,710		125,753
Lockheed Martin Corp.		6,450		583,983
Northrop Grumman Corp.		5,470		346,142
Precision Castparts Corp.		4,990		880,086
Raytheon Co.		7,620		412,547
Rockwell Collins, Inc.		2,870		160,404
*Spirit Aerosystems Holdings, Inc.		1,940		48,500
Textron, Inc.		6,370		169,697
*Transdigm Group, Inc.		1,290		162,695
United Technologies Corp.		28,060		2,290,818
			$	9,448,373
AIR FREIGHT & LOGISTICS – 0.8%
CH Robinson Worldwide, Inc.		5,284		315,666
Expeditors International of Washington, Inc.		4,880		195,200
FedEx Corp.		6,560		578,854
United Parcel Service, Inc.		23,350		1,824,569
UTi Worldwide Inc		6,600		110,022
			$	3,024,311
AIRLINES – 0.2%
Copa Holdings SA		720		58,543
*Delta Air Lines, Inc.		20,020		219,419
Southwest Airlines Co.		20,930		173,300
*United Continental Holdings, Inc.		9,933		217,731
			$	668,993

(Wilmington Large-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

34 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
BUILDING PRODUCTS – 0.1%
Armstrong World Industries, Inc.		40	$	1,762
*Fortune Brands Home & Security, Inc.		4,760		108,242
Lennox International, Inc.		1,490		64,666
Masco Corp.		9,130		120,333
*Owens Corning		3,190		109,577
			$	404,580
COMMERCIAL SERVICES & SUPPLIES – 0.4%
Avery Dennison Corp.		2,710		86,666
Cintas Corp.		3,520		137,878
*Copart, Inc.		1,880		49,651
*Corrections Corp. of America		3,600		104,004
Covanta Holding Corp.		6,310		101,276
Iron Mountain, Inc.		480		14,578
*KAR Auction Services, Inc.		100		1,840
12Pitney Bowes, Inc.		2,430		41,626
Republic Services, Inc.		4,640		126,997
12RR Donnelley & Sons Co.		6,570		82,191
*Stericycle, Inc.		2,852		246,983
Waste Connections, Inc.		5,175		166,790
Waste Management, Inc.		8,940		305,748
			$	1,466,228
CONSTRUCTION & ENGINEERING – 0.2%
*AECOM Technology Corp.		1,800		39,726
Chicago Bridge & Iron Co. NV		1,600		71,072
Fluor Corp.		5,270		304,342
*Jacobs Engineering Group, Inc.		3,550		155,597
KBR, Inc.		5,170		175,056
*Quanta Services, Inc.		510		11,281
*Shaw Group, Inc.		2,340		70,832
URS Corp.		2,220		91,708
			$	919,614
ELECTRICAL EQUIPMENT – 0.8%
AMETEK, Inc.		4,520		227,492
*Babcock & Wilcox Co.		2,940		72,324
Cooper Industries PLC		5,200		325,364
Emerson Electric Co.		23,590		1,239,419
*General Cable Corp.		960		28,262
*GrafTech International Ltd.		5,400		63,396
Hubbell, Inc.		1,590		127,582
*,12Polypore International, Inc.		1,700		63,495
Regal-Beloit Corp.		600		40,584
Rockwell Automation, Inc.		5,120		395,981

Description	Number of Shares		Value
Roper Industries, Inc.		3,210	$	327,099
*Thomas & Betts Corp.		730		52,494
			$	2,963,492
INDUSTRIAL CONGLOMERATES – 2.1%
3M Co.		19,810		1,770,222
Carlisle Cos., Inc.		1,890		104,063
Danaher Corp.		18,580		1,007,408
General Electric Co.		225,820		4,421,556
Tyco International Ltd.		9,600		538,848
			$	7,842,097
MACHINERY – 2.6%
*AGCO Corp.		2,760		128,533
Caterpillar, Inc.		19,800		2,034,846
*,12CNH Global NV		2,000		91,540
Crane Co.		2,450		108,119
Cummins, Inc.		5,420		627,799
Deere & Co.		13,450		1,107,742
Donaldson Co., Inc.		4,860		168,448
Dover Corp.		5,860		367,188
Eaton Corp.		8,700		419,166
Flowserve Corp.		1,140		131,020
Gardner Denver, Inc.		1,030		67,094
Graco, Inc.		2,140		114,083
Harsco Corp.		1,810		40,363
IDEX Corp.		2,120		91,817
Illinois Tool Works, Inc.		12,900		740,202
Ingersoll-Rand PLC		8,500		361,420
ITT Corp.		2,535		56,936
Joy Global, Inc.		3,280		232,126
Kennametal, Inc.		2,650		111,910
Lincoln Electric Holdings, Inc.		2,600		127,426
Manitowoc Co., Inc.		3,910		54,153
*Navistar International Corp.		1,680		57,036
*Oshkosh Corp.		2,890		65,979
PACCAR, Inc.		11,390		489,314
Pall Corp.		3,170		188,964
Parker Hannifin Corp.		4,500		394,605
Pentair, Inc.		2,320		100,549
Snap-On, Inc.		1,780		111,321
SPX Corp.		1,230		94,439
Stanley Black & Decker, Inc.		3,320		242,891
*Terex Corp.		2,030		45,959
Timken Co.		2,400		135,624
Toro Co.		1,570		112,192
Trinity Industries, Inc.		1,080		31,968
Valmont Industries, Inc.		1,060		131,366

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*WABCO Holdings, Inc.		2,050	$	129,212
Wabtec Corp.		910		70,780
Xylem, Inc.		1,270		35,408
			$	9,619,538
MARINE – 0.0%**
Alexander & Baldwin, Inc.		260		13,302
*Kirby Corp.		1,500		99,555
			$	112,857
PROFESSIONAL SERVICES INDUSTRY – 0.3%
Dun & Bradstreet Corp.		1,830		142,337
Equifax, Inc.		4,060		186,029
*IHS, Inc.		2,140		216,290
Manpower, Inc.		1,860		79,236
*Nielsen Holdings NV		2,100		61,362
Robert Half International, Inc.		4,810		143,338
Towers Watson & Co.		800		52,320
*Verisk Analytics, Inc.		1,200		58,740
			$	939,652
ROAD & RAIL – 0.8%
Con-way, Inc.		1,840		59,800
CSX Corp.		31,200		696,072
*Hertz Global Holdings, Inc.		8,050		124,051
JB Hunt Transport Services, Inc.		4,580		253,411
Kansas City Southern		2,800		215,656
Landstar System, Inc.		1,590		85,176
Norfolk Southern Corp.		5,160		376,319
Ryder System, Inc.		1,640		79,901
Union Pacific Corp.		11,460		1,288,562
			$	3,178,948
TRADING COMPANIES & DISTRIBUTORS – 0.2%
Fastenal Co.		9,660		452,281
GATX Corp.		290		12,432
MSC Industrial Direct Co., Inc.		1,390		102,457
*WESCO International, Inc.		380		25,228
WW Grainger, Inc.		1,510		313,808
			$	906,206
TOTAL INDUSTRIALS			$	41,494,889
INFORMATION TECHNOLOGY – 21.4%
COMMUNICATIONS EQUIPMENT – 1.9%
*Acme Packet, Inc.		1,600		44,912
*Brocade Communications Systems, Inc.		8,790		48,697
*Ciena Corp.		4,740		70,247
Cisco Systems, Inc.		112,720		2,271,308

Description	Number of Shares		Value
*EchoStar Corp.		270	$	7,843
*F5 Networks, Inc.		2,810		376,343
Harris Corp.		1,540		70,132
*JDS Uniphase Corp.		5,850		71,077
*Juniper Networks, Inc.		15,840		339,451
*Motorola Mobility Holdings, Inc.		3,842		149,146
Motorola Solutions, Inc.		7,790		397,524
*Polycom, Inc.		3,200		42,464
QUALCOMM, Inc.		51,500		3,287,760
*Riverbed Technology, Inc.		4,200		82,866
Tellabs, Inc.		1,800		6,786
			$	7,266,556
COMPUTERS & PERIPHERALS – 5.7%
*Apple, Inc.		28,440		16,615,786
*Dell, Inc.		40,350		660,529
Diebold, Inc.		3,073		121,230
*EMC Corp.		64,770		1,827,162
Hewlett-Packard Co.		42,490		1,052,052
Lexmark International, Inc.		2,230		67,123
*NCR Corp.		5,320		125,020
*NetApp, Inc.		11,943		463,747
*QLogic Corp.		4,890		84,352
*SanDisk Corp.		3,850		142,489
*Western Digital Corp.		4,680		181,631
			$	21,341,121
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.5%
Amphenol Corp.		5,350		311,049
*Arrow Electronics, Inc.		3,540		148,857
*Avnet, Inc.		4,960		178,957
AVX Corp.		200		2,540
Corning, Inc.		33,140		475,559
*Dolby Laboratories, Inc.		1,350		52,960
FLIR Systems, Inc.		3,390		76,139
*Ingram Micro, Inc.		4,200		81,732
*IPG Photonics Corp.		100		4,840
*Itron, Inc.		70		2,856
Jabil Circuit, Inc.		5,240		122,878
Molex, Inc.		3,650		100,703
National Instruments Corp.		2,880		78,336
*Tech Data Corp.		1,700		91,443
*Trimble Navigation Ltd.		3,850		208,439
*Vishay Intertechnology, Inc.		2,370		26,591
			$	1,963,879

(Wilmington Large-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

36 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
INTERNET SOFTWARE & SERVICES – 1.9%
*Akamai Technologies, Inc.		4,850	$	158,110
*AOL, Inc.		3,431		85,912
*eBay, Inc.		31,620		1,298,001
*Equinix, Inc.		1,090		178,978
*Google, Inc.		7,685		4,651,193
IAC/InterActiveCorp		1,130		54,409
*Monster Worldwide, Inc.		6,120		52,816
*Rackspace Hosting, Inc.		2,800		162,652
VeriSign, Inc.		3,950		162,384
*,12VistaPrint NV		600		22,374
*WebMD Health Corp.		2,353		53,531
*Yahoo!, Inc.		26,970		419,114
			$	7,299,474
IT SERVICES – 4.4%
Accenture PLC		21,100		1,370,445
*Alliance Data Systems Corp.		2,090		268,544
*Amdocs Ltd.		2,720		87,040
Automatic Data Processing, Inc.		14,230		791,473
Broadridge Financial Solutions, Inc.		3,630		84,252
*Cognizant Technology Solutions Corp.		10,070		738,332
Computer Sciences Corp.		3,600		101,016
*CoreLogic, Inc.		180		3,006
DST Systems, Inc.		170		9,517
Fidelity National Information Services, Inc.		4,143		139,495
*Fiserv, Inc.		5,430		381,675
*FleetCor Technologies, Inc.		600		23,730
*Gartner, Inc.		1,700		74,460
*Genpact Ltd.		400		6,672
Global Payments, Inc.		3,250		150,898
International Business Machines Corp.		37,580		7,782,066
Lender Processing Services, Inc.		270		7,169
Mastercard, Inc.		3,180		1,438,219
*NeuStar, Inc.		3,350		121,772
Paychex, Inc.		9,570		296,479
*Teradata Corp.		5,770		402,631
Total System Services, Inc.		4,520		106,310
*VeriFone Systems, Inc.		2,600		123,864
Visa, Inc.		12,830		1,577,833
Western Union Co.		19,790		363,740
			$	16,450,638
OFFICE ELECTRONICS – 0.1%
Xerox Corp.		29,060		226,087
*Zebra Technologies Corp.		350		13,577
			$	239,664

Description	Number of Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%
*Advanced Micro Devices, Inc.		12,850	$	94,576
Altera Corp.		10,530		374,552
Analog Devices, Inc.		11,720		456,846
Applied Materials, Inc.		31,580		378,644
*Atmel Corp.		11,220		99,521
Avago Technologies Ltd.		4,600		158,608
*Broadcom Corp.		14,930		546,438
*,12Cree, Inc.		3,430		105,987
*Cypress Semiconductor Corp.		5,630		87,265
*Fairchild Semiconductor International, Inc.		1,810		25,648
*,12First Solar, Inc.		1,280		23,552
Intel Corp.		103,670		2,944,228
*International Rectifier Corp.		410		8,950
Intersil Corp.		900		9,243
KLA-Tencor Corp.		5,150		268,572
*,12Lam Research Corp.		4,810		200,336
Linear Technology Corp.		2,970		97,149
*LSI Corp.		7,300		58,692
*Marvell Technology Group Ltd.		11,030		165,560
Maxim Integrated Products, Inc.		11,920		352,594
*MEMC Electronic Materials, Inc.		6,540		23,479
Microchip Technology, Inc.		7,240		255,862
*Micron Technology, Inc.		15,670		103,265
*Novellus Systems, Inc.		1,040		48,620
*NVIDIA Corp.		20,280		263,640
*ON Semiconductor Corp.		10,170		84,004
*PMC—Sierra, Inc.		7,550		53,378
*Silicon Laboratories, Inc.		1,380		48,976
*Skyworks Solutions, Inc.		4,800		130,272
*,12SunPower Corp		91		511
*Teradyne, Inc.		3,450		59,374
Texas Instruments, Inc.		33,450		1,068,393
Xilinx, Inc.		8,200		298,316
			$	8,895,051
SOFTWARE – 4.5%
Activision Blizzard, Inc.		8,770		112,870
*Adobe Systems, Inc.		14,080		472,525
*ANSYS, Inc.		2,280		152,920
*Autodesk, Inc.		7,930		312,204
*BMC Software, Inc.		5,650		233,119
CA, Inc.		7,980		210,832
*Cadence Design Systems, Inc.		12,310		143,658
*Citrix Systems, Inc.		6,130		524,789
*Compuware Corp.		1,080		9,418
*Electronic Arts, Inc.		9,460		145,495

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
FactSet Research Systems, Inc.		1,540	$	161,484
*Fortinet, Inc.		4,000		104,480
*Informatica Corp.		3,500		161,070
Intuit, Inc.		10,240		593,613
*MICROS Systems, Inc.		3,020		171,627
Microsoft Corp.		228,240		7,308,245
*Nuance Communications, Inc.		7,200		175,968
Oracle Corp.		118,600		3,485,654
*Red Hat, Inc.		6,330		377,331
*Rovi Corp.		1,650		47,190
*Salesforce.Com, Inc.		4,220		657,181
Solera Holdings, Inc.		3,000		134,820
*Symantec Corp.		27,320		451,326
*Synopsys, Inc.		5,700		171,057
*TIBCO Software, Inc.		4,300		141,470
*Vmware, Inc.		2,310		258,073
			$	16,718,419
TOTAL INFORMATION TECHNOLOGY			$	80,174,802
MATERIALS – 4.2%
CHEMICALS – 2.7%
Air Products & Chemicals, Inc.		6,370		544,571
Airgas, Inc.		1,960		179,614
Albemarle Corp.		3,080		201,124
Ashland, Inc.		440		28,983
Cabot Corp.		2,560		110,413
Celanese Corp.		5,570		269,922
CF Industries Holdings, Inc.		1,623		313,336
Cytec Industries, Inc.		980		62,299
Dow Chemical Co.		23,150		784,322
Eastman Chemical Co.		6,200		334,614
Ecolab, Inc.		9,277		590,852
EI du Pont de Nemours & Co.		29,630		1,584,020
FMC Corp.		1,830		202,124
Huntsman Corp.		7,270		102,943
International Flavors & Fragrances, Inc.		1,600		96,336
*Intrepid Potash, Inc.		100		2,485
Lyondellbasell Industries NV		6,300		263,214
Monsanto Co.		16,750		1,276,015
Mosaic Co.		7,650		404,073
PPG Industries, Inc.		5,620		591,449
Praxair, Inc.		9,150		1,058,655
*Rockwood Holdings, Inc.		2,000		110,680
RPM International, Inc.		3,760		99,903
Scotts Miracle-Gro Co.		1,470		77,028
Sherwin-Williams Co.		2,858		343,760
Sigma-Aldrich Corp.		3,490		247,441
Solutia, Inc.		4,900		138,866

Description	Number of Shares		Value
Valspar Corp.		1,520	$	77,748
*WR Grace & Co.		2,500		149,025
			$	10,245,815
CONSTRUCTION MATERIALS – 0.0%**
Vulcan Materials Co.		3,300		141,273
CONTAINERS & PACKAGING – 0.3%
Aptargroup, Inc.		580		31,616
Ball Corp.		8,000		334,080
Bemis Co., Inc.		2,840		91,988
*Crown Holdings, Inc.		4,340		160,493
Greif, Inc.		270		14,483
*Owens-Illinois, Inc.		3,380		78,585
Packaging Corp. of America		2,850		83,191
Rock-Tenn Co.		2,000		124,660
Sealed Air Corp.		3,900		74,802
Silgan Holdings, Inc.		1,900		83,353
Sonoco Products Co.		510		16,896
			$	1,094,147
METALS & MINING – 1.0%
12AK Steel Holding Corp.		2,670		19,811
Alcoa, Inc.		22,900		222,817
Allegheny Technologies, Inc.		2,650		113,791
*Allied Nevada Gold Corp.		500		14,645
Carpenter Technology Corp.		3,080		171,433
Cliffs Natural Resources, Inc.		4,640		288,886
Commercial Metals Co.		870		12,859
Compass Minerals International, Inc.		900		68,868
Freeport-McMoRan Copper & Gold, Inc.		27,760		1,063,208
*,12Molycorp, Inc.		1,900		51,414
Newmont Mining Corp.		9,670		460,776
Nucor Corp.		6,450		252,905
Reliance Steel & Aluminum Co.		2,150		120,163
Royal Gold, Inc.		2,400		148,704
Schnitzer Steel Industries, Inc.		140		5,582
Southern Copper Corp.		5,670		186,430
Steel Dynamics, Inc.		5,700		72,789
Titanium Metals Corp.		3,351		49,494
12United States Steel Corp.		3,420		96,889
Walter Industries, Inc.		1,950		129,304
			$	3,550,768
PAPER & FOREST PRODUCTS – 0.2%
Domtar Corp.		1,800		157,464
International Paper Co.		10,540		351,087
MeadWestvaco Corp.		4,680		148,918
			$	657,469
TOTAL MATERIALS			$	15,689,472

(Wilmington Large-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

38 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
TELECOMMUNICATION SERVICES – 2.3%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc.		125,557	$	4,132,081
Centurylink, Inc.		12,119		467,309
12Frontier Communications Corp.		21,600		87,264
*Level 3 Communications, Inc.		2,028		46,766
*tw telecom, inc.		4,100		89,298
Verizon Communications, Inc.		69,220		2,795,104
Windstream Corp.		8,900		100,036
			$	7,717,858
WIRELESS TELECOMMUNICATION SER – 0.3%
*Clearwire Corp.		8,700		12,745
*Crown Castle International Corp.		10,040		568,364
*MetroPCS Communications, Inc.		4,930		35,989
*NII Holdings, Inc.		5,590		78,232
*SBA Communications Corp.		3,210		172,505
*Sprint Nextel Corp.		50,940		126,331
Telephone & Data Systems, Inc.		2,424		58,879
*United States Cellular Corp.		90		3,530
			$	1,056,575
TOTAL TELECOMMUNICATION SERVICES			$	8,774,433
UTILITIES – 2.9%
ELECTRIC UTILITIES – 1.5%
American Electric Power Co., Inc.		10,690		415,200
Duke Energy Corp.		29,000		621,470
Edison International		8,620		379,366
Entergy Corp.		1,670		109,485
Exelon Corp.		14,899		581,210
FirstEnergy Corp.		10,326		483,463
Great Plains Energy, Inc.		1,020		20,828
Hawaiian Electric Industries, Inc.		2,710		71,923
ITC Holdings Corp.		1,320		102,247
NextEra Energy Inc		9,540		613,899
Northeast Utilities		5,713		210,067
NV Energy, Inc.		5,880		97,902
Pepco Holdings, Inc.		7,250		137,170
Pinnacle West Capital Corp.		3,200		154,720
PPL Corp.		8,300		227,005
Progress Energy, Inc.		6,120		325,706
Southern Co.		18,981		871,987
Westar Energy, Inc.		2,960		84,922
			$	5,508,570

Description	Number of Shares		Value
GAS UTILITIES – 0.2%
AGL Resources, Inc.		520	$	20,504
Atmos Energy Corp.		2,610		85,034
National Fuel Gas Co.		2,410		114,041
ONEOK, Inc.		2,580		221,596
Questar Corp.		6,500		128,375
UGI Corp.		1,890		55,150
			$	624,700
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
*AES Corp.		16,910		211,713
*Calpine Corp.		1,950		36,563
*GenOn Energy, Inc.		29,757		63,383
*NRG Energy, Inc.		1,900		32,300
			$	343,959
MULTI-UTILITIES – 1.1%
Alliant Energy Corp.		2,000		90,480
Ameren Corp.		6,450		211,496
CenterPoint Energy, Inc.		5,060		102,263
CMS Energy Corp.		7,770		178,632
Consolidated Edison, Inc.		7,340		436,363
Dominion Resources, Inc.		12,270		640,371
DTE Energy Co.		3,900		219,882
Integrys Energy Group, Inc.		1,760		96,166
MDU Resources Group, Inc.		4,280		98,183
NiSource, Inc.		5,400		133,110
OGE Energy Corp.		3,110		167,816
PG&E Corp.		8,620		380,832
Public Service Enterprise Group, Inc.		6,600		205,590
SCANA Corp.		740		34,129
Sempra Energy		5,350		346,359
TECO Energy, Inc.		5,130		92,443
Vectren Corp.		1,680		49,476
Wisconsin Energy Corp.		7,340		270,406
Xcel Energy, Inc.		11,770		318,496
			$	4,072,493
WATER UTILITIES – 0.0%**
American Water Works Co., Inc.		4,390		150,314
Aqua America, Inc.		1,500		34,065
			$	184,379
TOTAL UTILITIES			$	10,734,101
TOTAL COMMON STOCKS (COST $277,365,713)			$	373,164,488

(Wilmington Large-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 39

Wilmington Large-Cap Strategy Fund (concluded)

Description	Number of Shares		Value
MUTUAL FUND – 0.4%
iShares Russell 1000 Index Fund		19,000	$	1,472,880
TOTAL MUTUAL FUND (COST $1,431,123)			$	1,472,880
PREFERRED STOCK – 0.0%**
CONSUMER DISCRETIONARY – 0.0%**
SPECIALTY RETAIL – 0.0%**
*Orchard Supply Hardware Stores Corp.		57		108
TOTAL PREFERRED STOCK (COST $132)			$	108
RIGHTS – 0.0%**
*Celgene Corp.		89		156
*Sanofi Avanetis SA CVR		8,520		11,502
TOTAL RIGHTS (COST $20,874)			$	11,658
WARRANT – 0.0%**
*American International Group, Inc. CW21		2,055		26,407
TOTAL WARRANT (COST $34,935)			$	26,407
TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $278,852,777)			$	374,675,541

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8%
REPURCHASE AGREEMENTS – 0.8%
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $1,000,005, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $1,020,000.	$	1,000,000	$	1,000,000
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $167,873, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $171,229.		167,872		167,872
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $1,000,005, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $1,020,004.		1,000,000		1,000,000
RBC Capital Markets LLC, 0.20%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 0.00% to 5.00%, maturing 07/30/12 to 03/01/42; total market value of $1,020,000.		1,000,000		1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,167,872)			$	3,167,872
TOTAL INVESTMENTS – 100.7% (COST $282,020,649)			$	377,843,413
COLLATERAL FOR SECURITIES ON LOAN – (0.8%)				(3,167,872	)
OTHER ASSETS LESS LIABILITIES – 0.1%				252,299
TOTAL NET ASSETS – 100.0%			$	374,927,840

Cost of investments for Federal income tax purposes is $288,093,560. The net unrealized appreciation/(depreciation) of investments was $89,749,853. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $101,657,700 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,907,847.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	373,164,488	$	—	$	—	$	373,164,488
Mutual Fund		1,472,880		—		—		1,472,880
Preferred Stock		108		—		—		108
Rights		11,658		—		—		11,658
Warrant		26,407		—		—		26,407
Repurchase Agreements		—		3,167,872		—		3,167,872
Total	$	374,675,541	$	3,167,872	$	—	$	377,843,413

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

40

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large Cap Value Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Stocks	Percentage of Total Net Assets
Common Stocks
Financials		26.7	%
Energy		16.0	%
Information Technology		14.2	%
Health Care		12.6	%
Consumer Discretionary		8.6	%
Materials		7.6	%
Industrials		7.5	%
Consumer Staples		4.1	%
Utilities		0.9	%
Cash Equivalents1		2.6	%
Other Assets and Liabilities – Net2		(0.8	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual funds and repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
COMMON STOCKS – 98.2%
CONSUMER DISCRETIONARY – 8.6%
AUTOMOBILES – 2.0%
*General Motors Co.		126,600	$	2,911,800
MEDIA – 5.8%
Time Warner, Inc.		87,700		3,285,242
Viacom, Inc.		105,900		4,912,701
			$	8,197,943
SPECIALTY RETAIL – 0.8%
Best Buy Co., Inc.		50,800		1,121,156
TOTAL CONSUMER DISCRETIONARY			$	12,230,899
CONSUMER STAPLES – 4.1%
FOOD & STAPLES RETAILING – 2.5%
CVS Caremark Corp.		77,900		3,475,898

Description	Number of Shares		Value
TOBACCO – 1.6%
Philip Morris International, Inc.		25,400	$	2,273,554
TOTAL CONSUMER STAPLES			$	5,749,452
ENERGY – 16.0%
ENERGY EQUIPMENT & SERVICES – 1.0%
Halliburton Co.		40,600		1,389,332
OIL, GAS & CONSUMABLE FUELS – 15.0%
Apache Corp.		66,050		6,336,837
Canadian Natural Resources Ltd.		128,500		4,465,375
Noble Energy, Inc.		32,900		3,267,628
Occidental Petroleum Corp.		21,200		1,933,864
Talisman Energy, Inc.		398,800		5,208,328
			$	21,212,032
TOTAL ENERGY			$	22,601,364

(Wilmington Large Cap Value Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Large Cap Value Fund (continued)

Description	Number of Shares		Value
FINANCIALS – 26.7%
CAPITAL MARKETS – 2.2%
Goldman Sachs Group, Inc.		26,700	$	3,074,505
COMMERCIAL BANKS – 2.9%
Wells Fargo & Co.		121,700		4,068,431
CONSUMER FINANCE – 0.4%
Capital One Financial Corp.		9,500		527,060
DIVERSIFIED FINANCIAL SERVICES – 5.2%
Citigroup, Inc.		130,830		4,322,623
JPMorgan Chase & Co.		72,300		3,107,454
			$	7,430,077
INSURANCE – 16.0%
Aon PLC		79,000		4,092,200
Hartford Financial Services Group, Inc.		227,900		4,683,345
Lincoln National Corp.		52,600		1,302,902
Loews Corp.		89,646		3,687,140
MetLife, Inc.		131,000		4,719,930
Unum Group		181,000		4,296,940
			$	22,782,457
TOTAL FINANCIALS			$	37,882,530
HEALTH CARE – 12.6%
PHARMACEUTICALS – 12.6%
Merck & Co., Inc.		57,500		2,256,300
Pfizer, Inc.		291,600		6,686,388
Sanofi-Aventis SA ADR		146,100		5,578,098
Teva Pharmaceutical Industries Ltd. ADR		72,100		3,297,854
			$	17,818,640
TOTAL HEALTH CARE			$	17,818,640
INDUSTRIALS – 7.5%
AEROSPACE & DEFENSE – 1.5%
Raytheon Co.		39,700		2,149,358
COMMERCIAL SERVICES & SUPPLIES – 1.1%
12 Pitney Bowes, Inc.		92,410		1,582,983
MACHINERY – 3.4%
Ingersoll-Rand PLC		55,150		2,344,978
PACCAR, Inc.		57,300		2,461,608
			$	4,806,586
ROAD & RAIL – 1.5%
Union Pacific Corp.		18,700		2,102,628
TOTAL INDUSTRIALS			$	10,641,555

Description	Number of Shares		Value
INFORMATION TECHNOLOGY – 14.2%
COMMUNICATIONS EQUIPMENT – 3.4%
Cisco Systems, Inc.		238,500	$	4,805,775
COMPUTERS & PERIPHERALS – 2.9%
Hewlett-Packard Co.		168,700		4,177,012
SOFTWARE – 7.9%
CA, Inc.		284,800		7,524,416
Microsoft Corp.		113,000		3,618,260
			$	11,142,676
TOTAL INFORMATION TECHNOLOGY			$	20,125,463
MATERIALS – 7.6%
CHEMICALS – 2.1%
Mosaic Co.		55,300		2,920,946
METALS & MINING – 5.5%
AngloGold Ashanti Ltd. ADR		131,899		4,534,688
Newmont Mining Corp.		69,635		3,318,108
			$	7,852,796
TOTAL MATERIALS			$	10,773,742
UTILITIES – 0.9%
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.9%
*NRG Energy, Inc.		71,400		1,213,800
TOTAL COMMON STOCKS (COST $122,022,347)			$	139,037,445
MONEY MARKET FUND – 1.4%
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04%		1,988,206	$	1,988,206
TOTAL MONEY MARKET FUND (COST $1,988,206)			$	1,988,206
TOTAL INVESTMENTS IN SECURITIES – 99.6% (COST $124,010,553)			$	141,025,651
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.2%
REPURCHASE AGREEMENTS – 1.2%
Credit Suisse First Boston LLC, 0.18%, dated 04/30/12, due 05/01/12, repurchase price $640,500, collateralized by U.S. Treasury Securities 0.63% to 2.38%, maturing 04/30/13 to 02/15/41; total market value of $653,309.	$	640,497		640,497

(Wilmington Large Cap Value Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

42 PORTFOLIOS OF INVESTMENTS

Wilmington Large Cap Value Fund (concluded)

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $1,020,000.	$	1,000,000	$	1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,640,497)			$	1,640,497
TOTAL INVESTMENTS – 100.8% (COST $125,651,050)			$	142,666,148
COLLATERAL FOR SECURITIES ON LOAN – (1.2%)				(1,640,497	)
OTHER ASSETS LESS LIABILITIES – 0.4%				567,445
TOTAL NET ASSETS – 100.0%			$	141,593,096

Cost of investments for Federal income tax purposes is $129,074,225. The net unrealized appreciation/(depreciation) of investments was $13,591,923. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $24,540,941 and net unrealized depreciation from investments for those securities having an excess of cost over value of $10,949,018.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	139,037,445	$	—	$	—	$	139,037,445
Money Market Fund		1,988,206		—		—		1,988,206
Repurchase Agreements		—		1,640,497		—		1,640,497
Total	$	141,025,651	$	1,640,497	$	—	$	142,666,148

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

43

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Mid Cap Growth Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Stocks	Percentage of Total Net Assets
Common Stocks
Consumer Discretionary		22.4	%
Information Technology		20.2	%
Industrials		14.5	%
Health Care		11.7	%
Energy		10.3	%
Financials		9.3	%
Materials		5.7	%
Consumer Staples		4.7	%
Cash Equivalents1		6.1	%
Other Assets and Liabilities – Net2		(4.9	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual funds and repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
COMMON STOCKS – 98.8%
CONSUMER DISCRETIONARY – 22.4%
AUTO COMPONENTS – 2.0%
*BorgWarner, Inc.		72,600	$	5,738,304
DISTRIBUTORS – 1.9%
*LKQ Corp.		163,400		5,465,730
DIVERSIFIED CONSUMER SERVICES – 1.1%
*,12ITT Educational Services, Inc.		47,600		3,142,552
HOTELS RESTAURANTS & LEISURE – 2.3%
*DineEquity, Inc.		78,400		3,808,672
*Panera Bread Co.		18,400		2,905,728
			$	6,714,400
MEDIA – 2.5%
CBS Corp., Non-Voting		219,100		7,306,985
MULTILINE RETAIL – 1.6%
Nordstrom, Inc.		85,900		4,798,374

Description	Number of Shares		Value
SPECIALTY RETAIL – 5.8%
12GameStop Corp.		160,600	$	3,655,256
Ltd. Brands, Inc.		97,500		4,845,750
Tiffany & Co.		64,200		4,395,132
*Vitamin Shoppe, Inc.		88,600		4,170,402
			$	17,066,540
TEXTILES, APPAREL & LUXURY GOODS – 5.2%
Coach, Inc.		73,000		5,340,680
*,12Lululemon Athletica, Inc.		57,300		4,248,222
PVH Corp.		62,400		5,541,120
			$	15,130,022
TOTAL CONSUMER DISCRETIONARY			$	65,362,907
CONSUMER STAPLES – 4.7%
FOOD PRODUCTS – 1.3%
*,12Green Mountain Coffee Roasters, Inc.		79,700		3,885,375
HOUSEHOLD PRODUCTS – 1.5%
Church & Dwight Co., Inc.		86,500		4,394,200

(Wilmington Mid Cap Growth Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

44 PORTFOLIOS OF INVESTMENTS

Wilmington Mid Cap Growth Fund (continued)

Description	Number of Shares		Value
PERSONAL PRODUCTS – 1.9%
Herbalife Ltd.		78,100	$	5,491,992
TOTAL CONSUMER STAPLES			$	13,771,567
ENERGY – 10.3%
ENERGY EQUIPMENT & SERVICES – 4.6%
*Cameron International Corp.		84,700	$	4,340,875
Core Laboratories NV		33,100		4,534,038
*FMC Technologies, Inc.		56,500		2,655,500
Lufkin Industries, Inc.		27,400		2,105,416
			$	13,635,829
OIL, GAS & CONSUMABLE FUELS – 5.7%
Cabot Oil & Gas Corp.		99,100		3,482,374
Noble Energy, Inc.		43,800		4,350,216
Peabody Energy Corp.		100,900		3,138,999
*Whiting Petroleum Corp.		100,100		5,725,720
			$	16,697,309
TOTAL ENERGY			$	30,333,138
FINANCIALS – 9.3%
CAPITAL MARKETS – 3.4%
Raymond James Financial, Inc.		156,100		5,716,382
T Rowe Price Group, Inc.		69,700		4,399,116
			$	10,115,498
COMMERCIAL BANKS – 1.0%
*Texas Capital Bancshares, Inc.		77,700		2,930,067
DIVERSIFIED FINANCIAL SERVICES – 1.9%
*IntercontinentalExchange, Inc.		41,100		5,467,944
INSURANCE – 1.3%
Brown & Brown, Inc.		136,900		3,692,193
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.7%
*CBRE Group, Inc.		266,500		5,012,865
TOTAL FINANCIALS			$	27,218,567
HEALTH CARE – 11.7%
BIOTECHNOLOGY – 0.7%
*Regeneron Pharmaceuticals, Inc.		14,700		1,988,322
HEALTH CARE EQUIPMENT & SUPPLIES – 3.7%
*Alere, Inc.		114,000		2,723,460
*Intuitive Surgical, Inc.		8,230		4,758,586
*ResMed, Inc.		97,600		3,319,376
			$	10,801,422

Description	Number of Shares		Value
HEALTH CARE PROVIDERS & SERVICES – 1.4%
*Express Scripts Holding Co.		72,200	$	4,028,038
HEALTH CARE TECHNOLOGY – 1.9%
*Allscripts Healthcare Solutions, Inc.		226,000		2,504,080
*Cerner Corp.		38,400		3,113,856
			$	5,617,936
LIFE SCIENCES TOOLS & SERVICES – 0.9%
*Life Technologies Corp.		59,600		2,763,056
PHARMACEUTICALS – 3.1%
*Auxilium Pharmaceuticals, Inc.		88,700		1,589,504
*MAP Pharmaceuticals, Inc.		181,500		2,326,830
Perrigo Co.		50,000		5,245,000
			$	9,161,334
TOTAL HEALTH CARE			$	34,360,108
INDUSTRIALS – 14.5%
AEROSPACE & DEFENSE – 2.4%
HEICO Corp.		90,875		2,928,901
Precision Castparts Corp.		22,700		4,003,599
			$	6,932,500
AIR FREIGHT & LOGISTICS – 2.2%
CH Robinson Worldwide, Inc.		61,100		3,650,114
Expeditors International of Washington, Inc.		72,400		2,896,000
			$	6,546,114
COMMERCIAL SERVICES & SUPPLIES – 1.2%
Waste Connections, Inc.		109,900		3,542,077
ELECTRICAL EQUIPMENT – 2.9%
*Babcock & Wilcox Co.		163,500		4,022,100
Rockwell Automation, Inc.		59,300		4,586,262
			$	8,608,362
MACHINERY – 4.5%
Cummins, Inc.		40,000		4,633,200
Graco, Inc.		86,200		4,595,322
Joy Global, Inc.		57,400		4,062,198
			$	13,290,720
TRADING COMPANIES & DISTRIBUTORS – 1.3%
Fastenal Co.		82,200		3,848,604
TOTAL INDUSTRIALS			$	42,768,377

(Wilmington Mid Cap Growth Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Mid Cap Growth Fund (continued)

Description	Number of Shares		Value
INFORMATION TECHNOLOGY – 20.2%
COMMUNICATIONS EQUIPMENT – 4.5%
ADTRAN, Inc.		159,100	$	4,855,732
*,12Aruba Networks, Inc.		209,800		4,430,976
*F5 Networks, Inc.		29,400		3,937,542
			$	13,224,250
COMPUTERS & PERIPHERALS – 1.4%
*,12Stratasys, Inc.		82,900		4,245,309
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 2.3%
FLIR Systems, Inc.		92,900		2,086,534
*IPG Photonics Corp.		95,900		4,641,560
			$	6,728,094
IT SERVICES – 1.1%
Global Payments, Inc.		72,300		3,356,889
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.1%
Altera Corp.		142,800		5,079,396
*,12Lam Research Corp.		98,600		4,106,690
MKS Instruments, Inc.		105,800		2,925,370
			$	12,111,456
SOFTWARE – 6.8%
*ANSYS, Inc.		92,200		6,183,854
*Autodesk, Inc.		129,400		5,094,478
*Citrix Systems, Inc.		66,700		5,710,187
*Sourcefire, Inc.		57,700		2,942,123
			$	19,930,642
TOTAL INFORMATION TECHNOLOGY			$	59,596,640
MATERIALS – 5.7%
CHEMICALS – 2.7%
Mosaic Co.		60,500		3,195,610
*WR Grace & Co.		78,500		4,679,385
			$	7,874,995
CONTAINERS & PACKAGING – 1.9%
*Crown Holdings, Inc.		149,600		5,532,208
METALS & MINING – 1.1%
Walter Industries, Inc.		48,400		3,209,404
TOTAL MATERIALS			$	16,616,607
TOTAL COMMON STOCKS (COST $220,736,644)			$	290,027,911

Description	Number of Shares		Value
MONEY MARKET FUNDS – 1.3%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		34,868	$	34,868
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04%		3,796,553		3,796,553
TOTAL MONEY MARKET FUNDS (COST $3,831,421)			$	3,831,421
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $224,568,065)			$	293,859,332
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.8%
REPURCHASE AGREEMENTS – 4.8%
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $3,335,404, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $3,402,096.	$	3,335,388		3,335,388
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $702,190, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $716,230.		702,186		702,186
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $3,335,405, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $3,402,110.		3,335,388		3,335,388
RBC Capital Markets LLC, 0.20%, dated 04/30/12, due 05/01/12, repurchase price $3,335,407, collateralized by U.S. Government Securities 0.00% to 5.00%, maturing 07/30/12 to 03/01/42; total market value of $3,402,096.		3,335,388		3,335,388
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $3,335,406, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $3,402,123.		3,335,388		3,335,388
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $14,043,738)			$	14,043,738
TOTAL INVESTMENTS – 104.9% (COST $238,611,803)			$	307,903,070
COLLATERAL FOR SECURITIES ON LOAN – (4.8%)				(14,043,738	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(333,089	)
TOTAL NET ASSETS – 100.0%			$	293,526,243

(Wilmington Mid Cap Growth Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

46 PORTFOLIOS OF INVESTMENTS

Wilmington Mid Cap Growth Fund (concluded)

Cost of investments for Federal income tax purposes is $240,998,694. The net unrealized appreciation/(depreciation) of investments was $66,904,376. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $78,293,047 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,388,671.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	290,027,911	$	—	$	—	$	290,027,911
Money Market Funds		3,831,421		—		—		3,831,421
Repurchase Agreements		—		14,043,738		—		14,043,738
Total	$	293,859,332	$	14,043,738	$	—	$	307,903,070

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

47

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small Cap Growth Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Stocks	Percentage of Total Net Assets
Common Stocks
Industrials		26.8	%
Information Technology		24.9	%
Consumer Discretionary		20.2	%
Financials		10.8	%
Health Care		10.7	%
Materials		3.8	%
Energy		2.2	%
Telecommunication Services		0.6	%
Cash Equivalents1		6.5	%
Other Assets and Liabilities – Net2		(6.5	)%
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, 2012

Description	Number of Shares		Value
COMMON STOCKS – 100.0%
CONSUMER DISCRETIONARY – 20.2%
DIVERSIFIED CONSUMER SERVICES – 0.6%
Sotheby’s		26,000	$	1,022,320
HOTELS RESTAURANTS & LEISURE – 5.6%
*Bravo Brio Restaurant Group, Inc.		69,700		1,407,940
*Buffalo Wild Wings, Inc.		40,400		3,387,540
*MGM Resorts International		106,000		1,422,520
*Orient-Express Hotels Ltd.		127,000		1,357,630
*Red Robin Gourmet Burgers, Inc.		44,500		1,586,870
			$	9,162,500
LEISURE EQUIPMENT & PRODUCTS – 1.5%
*Arctic Cat, Inc.		24,000		1,061,760
Polaris Industries, Inc.		17,500		1,390,200
			$	2,451,960
MEDIA – 3.5%
*AMC Networks, Inc.		24,000		1,020,000
Belo Corp.		152,500		1,027,850
Cinemark Holdings, Inc.		77,000		1,767,920

Description	Number of Shares		Value
*,12Lions Gate Entertainment Corp.		155,050	$	1,896,262
			$	5,712,032
SPECIALTY RETAIL – 7.9%
*Body Central Corp.		42,500		1,290,725
DSW, Inc.		17,000		956,420
*Express, Inc.		48,500		1,145,570
Finish Line, Inc.		20,000		445,200
Foot Locker, Inc.		45,200		1,382,668
*Francesca’s Holdings Corp.		39,500		1,238,325
*Genesco, Inc.		11,000		825,000
Group 1 Automotive, Inc.		15,000		868,200
*,12Lumber Liquidators Holdings, Inc.		62,000		1,793,660
Penske Automotive Group, Inc.		63,400		1,676,296
Sonic Automotive, Inc.		78,500		1,320,370
			$	12,942,434
TEXTILES, APPAREL & LUXURY GOODS – 1.1%
*Liz Claiborne, Inc.		135,500		1,815,700
TOTAL CONSUMER DISCRETIONARY			$	33,106,946

(Wilmington Small Cap Growth Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

48 PORTFOLIOS OF INVESTMENTS

Wilmington Small Cap Growth Fund (continued)

Description	Number of Shares		Value
ENERGY – 2.2%
OIL, GAS & CONSUMABLE FUELS – 2.2%
Berry Petroleum Co.		13,600	$	619,480
*,12Clean Energy Fuels Corp.		46,000		885,040
*Gulfport Energy Corp.		22,000		576,620
*Stone Energy Corp.		22,500		631,125
12Targa Resources Partners LP		20,000		860,600
			$	3,572,865
TOTAL ENERGY			$	3,572,865
FINANCIALS – 10.8%
CAPITAL MARKETS – 3.0%
Evercore Partners, Inc.		70,500		1,863,315
*Stifel Financial Corp.		25,000		910,500
*Wisdomtree Investments, Inc.		241,000		2,060,550
			$	4,834,365
COMMERCIAL BANKS – 2.6%
Bank of The Ozarks, Inc.		40,500		1,251,450
*Signature Bank		25,700		1,688,233
*SVB Financial Group		21,000		1,345,890
			$	4,285,573
CONSUMER FINANCE – 3.3%
Cash America International, Inc.		32,500		1,519,375
*First Cash Financial Services, Inc.		54,000		2,211,840
*Netspend Holdings, Inc.		212,000		1,617,560
			$	5,348,775
DIVERSIFIED FINANCIAL SERVICES – 0.7%
MarketAxess Holdings, Inc.		33,500		1,149,385
REAL ESTATE INVESTMENT TRUSTS – 1.2%
*Strategic Hotels & Resorts, Inc.		300,000		2,043,000
TOTAL FINANCIALS			$	17,661,098
HEALTH CARE – 10.7%
BIOTECHNOLOGY – 1.6%
*Affymax, Inc.		95,000		1,245,450
*Medivation, Inc.		16,000		1,294,080
			$	2,539,530
HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%
*Insulet Corp.		37,000		660,820
*NxStage Medical, Inc.		55,200		938,400
*Staar Surgical Co.		108,200		1,186,954
*Volcano Corp.		30,800		836,220
			$	3,622,394

Description	Number of Shares		Value
HEALTH CARE PROVIDERS & SERVICES – 1.0%
*Air Methods Corp.		15,500	$	1,303,705
*LCA-Vision, Inc.		51,500		381,100
			$	1,684,805
HEALTH CARE TECHNOLOGY – 1.4%
*athenahealth, Inc.		20,000		1,449,000
*MedAssets, Inc.		74,000		933,140
			$	2,382,140
LIFE SCIENCES TOOLS & SERVICES – 1.9%
*Charles River Laboratories International, Inc.		39,000		1,385,670
*Covance, Inc.		26,500		1,239,140
*Luminex Corp.		20,000		500,800
			$	3,125,610
PHARMACEUTICALS – 2.6%
*Jazz Pharmaceuticals PLC		35,000		1,786,050
*,12MAP Pharmaceuticals, Inc.		57,500		737,150
*,12Questcor Pharmaceuticals, Inc.		37,675		1,691,608
			$	4,214,808
TOTAL HEALTH CARE			$	17,569,287
INDUSTRIALS – 26.8%
AEROSPACE & DEFENSE – 3.5%
*Hexcel Corp.		71,000		1,943,980
*Spirit Aerosystems Holdings, Inc.		47,500		1,187,500
Triumph Group, Inc.		42,500		2,669,850
			$	5,801,330
AIR FREIGHT & LOGISTICS – 0.7%
*Atlas Air Worldwide Holdings, Inc.		23,500		1,082,175
AIRLINES – 4.4%
*Alaska Air Group, Inc.		47,000		1,588,600
*Spirit Airlines, Inc.		120,500		2,894,410
*US Airways Group, Inc.		258,000		2,647,080
			$	7,130,090
BUILDING PRODUCTS – 3.4%
Armstrong World Industries, Inc.		33,200		1,462,128
*Owens Corning		41,000		1,408,350
*,12USG Corp.		153,000		2,761,650
			$	5,632,128
COMMERCIAL SERVICES & SUPPLIES – 1.6%
*Encore Capital Group, Inc.		81,500		1,931,550
*Heritage-Crystal Clean, Inc.		30,500		645,075
			$	2,576,625

(Wilmington Small Cap Growth Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

Wilmington Small Cap Growth Fund (continued)

Description	Number of Shares		Value
MACHINERY – 2.3%
*Chart Industries, Inc.		8,600	$	657,298
Wabtec Corp.		41,000		3,188,980
			$	3,846,278
MARINE – 0.8%
*Kirby Corp.		19,000		1,261,030
PROFESSIONAL SERVICES INDUSTRY – 1.9%
*Advisory Board Co.		17,300		1,577,068
*TrueBlue, Inc.		85,000		1,467,100
			$	3,044,168
ROAD & RAIL – 2.2%
*Quality Distribution, Inc.		136,000		1,519,120
*RailAmerica, Inc.		31,400		727,852
*Swift Transportation Co.		122,500		1,285,025
			$	3,531,997
TRADING COMPANIES & DISTRIBUTORS – 6.0%
*Beacon Roofing Supply, Inc.		55,450		1,479,960
GATX Corp.		21,000		900,270
*H&E Equipment Services, Inc.		125,000		2,412,500
*,12United Rentals, Inc.		71,000		3,314,280
*WESCO International, Inc.		27,800		1,845,642
			$	9,952,652
TOTAL INDUSTRIALS			$	43,858,473
INFORMATION TECHNOLOGY – 24.9%
COMMUNICATIONS EQUIPMENT – 3.4%
*Aruba Networks, Inc.		61,000		1,288,320
*Finisar Corp.		69,000		1,139,880
*Procera Networks, Inc.		105,000		2,179,800
*Riverbed Technology, Inc.		47,900		945,067
			$	5,553,067
COMPUTERS & PERIPHERALS – 0.4%
*Stratasys, Inc.		11,500		588,915
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 4.8%
*IPG Photonics Corp.		26,500		1,282,600
*OSI Systems, Inc.		65,350		4,369,301
*,12RealD, Inc.		80,200		968,816
*,12Universal Display Corp.		26,300		1,182,711
			$	7,803,428

Description	Number of Shares		Value
INTERNET SOFTWARE & SERVICES – 1.4%
*Active Network, Inc.		69,500	$	1,167,600
*Dealertrack Holdings, Inc.		20,000		596,600
*,12OpenTable, Inc.		14,000		626,220
			$	2,390,420
IT SERVICES – 4.1%
*Cardtronics, Inc.		53,500		1,410,260
Heartland Payment Systems, Inc.		38,000		1,157,860
Jack Henry & Associates, Inc.		37,000		1,256,520
*VeriFone Systems, Inc.		30,000		1,429,200
*Wright Express Corp.		24,000		1,531,680
			$	6,785,520
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.3%
*Cavium, Inc.		31,000		907,060
*Cirrus Logic, Inc.		36,000		985,680
*Rudolph Technologies, Inc.		61,500		664,200
*Semtech Corp.		62,000		1,690,120
*Volterra Semiconductor Corp.		35,000		1,151,150
			$	5,398,210
SOFTWARE – 7.5%
*Allot Communications Ltd.		68,100		1,671,174
*Aspen Technology, Inc.		65,700		1,299,546
*BroadSoft, Inc.		18,000		770,580
*Concur Technologies, Inc.		26,300		1,487,528
*Descartes Systems Group, Inc.		105,200		874,212
*MicroStrategy, Inc.		6,500		908,570
*Parametric Technology Corp.		91,700		1,978,886
*QLIK Technologies, Inc.		42,000		1,210,020
*Sourcefire, Inc.		25,800		1,315,542
*Ultimate Software Group, Inc.		10,500		810,180
			$	12,326,238
TOTAL INFORMATION TECHNOLOGY			$	40,845,798
MATERIALS – 3.8%
CHEMICALS – 3.2%
Celanese Corp.		37,000		1,793,020
*,12Flotek Industries, Inc.		35,500		484,220
*LSB Industries, Inc.		22,200		753,024
Methanex Corp.		50,000		1,758,000
*TPC Group, Inc.		11,400		478,572
			$	5,266,836
CONSTRUCTION MATERIALS – 0.6%
Eagle Materials, Inc.		26,500		933,330
TOTAL MATERIALS			$	6,200,166

(Wilmington Small Cap Growth Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

50 PORTFOLIOS OF INVESTMENTS

Wilmington Small Cap Growth Fund (concluded)

Description	Number of Shares		Value
TELECOMMUNICATION SERVICES – 0.6%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
*AboveNet, Inc.		4,000	$	332,680
*Cogent Communications Group, Inc.		34,200		640,566
			$	973,246
TOTAL TELECOMMUNICATION SERVICES			$	973,246
TOTAL COMMON STOCKS (COST $150,533,204)			$	163,787,879
MONEY MARKET FUND – 0.1%
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04%		94,563	$	94,563
TOTAL MONEY MARKET FUND (COST $94,563)			$	94,563
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $150,627,767)			$	163,882,442
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 6.4%
REPURCHASE AGREEMENTS – 6.4%
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $2,478,660, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $2,528,221.	$	2,478,648		2,478,648

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $2,478,663, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $2,528,222.	$	2,478,648	$	2,478,648
HSBC Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $521,824, collateralized by U.S. Treasury Securities 0.00%, maturing 06/15/12 to 11/15/41; total market value of $532,257.		521,821		521,821
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $2,478,660, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $2,528,231.		2,478,648		2,478,648
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $2,478,661, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $2,528,242.		2,478,648		2,478,648
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $10,436,413)			$	10,436,413
TOTAL INVESTMENTS – 106.5% (COST $161,064,180)			$	174,318,855
COLLATERAL FOR SECURITIES ON LOAN – (6.4%)				(10,436,413	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(207,823	)
TOTAL NET ASSETS – 100.0%			$	163,674,619

Cost of investments for Federal income tax purposes is $163,912,440. The net unrealized appreciation/(depreciation) of investments was $10,406,415. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $14,325,788 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,919,373.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	163,787,879	$	—	$	—	$	163,787,879
Money Market Fund		94,563		—		—		94,563
Repurchase Agreements		—		10,436,413		—		10,436,413
Total	$	163,882,442	$	10,436,413	$	—	$	174,318,855

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

51

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Strategy Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Stocks	Percentage of Total Net Assets
Common Stocks
Financials		19.7	%
Information Technology		17.7	%
Industrials		16.3	%
Consumer Discretionary		14.2	%
Health Care		13.7	%
Energy		6.9	%
Materials		4.6	%
Consumer Staples		3.7	%
Utilities		2.4	%
Telecommunication Services		0.8	%
Mutual Fund		0.1	%
Right		0.0	%3
Warrants		0.0	%3
Cash Equivalents1		8.9	%
Other Assets and Liabilities – Net2		(9.0	)%
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, 2012

Description	Number of Shares		Value
COMMON STOCKS – 100.0%
CONSUMER DISCRETIONARY – 14.2%
AUTO COMPONENTS – 0.9%
*American Axle & Manufacturing Holdings, Inc.		2,655	$	25,727
*Amerigon, Inc.		1,127		16,116
Cooper Tire & Rubber Co.		2,966		44,342
Dana Holding Corp.		7,190		105,118
*Dorman Products, Inc.		686		32,777
*Drew Industries, Inc.		744		22,156
*Exide Technologies		2,242		6,457
*Fuel Systems Solutions, Inc.		566		13,273
*Modine Manufacturing Co.		2,175		17,183
Spartan Motors, Inc.		469		2,040
Standard Motor Products, Inc.		810		12,207
*Stoneridge, Inc.		738		6,362

Description	Number of Shares		Value
Superior Industries International, Inc.		866	$	14,817
*Tenneco, Inc.		3,180		98,039
			$	416,614
AUTOMOBILES – 0.0%**
*Winnebago Industries, Inc.		1,485		14,479
DISTRIBUTORS – 0.3%
Core-Mark Holding Co., Inc.		603		23,276
Pool Corp.		2,525		93,198
*VOXX International Corp.		608		7,716
Weyco Group, Inc.		131		3,195
			$	127,385
DIVERSIFIED CONSUMER SERVICES – 1.3%
*,12American Public Education, Inc.		665		23,089
*Archipelago Learning, Inc.		40		443

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

52 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Ascent Capital Group, Inc.		490	$	25,235
*,12Bridgepoint Education, Inc.		900		19,404
*Capella Education Co.		665		21,752
*,12Coinstar, Inc.		1,638		102,850
*Corinthian Colleges, Inc.		1,381		5,303
*Grand Canyon Education, Inc.		1,344		23,372
Hillenbrand, Inc.		2,720		56,957
*,12K12, Inc.		1,390		35,445
Lincoln Educational Services Corp.		20		147
Matthews International Corp.		852		25,560
Regis Corp.		2,098		38,498
*School Specialty, Inc.		1,926		6,298
Sotheby’s		3,532		138,878
*Steiner Leisure Ltd.		815		38,272
Stewart Enterprises, Inc.		2,449		15,478
12Strayer Education, Inc.		540		53,287
Universal Technical Institute, Inc.		901		10,812
			$	641,080
HOTELS RESTAURANTS & LEISURE – 3.2%
*AFC Enterprises, Inc.		1,405		23,997
Ambassadors Group, Inc.		798		4,301
Ameristar Casinos, Inc.		1,655		29,757
*Biglari Holdings, Inc.		40		16,253
*BJ’s Restaurants, Inc.		1,380		59,602
Bob Evans Farms, Inc.		1,056		40,381
*Boyd Gaming Corp.		1,720		13,227
*Bravo Brio Restaurant Group, Inc.		440		8,888
*Buffalo Wild Wings, Inc.		902		75,633
*Caribou Coffee Co., Inc.		630		10,338
*Carrols Restaurant Group, Inc.		1,060		15,985
CEC Entertainment, Inc.		928		35,468
*Cheesecake Factory, Inc.		2,776		87,444
Churchill Downs, Inc.		282		16,740
Cracker Barrel Old Country Store, Inc.		1,252		72,015
*Denny’s Corp.		3,860		15,980
*DineEquity, Inc.		832		40,419
Domino’s Pizza, Inc.		2,384		90,139
Einstein Noah Restaurant Group, Inc.		704		9,962
*Gaylord Entertainment Co.		1,494		47,031
International Speedway Corp.		640		17,082
Interval Leisure Group, Inc.		2,000		34,560
*Isle of Capri Casinos, Inc.		321		2,006
*Jack In The Box, Inc.		1,856		42,168
*Jamba, Inc.		2,990		5,561
*Krispy Kreme Doughnuts, Inc.		4,040		29,613
*Life Time Fitness, Inc.		2,097		97,636

Description	Number of Shares		Value
Marcus Corp.		487	$	6,092
*Monarch Casino & Resort, Inc.		928		8,983
*Morgans Hotel Group Co.		253		1,255
*Multimedia Games Holding Co., Inc.		1,550		17,608
*O’Charleys, Inc.		540		5,319
*Orient-Express Hotels Ltd.		2,900		31,001
*Papa John’s International, Inc.		1,156		46,564
*,12Peet’s Coffee & Tea, Inc.		680		52,238
PF Chang’s China Bistro, Inc.		1,201		47,668
*Pinnacle Entertainment, Inc.		2,927		32,490
*Red Lion Hotels Corp.		520		4,337
*Red Robin Gourmet Burgers, Inc.		762		27,173
*Ruby Tuesday, Inc.		2,310		15,708
*Ruth’s Hospitality Group, Inc.		610		4,221
*Scientific Games Corp.		2,380		24,181
*Shuffle Master, Inc.		2,390		42,231
Six Flags Entertainment Corp.		1,980		94,862
*Sonic Corp.		2,295		16,570
Speedway Motorsports, Inc.		421		7,182
Texas Roadhouse, Inc.		2,635		45,454
*Town Sports International Holdings, Inc.		980		12,564
Vail Resorts, Inc.		1,550		63,209
			$	1,549,096
HOUSEHOLD DURABLES – 0.7%
12American Greetings Corp.		1,907		30,512
*Beazer Homes USA, Inc.		2,380		7,378
Blyth, Inc.		150		13,195
*Cavco Industries, Inc.		395		20,382
CSS Industries, Inc.		28		536
Ethan Allen Interiors, Inc.		716		16,611
*Helen of Troy Ltd.		983		34,012
*Hovnanian Enterprises, Inc.		623		1,246
*iRobot Corp.		1,300		30,693
12KB Home		2,230		19,356
*La-Z-Boy, Inc.		956		14,407
*Libbey, Inc.		780		11,131
Lifetime Brands, Inc.		120		1,398
*M/I Homes, Inc.		164		2,181
MDC Holdings, Inc.		1,160		32,608
*Meritage Homes Corp.		1,202		34,125
Ryland Group, Inc.		1,321		29,736
Skyline Corp.		539		2,959
*Standard Pacific Corp.		4,740		23,984
*Universal Electronics, Inc.		648		10,964
*,12Zagg, Inc.		880		11,466
			$	348,880

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 53

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
INTERNET & CATALOG RETAIL – 0.4%
*1-800-Flowers.Com, Inc.		3,112	$	9,274
*,12Blue Nile, Inc.		562		17,017
*Geeknet, Inc.		300		4,365
Hsn, Inc.		1,960		75,852
Nutrisystem, Inc.		1,229		14,232
*Orbitz Worldwide, Inc.		89		325
*,12Overstock.com, Inc.		1,122		6,766
PetMed Express, Inc.		947		12,756
*Shutterfly, Inc.		1,442		44,875
*US Auto Parts Network, Inc.		1,920		6,950
*Valuevision Media, Inc.		200		324
			$	192,736
LEISURE EQUIPMENT & PRODUCTS – 0.5%
*Arctic Cat, Inc.		410		18,138
Brunswick Corp.		4,661		122,538
Callaway Golf Co.		2,811		17,231
Jakks Pacific, Inc.		218		4,157
*Johnson Outdoors, Inc.		120		2,216
*Leapfrog Enterprises, Inc.		737		6,884
Marine Products Corp.		1,100		6,567
*Smith & Wesson Holding Corp.		2,617		21,590
*Steinway Musical Instruments, Inc.		68		1,714
Sturm Ruger & Co., Inc.		870		49,651
			$	250,686
MEDIA – 1.2%
AH Belo Corp.		350		1,544
Arbitron, Inc.		1,464		55,705
Belo Corp.		4,120		27,769
*,12Central European Media Enterprises Ltd.		1,250		9,888
Cinemark Holdings, Inc.		3,797		87,179
*,12Cumulus Media, Inc.		10		36
*Digital Generation, Inc.		1,047		9,716
*Entercom Communications Corp.		230		1,424
Entravision Communications Corp.		540		848
*EW Scripps Co.		1,410		12,916
*Fisher Communications, Inc.		177		5,804
*Global Sources Ltd.		619		3,813
*Gray Television, Inc.		1,720		3,096
Harte-Hanks, Inc.		1,636		13,742
*Journal Communications, Inc.		1,100		4,609
*Knology, Inc.		849		16,513
*LIN TV Corp.		290		1,145
*,12Lions Gate Entertainment Corp.		2,430		29,719
*Live Nation Entertainment, Inc.		5,176		46,895
Martha Stewart Living Omnimedia		1,683		6,008

Description	Number of Shares		Value
*McClatchy Co.		220	$	598
MDC Partners, Inc.		1,560		16,099
12Meredith Corp.		1,320		38,056
National Cinemedia, Inc.		2,892		41,327
*New York Times Co.		4,750		29,972
*Nexstar Broadcasting Group, Inc.		530		4,107
Outdoor Channel Holdings, Inc.		1,170		8,658
*Reachlocal, Inc.		90		680
*Rentrak Corp.		280		5,298
Scholastic Corp.		746		22,790
Sinclair Broadcast Group, Inc.		2,208		22,698
*Valassis Communications, Inc.		2,140		42,800
World Wrestling Entertainment, Inc.		1,017		8,014
			$	579,466
MULTILINE RETAIL – 0.1%
12BON-TON Stores, Inc.		20		124
Fred’s, Inc.		1,222		17,499
*Gordmans Stores, Inc.		160		3,398
*Saks, Inc.		3,860		42,306
*Tuesday Morning Corp.		1,800		7,272
			$	70,599
SPECIALTY RETAIL – 3.8%
*Aeropostale, Inc.		3,930		87,167
*America’s Car-Mart, Inc.		310		14,241
*ANN INC		2,700		74,763
*Asbury Automotive Group, Inc.		1,304		36,408
*Ascena Retail Group, Inc.		6,094		124,805
*,12Barnes & Noble, Inc.		860		17,845
Bebe Stores, Inc.		186		1,525
Big 5 Sporting Goods Corp.		472		3,951
*Body Central Corp.		390		11,844
Brown Shoe Co., Inc.		1,205		10,978
12Buckle, Inc.		1,175		54,262
*Build-A-Bear Workshop, Inc.		271		1,222
*Cabela’s, Inc.		1,574		59,513
*Casual Male Retail Group, Inc.		40		126
Cato Corp.		1,093		30,418
*Charming Shoppes, Inc.		4,150		24,485
*Childrens Place Retail Stores, Inc.		1,008		46,348
Christopher & Banks Corp.		95		178
*Citi Trends, Inc.		876		9,759
*Coldwater Creek, Inc.		2,380		2,356
*Collective Brands, Inc.		2,107		43,762
*Conn’s, Inc.		56		916
*Cost Plus, Inc.		340		6,586
Destination Maternity Corp.		960		19,046
*Express, Inc.		2,040		48,185

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

54 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Finish Line, Inc.		2,254	$	50,174
*Francesca’s Holdings Corp.		530		16,615
*Genesco, Inc.		891		66,825
GNC Holdings, Inc.		1,190		46,481
Group 1 Automotive, Inc.		884		51,166
Haverty Furniture Cos., Inc.		717		8,604
*,12hhgregg, Inc.		715		7,479
*Hibbett Sports, Inc.		1,444		86,236
Hot Topic, Inc.		361		3,538
*Jos A Bank Clothiers, Inc.		1,380		65,619
*Kirkland’s, Inc.		330		4,831
Lithia Motors, Inc.		820		22,001
*,12Lumber Liquidators Holdings, Inc.		971		28,091
*MarineMax, Inc.		800		8,528
Men’s Wearhouse, Inc.		2,089		77,377
Monro Muffler Brake, Inc.		1,632		67,336
*New York & Co., Inc.		2,080		8,216
*Office Depot, Inc.		7,700		23,408
*OfficeMax, Inc.		3,650		16,972
*Pacific Sunwear of California, Inc.		150		220
Penske Automotive Group, Inc.		1,720		45,477
PEP Boys-Manny Moe & Jack		1,813		27,068
Pier 1 Imports, Inc.		4,200		72,156
Rent-A-Center, Inc.		2,014		68,899
*rue21 inc		520		15,782
*Select Comfort Corp.		2,620		75,666
*Shoe Carnival, Inc.		554		10,760
Sonic Automotive, Inc.		1,818		30,579
Stage Stores, Inc.		1,088		16,614
*Stein Mart, Inc.		680		4,366
*Systemax, Inc.		272		4,670
*,12Talbots, Inc.		1,610		4,766
*Vitamin Shoppe, Inc.		1,290		60,720
*West Marine, Inc.		60		703
*Wet Seal, Inc.		1,886		6,205
*Zale Corp.		180		493
*Zumiez, Inc.		993		36,403
			$	1,871,733
TEXTILES, APPAREL & LUXURY GOODS – 1.8%
*Carter’s, Inc.		2,341		127,116
Cherokee, Inc.		150		1,947
Columbia Sportswear Co.		463		21,807
*CROCS, Inc.		4,650		93,930
*Delta Apparel, Inc.		60		859
*G-III Apparel Group Ltd.		727		19,520
*Iconix Brand Group, Inc.		2,805		43,029

Description	Number of Shares		Value
Jones Group, Inc.		2,710	$	30,406
*Kenneth Cole Productions, Inc.		850		13,540
*K-Swiss, Inc.		2,058		7,573
*Liz Claiborne, Inc.		3,010		40,334
*Maidenform Brands, Inc.		929		21,209
Movado Group, Inc.		715		20,270
Oxford Industries, Inc.		640		30,714
*Perry Ellis International, Inc.		127		2,376
*Quiksilver, Inc.		4,760		16,470
*Skechers U.S.A., Inc.		1,633		30,488
*Steven Madden Ltd.		2,066		89,272
*True Religion Apparel, Inc.		987		26,807
*Unifi, Inc.		1,066		11,854
*,12Vera Bradley, Inc.		770		20,005
*Warnaco Group, Inc.		2,011		106,503
Wolverine World Wide, Inc.		2,456		103,029
			$	879,058
TOTAL CONSUMER DISCRETIONARY			$	6,941,812
CONSUMER STAPLES – 3.7%
BEVERAGES – 0.2%
*,12Boston Beer Co., Inc.		445		45,977
*,12Central European Distribution Corp.		1,400		6,832
Coca-Cola Bottling Co. Consolidated		261		16,743
*National Beverage Corp.		1,170		17,386
*Primo Water Corp.		1,950		2,925
			$	89,863
FOOD & STAPLES RETAILING – 1.2%
Andersons, Inc.		645		32,508
Arden Group, Inc.		53		4,688
Casey’s General Stores, Inc.		1,936		109,094
*Chefs’ Warehouse, Inc.		570		13,783
*Fresh Market, Inc.		1,380		70,615
Harris Teeter Supermarkets, Inc.		1,700		64,549
Nash Finch Co.		498		12,500
*Pantry, Inc.		980		12,505
Pricesmart, Inc.		956		78,908
*Rite Aid Corp.		18,820		27,289
Spartan Stores, Inc.		829		15,113
*Susser Holdings Corp.		331		8,834
*United Natural Foods, Inc.		2,557		126,035
Village Super Market, Inc.		220		6,072
Weis Markets, Inc.		250		11,150
			$	593,643
FOOD PRODUCTS – 1.3%
Alico, Inc.		10		227
B&G Foods, Inc.		2,406		53,509

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
12Calavo Growers, Inc.		167	$	4,790
Cal-Maine Foods, Inc.		642		23,131
*Chiquita Brands International, Inc.		1,201		10,208
*Darling International, Inc.		5,987		98,067
12Diamond Foods, Inc.		1,025		21,422
*Dole Food Co., Inc.		1,170		9,922
*Farmer Bros Co.		388		3,531
Fresh Del Monte Produce, Inc.		1,369		31,720
Griffin Land & Nurseries, Inc.		246		5,924
*Hain Celestial Group, Inc.		1,323		62,578
12Imperial Sugar Co.		1,036		4,196
J&J Snack Foods Corp.		574		32,178
Lancaster Colony Corp.		822		53,603
12Limoneira Co.		180		3,026
*Omega Protein Corp.		550		3,938
*Pilgrim’s Pride Corp.		930		6,640
Sanderson Farms, Inc.		871		44,952
*Seneca Foods Corp.		420		9,782
*Smart Balance, Inc.		1,879		11,086
Snyders-Lance, Inc.		641		16,589
Tootsie Roll Industries, Inc.		797		18,977
*TreeHouse Foods, Inc.		1,552		89,255
			$	619,251
HOUSEHOLD PRODUCTS – 0.2%
*Central Garden And Pet Co.		1,854		19,819
*Harbinger Group, Inc.		1,670		8,617
Oil-Dri Corp. of America		160		3,386
*Spectrum Brands Holdings, Inc.		690		23,812
WD-40 Co.		984		44,359
			$	99,993
PERSONAL PRODUCTS – 0.6%
*Elizabeth Arden, Inc.		1,357		52,896
Female Health Co.		1,630		9,796
Inter Parfums, Inc.		418		6,583
*Medifast, Inc.		440		8,457
*,12Nature’s Sunshine Products, Inc.		380		5,882
Nu Skin Enterprises, Inc.		2,848		151,798
*Nutraceutical International Corp.		460		7,052
*Prestige Brands Holdings, Inc.		637		10,823
*Revlon, Inc.		160		2,733
*Schiff Nutrition International, Inc.		195		3,208
*Synutra International, Inc.		429		2,467
*USANA Health Sciences, Inc.		195		8,131
			$	269,826

Description	Number of Shares		Value
TOBACCO – 0.2%
*Alliance One International, Inc.		3,972	$	14,061
*,12Star Scientific, Inc.		4,159		14,764
Universal Corp.		952		43,630
12Vector Group Ltd.		1,416		24,568
			$	97,023
TOTAL CONSUMER STAPLES			$	1,769,599
ENERGY – 6.9%
ENERGY EQUIPMENT & SERVICES – 1.9%
*Basic Energy Services, Inc.		1,152		16,589
Bristow Group, Inc.		1,371		66,973
*,12C&J Energy Services, Inc.		190		3,581
*Cal Dive International, Inc.		3,789		14,663
*Dawson Geophysical Co.		343		9,209
*Dril-Quip, Inc.		1,748		117,798
*Exterran Holdings, Inc.		1,860		25,129
*Geokinetics, Inc.		10		18
*Global Geophysical Services, Inc.		490		4,689
Gulf Island Fabrication, Inc.		463		12,973
*Gulfmark Offshore, Inc.		1,061		51,108
*,12Heckmann Corp.		3,660		13,908
*Helix Energy Solutions Group, Inc.		3,860		78,783
*Hercules Offshore, Inc.		3,250		16,510
*Hornbeck Offshore Services, Inc.		1,218		50,705
*ION Geophysical Corp.		7,597		47,329
*Key Energy Services, Inc.		6,180		78,239
Lufkin Industries, Inc.		1,560		119,870
*Matrix Service Co.		1,613		22,017
*Mitcham Industries, Inc.		320		7,603
*Natural Gas Services Group, Inc.		704		9,180
*Newpark Resources, Inc.		2,712		17,248
*OYO Geospace Corp.		211		24,311
*Parker Drilling Co.		5,454		28,197
*PHI, Inc.		455		12,117
*Pioneer Drilling Co.		2,798		22,048
*Tesco Corp.		1,560		25,475
*TETRA Technologies, Inc.		3,100		27,001
*Union Drilling, Inc.		340		1,894
*Vantage Drilling Co.		7,810		12,340
*Willbros Group, Inc.		1,238		6,685
			$	944,190
OIL, GAS & CONSUMABLE FUELS – 5.0%
*,12Abraxas Petroleum Corp.		4,480		13,350
ALON USA Energy, Inc.		34		307
*,12Amyris, Inc.		990		3,099

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

56 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
12Apco Oil And Gas International, Inc.		480	$	20,136
*Approach Resources, Inc.		990		35,521
*,12ATP Oil & Gas Corp.		2,852		21,561
Berry Petroleum Co.		2,734		124,534
*Bill Barrett Corp.		1,475		35,370
*,12BPZ Resources, Inc.		5,343		21,639
*Callon Petroleum Co.		1,680		9,761
*CAMAC Energy, Inc.		1,920		1,498
*Carrizo Oil & Gas, Inc.		1,896		53,164
*Cheniere Energy, Inc.		5,317		97,354
*Clayton Williams Energy, Inc.		313		23,018
*,12Clean Energy Fuels Corp.		2,469		47,504
*Cloud Peak Energy, Inc.		2,520		38,783
*Comstock Resources, Inc.		1,920		33,734
*Contango Oil & Gas Co.		649		35,215
*Crimson Exploration, Inc.		110		599
Crosstex Energy, Inc.		2,433		36,252
*CVR Energy, Inc.		4,516		137,106
Delek US Holdings, Inc.		552		8,998
DHT Holdings, Inc.		2,613		2,090
*Endeavour International Corp.		1,283		16,012
*Energy Partners Ltd.		1,010		16,443
*Energy XXI Bermuda Ltd.		3,900		146,952
*Evolution Petroleum Corp.		40		354
12Frontline Ltd.		2,000		13,100
*FX Energy, Inc.		1,953		11,093
*Gastar Exploration Ltd.		1,080		3,035
*GeoResources, Inc.		974		36,729
*,12GMX Resources, Inc.		1,740		2,384
12Golar LNG Ltd.		1,838		67,969
*,12Goodrich Petroleum Corp.		1,285		21,549
*Gulfport Energy Corp.		2,550		66,835
*Harvest Natural Resources, Inc.		1,209		8,318
*,12Houston American Energy Corp.		930		2,148
*Hyperdynamics Corp.		7,490		6,992
*Isramco, Inc.		40		3,712
*,12James River Coal Co.		732		3,631
*KiOR, Inc.		30		294
Knightsbridge Tankers Ltd.		863		10,926
*Kodiak Oil & Gas Corp.		13,470		119,209
*L&L Energy, Inc.		2,400		5,400
*,12Magnum Hunter Resources Corp.		4,960		30,802
*,12McMoRan Exploration Co.		4,838		42,574
*Miller Energy Resources, Inc.		320		1,738
12Nordic American Tankers Ltd.		1,978		28,721
*Northern Oil and Gas, Inc.		3,070		59,650
*,12Oasis Petroleum, Inc.		3,180		105,163

Description	Number of Shares		Value
12Overseas Shipholding Group, Inc.		1,120	$	13,104
Panhandle Oil And Gas, Inc.		586		16,144
*Patriot Coal Corp.		3,730		21,746
Penn Virginia Corp.		1,544		7,905
*Petroleum Development Corp.		869		29,885
*Petroquest Energy, Inc.		3,153		19,044
*Resolute Energy Corp.		2,540		26,949
*Rex American Resources Corp.		200		5,548
*Rex Energy Corp.		1,345		14,136
*Rosetta Resources, Inc.		2,788		140,153
*Scorpio Tankers, Inc.		1,250		8,462
*SemGroup Corp.		1,510		48,018
Ship Finance International Ltd.		1,153		15,969
*,12Solazyme, Inc.		180		1,980
*Stone Energy Corp.		2,414		67,713
*Swift Energy Co.		1,456		44,044
*Syntroleum Corp.		2,190		2,059
Targa Resources Corp.		760		36,548
Teekay Tankers Ltd.		398		2,054
*Triangle Petroleum Corp.		1,410		9,179
*Uranerz Energy Corp.		1,240		2,170
*,12Uranium Energy Corp.		3,940		11,623
*Uranium Resources, Inc.		880		766
*Ur-Energy, Inc.		640		698
*USEC, Inc.		7,145		6,013
*Vaalco Energy, Inc.		2,387		21,650
*Venoco, Inc.		420		4,666
*Voyager Oil & Gas, Inc.		540		1,372
W&T Offshore, Inc.		1,940		38,354
*Warren Resources, Inc.		2,940		9,085
Western Refining, Inc.		2,955		56,293
*Westmoreland Coal Co.		140		1,413
World Fuel Services Corp.		3,194		140,728
*Zion Oil & Gas, Inc.		170		422
			$	2,458,219
TOTAL ENERGY			$	3,402,409
FINANCIALS – 19.7%
CAPITAL MARKETS – 1.9%
Apollo Investment Corp.		6,642		48,155
Arlington Asset Investment Corp.		180		4,232
Artio Global Investors, Inc.		2,080		7,530
BGC Partners, Inc.		4,390		30,598
12BlackRock Kelso Capital Corp.		2,550		24,608
Calamos Asset Management, Inc.		485		6,266
Capital Southwest Corp.		102		9,763
Charles Schwab Corp.		270		3,861

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 57

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
12Cohen & Steers, Inc.		873	$	30,765
*Cowen Group, Inc.		1,955		4,927
Diamond Hill Investment Group, Inc.		160		12,142
Duff & Phelps Corp.		1,824		29,002
Edelman Financial Group, Inc.		1,765		15,585
Epoch Holding Corp.		940		25,380
Evercore Partners, Inc.		1,103		29,152
*FBR & Co.		710		1,881
12Fifth Street Finance Corp.		2,866		28,144
*Financial Engines, Inc.		1,670		38,143
12FXCM, Inc.		120		1,390
GAMCO Investors, Inc.		202		9,102
GFI Group, Inc.		2,191		7,230
Gladstone Capital Corp.		1,442		11,550
Gladstone Investment Corp.		1,707		12,666
Golub Capital BDC, Inc.		630		9,362
*Harris & Harris Group, Inc.		2,760		11,123
Hercules Technology Growth Capital, Inc.		1,537		17,537
*HFF, Inc.		1,900		31,046
*ICG Group, Inc.		1,734		16,438
*INTL. FCStone, Inc.		476		10,234
*Investment Technology Group, Inc.		1,690		17,238
JMP Group, Inc.		900		6,669
12Kbw, Inc.		1,343		22,885
*Knight Capital Group, Inc.		2,712		35,636
Kohlberg Capital Corp.		1,700		10,489
*Ladenburg Thalmann Financial Services, Inc.		5,250		8,663
12Main Street Capital Corp.		985		25,226
MCG Capital Corp.		2,660		11,145
Medallion Financial Corp.		1,311		14,329
Medley Capital Corp.		150		1,694
MVC Capital, Inc.		764		10,085
New Mountain Finance Corp.		430		5,809
NGP Capital Resources Co.		187		1,139
Oppenheimer Holdings, Inc.		150		2,559
PennantPark Investment Corp.		1,410		14,735
*Piper Jaffray Cos.		370		8,972
12Prospect Capital Corp.		3,859		42,140
Pzena Investment Management, Inc.		715		4,211
*Safeguard Scientifics, Inc.		1,135		18,569
Solar Capital Ltd.		1,020		21,175
Solar Senior Capital Ltd.		60		973
*Stifel Financial Corp.		2,009		73,168
SWS Group, Inc.		117		660
Teton Advisors, Inc.		10		173
THL Credit, Inc.		70		882
TICC Capital Corp.		1,239		11,411

Description	Number of Shares		Value
Triangle Capital Corp.		1,056	$	21,342
*Virtus Investment Partners, Inc.		323		27,261
Walter Investment Management Corp.		872		17,641
Westwood Holdings Group, Inc.		210		7,724
			$	932,415
COMMERCIAL BANKS – 5.1%
1st Source Corp.		618		14,022
*1st United Bancorp, Inc.		740		4,484
Alliance Financial Corp.		340		10,373
Ames National Corp.		11		243
Arrow Financial Corp.		63		1,508
Bancfirst Corp.		134		5,588
Banco Latinoamericano de Exportaciones SA		1,034		21,559
*Bancorp, Inc.		560		5,751
BancorpSouth, Inc.		2,810		37,851
Bank of Marin Bancorp		50		1,853
Bank of The Ozarks, Inc.		1,132		34,979
Banner Corp.		440		9,658
*BBCN Bancorp, Inc.		1,691		18,567
Boston Private Financial Holdings, Inc.		1,108		10,327
Bridge Bancorp, Inc.		90		1,753
Bryn Mawr Bank Corp.		475		10,208
Camden National Corp.		263		8,553
Capital City Bank Group, Inc.		951		7,941
Cardinal Financial Corp.		1,330		16,053
Cathay General Bancorp		2,712		46,701
Center Bancorp, Inc.		130		1,374
Centerstate Banks, Inc.		926		7,445
*Central Pacific Financial Corp.		140		1,991
Chemical Financial Corp.		1,188		26,219
Citizens & Northern Corp.		831		15,739
City Holding Co.		42		1,401
CNB Financial Corp.		910		14,960
CoBiz Financial, Inc.		1,980		12,375
Columbia Banking System, Inc.		1,159		23,748
Community Bank System, Inc.		1,374		38,637
Community Trust Bancorp, Inc.		128		4,090
CVB Financial Corp.		3,174		36,723
*Eagle Bancorp, Inc.		670		11,919
*Encore Bancshares, Inc.		70		1,436
12Enterprise Bancorp, Inc.		60		965
Enterprise Financial Services Corp.		753		9,104
Financial Institutions, Inc.		873		14,771
First Bancorp		1,095		10,972
First Bancorp, Inc.		439		6,370
First Busey Corp.		321		1,489
First Commonwealth Financial Corp.		3,196		20,550

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

58 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
First Community Bancshares, Inc.		501	$	6,708
First Financial Bancorp		2,325		39,083
12First Financial Bankshares, Inc.		1,291		43,687
First Financial Corp.		495		14,850
First Interstate Bancsystem, Inc.		530		7,468
First Merchants Corp.		955		11,775
First Midwest Bancorp, Inc.		2,721		28,979
First of Long Island Corp.		220		6,057
Firstmerit Corp.		3,223		54,146
FNB Corp.		5,296		60,110
German American Bancorp, Inc.		900		17,136
Glacier Bancorp, Inc.		2,351		35,030
Great Southern Bancorp, Inc.		490		11,780
*Hampton Roads Bankshares, Inc.		1,780		5,625
Hancock Holding Co.		2,548		81,995
*Hanmi Financial Corp.		1,480		15,436
Heartland Financial USA, Inc.		273		5,056
Heritage Financial Corp.		820		10,742
Home BancShares, Inc.		402		11,714
Hudson Valley Holding Corp.		312		5,719
Iberiabank Corp.		844		43,103
Independent Bank Corp.		736		20,660
International Bancshares Corp.		1,672		32,989
*Investors Bancorp, Inc.		1,871		28,888
Lakeland Bancorp, Inc.		542		4,954
Lakeland Financial Corp.		165		4,297
Mainsource Financial Group, Inc.		109		1,274
MB Financial, Inc.		1,685		34,829
Merchants Bancshares, Inc.		290		7,795
*Metro Bancorp, Inc.		572		6,618
MidSouth Bancorp, Inc.		730		10,293
National Bankshares, Inc.		200		5,942
National Penn Bancshares, Inc.		4,311		39,747
Nbt Bancorp, Inc.		508		10,439
Old National Bancorp		2,821		36,165
*OmniAmerican Bancorp, Inc.		770		15,439
Oriental Financial Group, Inc.		854		10,094
Orrstown Financial Services, Inc.		290		2,242
*Pacific Capital Bancorp NA		20		911
Pacific Continental Corp.		1,340		11,913
PacWest Bancorp		439		10,457
12Park National Corp.		288		19,368
*Park Sterling Corp.		1,300		6,123
Penns Woods Bancorp, Inc.		160		6,310
Peoples Bancorp, Inc.		126		2,317
*Pinnacle Financial Partners, Inc.		1,271		23,259
Privatebancorp, Inc.		2,120		33,348

Description	Number of Shares		Value
Prosperity Bancshares, Inc.		1,715	$	80,005
Renasant Corp.		1,001		16,016
Republic Bancorp, Inc.		197		4,635
S&T Bancorp, Inc.		780		14,602
Sandy Spring Bancorp, Inc.		697		12,553
SCBT Financial Corp.		390		13,412
Sierra Bancorp		516		4,727
*Signature Bank		2,394		157,262
Simmons First National Corp.		276		6,718
Southside Bancshares, Inc.		345		7,038
*Southwest Bancorp, Inc.		82		745
*State Bank Financial Corp.		790		13,628
StellarOne Corp.		643		8,044
Sterling Bancorp		1,237		11,764
*,12Sterling Financial Corp.		1,360		26,411
*Suffolk Bancorp		4		48
Susquehanna Bancshares, Inc.		5,912		61,307
*SVB Financial Group		1,678		107,543
SY Bancorp, Inc.		530		12,296
*,12Taylor Capital Group, Inc.		160		2,227
*Texas Capital Bancshares, Inc.		1,348		50,833
Tompkins Financial Corp.		140		5,299
12TowneBank		370		4,817
Trico Bancshares		273		4,488
Trustmark Corp.		2,098		53,394
UMB Financial Corp.		964		46,320
Umpqua Holdings Corp.		3,246		42,977
Union First Market Bankshares Corp.		59		824
12United Bankshares, Inc.		1,714		45,301
*United Community Banks, Inc.		864		8,130
Univest Corp. of Pennsylvania		553		8,903
Valley National Bancorp		469		5,909
Washington Banking Co.		920		12,825
Washington Trust Bancorp, Inc.		576		13,634
Webster Financial Corp.		2,560		58,189
Wesbanco, Inc.		346		7,086
West Bancorporation, Inc.		27		259
*West Coast Bancorp		758		14,811
12Westamerica Bancorporation		1,053		48,301
*Western Alliance Bancorp		3,121		27,402
*Wilshire Bancorp, Inc.		1,900		10,184
Wintrust Financial Corp.		1,263		45,632
			$	2,509,619
CONSUMER FINANCE – 0.7%
Cash America International, Inc.		1,196		55,913
*CompuCredit Holdings Corp.		837		4,612
*Credit Acceptance Corp.		375		35,261
*DFC Global Corp.		1,798		31,429

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Ezcorp, Inc.		2,609	$	69,895
*First Cash Financial Services, Inc.		1,679		68,772
*First Marblehead Corp.		5,080		5,385
*Imperial Holdings, Inc.		2,620		10,035
Nelnet, Inc.		572		14,769
*,12Netspend Holdings, Inc.		840		6,409
*World Acceptance Corp.		904		60,125
			$	362,605
DIVERSIFIED FINANCIAL SERVICES – 0.3%
California First National Bancorp		150		2,385
12Compass Diversified Holdings		1,841		27,026
MarketAxess Holdings, Inc.		1,547		53,078
*NewStar Financial, Inc.		924		10,968
*PHH Corp.		1,887		29,249
*PICO Holdings, Inc.		640		15,366
			$	138,072
INSURANCE – 2.3%
Alterra Capital Holdings Ltd.		3,025		72,388
American Equity Investment Life Holding Co.		2,693		33,016
*American Safety Insurance Holdings Ltd.		137		2,593
*AMERISAFE, Inc.		672		17,956
Amtrust Financial Services, Inc.		1,160		31,598
Argo Group International Holdings Ltd.		661		19,076
Baldwin & Lyons, Inc.		492		10,711
*Citizens, Inc.		117		1,124
*CNO Financial Group, Inc.		8,360		60,777
Crawford & Co.		27		129
Delphi Financial Group, Inc.		1,633		74,171
Donegal Group, Inc.		10		136
*eHealth, Inc.		154		2,729
Employers Holdings, Inc.		1,347		23,330
*Enstar Group Ltd.		319		30,040
FBL Financial Group, Inc.		633		18,433
First American Financial Corp.		3,550		59,462
Flagstone Reinsurance Holdings SA		1,127		8,453
*Global Indemnity PLC		524		9,437
*Greenlight Capital Re Ltd		1,060		26,394
*Hallmark Financial Services		1,217		9,152
Harleysville Group, Inc.		449		26,913
*Hilltop Holdings, Inc.		571		4,528
Horace Mann Educators Corp.		1,504		26,395
Infinity Property & Casualty Corp.		468		24,996
12Kansas City Life Insurance Co.		400		13,016
Maiden Holdings Ltd.		1,932		16,036
Meadowbrook Insurance Group, Inc.		2,035		17,969
Montpelier RE Holdings, Ltd.		1,874		38,454

Description	Number of Shares		Value
*National Financial Partners Corp.		2,020	$	29,795
National Interstate Corp.		519		12,456
National Western Life Insurance Co.		85		11,565
*Navigators Group, Inc.		426		20,235
OneBeacon Insurance Group Ltd.		1,090		15,511
*Phoenix Cos., Inc.		4,024		8,450
Platinum Underwriters Holdings, Ltd.		1,150		42,113
Presidential Life Corp.		660		7,643
Primerica, Inc.		770		20,197
Proassurance Corp.		1,067		93,992
RLI Corp.		536		36,920
Safety Insurance Group, Inc.		464		18,490
SeaBright Holdings, Inc.		44		396
Selective Insurance Group, Inc.		1,943		33,983
State Auto Financial Corp.		638		9,143
Stewart Information Services Corp.		429		6,315
Symetra Financial Corp.		1,870		22,739
Tower Group, Inc.		557		12,020
United Fire Group, Inc.		795		13,690
Universal Insurance Holdings, Inc.		2,460		10,184
			$	1,105,249
REAL ESTATE INVESTMENT TRUSTS – 8.3%
Acadia Realty Trust		1,695		39,290
Agree Realty Corp.		129		2,941
Alexander’s, Inc.		106		41,301
American Assets Trust, Inc.		1,080		25,391
American Campus Communities, Inc.		2,775		123,349
Anworth Mortgage Asset Corp.		1,861		12,543
Apollo Commercial Real Estate Finance, Inc.		410		6,613
12ARMOUR Residential REIT, Inc.		1,470		10,261
Ashford Hospitality Trust, Inc.		2,440		20,838
Associated Estates Realty Corp.		854		14,458
BioMed Realty Trust, Inc.		5,546		109,922
Campus Crest Communities, Inc.		1,420		16,543
Caplease, Inc.		4,301		17,849
Capstead Mortgage Corp.		2,660		36,522
CBL & Associates Properties, Inc.		6,140		114,388
Cedar Realty Trust, Inc.		1,766		9,219
Chatham Lodging Trust		1,040		13,520
Chesapeake Lodging Trust		1,260		22,806
Colonial Properties Trust		3,063		68,519
Colony Financial, Inc.		970		16,480
Coresite Realty Corp.		680		16,939
Cousins Properties, Inc.		3,647		28,665
CreXus Investment Corp.		2,150		22,554
Cubesmart		4,764		59,836

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

60 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
12CYS Investments, Inc.		1,180	$	16,201
DCT Industrial Trust, Inc.		9,725		57,669
Diamondrock Hospitality Co.		6,067		64,492
12Dupont Fabros Technology, Inc.		1,665		45,205
Dynex Capital, Inc.		880		8,298
EastGroup Properties, Inc.		1,274		64,082
Education Realty Trust, Inc.		3,911		44,077
Entertainment Properties Trust		1,739		83,455
Equity Lifestyle Properties, Inc.		1,417		99,105
Equity One, Inc.		832		17,289
Excel Trust, Inc.		880		10,551
Extra Space Storage, Inc.		4,002		121,461
*Felcor Lodging Trust, Inc.		4,470		18,863
*First Industrial Realty Trust, Inc.		2,962		36,551
First Potomac Realty Trust		1,574		19,581
Franklin Street Properties Corp.		2,057		20,714
12Getty Realty Corp.		827		13,083
Gladstone Commercial Corp.		440		7,476
Glimcher Realty Trust		5,605		55,433
Government Properties Income Trust		1,040		24,149
Hatteras Financial Corp.		1,781		51,881
Healthcare Realty Trust, Inc.		2,726		58,554
Hersha Hospitality Trust		4,978		28,624
Highwoods Properties, Inc.		3,285		114,088
Home Properties, Inc.		2,424		147,985
Hudson Pacific Properties, Inc.		360		5,699
Inland Real Estate Corp.		1,925		16,555
Invesco Mortgage Capital, Inc.		3,490		61,564
Investors Real Estate Trust		2,297		16,584
*iStar Financial, Inc.		3,130		21,660
Kilroy Realty Corp.		2,680		127,166
Kite Realty Group Trust		2,600		13,286
LaSalle Hotel Properties		3,061		90,024
Lexington Realty Trust		4,171		37,122
LTC Properties, Inc.		1,142		38,006
Medical Properties Trust, Inc.		4,175		39,162
MFA Financial, Inc.		12,361		91,224
MID-America Apartment Communities, Inc.		1,850		125,930
Mission West Properties, Inc.		635		5,575
Monmouth Real Estate Investment Corp.		722		7,408
*MPG Office Trust, Inc.		2,020		4,262
National Health Investors, Inc.		1,084		53,625
12National Retail Properties, Inc.		3,564		97,582
Newcastle Investment Corp.		5,610		39,663
NorthStar Realty Finance Corp.		2,530		14,421
12Omega Healthcare Investors, Inc.		4,855		103,946
Parkway Properties, Inc.		639		6,320

Description	Number of Shares		Value
Pebblebrook Hotel Trust		1,920	$	46,234
Pennsylvania Real Estate Investment Trust		1,651		23,263
PennyMac Mortgage Investment Trust		630		12,783
Post Properties, Inc.		1,741		84,787
Potlatch Corp.		1,751		54,806
PS Business Parks, Inc.		739		50,437
12RAIT Financial Trust		627		3,035
Ramco-Gershenson Properties Trust		1,564		18,831
Redwood Trust, Inc.		2,529		29,539
Resource Capital Corp.		2,312		12,485
12Retail Opportunity Investments Corp.		1,450		17,617
RLJ Lodging Trust		480		9,014
Sabra Health Care REIT, Inc.		1,233		20,640
Saul Centers, Inc.		438		17,524
Sovran Self Storage, Inc.		907		47,799
STAG Industrial, Inc.		700		9,744
Starwood Property Trust, Inc.		3,060		63,862
*Strategic Hotels & Resorts, Inc.		6,920		47,125
Summit Hotel Properties, Inc.		390		3,260
Sun Communities, Inc.		771		33,731
*Sunstone Hotel Investors, Inc.		3,384		34,517
Tanger Factory Outlet Centers		4,514		141,378
Terreno Realty Corp.		130		1,859
Two Harbors Investment Corp.		5,720		59,831
UMH Properties, Inc.		410		4,834
Universal Health Realty Income Trust		597		24,143
Urstadt Biddle Properties, Inc.		555		10,678
Washington Real Estate Investment Trust		2,322		68,615
12Whitestone REIT		550		7,601
Winthrop Realty Trust		1,120		11,950
			$	4,068,320
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
*AV Homes, Inc.		512		6,385
*Forestar Group, Inc.		1,798		27,653
Kennedy-Wilson Holdings, Inc.		1,050		14,763
*Tejon Ranch Co.		798		23,828
			$	72,629
THRIFTS & MORTGAGE FINANCE – 0.9%
Astoria Financial Corp.		2,560		24,806
Bank Mutual Corp.		811		3,163
BankFinancial Corp.		1,681		11,195
*Beneficial Mutual Bancorp, Inc.		150		1,301
Berkshire Hills Bancorp, Inc.		741		16,813
*Bofi Holding, Inc.		270		4,798
Brookline Bancorp, Inc.		2,308		20,726
*Cape Bancorp, Inc.		640		5,210

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 61

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Clifton Savings Bancorp, Inc.		1,220	$	12,468
Dime Community Bancshares, Inc.		1,113		15,426
*Doral Financial Corp.		2,698		4,937
ESB Financial Corp.		360		4,835
ESSA Bancorp, Inc.		510		4,973
Federal Agricultural Mortgage Corp.		80		1,829
First Financial Holdings, Inc.		964		11,125
12First Pactrust Bancorp, Inc.		500		5,495
*Flagstar Bancorp, Inc.		1,960		1,706
Flushing Financial Corp.		684		8,913
Fox Chase Bancorp, Inc.		980		12,466
*Franklin Financial Corp.		20		288
Home Federal Bancorp, Inc./Id		653		6,393
Kearny Financial Corp.		19		184
*Meridian Interstate Bancorp, Inc.		1,020		13,668
*MGIC Investment Corp.		5,170		17,888
Northfield Bancorp, Inc.		446		6,226
Northwest Bancshares, Inc.		2,528		31,145
OceanFirst Financial Corp.		48		699
*Ocwen Financial Corp.		3,436		51,231
Oritani Financial Corp.		2,170		32,159
Provident Financial Services, Inc.		2,645		38,881
Provident New York Bancorp		1,054		8,896
Radian Group, Inc.		3,476		10,845
Rockville Financial, Inc.		672		7,869
Roma Financial Corp.		100		944
Territorial Bancorp, Inc.		310		6,733
TrustCo Bank Corp.		4,690		25,654
United Financial Bancorp, Inc.		380		6,095
Viewpoint Financial Group, Inc.		621		9,880
Westfield Financial, Inc.		854		6,379
WSFS Financial Corp.		158		6,306
			$	460,548
TOTAL FINANCIALS			$	9,649,457
HEALTH CARE – 13.7%
BIOTECHNOLOGY – 4.3%
*Achillion Pharmaceuticals, Inc.		1,590		10,574
*Acorda Therapeutics, Inc.		1,583		39,955
*Aegerion Pharmaceuticals, Inc.		70		872
*Affymax, Inc.		465		6,096
*Alkermes PLC		4,203		72,712
*Allos Therapeutics, Inc.		4,008		7,295
*Alnylam Pharmaceuticals, Inc.		2,010		22,894
*AMAG Pharmaceuticals, Inc.		330		5,168
*Anacor Pharmaceuticals, Inc.		50		277
*Anthera Pharmaceuticals, Inc.		980		1,529

Description	Number of Shares		Value
*Ardea Biosciences, Inc.		1,156	$	36,830
*,12Arena Pharmaceuticals, Inc.		3,540		8,638
*Ariad Pharmaceuticals, Inc.		7,520		122,576
*Arqule, Inc.		3,040		21,432
*Array BioPharma, Inc.		3,453		12,051
*Astex Pharmaceuticals		2,500		4,400
*AVEO Pharmaceuticals, Inc.		1,390		15,985
*AVI BioPharma, Inc.		4,470		3,729
*BioCryst Pharmaceuticals, Inc.		1,130		4,091
*BioMimetic Therapeutics, Inc.		2,209		5,898
*Biosante Pharmaceuticals, Inc.		5,350		2,943
*,12Biospecifics Technologies Corp.		150		2,212
*,12Biotime, Inc.		260		985
*Celldex Therapeutics, Inc.		1,693		7,720
*Cepheid, Inc.		3,397		130,479
*,12Chelsea Therapeutics International Ltd.		4,050		8,586
*,12Cleveland Biolabs, Inc.		2,120		4,113
*Codexis, Inc.		770		2,787
*Cubist Pharmaceuticals, Inc.		3,122		131,998
*,12Curis, Inc.		1,690		8,095
*Cytori Therapeutics, Inc.		2,187		5,183
*Dusa Pharmaceuticals, Inc.		530		3,106
*Dyax Corp.		6,611		10,776
*Dynavax Technologies Corp.		6,770		33,918
*Emergent Biosolutions, Inc.		1,641		23,072
*Enzon Pharmaceuticals, Inc.		1,860		11,588
*Exact Sciences Corp.		2,430		26,171
*Exelixis, Inc.		6,252		30,010
*Genomic Health, Inc.		750		21,495
*Geron Corp.		6,027		10,125
*GTx, Inc.		350		1,096
*Halozyme Therapeutics, Inc.		4,431		35,847
*,12Idenix Pharmaceuticals, Inc.		2,462		21,592
*Immunogen, Inc.		3,418		43,579
*Immunomedics, Inc.		2,800		10,052
*,12Incyte Corp. Ltd.		4,707		106,755
*,12Infinity Pharmaceuticals, Inc.		610		8,235
*Insmed, Inc.		2,160		6,242
*,12InterMune, Inc.		2,566		26,789
*Ironwood Pharmaceuticals, Inc.		2,570		33,950
*Isis Pharmaceuticals, Inc.		4,162		33,296
*Keryx Biopharmaceuticals, Inc.		2,290		3,618
*Lexicon Pharmaceuticals, Inc.		3,810		6,172
*Ligand Pharmaceuticals, Inc.		595		8,038
*MannKind Corp.		2,657		5,978
*Maxygen, Inc.		1,716		9,695
*Medivation, Inc.		1,581		127,871

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

62 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*,12Metabolix, Inc.		936	$	2,537
*Momenta Pharmaceuticals, Inc.		2,030		32,236
*Nabi Biopharmaceuticals		4,488		7,495
*Neostem, Inc.		2,120		763
*Neurocrine Biosciences, Inc.		2,837		21,079
*Novavax, Inc.		5,063		6,886
*NPS Pharmaceuticals, Inc.		4,262		30,516
*Nymox Pharmaceutical Corp.		320		2,608
*,12OncoGenex Pharmaceutical, Inc.		1,000		13,000
*Oncothyreon, Inc.		1,890		8,108
*Onyx Pharmaceuticals, Inc.		3,144		143,083
*,12Opko Health, Inc.		7,360		34,960
*Orexigen Therapeutics, Inc.		55		192
*,12Osiris Therapeutics, Inc.		1,794		9,526
PDL Biopharma, Inc.		5,226		32,872
*Peregrine Pharmaceuticals, Inc.		4,340		2,040
*,12Pharmacyclics, Inc.		2,280		62,837
*Progenics Pharmaceuticals, Inc.		356		3,912
*,12Raptor Pharmaceutical Corp.		1,340		7,852
*Rigel Pharmaceuticals, Inc.		1,731		13,381
*,12Sangamo Biosciences, Inc.		2,305		10,718
*,12Savient Pharmaceuticals, Inc.		3,128		7,413
*Sciclone Pharmaceuticals, Inc.		2,980		17,850
*,12Seattle Genetics, Inc.		4,895		96,774
*,12SIGA Technologies, Inc.		1,840		6,072
*,12Spectrum Pharmaceuticals, Inc.		2,790		29,658
*Sunesis Pharmaceuticals, Inc.		610		1,677
*Synta Pharmaceuticals Corp.		2,000		8,700
*Targacept, Inc.		640		3,040
*,12Theravance, Inc.		3,256		70,460
*Trius Therapeutics, Inc.		60		322
*Vanda Pharmaceuticals, Inc.		2,420		10,721
*Vical, Inc.		1,980		6,178
*Zalicus, Inc.		350		368
*,12ZIOPHARM Oncology, Inc.		2,920		13,899
			$	2,086,902
HEALTH CARE EQUIPMENT & SUPPLIES – 3.3%
*Abaxis, Inc.		1,331		47,410
*ABIOMED, Inc.		1,412		34,354
*Accuray, Inc.		2,472		19,034
*Align Technology, Inc.		3,281		104,041
*Alphatec Holdings, Inc.		400		872
Analogic Corp.		638		43,518
*Angiodynamics, Inc.		989		12,244
*Antares Pharma, Inc.		580		1,827
*Arthrocare Corp.		1,020		25,459

Description	Number of Shares		Value
*AtriCure, Inc.		750	$	6,150
Atrion Corp.		90		20,758
*Biolase Technology, Inc.		799		2,077
Cantel Medical Corp.		846		19,864
*Cardiovascular Systems, Inc.		80		789
*Cerus Corp.		120		473
*Conceptus, Inc.		980		18,395
Conmed Corp.		673		19,241
*CryoLife, Inc.		1,550		8,199
*Cyberonics, Inc.		1,650		63,195
*Cynosure, Inc.		603		12,464
*,12Delcath Systems, Inc.		2,570		7,222
*Dexcom, Inc.		3,063		29,987
*DynaVox, Inc.		1,310		3,223
*Endologix, Inc.		2,250		33,705
*Exactech, Inc.		622		9,641
*Greatbatch, Inc.		501		11,668
*Haemonetics Corp.		1,255		89,820
*,12Hansen Medical, Inc.		2,673		8,447
*HeartWare International, Inc.		650		50,674
*ICU Medical, Inc.		557		29,237
*Insulet Corp.		2,181		38,953
*Integra Lifesciences Holdings Corp.		897		33,395
Invacare Corp.		974		15,438
*Iris International, Inc.		895		11,707
Kensey Nash Corp.		558		15,864
*,12MAKO Surgical Corp.		1,510		62,378
*Masimo Corp.		2,681		59,331
*Medical Action Industries, Inc.		1,124		6,204
Meridian Bioscience, Inc.		2,014		41,388
*Merit Medical Systems, Inc.		2,150		28,423
*Natus Medical, Inc.		1,083		13,256
*,12Navidea Biopharmaceuticals, Inc.		5,150		16,068
*Neogen Corp.		1,243		48,465
*NuVasive, Inc.		1,930		31,980
*NxStage Medical, Inc.		2,031		34,527
*OraSure Technologies, Inc.		3,017		34,605
*Orthofix International NV		901		37,139
*Palomar Medical Technologies, Inc.		143		1,244
*,12Quidel Corp.		1,817		30,017
*Rockwell Medical Technologies, Inc.		200		1,850
*RTI Biologics, Inc.		970		3,395
*Solta Medical, Inc.		80		260
*Spectranetics Corp.		1,838		19,281
*Staar Surgical Co.		1,250		13,712
*Stereotaxis, Inc.		2,146		878
STERIS Corp.		3,030		95,172

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 63

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*SurModics, Inc.		700	$	10,353
*Symmetry Medical, Inc.		1,308		9,300
*Tornier NV		370		8,784
*,12Unilife Corp.		1,760		7,533
*Uroplasty, Inc.		680		2,067
*Vascular Solutions, Inc.		250		2,838
*Volcano Corp.		2,669		72,463
West Pharmaceutical Services, Inc.		1,440		64,656
*Wright Medical Group, Inc.		950		17,699
Young Innovations, Inc.		390		13,260
			$	1,637,871
HEALTH CARE PROVIDERS & SERVICES – 2.7%
*,12Accretive Health, Inc.		1,510		15,191
*Air Methods Corp.		661		55,597
*Alliance HealthCare Services, Inc.		3,130		4,288
*Almost Family, Inc.		248		6,046
*Amedisys, Inc.		1,086		15,997
*AMN Healthcare Services, Inc.		1,978		13,272
*Amsurg Corp.		1,180		33,937
Assisted Living Concepts, Inc.		734		13,146
*Bio-Reference Labs, Inc.		988		21,064
*BioScrip, Inc.		1,960		14,524
*Capital Senior Living Corp.		1,128		10,930
*Cardionet, Inc.		1,800		5,076
*Centene Corp.		2,097		83,020
Chemed Corp.		985		59,435
*Chindex International, Inc.		861		8,412
*Corvel Corp.		100		4,349
*Cross Country Healthcare, Inc.		374		1,724
*Emeritus Corp.		1,276		21,947
Ensign Group, Inc.		869		23,211
*ExamWorks Group, Inc.		1,170		13,619
*Five Star Quality Care, Inc.		230		789
*Gentiva Health Services, Inc.		207		1,714
*Hanger Orthopedic Group, Inc.		1,653		38,928
*Healthsouth Corp.		3,494		78,231
*Healthways, Inc.		1,610		10,739
*HMS Holdings Corp.		4,357		104,829
*IPC The Hospitalist Co., Inc.		600		23,046
*Kindred Healthcare, Inc.		1,805		17,400
Landauer, Inc.		486		25,622
*LHC Group, Inc.		597		10,573
*Magellan Health Services, Inc.		1,055		46,715
*Metropolitan Health Networks, Inc.		2,105		15,745
*MModal, Inc.		1,180		15,057
*Molina Healthcare, Inc.		1,372		35,192

Description	Number of Shares		Value
*MWI Veterinary Supply, Inc.		710	$	67,024
National Healthcare Corp.		460		20,976
National Research Corp.		210		10,151
Owens & Minor, Inc.		3,056		89,357
*Pharmerica Corp.		539		6,398
*Providence Service Corp.		510		7,171
*PSS World Medical, Inc.		2,652		63,462
*RadNet, Inc.		80		247
*Select Medical Holdings Corp.		690		5,913
*Skilled Healthcare Group, Inc.		59		453
*Sun Healthcare Group, Inc.		503		3,637
*,12Sunrise Senior Living, Inc.		2,820		17,710
*Team Health Holdings, Inc.		1,140		24,556
*Triple-S Management Corp.		351		7,392
*Universal American Corp.		1,093		10,034
US Physical Therapy, Inc.		812		19,797
*WellCare Health Plans, Inc.		2,170		132,761
			$	1,336,404
HEALTH CARE TECHNOLOGY – 0.7%
*,12Athenahealth, Inc.		1,680		121,716
Computer Programs & Systems, Inc.		573		34,145
*Epocrates, Inc.		10		81
*HealthStream, Inc.		700		16,044
*MedAssets, Inc.		1,899		23,946
*Medidata Solutions, Inc.		1,120		29,019
*Merge Healthcare, Inc.		2,830		12,169
*Omnicell, Inc.		1,348		19,236
Quality Systems, Inc.		1,856		69,414
			$	325,770
LIFE SCIENCES TOOLS & SERVICES – 0.4%
*Affymetrix, Inc.		3,504		15,488
*,12BG Medicine, Inc.		210		1,392
*Cambrex Corp.		534		3,460
*,12Complete Genomics, Inc.		1,700		4,590
*ENZO Biochem, Inc.		2,252		6,170
*eResearchTechnology, Inc.		1,143		9,030
*Fluidigm Corp.		100		1,561
*Furiex Pharmaceuticals, Inc.		720		10,346
*Harvard Bioscience, Inc.		650		2,593
*Luminex Corp.		1,688		42,268
*Medtox Scientific, Inc.		10		221
*,12Pacific Biosciences of California, Inc.		1,380		3,726
*Parexel International Corp.		2,639		71,095
*,12Sequenom, Inc.		3,622		18,545
			$	190,485

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

64 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
PHARMACEUTICALS – 2.3%
*,12Acura Pharmaceuticals, Inc.		1,700	$	5,491
*Akorn, Inc.		2,550		30,931
*Alimera Sciences, Inc.		50		155
*Ampio Pharmaceuticals, Inc.		110		340
*Auxilium Pharmaceuticals, Inc.		2,201		39,442
*,12AVANIR Pharmaceuticals, Inc.		5,700		17,385
*Cadence Pharmaceuticals, Inc.		1,939		7,155
*Columbia Laboratories, Inc.		1,020		744
*Corcept Therapeutics, Inc.		490		1,833
*Cornerstone Therapeutics, Inc.		20		118
*Depomed, Inc.		4,130		25,152
*Durect Corp.		3,845		2,692
*,12Endocyte, Inc.		940		6,712
*Hi-Tech Pharmacal Co., Inc.		270		8,799
*Impax Laboratories, Inc.		3,180		78,323
*ISTA Pharmaceuticals, Inc.		2,090		18,914
*Jazz Pharmaceuticals PLC		810		41,334
*Lannett Co., Inc.		460		1,812
*,12MAP Pharmaceuticals, Inc.		1,184		15,179
*Medicines Co.		2,479		54,761
Medicis Pharmaceutical Corp.		3,077		118,372
*Nektar Therapeutics		4,852		36,972
*Obagi Medical Products, Inc.		1,610		21,123
*,12Optimer Pharmaceuticals, Inc.		2,095		31,006
*Pain Therapeutics, Inc.		2,020		8,181
*Par Pharmaceutical Cos., Inc.		1,830		77,482
*,12Pozen, Inc.		2,145		14,286
*,12Questcor Pharmaceuticals, Inc.		2,639		118,491
*Sagent Pharmaceuticals, Inc.		320		5,757
*Salix Pharmaceuticals Ltd.		2,837		140,148
*Santarus, Inc.		3,410		21,722
*Sucampo Pharmaceuticals, Inc.		892		7,421
*ViroPharma, Inc.		2,624		57,072
*,12Vivus, Inc.		4,636		112,284
*XenoPort, Inc.		2,664		12,174
*Zogenix, Inc.		3,430		6,277
			$	1,146,040
TOTAL HEALTH CARE			$	6,723,472
INDUSTRIALS – 16.3%
AEROSPACE & DEFENSE – 1.8%
Aar Corp.		1,586		24,504
*Aerovironment, Inc.		614		14,932
American Science & Engineering, Inc.		534		34,876
*Astronics Corp.		641		20,294
Ceradyne, Inc.		1,072		27,143

Description	Number of Shares		Value
Cubic Corp.		628	$	29,032
Curtiss-Wright Corp.		1,416		49,971
*Digitalglobe, Inc.		1,900		23,313
*Ducommun, Inc.		524		6,183
*Esterline Technologies Corp.		1,067		73,079
*GenCorp., Inc.		3,549		24,382
*Geoeye, Inc.		839		19,230
Heico Corp.		2,451		98,834
*Hexcel Corp.		4,283		117,269
*KEYW Holding Corp.		450		4,230
*Kratos Defense & Security Solutions, Inc.		1,461		8,109
*LMI Aerospace, Inc.		657		12,017
*Moog, Inc.		1,756		74,226
12National Presto Industries, Inc.		282		20,789
*Orbital Sciences Corp.		1,351		16,969
*TASER International, Inc.		1,201		5,525
*Teledyne Technologies, Inc.		1,444		93,311
Triumph Group, Inc.		1,450		91,089
			$	889,307
AIR FREIGHT & LOGISTICS – 0.4%
*Air Transport Services Group, Inc.		3,040		16,112
*Atlas Air Worldwide Holdings, Inc.		924		42,550
Forward Air Corp.		1,461		49,353
*Hub Group, Inc.		2,012		70,420
*Pacer International, Inc.		2,385		14,334
*Park-Ohio Holdings Corp.		320		6,909
			$	199,678
AIRLINES – 0.5%
*Alaska Air Group, Inc.		2,694		91,057
*Allegiant Travel Co.		494		29,027
*Hawaiian Holdings, Inc.		2,093		11,846
*Jetblue Airways Corp.		7,334		34,836
*Republic Airways Holdings, Inc.		1,241		6,317
Skywest, Inc.		1,703		15,310
*Spirit Airlines, Inc.		850		20,417
*,12US Airways Group, Inc.		5,216		53,516
			$	262,326
BUILDING PRODUCTS – 0.6%
AAON, Inc.		698		14,239
*Ameresco, Inc.		770		9,386
American Woodmark Corp.		645		11,578
AO Smith Corp.		1,458		69,401
*Builders FirstSource, Inc.		100		417
*Gibraltar Industries, Inc.		1,280		17,306
Griffon Corp.		1,599		15,846
Insteel Industries, Inc.		130		1,478

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 65

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*NCI Building Systems, Inc.		582	$	6,978
Quanex Building Products Corp.		1,423		26,226
Simpson Manufacturing Co., Inc.		1,211		37,577
*Trex Co., Inc.		669		21,408
Universal Forest Products, Inc.		386		14,436
*,12USG Corp.		3,100		55,955
			$	302,231
COMMERCIAL SERVICES & SUPPLIES – 2.8%
ABM Industries, Inc.		2,319		53,986
*ACCO Brands Corp.		2,470		26,058
*American Reprographics Co.		668		3,647
Brink’s Co.		2,290		58,166
*Casella Waste Systems, Inc.		1,750		10,553
*Cenveo, Inc.		793		2,268
*Clean Harbors, Inc.		2,344		159,955
Compx International, Inc.		70		940
*Consolidated Graphics, Inc.		502		20,075
Courier Corp.		104		1,068
Deluxe Corp.		2,855		67,978
*Encore Capital Group, Inc.		545		12,916
*EnergySolutions, Inc.		2,221		9,350
*EnerNOC, Inc.		834		5,012
Ennis, Inc.		1,159		18,266
*Fuel Tech, Inc.		1,231		5,700
G&K Services, Inc.		884		29,048
*Geo Group, Inc.		2,438		50,491
Healthcare Services Group, Inc.		3,375		71,617
Herman Miller, Inc.		2,785		54,391
HNI Corp.		2,243		54,101
*Innerworkings, Inc.		650		7,481
Interface, Inc.		2,785		39,436
Intersections, Inc.		80		962
Kimball International, Inc.		580		3,961
Knoll, Inc.		2,222		32,863
McGrath Rentcorp		1,070		31,479
*Metalico, Inc.		673		2,181
Mine Safety Appliances Co.		1,423		60,421
*Mobile Mini, Inc.		1,818		34,287
Multi-Color Corp.		681		14,519
NL Industries, Inc.		42		591
*Portfolio Recovery Associates, Inc.		909		62,557
12Quad/Graphics, Inc.		1,030		13,843
Rollins, Inc.		3,261		69,296
Schawk, Inc.		343		4,620
*Standard Parking Corp.		588		11,207
Steelcase, Inc.		2,860		24,710

Description	Number of Shares		Value
*,12Swisher Hygiene, Inc.		5,240	$	11,790
*Sykes Enterprises, Inc.		1,442		22,856
*Team, Inc.		1,274		37,749
*Tetra Tech, Inc.		2,084		55,643
*TMS International Corp.		200		2,416
UniFirst Corp.		588		35,727
United Stationers, Inc.		2,068		58,648
US Ecology, Inc.		194		4,206
Viad Corp.		1,135		20,521
			$	1,379,556
CONSTRUCTION & ENGINEERING – 0.7%
*Aegion Corp.		1,283		23,415
Argan, Inc.		160		2,333
Comfort Systems USA, Inc.		351		3,714
*Dycom Industries, Inc.		1,557		36,418
Emcor Group, Inc.		2,512		73,652
*Furmanite Corp.		2,481		15,531
Granite Construction, Inc.		1,130		31,459
Great Lakes Dredge & Dock Corp.		2,646		19,607
*Layne Christensen Co.		550		11,302
*MasTec, Inc.		2,514		43,718
*Michael Baker Corp.		490		11,040
*MYR Group, Inc.		1,100		18,392
*Northwest Pipe Co.		401		8,345
*Orion Marine Group, Inc.		268		1,855
*Pike Electric Corp.		1,200		9,864
Primoris Services Corp.		1,470		21,197
*Sterling Construction Co., Inc.		485		4,748
*Tutor Perini Corp.		811		12,335
			$	348,925
ELECTRICAL EQUIPMENT – 1.2%
*,12A123 Systems, Inc.		4,740		4,835
Acuity Brands, Inc.		2,063		114,641
*,12American Superconductor Corp.		815		3,366
AZZ, Inc.		677		35,008
Belden, Inc.		2,374		82,568
Brady Corp.		1,939		60,167
*Broadwind Energy, Inc.		5,160		1,754
*Capstone Turbine Corp.		9,640		10,508
Encore Wire Corp.		417		10,629
*EnerSys		1,837		64,203
Franklin Electric Co., Inc.		1,136		56,970
*FuelCell Energy, Inc.		654		811
*Generac Holdings, Inc.		1,060		25,525
*Global Power Equipment Group, Inc.		370		9,254
*II-VI, Inc.		2,834		57,842
LSI Industries, Inc.		33		226

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

66 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Powell Industries, Inc.		309	$	10,076
*,12PowerSecure International, Inc.		616		3,197
Preformed Line Products Co.		194		11,200
*Thermon Group Holdings, Inc.		930		20,665
*Valence Technology, Inc.		320		234
Vicor Corp.		689		4,802
			$	588,481
INDUSTRIAL CONGLOMERATES – 0.2%
Raven Industries, Inc.		921		55,453
*Seaboard Corp.		7		13,933
Standex International Corp.		678		29,873
			$	99,259
MACHINERY – 3.5%
*Accuride Corp.		1,350		9,788
Actuant Corp.		2,600		70,902
Alamo Group, Inc.		229		7,713
Albany International Corp.		1,310		31,571
*Altra Holdings, Inc.		1,173		21,442
*American Railcar Industries, Inc.		219		5,909
Ampco-Pittsburgh Corp.		26		483
*Astec Industries, Inc.		571		17,867
Barnes Group, Inc.		2,005		52,932
*Blount International, Inc.		2,940		47,540
Briggs & Stratton Corp.		1,878		33,992
Cascade Corp.		503		23,676
*Chart Industries, Inc.		1,439		109,983
CIRCOR International, Inc.		858		26,701
CLARCOR, Inc.		2,548		122,355
*Colfax Corp.		1,665		56,427
*Columbus McKinnon Corp.		855		12,680
*Commercial Vehicle Group, Inc.		1,240		13,194
Douglas Dynamics, Inc.		510		7,206
Dynamic Materials Corp.		675		12,339
*Energy Recovery, Inc.		2,459		5,164
*EnPro Industries, Inc.		827		34,246
Esco Technologies, Inc.		1,092		37,565
*Federal Signal Corp.		1,929		9,954
*Flow International Corp.		1,261		5,183
Freightcar America, Inc.		423		9,137
Gorman-Rupp Co.		980		28,224
Graham Corp.		665		14,683
*Greenbrier Cos., Inc.		750		12,937
John Bean Technologies Corp.		740		11,833
*Kadant, Inc.		714		18,471
Kaydon Corp.		952		23,353
LB Foster Co.		306		8,204
Lindsay Corp.		668		44,616

Description	Number of Shares		Value
*Meritor, Inc.		4,070	$	26,496
Met-Pro Corp.		170		1,693
*Middleby Corp.		1,004		101,876
Miller Industries, Inc.		50		820
Mueller Industries, Inc.		1,376		62,897
Mueller Water Products, Inc.		6,500		23,335
Nacco Industries, Inc.		216		24,510
*NN, Inc.		120		949
*Omega Flex, Inc.		150		2,018
*PMFG, Inc.		1,007		13,605
*RBC Bearings, Inc.		1,097		51,427
Robbins & Myers, Inc.		1,469		71,555
Sauer-Danfoss, Inc.		644		27,892
Sun Hydraulics Corp.		997		24,955
*Tecumseh Products Co.		1,102		4,210
Tennant Co.		1,021		45,230
12Titan International, Inc.		2,265		65,436
*Trimas Corp.		1,350		29,714
12Twin Disc, Inc.		493		10,811
*Wabash National Corp.		3,490		29,211
Watts Water Technologies, Inc.		1,234		45,436
Woodward, Inc.		3,001		124,812
*Xerium Technologies, Inc.		200		940
			$	1,738,098
MARINE – 0.1%
Baltic Trading Ltd.		2,070		9,625
*,12Eagle Bulk Shipping, Inc.		2,288		3,752
*Excel Maritime Carriers Ltd.		4,260		7,966
*Genco Shipping & Trading Ltd.		499		2,670
International Shipholding Corp.		45		952
*,12Ultrapetrol Bahamas Ltd.		1,180		2,254
			$	27,219
PROFESSIONAL SERVICES INDUSTRY – 1.6%
*Acacia Research Corp.		2,150		88,150
*Advisory Board Co.		828		75,480
Barrett Business Services, Inc.		220		4,356
*CBIZ, Inc.		597		3,624
CDI Corp.		453		8,036
Corporate Executive Board Co.		1,920		79,430
*Costar Group, Inc.		1,359		99,058
*CRA International, Inc.		177		3,620
*Dolan Media Co.		1,269		10,165
*Exponent, Inc.		677		32,361
*Franklin Covey Co.		350		3,252
*FTI Consulting, Inc.		1,260		45,788
*GP Strategies Corp.		590		9,900

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 67

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Heidrick & Struggles International, Inc.		400	$	7,800
*Hill International, Inc.		1,739		6,191
*Hudson Global, Inc.		540		2,938
*Huron Consulting Group, Inc.		1,292		45,530
*Icf International, Inc.		597		14,889
Insperity, Inc.		1,081		29,479
Kelly Services, Inc.		747		10,451
*Kforce, Inc.		1,303		18,854
*Korn/Ferry International		1,474		23,805
*Mistras Group, Inc.		780		18,307
*Navigant Consulting, Inc.		822		11,442
*,12Odyssey Marine Exploration, Inc.		3,200		9,728
*On Assignment, Inc.		1,615		30,217
*Pendrell Corp.		4,630		6,250
Resources Connection, Inc.		1,485		19,275
*RPX Corp.		100		1,728
*TrueBlue, Inc.		2,311		39,888
VSE Corp.		336		7,392
			$	767,384
ROAD & RAIL – 1.4%
Amerco, Inc.		312		31,337
Arkansas Best Corp.		646		9,910
*Avis Budget Group, Inc.		5,380		70,801
Celadon Group, Inc.		728		11,379
*Dollar Thrifty Automotive Group, Inc.		1,500		121,290
*Genesee & Wyoming, Inc.		2,017		108,736
Heartland Express, Inc.		1,848		25,558
Knight Transportation, Inc.		2,647		43,464
Marten Transport Ltd.		729		15,360
*Old Dominion Freight Line, Inc.		2,460		109,396
*Patriot Transportation Holding, Inc.		250		5,493
*Quality Distribution, Inc.		50		558
*RailAmerica, Inc.		720		16,690
*Roadrunner Transportation Systems, Inc.		150		2,602
*Saia, Inc.		539		10,122
*Swift Transportation Co.		2,890		30,316
Universal Truckload Services, Inc.		380		5,928
Werner Enterprises, Inc.		1,891		44,665
*,12Zipcar, Inc.		670		8,073
			$	671,678
TRADING COMPANIES & DISTRIBUTORS – 1.5%
Aceto Corp.		1,663		14,967
Aircastle Ltd.		2,575		31,286
Applied Industrial Technologies, Inc.		2,180		85,674
*Beacon Roofing Supply, Inc.		2,414		64,430
*CAI International, Inc.		990		20,453

Description	Number of Shares		Value
*DXP Enterprises, Inc.		370	$	16,047
*H&E Equipment Services, Inc.		1,075		20,747
Houston Wire & Cable Co.		1,199		14,736
*Interline Brands, Inc.		1,128		23,733
Kaman Corp.		1,322		45,450
Lawson Products, Inc.		430		6,261
*RSC Holdings, Inc.		2,174		51,567
*Rush Enterprises, Inc.		1,160		20,973
SeaCube Container Leasing Ltd.		330		6,121
TAL International Group, Inc.		1,179		48,704
12Textainer Group Holdings Ltd.		534		18,727
*Titan Machinery, Inc.		690		24,585
*,12United Rentals, Inc.		2,450		114,366
Watsco, Inc.		1,433		103,104
			$	731,931
TRANSPORTATION INFRASTRUCTURE – 0.0%**
*Wesco Aircraft Holdings, Inc.		860		13,579
TOTAL INDUSTRIALS			$	8,019,652
INFORMATION TECHNOLOGY – 17.7%
COMMUNICATIONS EQUIPMENT – 1.8%
ADTRAN, Inc.		3,261		99,526
*Anaren, Inc.		571		10,301
*Arris Group, Inc.		4,561		58,974
*Aruba Networks, Inc.		4,565		96,413
*Aviat Networks, Inc.		88		224
Bel Fuse, Inc.		397		7,063
Black Box Corp.		528		11,938
*Calix, Inc.		2,134		16,987
Comtech Telecommunications Corp.		739		22,850
*Dialogic, Inc.		240		235
*Digi International, Inc.		812		7,535
*EMCORE Corp.		68		307
*Emulex Corp.		2,470		21,440
*Extreme Networks		3,736		14,309
*Finisar Corp.		4,730		78,140
*Globecomm Systems, Inc.		1,116		15,825
*Harmonic, Inc.		3,812		17,993
*,12Infinera Corp.		3,206		22,955
12InterDigital, Inc.		2,248		62,315
*Ixia		1,715		21,609
*KVH Industries, Inc.		130		1,297
Loral Space & Communications, Inc.		501		31,087
*,12Meru Networks, Inc.		1,250		3,550
*Netgear, Inc.		1,887		72,649
*,12Oclaro, Inc.		400		1,148

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

68 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Oplink Communications, Inc.		811	$	12,846
*Opnext, Inc.		3,388		4,032
Plantronics, Inc.		1,726		66,140
*,12Powerwave Technologies, Inc.		1,268		1,433
*Procera Networks, Inc.		230		4,775
*ShoreTel, Inc.		1,640		7,856
*Sonus Networks, Inc.		3,560		10,075
*Sycamore Networks, Inc.		725		11,303
*Symmetricom, Inc.		878		4,882
*Viasat, Inc.		1,612		77,860
			$	897,872
COMPUTERS & PERIPHERALS – 0.8%
*,123D Systems Corp.		2,360		69,596
*Avid Technology, Inc.		1,047		9,098
*Cray, Inc.		660		7,359
*Electronics For Imaging, Inc.		2,098		37,449
*Imation Corp.		598		3,468
*Immersion Corp.		1,927		10,502
*Intermec, Inc.		2,372		12,619
*Intevac, Inc.		486		3,917
*Novatel Wireless, Inc.		2,481		7,170
*,12OCZ Technology Group, Inc.		2,440		14,396
*Quantum Corp.		8,960		21,325
Rimage Corp.		10		91
*,12Silicon Graphics International Corp.		2,050		19,352
*,12STEC, Inc.		1,556		12,899
*Stratasys, Inc.		1,000		51,210
*Super Micro Computer, Inc.		1,228		21,674
*Synaptics, Inc.		1,523		46,771
Xyratex Ltd.		1,580		22,942
			$	371,838
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 2.7%
*,12Aeroflex Holding Corp.		760		8,512
*Agilysys, Inc.		80		701
*Anixter International, Inc.		1,185		81,267
Badger Meter, Inc.		588		21,721
*Benchmark Electronics, Inc.		2,020		32,078
*Brightpoint, Inc.		1,625		9,945
*Checkpoint Systems, Inc.		1,723		18,884
Cognex Corp.		1,920		77,280
*Coherent, Inc.		1,164		61,226
CTS Corp.		988		10,601
Daktronics, Inc.		1,458		11,868
DDi Corp.		400		5,192
*DTS, Inc.		667		20,810

Description	Number of Shares		Value
*Echelon Corp.		2,929	$	12,770
Electro Rent Corp.		784		12,215
Electro Scientific Industries, Inc.		503		7,173
*eMagin Corp.		90		280
*Fabrinet		740		12,447
*FARO Technologies, Inc.		973		54,469
*Fei Co.		1,942		97,430
*GSI Group, Inc.		670		8,087
*Insight Enterprises, Inc.		1,680		34,121
*Kemet Corp.		1,670		14,212
Littelfuse, Inc.		1,045		65,490
*,12Maxwell Technologies, Inc.		1,758		16,719
*Measurement Specialties, Inc.		791		28,262
*Mercury Computer Systems, Inc.		995		13,134
Methode Electronics, Inc.		1,387		11,720
*,12Microvision, Inc.		750		1,395
MTS Systems Corp.		940		45,092
*Multi-Fineline Electronix, Inc.		683		18,093
*NeoPhotonics Corp.		350		1,655
*Newport Corp.		1,682		28,712
*OSI Systems, Inc.		1,019		68,130
Park Electrochemical Corp.		322		9,290
PC Connection, Inc.		319		2,558
*Plexus Corp.		1,978		64,028
*Power-One, Inc.		2,710		11,599
Pulse Electronics Corp.		3,242		6,646
*Radisys Corp.		552		3,505
*,12RealD, Inc.		1,600		19,328
Richardson Electronics Ltd.		1,100		13,871
*Rofin-Sinar Technologies, Inc.		1,223		30,820
*Rogers Corp.		662		25,348
*Sanmina-SCI Corp.		2,650		23,585
*ScanSource, Inc.		1,051		34,641
*SYNNEX Corp.		862		32,834
*TTM Technologies, Inc.		2,289		23,645
*,12Universal Display Corp.		2,117		95,201
*Viasystems Group, Inc.		20		446
*Vishay Precision Group, Inc.		480		6,950
*X-Rite, Inc.		1,580		8,753
*Zygo Corp.		610		12,072
			$	1,336,811
INTERNET SOFTWARE & SERVICES – 1.8%
*Active Network, Inc.		30		504
*,12Ancestry.com, Inc.		1,770		47,259
*comScore, Inc.		1,475		29,382
*Constant Contact, Inc.		1,603		38,745

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 69

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Cornerstone Ondemand, Inc.		600	$	12,468
*Dealertrack Holdings, Inc.		2,008		59,899
*Demand Media, Inc.		60		499
*Dice Holdings, Inc.		2,140		23,069
*Digital River, Inc.		1,141		21,462
EarthLink, Inc.		3,213		26,090
*Envestnet, Inc.		540		6,755
*InfoSpace, Inc.		514		5,721
*Internap Network Services Corp.		2,485		17,494
*IntraLinks Holdings, Inc.		1,460		6,804
j2 Global, Inc.		2,075		53,597
Keynote Systems, Inc.		829		15,254
*,12Kit Digital, Inc.		980		6,644
*Limelight Networks, Inc.		4,342		11,897
*Liquidity Services, Inc.		900		47,997
*LivePerson, Inc.		3,140		49,863
*LogMeIn, Inc.		1,100		39,611
*,12LoopNet, Inc.		912		17,483
Marchex, Inc.		405		1,409
*Move, Inc.		2,590		22,533
NIC, Inc.		3,983		44,570
*,12OpenTable, Inc.		1,020		45,625
*Openwave Systems, Inc.		770		1,987
*Perficient, Inc.		1,026		12,322
*QuinStreet, Inc.		1,360		14,294
RealNetworks, Inc.		719		6,881
*Responsys, Inc.		380		4,856
*Saba Software, Inc.		1,920		18,662
*SciQuest, Inc.		530		7,870
*SPS Commerce, Inc.		20		556
*Stamps.Com, Inc.		440		12,773
*Support.Com, Inc.		731		2,654
*TechTarget, Inc.		1,335		9,932
*,12Travelzoo, Inc.		220		5,711
United Online, Inc.		2,573		12,196
*Valueclick, Inc.		3,879		82,157
*Vocus, Inc.		994		12,852
*Web.Com Group, Inc.		1,110		14,374
*XO Group, Inc.		844		7,824
*Zix Corp.		3,220		9,113
			$	889,648
IT SERVICES – 2.3%
*Acxiom Corp.		2,461		33,790
*CACI International, Inc.		923		56,423
*Cardtronics, Inc.		2,360		62,210
Cass Information Systems, Inc.		280		11,466

Description	Number of Shares		Value
*CIBER, Inc.		1,332	$	5,541
*Computer Task Group, Inc.		1,060		15,285
*Convergys Corp.		2,800		37,436
*CSG Systems International, Inc.		1,330		19,152
*Echo Global Logistics, Inc.		470		8,004
*Euronet Worldwide, Inc.		1,846		39,929
*Exlservice Holdings, Inc.		1,165		32,247
Forrester Research, Inc.		735		26,056
*Global Cash Access Holdings, Inc.		2,131		18,007
*Hackett Group, Inc.		1,523		8,696
Heartland Payment Systems, Inc.		1,909		58,167
*,12Higher One Holdings, Inc.		1,450		22,866
*iGATE Corp.		1,348		26,232
Jack Henry & Associates, Inc.		4,279		145,315
*Lionbridge Technologies, Inc.		1,870		5,143
Mantech International Corp.		831		26,110
Maximus, Inc.		1,884		83,367
*Moduslink Global Solutions, Inc.		1,459		7,222
*MoneyGram International, Inc.		737		12,411
*NCI, Inc.		722		3,581
*PRGX Global, Inc.		70		442
Sapient Corp.		4,900		58,653
*,12ServiceSource International, Inc.		240		3,979
Syntel, Inc.		875		52,404
*Teletech Holdings, Inc.		1,318		19,968
*TNS, Inc.		1,256		25,622
*Unisys Corp.		1,631		30,434
*Virtusa Corp.		1,109		16,735
*Wright Express Corp.		2,036		129,938
			$	1,102,831
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%
*Advanced Energy Industries, Inc.		1,022		12,203
*Alpha & Omega Semiconductor Ltd.		130		1,286
*Amkor Technology, Inc.		2,944		15,220
*Amtech Systems, Inc.		70		489
*Anadigics, Inc.		310		685
*Applied Micro Circuits Corp.		2,234		12,466
*ATMI, Inc.		982		20,632
*Axcelis Technologies, Inc.		1,870		2,543
*AXT, Inc.		1,540		7,839
Brooks Automation, Inc.		2,324		27,330
Cabot Microelectronics Corp.		1,131		38,884
*Cavium, Inc.		2,474		72,389
*Ceva, Inc.		1,552		34,284
*Cirrus Logic, Inc.		3,320		90,902
Cohu, Inc.		843		9,256

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

70 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*CSR PLC		99	$	1,437
*Cymer, Inc.		1,296		67,185
*Diodes, Inc.		1,725		38,450
*DSP Group, Inc.		1,625		10,627
*Entegris, Inc.		5,660		50,091
*Entropic Communications, Inc.		4,530		19,162
*EXAR Corp.		20		158
*FormFactor, Inc.		2,571		14,398
*FSI International, Inc.		150		760
*GSI Technology, Inc.		440		1,861
*,12GT Advanced Technologies, Inc.		5,524		35,961
*Hittite Microwave Corp.		1,548		82,880
*Inphi Corp.		1,090		11,063
*Integrated Device Technology, Inc.		7,540		51,046
*Integrated Silicon Solution, Inc.		1,000		10,620
*IXYS Corp.		1,532		19,089
*Kopin Corp.		3,208		11,453
*Kulicke & Soffa Industries, Inc.		2,580		33,798
*Lattice Semiconductor Corp.		5,280		28,829
*LTX-Credence Corp.		2,733		18,858
*MaxLinear, Inc.		1,510		7,324
Micrel, Inc.		2,356		25,657
*Microsemi Corp.		4,392		94,516
*Mindspeed Technologies, Inc.		920		4,609
*MIPS Technologies, Inc.		2,380		15,565
MKS Instruments, Inc.		2,039		56,378
*Monolithic Power Systems, Inc.		667		13,820
*MoSys, Inc.		790		2,844
*Nanometrics, Inc.		1,180		18,302
*NVE Corp.		89		4,511
*Omnivision Technologies, Inc.		2,411		44,411
*PDF Solutions, Inc.		810		7,144
*Pericom Semiconductor Corp.		513		4,032
*Photronics, Inc.		1,560		9,656
*PLX Technology, Inc.		3,203		12,748
Power Integrations, Inc.		1,314		49,774
*Rambus, Inc.		5,080		25,857
*RF Micro Devices, Inc.		9,650		41,784
*Rubicon Technology, Inc.		702		6,634
*Rudolph Technologies, Inc.		1,177		12,712
*Semtech Corp.		3,240		88,322
*Sigma Designs, Inc.		1,225		6,750
*Silicon Image, Inc.		2,975		17,850
*Spansion, Inc.		2,330		28,100
*Standard Microsystems Corp.		524		13,876
*,12STR Holdings, Inc.		500		1,910
*Supertex, Inc.		640		13,101

Description	Number of Shares		Value
*Tessera Technologies, Inc.		1,446	$	22,615
*TriQuint Semiconductor, Inc.		8,785		42,871
*Ultra Clean Holdings		540		3,699
*Ultratech, Inc.		1,301		41,554
*,12Veeco Instruments, Inc.		1,740		52,531
*Volterra Semiconductor Corp.		892		29,338
			$	1,674,929
SOFTWARE – 4.9%
*Accelrys, Inc.		2,169		17,851
*ACI Worldwide, Inc.		1,934		77,089
*Actuate Corp.		1,033		7,334
*Advent Software, Inc.		1,674		45,181
American Software, Inc.		954		7,899
*Aspen Technology, Inc.		4,000		79,120
Blackbaud, Inc.		2,222		68,838
*Bottomline Technologies, Inc.		1,957		46,048
*BroadSoft, Inc.		940		40,241
*Callidus Software, Inc.		1,750		13,860
*CommVault Systems, Inc.		2,181		113,565
*Concur Technologies, Inc.		2,333		131,954
*,12Convio, Inc.		880		14,080
*Deltek, Inc.		1,655		17,278
*Digimarc Corp.		260		6,799
12Ebix, Inc.		1,368		27,976
*Ellie Mae, Inc.		390		5,054
EPIQ Systems, Inc.		161		1,829
Fair Isaac Corp.		1,694		72,673
*FalconStor Software, Inc.		2,261		7,439
*,12Glu Mobile, Inc.		290		1,319
*Guidance Software, Inc.		680		6,453
*Interactive Intelligence Group, Inc.		533		15,809
*JDA Software Group, Inc.		1,810		52,273
*Kenexa Corp.		1,418		46,326
*Manhattan Associates, Inc.		1,185		59,428
*Mentor Graphics Corp.		4,488		64,852
*MicroStrategy, Inc.		429		59,966
*Monotype Imaging Holdings, Inc.		1,688		23,953
*Motricity, Inc.		1,770		1,823
*Netscout Systems, Inc.		1,851		38,297
*Netsuite, Inc.		1,373		60,934
Opnet Technologies, Inc.		809		18,736
*Parametric Technology Corp.		5,847		126,178
12Pegasystems, Inc.		709		26,368
*Progress Software Corp.		2,954		68,356
*PROS Holdings, Inc.		866		17,052
*QAD, Inc.		607		7,496
*QLIK Technologies, Inc.		3,410		98,242

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 71

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Quest Software, Inc.		2,495	$	58,059
*RealPage, Inc.		1,120		20,328
*Seachange International, Inc.		510		4,192
*Smith Micro Software, Inc.		2,429		4,882
*Solarwinds, Inc.		2,790		130,879
*Sourcefire, Inc.		1,408		71,794
*SRS Labs, Inc.		450		4,288
*SS&C Technologies Holdings, Inc.		700		16,639
*Synchronoss Technologies, Inc.		1,329		41,598
*Take-Two Interactive Software, Inc.		4,201		59,234
*Tangoe, Inc.		810		16,589
*Telecommunication Systems, Inc.		3,572		6,894
*TeleNav, Inc.		770		5,213
*THQ, Inc.		623		422
*TiVo, Inc.		6,490		70,027
*Tyler Technologies, Inc.		1,519		60,684
*Ultimate Software Group, Inc.		1,387		107,021
*VASCO Data Security International, Inc.		685		5,336
*Verint Systems, Inc.		1,110		33,566
*,12VirnetX Holding Corp.		2,070		51,419
*,12Wave Systems Corp.		3,040		4,347
*Websense, Inc.		1,481		30,716
			$	2,400,096
TOTAL INFORMATION TECHNOLOGY			$	8,674,025
MATERIALS – 4.6%
CHEMICALS – 2.1%
American Vanguard Corp.		304		7,600
Balchem Corp.		1,140		32,946
*Calgon Carbon Corp.		1,441		19,943
*Chemtura Corp.		4,350		74,037
*Ferro Corp.		3,032		15,736
*Flotek Industries, Inc.		2,060		28,098
FutureFuel Corp.		810		7,970
*Georgia Gulf Corp.		1,190		42,186
Hawkins, Inc.		340		11,808
HB Fuller Co.		1,739		57,213
Innophos Holdings, Inc.		1,185		58,266
*Innospec, Inc.		790		23,882
KMG Chemicals, Inc.		10		172
Koppers Holdings, Inc.		1,074		41,757
*Kraton Performance Polymers, Inc.		1,260		32,760
*Landec Corp.		1,667		10,735
*LSB Industries, Inc.		971		32,936
Minerals Technologies, Inc.		755		50,661
Newmarket Corp.		436		97,324
Olin Corp.		3,605		75,561

Description	Number of Shares		Value
*OM Group, Inc.		1,006	$	24,265
*Omnova Solutions, Inc.		2,000		15,680
PolyOne Corp.		4,659		64,574
Quaker Chemical Corp.		632		27,429
Schulman A, Inc.		1,128		27,760
*Senomyx, Inc.		1,770		3,876
Sensient Technologies Corp.		1,832		68,059
Stepan Co.		249		22,624
*TPC Group, Inc.		710		29,806
Tredegar Corp.		750		13,013
Zep, Inc.		904		12,882
*Zoltek Cos., Inc.		457		5,041
			$	1,036,600
CONSTRUCTION MATERIALS – 0.2%
Eagle Materials, Inc.		2,080		73,258
*Headwaters, Inc.		965		4,188
Texas Industries, Inc.		800		26,888
*United States Lime & Minerals, Inc.		246		11,801
			$	116,135
CONTAINERS & PACKAGING – 0.2%
*AEP Industries, Inc.		297		10,356
Boise, Inc.		3,180		24,295
*Graphic Packaging Holding Co.		8,610		46,064
Myers Industries, Inc.		1,542		25,489
			$	106,204
METALS & MINING – 1.5%
*AM Castle & Co.		650		8,704
AMCOL International Corp.		1,120		36,915
*Century Aluminum Co.		1,500		13,800
*Coeur d’Alene Mines Corp.		3,410		73,486
*,12General Moly, Inc.		2,460		7,970
Globe Specialty Metals, Inc.		3,600		48,024
12Gold Resource Corp.		1,340		36,341
*,12Golden Minerals Co.		1,130		8,441
*Golden Star Resources Ltd.		6,730		10,297
Haynes International, Inc.		614		38,295
12Hecla Mining Co.		14,518		62,137
*Horsehead Holding Corp.		2,348		26,368
*Jaguar Mining, Inc.		1,860		5,041
Kaiser Aluminum Corp.		711		37,377
*Materion Corp.		772		19,076
*,12McEwen Mining, Inc.		5,550		21,035
*Metals USA Holdings Corp.		330		4,976
*Midway Gold Corp.		2,730		3,931
Noranda Aluminum Holding Corp.		670		7,115
Olympic Steel, Inc.		625		13,206

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

72 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*,12Paramount Gold And Silver Corp.		6,430	$	15,689
*,12Revett Minerals, Inc.		130		516
*RTI International Metals, Inc.		1,032		25,336
*Stillwater Mining Co.		5,614		60,238
*SunCoke Energy, Inc.		3,270		49,769
*Thompson Creek Metals Co., Inc.		4,970		29,472
*Universal Stainless & Alloy		226		10,486
*US Energy Corp. Wyoming		190		498
*Vista Gold Corp.		770		2,325
Worthington Industries, Inc.		2,409		42,977
			$	719,841
PAPER & FOREST PRODUCTS – 0.6%
Buckeye Technologies, Inc.		1,358		44,013
*Clearwater Paper Corp.		824		27,167
Deltic Timber Corp.		595		36,343
*KapStone Paper and Packaging Corp.		1,500		27,090
*Louisiana-Pacific Corp.		4,566		41,322
Neenah Paper, Inc.		461		13,166
PH Glatfelter Co.		1,863		29,026
Schweitzer-Mauduit International, Inc.		634		42,998
*Verso Paper Corp.		2,270		3,746
Wausau Paper Corp.		1,680		15,221
			$	280,092
TOTAL MATERIALS			$	2,258,872
TELECOMMUNICATION SERVICES – 0.8%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%
*8x8, Inc.		470		1,941
*AboveNet, Inc.		1,200		99,804
Alaska Communications Systems Group, Inc.		2,264		5,796
Atlantic Tele-Network, Inc.		400		13,624
*Cbeyond, Inc.		2,049		13,175
*Cincinnati Bell, Inc.		8,320		31,616
*Cogent Communications Group, Inc.		2,453		45,945
Consolidated Communications Holdings, Inc.		789		15,267
*,12Fairpoint Communications, Inc.		30		139
*General Communication, Inc.		1,642		12,479
*Globalstar, Inc.		1,770		938
HickoryTech Corp.		790		7,845
IDT Corp.		1,200		10,104
*,12Iridium Communications, Inc.		1,240		10,900
Lumos Networks Corp.		637		5,758
*Neutral Tandem, Inc.		1,350		15,687
*Premiere Global Services, Inc.		1,350		12,083
SureWest Communications		350		7,903

Description	Number of Shares		Value
*,12Towerstream Corp.		310	$	1,423
*Vonage Holdings Corp.		5,710		11,648
			$	324,075
WIRELESS TELECOMMUNICATION SER – 0.1%
*Leap Wireless International, Inc.		1,620		9,088
NTELOS Holdings Corp.		637		12,880
Shenandoah Telecommunications Co.		786		8,764
USA Mobility, Inc.		358		4,625
			$	35,357
TOTAL TELECOMMUNICATION SERVICES			$	359,432
UTILITIES – 2.4%
ELECTRIC UTILITIES – 1.1%
ALLETE, Inc.		936		38,573
Central Vermont Public Service Corp.		414		14,594
Cleco Corp.		2,215		90,372
El Paso Electric Co.		1,690		51,782
Empire District Electric Co.		1,806		37,059
IDACORP, Inc.		1,712		69,747
MGE Energy, Inc.		429		19,622
Otter Tail Corp.		640		14,054
Pnm Resources, Inc.		2,457		46,093
Portland General Electric Co.		2,607		67,339
UIL Holdings Corp.		1,196		41,107
Unisource Energy Corp.		1,035		37,674
			$	528,016
GAS UTILITIES – 0.7%
Chesapeake Utilities Corp.		340		14,287
Laclede Group, Inc.		808		31,819
New Jersey Resources Corp.		1,237		53,488
Northwest Natural Gas Co.		208		9,506
Piedmont Natural Gas Co., Inc.		2,184		66,568
South Jersey Industries, Inc.		1,151		56,687
Southwest Gas Corp.		1,738		73,031
Wgl Holdings, Inc.		1,290		51,742
			$	357,128
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
12Atlantic Power Corp.		3,130		44,696
*Dynegy, Inc.		6,030		2,472
Genie Energy Ltd.		1,200		9,984
Ormat Technologies, Inc.		820		16,211
			$	73,363

(Wilmington Small-Cap Strategy Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 73

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MULTI-UTILITIES – 0.4%
Avista Corp.		1,578	$	41,722
Black Hills Corp.		1,428		47,138
CH Energy Group, Inc.		665		43,637
Northwestern Corp.		1,309		46,496
			$	178,993
WATER UTILITIES – 0.1%
American States Water Co.		147		5,357
Artesian Resources Corp.		40		764
*,12Cadiz, Inc.		936		7,890
Connecticut Water Service, Inc.		63		1,748
Consolidated Water Co. Ltd.		907		6,503
Middlesex Water Co.		241		4,473
SJW Corp.		378		9,110
York Water Co.		230		4,018
			$	39,863
TOTAL UTILITIES			$	1,177,363
TOTAL COMMON STOCKS (COST $30,472,929)			$	48,976,093
MUTUAL FUND – 0.1%
EQUITY FUNDS – 0.1%
iShares Russell 2000 Index Fund		300		24,429
TOTAL MUTUAL FUND (COST $23,514)			$	24,429
RIGHT – 0.0%**
*Clinical Data, Inc.		845		—
TOTAL RIGHT (COST $ –)			$	—
WARRANTS – 0.0%**
Magnum Hunter		1,145		—
*Vector Group		3,960		—
TOTAL WARRANTS (COST $ –)			$	—
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $30,496,443)			$	49,000,522

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 8.9%
REPURCHASE AGREEMENTS – 8.9%
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $1,036,036, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $1,056,752.	$	1,036,031	$	1,036,031
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $218,112, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $222,473.		218,111		218,111
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $1,036,036, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $1,056,756.		1,036,031		1,036,031
RBC Capital Markets LLC, 0.20%, dated 04/30/12, due 05/01/12, repurchase price $1,036,037, collateralized by U.S. Government Securities 0.00% to 5.00%, maturing 07/30/12 to 03/01/42; total market value of $1,056,752.		1,036,031		1,036,031
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $1,036,036, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $1,056,760.		1,036,031		1,036,031
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,362,235)			$	4,362,235
TOTAL INVESTMENTS – 109.0% (COST $34,858,678)			$	53,362,757
COLLATERAL FOR SECURITIES ON LOAN – (8.9%)				(4,362,235	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(26,239	)
TOTAL NET ASSETS – 100.0%			$	48,974,283

(Wilmington Small-Cap Strategy Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

74 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $36,209,589. The net unrealized appreciation/(depreciation) of investments was $17,153,168. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $19,773,356 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,620,188.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	48,976,093		$	—	$	—	$	48,976,093
Mutual Fund		24,429			—		—		24,429
Right		—	a		—		—		—
Warrants		—	a		—		—		—
Repurchase Agreements		—			4,362,235		—		4,362,235
Total	$	49,000,522		$	4,362,235	$	—	$	53,362,757

(a) Represents less than $1.

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

75

NOTES TO PORTFOLIOS OF INVESTMENTS

(8) 7-Day net yield.

(9) Affiliated company. See Note 4 in Notes to Financial Statements.

(12) 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

LP – Limited Partnership

ANNUAL REPORT  /  April 30, 2012

76 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2012	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
ASSETS:
Investments, at identified cost	$	76,686,662		$	282,020,649		$	125,651,050		$	238,611,803		$	161,064,180
Investments in securities, at value (Including securities on loan) (Note 2)	$	97,539,268		$	377,843,413	(a)	$	142,666,148	(a)	$	307,903,070	(a)	$	174,318,855	(a)
Cash		2,138,024			125,529			—			—			—
Income receivable		54,965			334,870			86,727			98,910			21,782
Receivable for shares sold		65,345			14,640			73,296			403,026			69,974
Receivable for investments sold		2,083,847			—			1,658,182			747,733			1,131,253
Other assets		2,132			14,230			2,458			4,874			1,674
TOTAL ASSETS		101,883,581			378,332,682			144,486,811			309,157,613			175,543,538
LIABILITIES:
Payable for investments purchased		2,625,635			—			957,133			1,235,670			1,167,521
Collateral for securities on loan		1,763,138			3,167,872			1,640,497			14,043,738			10,436,413
Payable for shares redeemed		137,185			93,558			122,313			158,227			94,812
Payable for Trustees’ fees		1,524			1,096			1,575			1,290			785
Payable for distribution services fee		8,954			9			5,295			26,850			14,453
Payable for shareholder services fee		16,494			70			32,602			55,936			33,775
Other accrued expenses		87,677			142,237			134,300			109,659			121,160
TOTAL LIABILITIES		4,640,607			3,404,842			2,893,715			15,631,370			11,868,919
NET ASSETS	$	97,242,974		$	374,927,840		$	141,593,096		$	293,526,243		$	163,674,619
NET ASSETS CONSIST OF:
Paid-in capital	$	88,628,933		$	337,504,604		$	144,896,907		$	236,671,298		$	180,302,422
Undistributed (distributions in excess of) net investment income		84,980			490,455			—			(405,325	)		—
Accumulated net realized gain (loss) on investments		(12,323,545	)		(58,889,983	)		(20,318,909	)		(12,030,997	)		(29,882,478	)
Net unrealized appreciation (depreciation) of investments		20,852,606			95,822,764			17,015,098			69,291,267			13,254,675
TOTAL NET ASSETS	$	97,242,974		$	374,927,840		$	141,593,096		$	293,526,243		$	163,674,619
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
A Shares
Net Assets	$	18,737,802		$	25,102		$	6,037,595		$	60,666,465		$	38,439,458
Shares outstanding (unlimited shares authorized)		2,089,986			1,955			569,044			3,988,713			2,312,994
Net Asset Value per share	$	8.97		$	12.84		$	10.61		$	15.21		$	16.62
Offering price per share *	$	9.49	**	$	13.59	**	$	11.23	**	$	16.10	**	$	17.59	**
C Shares
Net Assets	$	—		$	—		$	—		$	—		$	271,098
Shares outstanding (unlimited shares authorized)		—			—			—			—			16,920
Net Asset Value per share	$	—		$	—		$	—		$	—		$	16.02
I Shares
Net Assets	$	78,505,172		$	374,902,738		$	135,555,501		$	232,859,778		$	124,964,063
Shares outstanding (unlimited shares authorized)		8,704,530			29,202,645			12,724,729			14,933,402			7,280,213
Net Asset Value per share	$	9.02		$	12.84		$	10.65		$	15.59		$	17.16

(a) Includes $190,657, $1,988,206, $3,796,553 and $94,563 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.

(Statements of Assets and Liabilities continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 77

April 30, 2012	Wilmington Small-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	34,858,678
Investments in securities, at value (Including securities on loan)	$	53,362,757
Cash		33,241
Income receivable		31,606
Receivable for shares sold		593
Receivable for investments sold		115,099
Other assets		7,165
TOTAL ASSETS		53,550,461
LIABILITIES:
Collateral for securities on loan		4,362,235
Payable for shares redeemed		88,095
Payable for shareholder services fee		29
Other accrued expenses		125,819
TOTAL LIABILITIES		4,576,178
NET ASSETS	$	48,974,283
NET ASSETS CONSIST OF:
Paid-in capital	$	50,440,797
Undistributed (distributions in excess of) net investment income		21,273
Accumulated net realized gain (loss) on investments		(19,991,866	)
Net unrealized appreciation (depreciation) of investments		18,504,079
TOTAL NET ASSETS	$	48,974,283
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
I Shares
Net Assets	$	48,974,283
Shares outstanding (unlimited shares authorized)		4,625,986
Net Asset Value per share	$	10.59

ANNUAL REPORT  /  April 30, 2012

78 STATEMENTS OF OPERATIONS

				Wilmington Large-Cap Strategy Fund
Year Ended April 30, 2012	Wilmington Large Cap Growth Fund			Ten Months Ended April 30, 2012(c)			Year Ended June 30, 2011			Wilmington Large Cap Value Fund			Wilmington Mid Cap Growth Fund
INVESTMENT INCOME:
Dividends	$	1,411,121	(a)(b)	$	6,322,954	(a)(b)	$	7,406,288	(b)	$	2,875,546	(a)(b)	$	1,623,626	(a)(b)
Interest		3,074			1,275			31,150			13,334			6,883
Security lending		29,916			72,705			84,291			13,850			184,688
TOTAL INVESTMENT INCOME		1,444,111			6,396,934			7,521,729			2,902,730			1,815,197
EXPENSES:
Investment advisory fee		1,002,693			1,639,768			1,910,094			1,096,324			2,027,538
Administrative personnel and services fee		32,843			63,983			61,560			43,527			65,832
Portfolio accounting, administration and custodian fees		50,043			257,690			310,846			61,236			91,788
Transfer and dividend disbursing agent fees and expenses		156,484			126,497			125,202			114,314			209,795
Trustees’ fees		20,199			28,750			34,750			20,199			20,198
Professional fees		34,956			67,734			78,276			36,291			61,300
Distribution services fee—A Shares		47,921			49			51			15,270			146,212
Shareholder services fee—A Shares		47,921			9			—			15,270			146,212
Shareholder services fee—I Shares		246,988			129,137			—			376,274			450,123
Share registration costs		26,224			26,417			29,255			17,442			29,329
Printing and postage		16,318			34,440			26,770			21,946			26,698
Compliance services		—			8,402			12,210			—			—
Miscellaneous		24,387			45,920			39,675			28,985			31,543
TOTAL EXPENSES		1,706,977			2,428,796			2,628,689			1,847,078			3,306,568
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(147,586	)		(1,472,098	)		(1,673,590	)		(5,635	)		(278,820	)
Waiver of shareholder services fee—A Shares		(19,364	)		(9	)		—			(7,223	)		(123,564	)
Waiver of shareholder services fee—I Shares		(234,628	)		(129,137	)		—			(237,490	)		(260,689	)
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator		(17,083	)		—			—			(11,174	)		(19,130	)
TOTAL WAIVERS AND REIMBURSEMENTS		(418,661	)		(1,601,244	)		(1,673,590	)		(261,522	)		(682,203	)
Net expenses		1,288,316			827,552			955,099			1,585,556			2,624,365
Net investment income (loss)		155,795			5,569,382			6,566,630			1,317,174			(809,168	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		13,226,789			8,077,638			2,692,000			4,135,082			25,609,997
Net realized gain (loss) on foreign currencies transactions		—			—			—			(35	)		—
Net change in unrealized appreciation (depreciation) of investments		(22,434,916	)		13,862,545			78,156,513			(19,012,573	)		(27,883,636	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(9,208,127	)		21,940,183			80,848,513			(14,877,526	)		(2,273,639	)
Change in net assets resulting from operations	$	(9,052,332	)	$	27,509,565		$	87,415,143		$	(13,560,352	)	$	(3,082,807	)

(a) Includes $367, $2,961, $912 and $1,577 received from affiliated issuers, respectively.

(b) Net foreign taxes withheld of $987, $759, $2,268, $79,717 and $4,447, respectively.

(c) Year end changed from June 30 to April 30.

(Statements of Operations continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 79

				Wilmington Small-Cap Strategy Fund
Year Ended April 30, 2012	Wilmington Small Cap Growth Fund			Ten Months Ended April 30, 2012(c)			Year Ended June 30, 2011
INVESTMENT INCOME:
Dividends	$	1,060,443	(a)(b)	$	718,796	(b)	$	1,437,612	(b)
Interest		563			38			7,345
Security lending		460,039			159,126			199,896
TOTAL INVESTMENT INCOME		1,521,045			877,960			1,644,853
EXPENSES:
Investment advisory fee		1,426,651			340,835			634,271
Administrative personnel and services fee		46,552			10,563			18,588
Portfolio accounting, administration and custodian fees		88,415			129,376			180,902
Transfer and dividend disbursing agent fees and expenses		208,689			58,522			78,348
Trustees’ fees		20,199			19,083			34,750
Professional fees		38,323			50,944			63,304
Distribution services fee—A Shares		98,047			—			—
Distribution services fee—C Shares		2,104			—			—
Shareholder services fee—A Shares		98,047			—			—
Shareholder services fee—C Shares		701			—			—
Shareholder services fee—I Shares		320,855			17,085			—
Share registration costs		31,068			25,264			37,908
Printing and postage		25,633			33,773			24,579
Compliance services		—			8,429			11,585
Miscellaneous		29,766			22,730			18,550
TOTAL EXPENSES		2,435,050			716,604			1,102,785
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(30,192	)		(545,039	)		(814,480	)
Waiver of distribution services fee—C Shares		(1,150	)		—			—
Waiver of shareholder services fee—A Shares		(67,453	)		—			—
Waiver of shareholder services fee—C Shares		(618	)		—			—
Waiver of shareholder services fee—I Shares		(193,434	)		(17,085	)		—
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator		(21,179	)		—			—
TOTAL WAIVERS AND REIMBURSEMENTS		(314,026	)		(562,124	)		(814,480	)
Net expenses		2,121,024			154,480			288,305
Net investment income (loss)		(599,979	)		723,480			1,356,548
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		9,032,648			(1,998,866	)		5,092,724
Net realized gain on foreign currencies transactions		172			—			—
Net change in unrealized appreciation (depreciation) of investments		(25,481,130	)		(11,912,058	)		27,454,374
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(16,448,310	)		(13,910,924	)		32,547,098
Change in net assets resulting from operations	$	(17,048,289	)	$	(13,187,444	)	$	33,903,646

(a) Includes $548 received from affiliated issuers.

(b) Net foreign taxes withheld of $3,110, $680 and $182, respectively.

(c) Year end changed from June 30 to April 30.

ANNUAL REPORT  /  April 30, 2012

80 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large Cap Growth Fund						Wilmington Large-Cap Strategy Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Ten Months Ended April 30, 2012(a)			Year Ended June 30, 2011			Year Ended June 30, 2010
OPERATIONS:
Net investment income (loss)	$	155,795		$	233,586		$	5,569,382		$	6,566,630		$	1,425,025
Net realized gain (loss) on investments		13,226,789			11,314,715			8,077,638			2,692,000			23,010,247
Net change in unrealized appreciation (depreciation) of investments		(22,434,916	)		10,711,107			13,862,545			78,156,513			(7,987,384	)
Change in net assets resulting from operations		(9,052,332	)		22,259,408			27,509,565			87,415,143			16,447,888
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		—			(13,982	)		(267	)		(286	)		(85	)
I Shares		(70,815	)		(221,160	)		(5,372,840	)		(6,299,693	)		(1,560,040	)
Distributions from net realized gain on investments
A Shares		(308,531	)		—			—			—			—
I Shares		(1,546,450	)		—			—			—			—
Change in net assets resulting from distributions to shareholders		(1,925,796	)		(235,142	)		(5,373,107	)		(6,299,979	)		(1,560,125	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		266,102			6,576,699			—			24,341			—
B Shares		—			500			—			—			—
I Shares		19,200,047			23,766,712			65,074,652			315,538,826			48,599,841
Distributions reinvested
A Shares		300,789			13,683			267			236			85
I Shares		1,407,752			124,444			1,858,419			2,303,175			964,330
Cost of shares redeemed
A Shares		(3,122,802	)		(3,264,112	)		(4,333	)		(2,088	)		(32,511	)
B Shares		—			(6,534,972	)		—			—			—
I Shares		(55,868,242	)		(40,789,784	)		(143,632,690	)		(87,589,025	)		(78,037,546	)
Change in net assets resulting from share transactions		(37,816,354	)		(20,106,830	)		(76,703,685	)		230,275,465			(28,505,801	)
Change in net assets		(48,794,482	)		1,917,436			(54,567,227	)		311,390,629			(13,618,038	)
NET ASSETS:
Beginning of period		146,037,456			144,120,020			429,495,067			118,104,438			131,722,476
End of period	$	97,242,974		$	146,037,456		$	374,927,840		$	429,495,067		$	118,104,438
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	84,980		$	—		$	490,455		$	305,380		$	38,705
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		30,904			215,355			—			2,320			—
B Shares		—			75			—			—			—
I Shares		2,296,957			2,861,704			5,878,354			30,273,313			4,910,967
Distributions reinvested
A Shares		37,505			1,593			23			20			8
I Shares		174,874			14,470			161,249			203,829			95,120
Shares redeemed
A Shares		(368,225	)		(397,777	)		(408	)		(213	)		(3,311	)
B Shares		—			(230,389	)		—			—			—
I Shares		(6,653,843	)		(5,022,075	)		(12,239,104	)		(7,651,566	)		(7,727,637	)
Net change resulting from share transactions		(4,481,828	)		(2,557,044	)		(6,199,886	)		22,827,703			(2,724,853	)

(a) Year end changed from June 30 to April 30.

(Statements of Changes in Net Assets continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 81

	Wilmington Large Cap Value Fund						Wilmington Mid Cap Growth Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended April 30, 2011
OPERATIONS:
Net investment income (loss)	$	1,317,174		$	750,854		$	(809,168	)	$	(1,150,181	)
Net realized gain (loss) on investments		4,135,047			(59,270	)		25,609,997			12,536,371
Net change in unrealized appreciation (depreciation) of investments		(19,012,573	)		25,862,574			(27,883,636	)		47,678,280
Change in net assets resulting from operations		(13,560,352	)		26,554,158			(3,082,807	)		59,064,470
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(36,426	)		(17,842	)		—			—
I Shares		(1,319,431	)		(747,636	)		—			—
Distributions from net realized gain on investments
A Shares		—			—			(2,661,286	)		—
I Shares		—			—			(7,928,225	)		—
Change in net assets resulting from distributions to shareholders		(1,355,857	)		(765,478	)		(10,589,511	)		—
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		282,370			1,203,185			8,152,799			21,393,078
B Shares		—			—			—			6,446
I Shares		42,352,416			29,753,802			89,824,533			29,097,557
Distributions reinvested
A Shares		35,523			17,487			2,500,128			—
I Shares		842,966			424,331			7,366,210			—
Cost of shares redeemed
A Shares		(1,015,899	)		(1,240,426	)		(9,489,591	)		(7,811,052	)
B Shares		—			(1,158,768	)		—			(6,225,606	)
I Shares		(68,742,638	)		(35,939,918	)		(41,530,266	)		(31,290,228	)
Change in net assets resulting from share transactions		(26,245,262	)		(6,940,307	)		56,823,813			5,170,195
Change in net assets		(41,161,471	)		18,848,373			43,151,495			64,234,665
NET ASSETS:
Beginning of year		182,754,567			163,906,194			250,374,748			186,140,083
End of year	$	141,593,096		$	182,754,567		$	293,526,243		$	250,374,748
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	—		$	—		$	(405,325	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		27,134			90,802			552,347			1,166,263
B Shares		—			—			—			579
I Shares		4,216,455			2,926,450			5,962,713			2,066,931
Distributions reinvested
A Shares		3,484			1,831			181,037			—
I Shares		82,892			43,773			520,580			—
Shares redeemed
A Shares		(99,446	)		(125,283	)		(641,122	)		(572,968	)
B Shares		—			(88,360	)		—			(183,016	)
I Shares		(6,814,920	)		(3,559,450	)		(2,847,066	)		(2,270,245	)
Net change resulting from share transactions		(2,584,401	)		(710,237	)		3,728,489			207,544

(Statements of Changes in Net Assets continued next page)

ANNUAL REPORT  /  April 30, 2012

82 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Small Cap Growth Fund						Wilmington Small-Cap Strategy Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Ten Months Ended April 30, 2012(a)			Year Ended June 30, 2011			Year Ended June 30, 2010
OPERATIONS:
Net investment income (loss)	$	(599,979	)	$	(1,445,284	)	$	723,480		$	1,356,548		$	840,508
Net realized gain (loss) on investments		9,032,820			34,213,430			(1,998,866	)		5,092,724			8,094,073
Net change in unrealized appreciation (depreciation) of investments		(25,481,130	)		8,700,840			(11,912,058	)		27,454,374			(971,330	)
Change in net assets resulting from operations		(17,048,289	)		41,468,986			(13,187,444	)		33,903,646			7,963,251
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		—			—			—			—			(21	)
I Shares		—			—			(884,546	)		(1,230,775	)		(789,122	)
Change in net assets resulting from distributions to shareholders		—			—			(884,546	)		(1,230,775	)		(789,143	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		1,063,682			3,990,977			—			—			—
B Shares		—			24,356			—			—			—
C Shares		—			13,000			—			—			—
I Shares		21,997,629			20,168,821			7,510,526			54,102,863			76,189,843
Distributions reinvested
A Shares		—			—			—			—			21
I Shares		—			—			186,726			237,390			282,775
Cost of shares redeemed
A Shares		(6,178,700	)		(6,568,603	)		—			—			(15,779	)
B Shares		—			(2,640,289	)		—			—			—
C Shares		(51,523	)		(48,517	)		—			—			—
I Shares		(32,909,077	)		(33,663,914	)		(72,618,596	)		(58,102,865	)		(47,525,051	)
Change in net assets resulting from share transactions		(16,077,989	)		(18,724,169	)		(64,921,344	)		(3,762,612	)		28,931,809
Change in net assets		(33,126,278	)		22,744,817			(78,993,334	)		28,910,259			36,105,917
NET ASSETS:
Beginning of year		196,800,897			174,056,080			127,967,617			99,057,358			62,951,441
End of year	$	163,674,619		$	196,800,897		$	48,974,283		$	127,967,617		$	99,057,358
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	—		$	—		$	21,273		$	205,306		$	87,570
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		67,626			217,604			—			—			—
B Shares		—			1,637			—			—			—
C Shares		—			767			—			—			—
I Shares		1,378,910			1,331,899			787,693			5,901,118			8,841,740
Distributions reinvested
A Shares		—			—			—			—			2
I Shares		—			—			19,935			24,537			34,953
Shares redeemed
A Shares		(385,128	)		(438,135	)		—			—			(2,010	)
B Shares		—			(148,718	)		—			—			—
C Shares		(3,393	)		(3,741	)		—			—			—
I Shares		(2,017,597	)		(2,177,036	)		(8,141,855	)		(6,505,328	)		(5,916,246	)
Net change resulting from share transactions		(959,582	)		(1,215,723	)		(7,334,227	)		(579,673	)		2,958,439

(a) Year end changed from June 30 to April 30.

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS 83

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON LARGE CAP GROWTH FUND
A SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  9.54			$  8.09			$5.80			$   8.75			$ 9.29
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.02	)		(0.05	)		0.00	(d)		(0.01	)		0.00	(d)
Net Realized and Unrealized Gain (Loss) on Investments		(0.41	)		1.51			2.29			(2.93	)		(0.27	)
Total Income (Loss) From Operations		(0.43	)		1.46			2.29			(2.94	)		(0.27	)
Less Distributions From:
Net Investment Income		—			(0.01	)		(0.00	)(d)		(0.01	)		(0.02	)
Net Realized Gains		(0.14	)		—			—			—			(0.25	)
Return of Capital		—			—			—			—			(0.00	)(d)
Total Distributions		(0.14	)		(0.01	)		—			(0.01	)		(0.27	)
Net Asset Value, End of Period		$  8.97			$  9.54			$  8.09			$   5.80			$ 8.75
Total Return(a)		(4.36	)%		18.00	%		39.52	%		(33.56	)%		(3.09	)%
Net Assets, End of Period (000’s)		$18,738			$22,790			$20,790			$15,714			$1,858
Ratios to Average Net Assets
Gross Expense		1.66	%		1.66	%		1.64	%		1.53	%		1.63	%
Net Expenses(b)		1.42	%		1.42	%		1.29	%		1.23	%		1.31	%
Net Investment Income (Loss)		(0.20	)%		(0.58	)%		(0.06	)%		(0.16	)%		0.05	%
Portfolio Turnover Rate		83	%		61	%		83	%		138	%		76	%
I SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  9.56			$  8.09			$  5.80			$   8.75			$ 9.28
Income (Loss) From Operations:
Net Investment Income(c)		0.02			0.02			0.01			0.02			0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.41	)		1.47			2.29			(2.95	)		(0.27	)
Total Income (Loss) From Operations		(0.39	)		1.49			2.30			(2.93	)		(0.26	)
Less Distributions From:
Net Investment Income		(0.01	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)
Net Realized Gains		(0.14	)		—			—			—			(0.25	)
Return of Capital		—			—			—			—			(0.00	)(d)
Total Distributions		(0.15	)		(0.02	)		(0.01	)		(0.02	)		(0.27	)
Net Asset Value, End of Period		$  9.02			$  9.56			$  8.09			$   5.80			$ 8.75
Total Return(a)		(3.96	)%		18.40	%		39.72	%		(33.47	)%		(2.97	)%
Net Assets, End of Period (000’s)		$78,505			$123,247			$121,608			$92,658			$69,988
Ratios to Average Net Assets
Gross Expense		1.41	%		1.41	%		1.39	%		1.36	%		1.38	%
Net Expenses(b)		1.03	%		1.03	%		1.10	%		1.13	%		1.17	%
Net Investment Income		0.20	%		0.25	%		0.14	%		0.30	%		0.16	%
Portfolio Turnover Rate		83	%		61	%		83	%		138	%		76	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Represents less than $0.01.

(e) Formerly Class A Shares.

(f) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

84 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout the period:

WILMINGTON LARGE-CAP STRATEGY FUND†
A SHARES(e)	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			Year ended June  30, 2007
Net Asset Value, Beginning of Period		$  12.13			$  9.45			$  8.61			$ 12.28			$ 14.41			$12.33
Income (Loss) From Operations:
Net Investment Income(c)		0.14			0.16			0.07			0.10			0.05			0.06
Net realized and unrealized gain (loss) on investments		0.71			2.64			0.85			(3.68	)		(1.56	)		2.18
Total Income (Loss) From Operations		0.85			2.80			0.92			(3.58	)		(1.51	)		2.24
Less Distributions From:
Net Investment Income		(0.14	)		(0.12	)		(0.08	)		(0.09	)		(0.07	)		(0.06	)
Net Realized gains		—			—			—			—			(0.55	)		(0.10	)
Total Distributions		(0.14	)		(0.12	)		(0.08	)		(0.09	)		(0.62	)		(0.16	)
Net Asset Value, End of Period		$  12.84			$12.13			$  9.45			$   8.61			$ 12.28			$14.41
Total Return(a)		7.12	%		30.00	%		10.36	%		(29.11	)%		(10.98	)%		18.26	%
Net Assets, End of Period (000's)		$25			$28			$2			$30			$41			$12
Ratios to Average Net Assets
Gross Expense		0.99	%(d)		0.92	%		1.32	%		1.43	%		1.30	%		1.18	%
Net Expenses(b)		0.50	%(d)		0.50	%		1.18	%		1.25	%		1.18	%		1.11	%
Net Investment Income		1.43	%(d)		1.40	%		0.70	%		1.10	%		0.39	%		0.47	%
Portfolio Turnover Rate		19	%		39	%		160	%		224	%		127	%		96	%
I SHARES(f)	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			Year ended June  30, 2007
Net Asset Value, Beginning of Period		$  12.13			$  9.39			$  8.61			$ 12.28			$ 14.40			$12.33
Income (Loss) From Operations:
Net Investment Income(c)		0.16			0.20			0.10			0.12			0.09			0.10
Net realized and unrealized gain (loss) on investments		0.71			2.72			0.79			(3.68	)		(1.57	)		2.16
Total Income (Loss) From Operations		0.87			2.92			0.89			(3.56	)		(1.48	)		2.26
Less Distributions From:
Net Investment Income		(0.16	)		(0.18	)		(0.11	)		(0.11	)		(0.09	)		(0.09	)
Net Realized gains		—			—			—			—			(0.55	)		(0.10	)
Total Distributions		(0.16	)		(0.18	)		(0.11	)		(0.11	)		(0.64	)		(0.19	)
Net Asset Value, End of Period		$  12.84			$12.13			$  9.39			$   8.61			$ 12.28			$14.40
Total Return(a)		7.32	%		31.24	%		10.28	%		(28.94	)%		(10.75	)%		18.45	%
Net Assets, End of Period (000's)		$374,903			$429,467			$118,102			$131,692			$242,391			$252,756
Ratios to Average Net Assets
Gross Expense		0.74	%(d)		0.69	%		1.01	%		1.18	%		1.00	%		0.93	%
Net Expenses(b)		0.25	%(d)		0.25	%		0.93	%		1.00	%		0.93	%		0.86	%
Net Investment Income		1.70	%(d)		1.72	%		0.99	%		1.27	%		0.67	%		0.72	%
Portfolio Turnover Rate		19	%		39	%		160	%		224	%		127	%		96	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Annualized for periods less than one year.

(e) Formerly Class A Shares.

(f) Formerly Institutional Shares.

† 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.

* Prior to March 9, 2012, the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 85

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON LARGE CAP VALUE FUND
A SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$11.47			$  9.85			$ 7.03			$11.32			$13.41
Income (Loss) From Operations:
Net Investment Income(c)		0.06			0.01			0.04			0.19			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.86	)		1.64			2.83			(4.30	)		(1.35	)
Total Income (Loss) From Operations		(0.80	)		1.65			2.87			(4.11	)		(1.23	)
Less Distributions From:
Net Investment Income		(0.06	)		(0.03	)		(0.05	)		(0.15	)		(0.12	)
Return of Capital		—			—			(0.00	)(d)		—			—
Net Realized Gains		—			—			—			(0.03	)		(0.74	)
Total Distributions		(0.06	)		(0.03	)		(0.05	)		(0.18	)		(0.86	)
Net Asset Value, End of Period		$10.61			$11.47			$ 9.85			$  7.03			$11.32
Total Return(a)		(6.94	)%		16.79	%		41.02	%		(36.53	)%		(9.56	)%
Net Assets, End of Period (000’s)		$6,038			$7,315			$6,606			$5,027			$40,021
Ratios to Average Net Assets
Gross Expense		1.42	%		1.43	%		1.42	%		1.34	%		1.31	%
Net Expenses(b)		1.29	%		1.31	%		1.15	%		0.53	%		1.03	%
Net Investment Income		0.56	%		0.09	%		0.41	%		2.30	%		0.93	%
Portfolio Turnover Rate		37	%		26	%		29	%		34	%		17	%
I SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$11.51			$  9.88			$ 7.05			$11.34			$13.41
Income (Loss) From Operations:
Net Investment Income(c)		0.09			0.05			0.05			0.13			0.13
Net Realized and Unrealized Gain (Loss) on Investments		(0.86	)		1.63			2.84			(4.26	)		(1.34	)
Total Income (Loss) From Operations		(0.77	)		1.68			2.89			(4.13	)		(1.21	)
Less Distributions From:
Net Investment Income		(0.09	)		(0.05	)		(0.06	)		(0.13	)		(0.12	)
Return of Capital		—			—			(0.00	)(d)		—			—
Net Realized Gains		—			—			—			(0.03	)		(0.74	)
Total Distributions		(0.09	)		(0.05	)		(0.06	)		(0.16	)		(0.86	)
Net Asset Value, End of Period		$10.65			$11.51			$ 9.88			$  7.05			$11.34
Total Return(a)		(6.65	)%		17.08	%		41.23	%		(36.62	)%		(9.42	)%
Net Assets, End of Period (000’s)		$135,556			$175,440			$156,442			$117,108			$121,163
Ratios to Average Net Assets
Gross Expense		1.17	%		1.18	%		1.17	%		1.13	%		1.13	%
Net Expenses(b)		1.00	%		1.02	%		0.99	%		0.96	%		0.97	%
Net Investment Income		0.85	%		0.48	%		0.57	%		1.55	%		0.99	%
Portfolio Turnover Rate		37	%		26	%		29	%		34	%		17	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Represents less than $0.01.

(e) Formerly Class A Shares.

(f) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

86 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON MID CAP GROWTH FUND
A SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$16.21			$12.24			$  8.37			$ 13.43			$15.05
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.07	)		(0.11	)		(0.05	)		(0.01	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.25	)		4.08			3.93			(4.74	)		0.74
Total Income (Loss) From Operations		(0.32	)		3.97			3.88			(4.75	)		0.65
Less Distributions From:
Net Investment Income		—			—			(0.01	)		—			—
Return of Capital		—			—			(0.00	)(d)		—			—
Net Realized Gains		(0.68	)		—			—			(0.31	)		(2.27	)
Total Distributions		(0.68	)		—			(0.01	)		(0.31	)		(2.27	)
Net Asset Value, End of Period		$15.21			$16.21			$12.24			$   8.37			$13.43
Total Return(a)		(1.55	)%		32.43	%		46.30	%		(34.75	)%		4.48	%
Net Assets, End of Period (000’s)		$60,666			$63,168			$40,438			$19,638			$6,314
Ratios to Average Net Assets
Gross Expense		1.57	%		1.62	%		1.62	%		1.59	%		1.66	%
Net Expenses(b)		1.24	%		1.24	%		1.13	%		1.08	%		1.25	%
Net Investment Income (Loss)		(0.47	)%		(0.85	)%		(0.51	)%		(0.10	)%		(0.60	)%
Portfolio Turnover Rate		44	%		34	%		56	%		90	%		58	%
I SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$16.57			$12.49			$  8.54			$ 13.66			$15.25
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.04	)		(0.07	)		(0.04	)		0.02			(0.07	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.26	)		4.15			4.00			(4.83	)		0.75
Total Income (Loss) From Operations		(0.30	)		4.08			3.96			(4.81	)		0.68
Less Distributions From:
Net Investment Income		—			—			(0.01	)		—			—
Return of Capital		—			—			(0.00	)(d)		—			—
Net Realized Gains		(0.68	)		—			—			(0.31	)		(2.27	)
Total Distributions		(0.68	)		—			(0.01	)		(0.31	)		(2.27	)
Net Asset Value, End of Period		$15.59			$16.57			$12.49			$   8.54			$13.66
Total Return(a)		(1.40	)%		32.67	%		46.37	%		(34.60	)%		4.63	%
Net Assets, End of Period (000’s)		$232,860			$187,207			$143,594			$95,447			$68,897
Ratios to Average Net Assets
Gross Expense		1.33	%		1.37	%		1.36	%		1.39	%		1.41	%
Net Expenses(b)		1.06	%		1.06	%		0.96	%		0.94	%		1.11	%
Net Investment Income (Loss)		(0.30	)%		(0.54	)%		(0.33	)%		0.18	%		(0.49	)%
Portfolio Turnover Rate		44	%		34	%		56	%		90	%		58	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Represents less than $0.01.

(e) Formerly Class A Shares.

(f) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 87

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON SMALL CAP GROWTH FUND
A SHARES(d)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$18.20			$14.48			$  9.99			$ 15.53			$19.40
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.08	)		(0.21	)		(0.12	)		(0.06	)		(0.17	)
Net Realized and Unrealized Gain (Loss) on Investments		(1.50	)		3.93			4.61			(5.48	)		(0.65	)
Total Income (Loss) From Operations		(1.58	)		3.72			4.49			(5.54	)		(0.82	)
Less Distributions From:
Net Investment Income		—			—			—			—			—
Net Realized Gains		—			—			—			—			(3.05	)
Total Distributions		—			—			—			—			(3.05	)
Net Asset Value, End of Period		$16.62			$18.20			$14.48			$   9.99			$15.53
Total Return(a)		(8.68	)%		25.69	%		44.94	%		(35.67	)%		(5.26	)%
Net Assets, End of Period (000’s)		$38,439			$47,884			$41,276			$29,935			$47,294
Ratios to Average Net Assets
Gross Expense		1.64	%		1.67	%		1.70	%		1.66	%		1.62	%
Net Expenses(b)		1.44	%		1.45	%		1.30	%		1.26	%		1.31	%
Net Investment Income (Loss)		(0.54	)%		(1.43	)%		(0.98	)%		(0.49	)%		(0.93	)%
Portfolio Turnover Rate		561	%		393	%		635	%		865	%		600	%
C SHARES(e)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$17.56			$13.97			$  9.61			$ 14.93			$18.75
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.09	)		(0.15	)		(0.09	)		(0.05	)		(0.15	)
Net Realized and Unrealized Gain (Loss) on Investments		(1.45	)		3.74			4.45			(5.27	)		(0.63	)
Total Income (Loss) From Operations		(1.54	)		3.59			4.36			(5.32	)		(0.78	)
Less Distributions From:
Net Investment Income		—			—			—			—			—
Net Realized Gains		—			—			—			—			(3.04	)
Total Distributions		—			—			—			—			(3.04	)
Net Asset Value, End of Period		$16.02			$17.56			$13.97			$   9.61			$14.93
Total Return(a)		(8.77	)%		25.79	%		45.27	%		(35.63	)%		(5.23	)%
Net Assets, End of Period (000’s)		$271			$357			$325			$210			$299
Ratios to Average Net Assets
Gross Expense		2.14	%		2.17	%		2.20	%		2.62	%		1.47	%
Net Expenses(b)		1.48	%		1.48	%		1.09	%		1.22	%		1.28	%
Net Investment Income (Loss)		(0.59	)%		(1.05	)%		(0.75	)%		(0.42	)%		(0.89	)%
Portfolio Turnover Rate		561	%		393	%		635	%		865	%		600	%

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

88 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON SMALL CAP GROWTH FUND – (continued)
I SHARES(f)	2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$18.76			$14.89			$10.26			$15.94			$19.83
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.05	)		(0.12	)		(0.10	)		(0.05	)		(0.15	)
Net Realized and Unrealized Gain (Loss) on Investments		(1.55	)		3.99			4.73			(5.63	)		(0.67	)
Total Income (Loss) From Operations		(1.60	)		3.87			4.63			(5.68	)		(0.82	)
Less Distributions From:
Net Investment Income		—			—			—			—			—
Net Realized Gains		—			—			—			—			(3.07	)
Total Distributions		—			—			—			—			(3.07	)
Net Asset Value, End of Period		$17.16			$18.76			$14.89			$10.26			$15.94
Total Return(a)		(8.53	)%		25.99	%		45.13	%		(35.63	)%		(5.16	)%
Net Assets, End of Period (000’s)		$124,964			$148,560			$130,502			$93,014			$141,074
Ratios to Average Net Assets
Gross Expense		1.39	%		1.42	%		1.45	%		1.43	%		1.38	%
Net Expenses(b)		1.21	%		1.24	%		1.17	%		1.18	%		1.19	%
Net Investment Income (Loss)		(0.30	)%		(0.81	)%		(0.84	)%		(0.40	)%		(0.81	)%
Portfolio Turnover Rate		561	%		393	%		635	%		865	%		600	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Formerly Class A Shares.

(e) Formerly Class C Shares.

(f) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 89

For a share outstanding throughout the period:

WILMINGTON SMALL-CAP STRATEGY FUND†
I SHARES(e)	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			Year ended June 30 2007
Net Asset Value, Beginning of Period		$10.70			$  7.90			$  6.57			$   9.16			$ 14.11			$14.20
Income (Loss) From Operations:
Net Investment Income(c)		0.09			0.11			0.09			0.05			(0.02	)		0.02
Net realized and unrealized gain (loss) on investments		(0.10	)		2.80			1.32			(2.60	)		(2.25	)		1.89
Total Income (Loss) From Operations		(0.01	)		2.91			1.41			(2.55	)		(2.27	)		1.91
Less Distributions From:
Net Investment Income		(0.10	)		(0.11	)		(0.08	)		(0.04	)		—			(0.01	)
Net Realized gains		—			—			—			—			(2.68	)		(1.99	)
Total Distributions		(0.10	)		(0.11	)		(0.08	)		(0.04	)		(2.68	)		(2.00	)
Net Asset Value, End of Period		$10.59			$10.70			$  7.90			$   6.57			$   9.16			$14.11
Total Return(a)		0.06	%		36.96	%		21.47	%		(27.72	)%		(18.13	)%		14.42	%
Net Assets, End of Period (000's)		$48,974			$127,968			$99,057			$62,938			$31,834			$41,899
Ratios to Average Net Assets
Gross Expense		1.16	%(d)		0.96	%		1.07	%		1.61	%		1.92	%		1.57	%
Net Expenses(b)		0.25	%(d)		0.25	%		0.25	%		0.75	%		1.25	%		1.25	%
Net Investment Income		1.17	%(d)		1.18	%		1.14	%		0.81	%		(0.15	)%		0.13	%
Portfolio Turnover Rate		10	%		48	%		84	%		205	%		134	%		127	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Annualized for periods of less than one year.

(e) Formerly Institutional Shares.

† 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.

* Prior to March 9, 2012, the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT  /  April 30, 2012

90 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2012

1. ORGANIZATION

Wilmington Funds (the “Trust”), formerly known as MTB Group of Funds, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 26 portfolios, 6 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 20 funds (1 of which is only made available to variable annuity contracts) are presented in separate reports.

Fund	Investment Goal
Wilmington Large Cap Growth Fund (“Large Cap Growth Fund”) formerly MTB 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”) formerly MTB 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”) formerly MTB Mid Cap Growth Fund(d)	The Fund seeks to provide long-term capital appreciation.
Wilmington Small Cap Growth Fund (“Small Cap Growth Fund”) formerly MTB 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

The Trust offers 7 classes of shares: A Shares, C Shares, Service Shares, Select Shares, Administrative Shares, I Shares and Institutional Shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

On April 1, 2011, Class B Shares of the Funds were terminated after the conversion to Class A Shares of the same Fund.

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 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 other 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 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.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 91

The Funds’ policy is to disclose significant 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, 2012, there were no significant 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.

In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04, which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS, will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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 the trade date 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 paid 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 Trustee’s approved fair value procedures.

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

92 NOTES TO FINANCIAL STATEMENTS

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, 2012, 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	$	1,693,773	$	1,763,138
Large-Cap Strategy Fund		3,080,296		3,167,872
Large Cap Value Fund		1,582,983		1,640,497
Mid Cap Growth Fund		13,641,299		14,043,738
Small Cap Growth Fund		10,114,931		10,436,413
Small-Cap Strategy Fund		4,223,618		4,362,235

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, market discount reclass, partnership adjustments, REIT dividend reclasses, and discount accretion/premium amortization on debt securities, and distributions recognition on income distribution payable.

As of April 30, 2012, 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, 2011, 2010, and 2009, remain subject to examination by the Internal Revenue Service.

For the period ended April 30, 2012, 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	$	—		$	(11,200	)	$	11,200
Large Cap Value Fund		(143,965	)		38,683			105,282
Mid Cap Growth Fund		(403,843	)		403,843			—
Small Cap Growth Fund		(599,807	)		599,979			(172	)
Small-Cap Strategy Fund		—			(22,967	)		22,967

The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:

Fund	2012				2011
	Ordinary Income*		Long-Term Capital Gains		Return of Capital		Ordinary Income*
Large Cap Growth Fund	$	70,815	$	1,854,981	$	—	$	235,142
Large Cap Value Fund		1,355,857		—		—		765,478
Mid Cap Growth Fund		—		10,589,511		—		—

Fund	2012 Ordinary Income*		2011 Ordinary Income*		2010 Ordinary Income*
Large-Cap Strategy Fund	$	5,373,107	$	6,299,979	$	1,560,125
Small-Cap Strategy Fund		884,546		1,230,775		789,143

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 93

As of April 30, 2012, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Capital Gains		Undistributed/ Over Distributed Ordinary  Income			Unrealized Appreciation		Capital Loss Carryforwards and Deferrals
Large Cap Growth Fund	$	7,366,022	$	84,980		$	20,190,884	$	(19,027,845	)
Large-Cap Strategy Fund		—		490,431			89,749,853		(52,817,048	)
Large Cap Value Fund		—		—			13,591,923		(16,895,734	)
Mid Cap Growth Fund		11,276,218		(405,325	)		66,904,376		(20,920,324	)
Small Cap Growth Fund		—		—			10,406,415		(27,034,218	)
Small-Cap Strategy Fund		—		22,639			17,153,168		(18,642,321	)

At April 30, 2012, 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
Large Cap Growth Fund	$	15,222,276	$	3,805,569	$	—	$	—	$	19,027,845
Large-Cap Strategy Fund		—		1,789,484		50,036,848		—		51,826,332
Large Cap Value Fund		2,666,760		12,309,017		1,646,592		—		16,622,369
Mid Cap Growth Fund		1,902,894		17,656,560		1,360,930		—		20,920,384
Small Cap Growth Fund		7,293,340		18,467,238		1,273,640		—		27,034,218
Small-Cap Strategy Fund		936,546		14,256,144		—		3,122,907		18,315,597

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, 2012:

Fund	Capital Loss Carryforwards Used
Large Cap Growth Fund	$	3,853,415
Large-Cap Strategy Fund		10,810,147
Large Cap Value Fund		5,365,362
Mid Cap Growth Fund		4,054,445
Small Cap Growth Fund		10,325,906

The Large Cap Value Fund expired capital loss carryforwards in the amount of $75,669.

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 Modernizatiion Act of 2010, the Funds will be permitted to defer taxable ordinary income losses incurred after December 31 and treat as occuring on the first day of the following fiscal year. Post-October losses and Post-December losses deferred to May 1, 2012 are as follows:

Fund	Ordinary Post-December/ Late Year Losses		Short-Term Post-October/ Late Year Losses		Long-Term Post-October/ Late Year Losses
Large-Cap Strategy Fund	$	—	$	990,716	$	—
Large Cap Value Fund		—		234,814		38,551
Mid Cap Growth Fund		405,325		—		—
Small-Cap Strategy Fund		—		326,724		—

4. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

Investment Advisor – Wilmington Funds Management Corporation (“WFMC”) (formerly Rodney Square Management Corporation) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) (formerly MTB Investment Advisors, Inc.) provides sub-advisory services to the Funds. Prior to March 12, 2012, WTIA served as the Investment Advisor of the Funds, with the exception of the Large-Cap Strategy Fund and the Small-Cap Strategy Fund. 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

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

94 NOTES TO FINANCIAL STATEMENTS

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.

	Advisory Fee Annual Rate
Large Cap Growth Fund	0.85%
Large-Cap Strategy Fund	0.50%
Large Cap Value Fund	0.25%
Mid Cap Growth Fund	0.85%
Small Cap Growth Fund	0.85%
Small-Cap Strategy Fund	0.55%

WFMC has 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 receives a fee of 0.45% based upon the Fund’s average daily net assets that they manage for the Fund, which is paid by the Fund.

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013 (August 31, 2012 with regard to the Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Growth Fund, and Small Cap Growth Fund), 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
	A Shares	C Shares	I Shares
Large Cap Growth Fund	1.42%	N/A	1.04%
Large-Cap Strategy Fund	0.50%	N/A	0.25%
Large Cap Value Fund	1.32%	N/A	1.04%
Mid Cap Growth Fund	1.24%	N/A	1.08%
Small Cap Growth Fund	1.47%	1.52%	1.25%
Small-Cap Strategy Fund	N/A	N/A	0.25%

Administrative Fee – BNY Mellon (BNYM) provides the Trust with fund administration, accounting, transfer agency, and custody services. WTIA 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
WTIA		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		.0285	%	on the first $500 million
		.0280	%	on the next $500 million
		.0275	%	on assets in excess of $1 billion

WTIA may voluntarily choose to waive any portion of its fee. WTIA can modify or terminate its voluntary waiver at any time at

its sole discretion. For the year ended April 30, 2012, WTIA 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’ A Shares and up to 1.00% of the average daily net assets of the Funds’ C Shares (0.75% of the average daily net assets of the Small Cap Growth Fund), for the sale, distribution, administration, customer servicing and record keeping 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, 2012, 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	$	46,416
Large Cap Value Fund		13,242
Mid Cap Growth Fund		132,551
Small Cap Growth Fund		40,992

Sales Charges – The A Shares of all the Funds bear front-end sales charges and C Shares may be subject to a contingent deferred sales charge (“CDSC”).

For the year ended April 30, 2012, M&T received the amounts listed below from sales charges on the sale of A Shares and from the CDSC charges upon redemptions of C Shares.

Fund	Sales Charges From A Shares		CDSC Charges From C Shares
Large Cap Growth Fund	$	445	$	—
Large Cap Value Fund		291		—
Mid Cap Growth Fund		1,047		—
Small Cap Growth Fund		643		—

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 A Shares, C Shares and 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. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 95

For the year ended April 30, 2012, 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	$	38,919
Large-Cap Strategy Fund		210
Large Cap Value Fund		136,735
Mid Cap Growth Fund		158,759
Small Cap Growth Fund		127,177
Small-Cap Strategy Fund		28

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.

For the period May 1, 2011 to February 17, 2012, ALPS Fund Services, Inc. provided transfer agency services to the Trust. Effective February 18, 2012, BNYM Fund Services, Inc. replaced ALPS Fund Services, Inc. as the transfer agent.

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.

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, 2012 are as follows:

Affiliated Fund Name	Balance of Shares  Held 4/30/2011			Purchases/ Additions		Sales/ Reductions		Balance of Shares  Held 4/30/2012		Value at 4/30/2012		Dividend Income		Realized Gain/Loss
Large Cap Growth Fund:
Wilmington Prime Money Market Fund		697,870			20,612,685		21,310,555		—	$	—	$	367	$	—
Large-Cap Strategy Fund:
M&T Bank		1,010	*		1,200		—		2,210		190,657		2,961		—
Large Cap Value Fund:
Wilmington Prime Money Market Fund		2,646,516			55,267,901		55,926,211		1,988,206		1,988,206		912		—
Mid Cap Growth Fund:
Wilmington Prime Money Market Fund		2,937,841			97,460,114		96,601,402		3,796,553		3,796,553		1,577		—
Small Cap Growth Fund:
Wilmington Prime Money Market Fund		851,034			123,473,878		124,230,349		94,563		94,563		548		—
*    As of 6/30/2011

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 ten-month period ended April 30, 2012 were as follows:

Large-Cap Strategy Fund	$	63,345
Small-Cap Strategy Fund		62,314

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the period ended April 30, 2012 were as follows:

Fund Name	Investments
	Purchases		Sales
Large Cap Growth Fund	$	97,677,161	$	137,203,866
Large-Cap Strategy Fund		74,726,666		145,030,147
Large Cap Value Fund		56,722,525		80,633,802
Mid Cap Growth Fund		149,501,197		105,892,591
Small Cap Growth Fund		948,825,313		965,566,117
Small-Cap Growth Strategy Fund		7,703,045		74,693,483

6. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNY Mellon. 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 BNY Mellon. The termination date of this LOC is March 11, 2013. The Funds did not utilize the LOC for the year ended April 30, 2012.

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, (the “WT Funds”) in exchange for shares of Large-Cap Strategy Fund and Small-Cap Strategy Fund, respectively (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

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

96 NOTES TO FINANCIAL STATEMENTS

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 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 the Tribune Co., now in bankruptcy, have filed actions against former Tribune shareholders 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. The reason there are different suits is that there are different plaintiffs (various Tribune creditors) and different legal theories of recovery (intentional versus constructive fraudulent conveyance). 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 may 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 the net asset value of the Large-Cap Strategy Fund and the Mid Cap Growth Fund 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 the Large-Cap Strategy Fund and the Mid Cap Growth Fund’s net asset value at this time. The Large-Cap Strategy Fund and the Mid Cap Growth Fund also cannot predict what its size might be at the time the cost of the Lawsuits might be quantifiable and thus potentially deducted from its 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. 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.

10. 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, 2012, 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	99.36	%
Large Cap Value Fund	100.00	%
Small-Cap Strategy Fund	58.84	%

For the year ended April 30, 2012, 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	%
Small-Cap Strategy Fund	59.27	%

If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

97

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 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”), including the portfolios of investments, as of April 30, 2012, and the related statements of operations, 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, 2012, 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, 2012, and the results of their operations, 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 29, 2012

ANNUAL REPORT  /  April 30, 2012

98 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 100 East Pratt Street, 17th 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
Kenneth G. Thompson* Birth date: 9/64 TRUSTEE Began serving: December 2008	Principal Occupations: President, Wilmington Funds; Senior Vice President and Managing Director, Wilmington Trust Investment Advisors, Inc. (“WTIA”); Senior Vice President, M&T Bank. Other Directorships Held: None
Robert J. Christian* Birth date: 2/49 TRUSTEE Began serving: March 2012	Principal Occupations: Retired. Other Directorships Held: Fund Vantage Trust (33 portfolios); Optimum Fund Trust (6 portfolios) (registered investment companies). Previous Positions: Executive Vice President of Wilmington Trust Company (“WTC”) (2/96 to 2/06); President of Rodney Square Management Corporation (“RSMC”) (1996 to 2005); Vice President of RSMC (2005 to 2006).
R. Samuel Fraundorf, CFA, CPA* Birth year: 1964 TRUSTEE Began serving: March 2012	Principal Occupations: President of WTIA. Other Directorships Held: None. Previous Positions: Chief Operating Officer of Wilmington Trust Investment Management (“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).
Jeffrey Durkee** Birth year: 1958 TRUSTEE Began serving: December 2007	Principal Occupations: President and Chief Executive Officer, Wilmington Trust Investment Advisors, Inc. (3/07 to 1/12). Other Directorships Held: None. Previous Positions: Chairman and CEO Private Wealth Management, Mercantile Bankshares Corporation (4/06 to 3/07); Senior Vice President and Director, Southern Division, Legg Mason Wood Walker (1998 to 4/06).

*     Kenneth G. Thompson is “interested” due to positions he held with M&T Bank, the parent of the Fund’s Advisor. Robert J. Christian is “interested” due to positions he held with WTC and RSMC. R. Samuel Fraundorf is “interested” due to positions he held with WTIM.

**   Jeffrey Durkee resigned as Trustee effective January 27, 2012. Mr. Durkee was “interested” due to positions he held with WTIA.

April 30, 2012  /  ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 99

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: Retired Other Directorships Held: Chairman, Community Foundation for Greater Buffalo (1/05 to 2/08); Chairman, Trustee and Treasurer, Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to present); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Baker Victory Services (1/05 to 12/08); Director, Dunn Tire Corporation (1/05 to present); Director, Read to Succeed Buffalo (1/08 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.
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, Highmark Blue Cross/Blue Shield (2/05 to 6/10); Director, Chek-Med Corporation (6/03 to present). Previous Positions: President and Chief Executive Officer, 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: Hilbert College (2000 to 2011); Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation; Former National Director, Classic Car Club of America.
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); Surrey Services for Seniors (2002 to 2008).
Dr. Marguerite D. Hambleton Birth date: 2/43 TRUSTEE Began Serving: September 2005	Principal Occupations: President, AAA New York State Association (travel and financial services) (7/09 to present). Other Directorships Held: Director, AAA Foundation for Traffic Safety (5/85 to 12/01); Director, AAA (travel and financial services) (3/91-3/08). Previous Positions: President, New York Federal Reserve Board, Buffalo Branch (2003-2005); President and CEO, AAA Western and Central New York (travel and financial services) (12/85 to 12/05).

ANNUAL REPORT  /  April 30, 2012

100 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
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).
Dr. Eric Brucker Birth date: 12/41 TRUSTEE Began serving: March 2012	Principal Occupations: Retired. Other Directorships Held: None. Previous Positions: Professor of Economics, Widener University (2004 to 2012); Dean, School of Business Administration of Widener University (2001 to 2004); Dean, School of Business, Public Policy and Health, University of Maine (1998 to 2001); Dean, School of Management, University of Michigan-Dearborn (1992 to 1998); Academic Vice President, Trenton State University (1989-1991); Dean, College of Business and Economics, University of Delaware (1976 to 1989).
Nicholas A. Giordano Birth date: 2/43 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).

OFFICERS

Name Address Birth year Position With Trust	Principal Occupations for Past Five Years and Previous Positions
Kenneth G. Thompson Birth year: 1964 PRESIDENT Began serving: March 2012	Principal Occupations: 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.

April 30, 2012  /  ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 101

Name Address Birth year Position With Trust	Principal Occupations for Past Five Years and Previous Positions
Gregory B. McShea Birth year: 1965 CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2009 AML COMPLIANCE OFFICER Began serving: February 2012	Principal Occupations: Managing Director, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. Previous Positions: General Counsel, Legg Mason Capital Management, Inc. (2007 to 2009); General Counsel, Western Asset Management Company (2003 to 2009); Associate General Counsel and Compliance Director, Legg Mason Wood Walker, Incorporated (1997 to 2003).
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008	Principal Occupations: 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).
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: President and Managing Partner, Foreside Financial Group, LLC (5/08 to present). Previous Positions: 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, 2012

102

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Advisory Agreement and Sub-Advisory Agreement on Behalf of Each Fund

At in-person meetings held on October 26 and December 9, 2011, the Board, including each Trustee who is not an “interested person” as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved an investment advisory agreement between the Trust, on behalf of each Fund, and WFMC (the “New Investment Advisory Agreement”). At the same meetings, the Board, including all of the Independent Trustees, also approved a sub-advisory agreement among the Trust, on behalf of each Fund, WFMC and WTIA (the “New Sub-Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Agreements”).

The New Agreements relate to each of: the Wilmington Large-Cap Value Fund, Wilmington Large-Cap Growth Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund, Wilmington Multi-Manager International Fund, Wilmington Strategic Allocation Moderate Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Broad Market Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, 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 (the “Group A Funds”); the Wilmington Large-Cap Strategy Fund, Wilmington Small-Cap Strategy Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Aggressive Fund, and Wilmington Municipal Bond Fund (the “Group B Funds”); and the Wilmington Rock Maple Alternatives Fund (the “Alternatives Fund,” and, collectively with the Group A Funds and the Group B Funds, the “Funds”). Each Group A Fund has been a series of the Trust for a number of years, and on or about March 12, 2012, certain of the Group A Funds acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The shareholders of each Group A Fund as of January 6, 2012, approved the New Agreements. The Board established the Group B Funds at the October 26 and December 9 meetings and on or about March 12, 2012, each Group B Fund acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The Board established the Alternatives Fund at the October 26 and December 9 meetings and the Alternatives Fund commenced operations on or about January 14, 2012.

Before considering the New Advisory Agreement and the New Sub-Advisory Agreement with respect to each Fund, the Board requested and reviewed information relating to the New Agreements, which was provided by WFMC and WTIA. That information addressed, among other things: (i) the services to be performed; (ii) the size and qualifications of WFMC and WTIA’s portfolio management staff; (iii) any potential or actual material conflicts of interest which may arise in connection with WFMC and WTIA’s management of the Funds; (iv) how the Funds would be managed by WFMC and WTIA, including a general description of the investment decision making processes, sources of information and investment strategies; (v) investment performance information; (vi) results of independent audit and regulatory examinations, including any recommendations or deficiencies noted; (vii) any litigation, investigation or administrative proceeding which may have a material impact on WFMC or WTIA’s ability to service the Funds; and (viii) WFMC and WTIA’s internal program for ensuring compliance with applicable investment objectives, policies and practices of the Funds, and the federal securities laws and other regulatory requirements. WFMC and WTIA provided written responses to the Board’s request for information, and also provided oral responses during the in-person meetings. The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the New Agreements and certain other considerations relevant to their deliberations on whether to approve the New Agreements.

At the meetings on October 26 and December 9, 2011, the Board determined that WFMC and WTIA had the capabilities, resources and personnel necessary to provide satisfactory advisory services to each Fund, and that the advisory fees paid by each Fund, taking into account any applicable fee limitations and breakpoints, represent reasonable compensation to WFMC and WTIA. In making their decision to approve the New Agreements for each Fund, the Independent Trustees gave attention to all information furnished, including information provided throughout the prior year by WTIA (formerly known as MTB Investment Advisors, Inc.) as investment advisor to the Group A Funds. The Trustees also noted that WFMC and WTIA are under the common control of M&T Bank Corporation, and that the officers and employees of WFMC overlap with the officers and employees of WTIA.

In making their decision to approve the New Agreements for each Fund, the Independent Trustees considered various factors, as described below, that they believed to be relevant in evaluating the New Agreements. In their deliberations, the Trustees did not identify any particular information or factor that was controlling, and different Trustees may have attributed different weights to the various factors.

Nature, Extent and Quality of Services. The Board considered that the New Agreements are substantially similar to the Trust’s previous investment advisory agreements with WTIA, which were approved for renewal at an in-person meeting held on September 14-15, 2011. In the case of each Fund, the Trustees therefore considered the many reports furnished to them during the year at regular Board meetings covering matters such as: the relative performance of the Group A Funds; compliance with the investment objectives, policies, strategies and limitations of the Group A Funds; and the compliance of management personnel with the numerous operational and compliance policies and procedures that were established by the Board. In the case of each Fund, the Trustees also considered WFMC and WTIA’s personnel who possess the experience to provide investment management services to the Funds. The Trustees noted that the Wilmington Multi-Manager International Fund, Wilmington Large-Cap Value Fund, Wilmington Multi-Manager Real Asset Fund and Alternatives Fund employ a

April 30, 2012  /  ANNUAL REPORT

103

multi-manager approach through which the Funds rely on two or more sub-advisors to manage a portion of each Fund’s assets under the ongoing supervision of WFMC and WTIA. In the case of the Wilmington Multi-Manager Real Asset Fund and Alternatives Fund, which were established at the October 26 and December 9 meetings, the Trustees focused on the prior experience of WFMC and WTIA in overseeing the investment activities of sub-advisors that are not affiliated with WFMC and WTIA.

Based on the information provided by WFMC and WTIA, the Trustees concluded that the nature, extent and quality of the services provided by WFMC and WTIA supported the approval of the New Agreements.

Investment Performance. The Board considered the overall investment performance of WFMC, WTIA and the Group A and Group B Funds, as well as the funds of the WT Mutual Fund for which WFMC previously served as investment advisor. Although the Trustees gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees also gave weight to their review of investment performance in connection with the approval of the New Agreements at the Board meetings held October 26 and December 9, 2011. The Trustees reviewed reports prepared by WFMC and WTIA, which showed each Group A Fund’s investment performance in comparison with its applicable peer group for the one-, five- and ten-year periods, as well as information about each Fund’s performance compared to its benchmark. With respect to the Group B Funds, the Trustees considered similar information about the performance of each series of the WT Mutual Fund that was merged into a corresponding Group B Fund. With respect to the Alternatives Fund, the Trustees considered hypothetical, pro-forma performance information for the Fund. The Board concluded that the performance information provided by WFMC and WTIA supported approval of the New Agreements.

Comparative Expenses. WFMC and WTIA represented to the Board that the aggregate contractual investment advisory fees for each Group A Fund would be the same as that previously charged to the Funds by WTIA. At its meeting on September 14-15, 2011, the Board, including all of the Independent Trustees, approved the continuation of the investment advisory agreements for each Group A Fund based upon, among other things, comparative information about the net advisory fee ratios and total expense ratios (after deduction for advisory fee waivers and expense reimbursements) of each Fund versus those of a group of funds selected as being similar to each Fund. The Trustees reviewed reports prepared by WFMC and WTIA which showed each Group B Fund’s advisory fees and expenses in comparison with its applicable peer group. The Trustees also reviewed reports prepared by WFMC which showed Alternatives Fund’s advisory fees and expenses in comparison with its applicable peer group. In that regard, the Trustees noted the unique nature of the Alternatives Fund, which uses multiple sub-advisors employing alternative investment strategies, as well as WFMC and WTIA’s contractual commitment to waive certain fees and reimburse expenses for the Fund.

At the October 26 and December 9 meetings, the Trustees concluded that the proposed advisory and sub-advisory fees to be paid to and the services to be provided by WFMC and WTIA supported approval of the New Agreements.

Management Profitability. The Trustees also considered the profitability of the relationships among the Funds and WFMC and WTIA, noting the significant decreases in profitability for the Group A Funds over the last few years. The Trustees considered any direct or indirect revenues received by affiliates of WFMC and WTIA. Based on the information provided, the Trustees concluded that the profitability to WFMC and WTIA with respect to the Funds supported approval of the New Agreements.

Economies of Scale. The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory and sub-advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFMC and WTIA’s assessments that under the current market conditions and based on the asset sizes of the Funds, and the existence of certain voluntary and contractual fee waivers, economies of scale were appropriately reflected in the investment advisory fees of the Funds.

Other Benefits. The Trustees considered the “fall-out” or ancillary benefits resulting from the relationships among the Funds and WFMC and WTIA. In that regard, the Board considered the fees received by WFMC and WTIA and their affiliates for providing other services to the Funds under separate agreements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, WFMC and WTIA must seek to obtain best execution of fund trades.

Conclusion. After consideration of all the factors, taking into consideration the information presented at the meetings and deliberating in executive session with independent legal counsel outside of the presence of management personnel, the Board, including all of the Independent Trustees, approved the New Agreements. The Board based its decision on the totality of the circumstances, including the factors identified above, and with a view to past and long-term considerations. Not all of the factors and considerations identified were relevant to each Fund, nor did the Board find any one of them to be determinative.

ANNUAL REPORT  /  April 30, 2012

104

SHAREHOLDER PROXY RESULTS

At February 21, 2012, a summary report of shares voted by proposal is as follows:

To approve a new investment advisory agreement between MTB Group of Funds, on behalf of each Fund, and Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation).

	Shares Voted
For		2,817,888,588
Against		10,879,070
Abstain		301,975,843
Broker Non-Vote		537,128,987

To approve a new investment sub-advisory agreement among MTB Group of Funds, on behalf of each Fund, Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation) and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investment Advisors, Inc.).

	Shares Voted
For		2,606,529,311
Against		11,647,269
Abstain		302,566,927
Broker Non-Vote		537,128,986

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Large-Cap Strategy Fund (“target fund”), to Wilmington Large-Cap Strategy Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		27,977,863
Against		15,999
Abstain		20,360

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Small-Cap Strategy Fund (“target fund”), to Wilmington Small-Cap Strategy Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		4,572,528
Against		1,113
Abstain		1,321

April 30, 2012  /  ANNUAL REPORT

105

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.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.

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, 2012

106

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.

April 30, 2012  /  ANNUAL REPORT

107

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.

• 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, 2012

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

Additional Sub-Advisor to the

Wilmington Large-Cap Value Fund

NWQ Investment Management Company LLC

2049 Century Park East

Los Angeles, CA 90067

Co-Administrator

Wilmington Trust Investment Advisors

111 South Calvert Street 26th Floor

Baltimore, MD 21202

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-0412

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.

Since we are required by law to send a report to each person listed as a shareholder, you (or your household) may receive more than one report.

April 30, 2012

PRESIDENT’S MESSAGE AND

Annual Report

WILMINGTON FUNDS

Multi-Manager Equity Fund

Wilmington Multi-Manager International Fund

Alternatives Fund

Wilmington Rock Maple Alternatives Fund

Asset Allocation Funds

Wilmington Multi-Manager Real Asset Fund

Wilmington Strategic Allocation Conservative Fund

Wilmington Strategic Allocation Moderate Fund

Wilmington Strategic Allocation Aggressive Fund

Wilmington Multi-Manager International Fund (“International Fund”) formerly a series of the WT Mutual Fund

Wilmington Rock Maple Alternatives Fund (“Rock Maple Alternatives Fund")

Wilmington Multi-Manager Real Asset Fund (“Real Asset Fund”) formerly a series of the WT Mutual Fund

Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”) formerly Wilmington Conservative Asset Allocation Fund

Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”), formerly MTB Strategic Allocation Fund

Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”) formerly Wilmington Aggressive Asset Allocation Fund

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	4
Shareholder Expense Example	20
Portfolios of Investments	22
Notes to Portfolios of Investments	74
Statements of Assets and Liabilities	78
Statements of Operations	80
Statements of Changes in Net Assets	82
Financial Highlights	85
Notes to Financial Statements	91
Report of Independent Registered Public Accounting Firm	105
Board of Trustees and Trust Officers	106
Board Approval of Investment Advisory Agreements	110
Shareholder Proxy Results	114

Dear Investor:

I am pleased to enclose the Annual Report of the Wilmington Funds, formerly known as the MTB Group of Funds (the “Trust”). This report covers the Trust’s fiscal year, which is the 12-month reporting period from May 1, 2011 through April 30, 2012. 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 new advisor to the Trust, and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investments Advisors, Inc.), the sub-advisor to the Trust, have provided the following review of the economy, bond and stock markets over the 12-month reporting period:

The Economy

The U.S. economy continues to show positive growth, but it is a slow rate of growth. The Commerce Department announced its early estimate of Gross Domestic Product (“GDP”) growth of 2.2% in the first quarter. Momentum is improving, but economic expansion remains mediocre. Since the beginning of the current recovery (third quarter of calendar year 2009), the country has averaged a 2.4% growth rate. This is significantly lower than the 4.5% annual growth rate during the last seven economic recoveries over the past 40 years. Currently, personal consumption accounts for 70% of GDP, and there is a reluctance—or inability—to ramp up spending. Consumers are concerned about the value of their homes and the outlook for jobs. Post-recession employment growth has averaged less than 1% annually since the recession ended in 2009. Jobless recoveries have become the norm. At the same time, worker productivity (output per hour) has increased. These productivity gains allow employers to keep labor costs in check, boosting profitability.

There are pockets of strength in the U.S. economic recovery, and the warm winter may have brought an early spring to the economy. Private sector hiring picked up, but government cutbacks (state and local) held back over-all job growth. April’s unemployment rate dropped to 8.1% and the economy added 115,000 jobs in the month. While this appears favorable, over 300,000 workers have dropped out of the work force and 41% of the unemployed have been out of work for six months or more.

Global concerns remain; including a slower growth in China’s economy, austerity programs in the peripheral Eurozone countries, and a technical recession in the United Kingdom. On this side of the Atlantic, we are seeing some positive contributions from the consumer, exports, and private inventory investments. The Federal Reserve (the “Fed”) has noted an improving economy; however, “not enough to warrant a change in stimulative policies at this time”. They predicted economic growth between 2.4% and 2.9% this year, which is significantly better than the 1.7% last year.

The Bond Markets

The bond market, the subject of so much stress last summer, has been much less volatile over the last six months. Twelve months ago, the economy was beginning to decelerate and fears that a “double dip” recession could occur were evident. This perceived economic weakness helped bolster bond prices as inflation concerns waned. A recession was averted, but in late July, concern over the U.S. debt limit mounted.

While the debt limit was eventually raised, and the risk of default abated, Standard and Poor’s lowered the credit rating of the U.S. from “AAA” to “AA+”. In Europe, the fiscal difficulties of Greece, Portugal, Spain, Italy and Ireland brought “flight to safety” buying as investors sought the relative safety of U.S. Treasury obligations. Lagging the strong performance of Treasuries were Agency, Corporate, and Mortgage-Backed Securities which underperformed the Treasury market in the fourth quarter of 2011.

The Fed responded to the slow economic growth by embarking on “Operation Twist” where it simultaneously bought $400B of longer-term Treasury obligations while selling $400B of shorter-term obligations. The Fed also indicated that it would keep short-term interest rates extremely low into 2014. The European Central Bank (ECB) initiated its “Long-Term Refinancing Operations” which addressed some of the liquidity concerns of its banking system by allowing banks to borrow cash from the ECB at a discounted borrowing rate by depositing longer-term loans with the ECB.

Taxable sectors of the bond market such as Agency, Corporate and Mortgage-Backed Securities began 2012 by outperforming Treasuries relatively strongly. As the economy performed well and a stimulative monetary policy was maintained, investor desire for incremental income allowed “spread” sectors to outperform. In particular, the Corporate sector had a very strong quarter and was able to largely erase the 2011 underperformance versus Treasuries.

PRESIDENT’S MESSAGE  /  April 30, 2012

ii

It’s been a good year in fixed income, particularly in the tax-exempt bond arena. Two trends in the municipal market appeared during the 12 months ending 4/30/2012, both reflecting a reversal of the trends in place during the prior fiscal year. One trend was the increased supply of municipal debt issues where levels had moved into a more traditional range as compared to the previous period’s depressed levels, and the other trend was the increased level of demand for municipal securities compared to the previous period’s sell off of municipal securities.

For the 12-month reporting period May 1, 2011 through April 30, 2012, certain Barclays Capital indices performed as follows¹:

Barclays Capital U.S. Aggregate Bond Index2	Barclays Capital U.S. Treasury Bond Index3		Barclays Capital U.S. Mortgage- Backed Securities Index4		Barclays Capital U.S. Credit Bond Index5		Barclays Capital Municipal Bond Index6
7.54%		8.89%		5.74%		9.20%		11.36%

The Stock Markets

The Funds’ fiscal year ended with broad U.S. stock indices modestly higher. The slight net change masks an index drop of nearly 20% and a recovery. The potential effects of a European insolvency in both sovereign credit and banks put a scare into equity markets in August but were alleviated at least temporarily by allowing European banks to move their funding needs out to three years to provide some insurance against a liquidity crisis. While concerns about Europe fluctuated, the economic picture in the U.S. appeared to firm with a marginally better employment picture and confidence improving for both consumers and small businesses. As employment improves, it is expected that the housing market will show signs of stability with the hope of potentially adding to domestic growth at some point in the future.

The S&P 500 jumped 12.6% (including dividends) in the first quarter of 2012 with the unusual feature of having positive returns in each of the three months. One strategist points out that this has happened in only 17 of the past 66 years and there were no down years in those periods. Of course, past performance is no indication of future performance. As we approach mid-year, the market has its eyes on many issues including weakness in the European Union; the elections in the U.S.; a slowdown in China; and, the “fiscal cliff” in the U.S. which refers to a combination of expiring tax cuts, the end of the 2009 stimulus package, automatic spending cuts and new healthcare-related taxes which will be a drag on the economy.

The best performing industries during the fiscal year included computer hardware, auto retailing and homebuilding. The worst performing industries, suggesting a concern about a cyclical slowdown, included tires and rubber, aluminum, coal and consumable fuel.

For the 12-month reporting period May 1, 2011 through April 30, 2012, certain stock market indices performed as follows:

S&P 500 Index7	Dow Jones Industrial Average8		NASDAQ Composite Index9		MSCI All Country World ex-US  (Net) Index10
4.76%		5.97%		7.17%		(12.90%)

The Trust, with assets of $12.8 billion as of April 30, 2012, 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 income¹¹, 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,

Kenneth Thompson

President

June 4, 2012

April 30, 2012  /  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.

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.

These risks are magnified in emerging markets. 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 changes in interest rates, and a rise in interest rates can cause a decline in their prices. 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 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 the Fund invests 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. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

2. Barclays Capital U.S. Aggregate Bond Index is 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.

3. 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.

4. 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.

5. 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.

6. Barclays Capital Municipal Bond Index tracks the performance of 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.

7. 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.

8. 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 average is unmanaged and investments cannot be made directly in an average.

9. 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.

10. 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 44 countries indices comprising 23 developed and 21 emerging market country indices.

11. Income generated by tax-free funds may be subject to the federal alternative minimum tax and state and local taxes.

Sector allocation and credit quality percentages are based on total portfolio as of quarter-end and are subject to change at any time. This data is shown for informational purposes only and is not to be considered a recommendation to purchase or sell any security. The credit quality of the investments in each Fund’s portfolio does not apply to the safety and stability of the Fund and are subject to change. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as Standard & Poor’s, and typically range from AAA (highest) to D (lowest). When ratings from two NRSROs are available, the lowest rating is used. Bonds not rated by an NRSRO are included in the Not Rated category, which does not necessarily indicate low quality. Cash is defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents. For more information regarding rating methodologies for S&P visit www.standardandpoors.com and for Moody’s visit www.moodys.com.

PRESIDENT’S MESSAGE  /  April 30, 2012

4

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND

(formerly a series of WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Multi-Manager International Fund (the “Fund”) had a total return of -11.65%* for A Shares and -11.45%* for I Shares, versus its benchmarks, the Morgan Stanley Capital International— All Country World ex-US Index (Net, USD) (“MSCI ACWI ex-US”)** and Morgan Stanley Capital International—Europe, Australasia and Far East Index (Net, USD) (“MSCI EAFE”)*** which had a total returns of -8.99% and -9.03%, respectively.

The fiscal period was a volatile and difficult time for international equity markets as it started poorly as investors became increasingly concerned that unsustainable levels of sovereign debt for many countries in Europe could eventually threaten the viability of many European banks. In addition, weakness in manufacturing data in the U.S., Europe, and China led to heightened fears of a double-dip global recession. Global equity markets were further unsettled by the downgrade of the U.S. credit rating. Investors returned from the sidelines in October 2011 to send markets soaring as corporate earnings remained strong and economic data indicated a better outlook for the U.S. economy in 2012. Investors were also encouraged by the progress being made by Europe’s leaders to resolve the region’s debt crisis. However, the optimism failed to persist among growing fears over the European debt and banking crises and much of the gains recorded in October disappeared by the end of April 2012.

Developed large-cap equities returned -9.0% during the period as measured by the MSCI ACWI ex-US. The Pacific region posted a -3.4% return due in large part to the performance of Japan (-3.1%). Meanwhile, the European region returned -11.8%, reflecting investor sentiment regarding the issues over the region’s sovereign debt problems as Germany (-16.0%) and France (-24.1%) recorded poor relative results. Denmark, Ireland, New Zealand, and the United Kingdom were the only developed markets outside of the U.S. that experienced positive returns over the fiscal period.

Emerging market equities returned -8.9% during the fiscal period as measured by the MSCI Emerging Markets Index (Net, USD)***. The Emerging Asia region was the best performing in the period, returning -8.0%. The Philippines (+23.7%) and Thailand (+19.5%) were among the strongest performing countries in the region as investors continued to invest in smaller emerging nations that are experiencing increasing economic growth. Despite poor results from the Latin America’s largest country, Brazil (-15.2%), the region returned -9.5% and did include some standout positive performers such as Peru (+22.9%) and Colombia (+14.4%). The Eastern Europe region trailed on a relative basis, returning -18.9%, as countries such as Hungary (-33.0%) experienced difficulties in handling their own fiscal house.

The U.S. dollar strengthened during the fiscal period versus most of the major world currencies. The overall impact of currency fluctuations between the U.S. dollar and developed country currencies was to decrease the dollar-denominated returns of developed market equities by nearly 3%. In addition, the impact of U.S. dollar strength versus emerging market currencies was to decrease the

dollar-denominated returns of emerging market equities by nearly 7% during the fiscal period.

Value stocks in developed markets underperformed growth stocks as the MSCI World ex-US Value Index (Net, USD)** returned -10.8% and the MSCI World ex-US Growth Index (Net, USD)** returned -7.0%. A view of performance along the market capitalization spectrum saw small-caps, as measured by the MSCI World Small Cap ex-US Index (Net, USD), return -7.7% and outperform large-caps as measured by the MSCI World ex-US Index (Net, USD)***, -9.0%.

On March 12, 2012, the MTB International Equity Fund merged with the Wilmington Multi-Manager International Fund and added the following sub-advisors to the Fund: Acadian Asset Management LLC (“Acadian”), Dimensional Fund Advisors LP (“DFA”), Goldman Sachs Asset Management, L.P. (“GSAM”), Parametric Portfolio Associates LLC (“Parametric”), Principal Global Investors LLC (“Principal”), and Wilmington Trust Investment Advisors, Inc. (“WTIA”). WTIA allocates assets of the Fund among the sub-advisors and is currently not allocating any assets to Acadian and Principal. In addition, the Fund terminated the sub-advisory services of Artio Global Investors during March 2012.

The Fund allocates assets between developed markets and emerging markets based on the advice of WTIA’s Investment Strategy Team tactical asset allocation recommendations and as of April 30, 2012 had a 73% allocation to developed large-cap markets, 0% to developed small-cap markets, and 27% allocation to emerging markets. In addition, the allocation to developed large-cap markets was 42% value and 58% growth. Prior to the Funds’ merger, the MTB International Equity Fund had a static allocation of assets amongst the three sub-advisors of the Fund, Hansberger Global Investors (“HGI”), LSV Asset Management (“LSV”), and Barings International Investment Limited (“Barings”). Post merger these three sub-advisers continue to manage assets within the Fund.

The growth portfolio managed by Hansberger slightly trailed the MSCI World ex-US Growth Index (Net, USD) during the fiscal period. Though their allocation to emerging markets did add relative value, their holdings in Canada, including uranium producer Cameco and Manulife Financial, and Pacific ex-Japan, including Australia’s Woodside Petroleum and BHP Billiton, detracted value. On a sector basis, the portfolio’s technology holdings outperformed with Britain’s Autonomy being the main contributor after it was acquired by Hewlett Packard for a considerable premium. Consumer discretionary outperformed with Prada and Hong Kong retail goods distributor Li & Fung the main contributors. Materials holdings underperformed with the German chemical company Wacher Chemie and the French steel manufacturer ArcelorMittal among the holdings most impacted by the deteriorating outlook for global economic growth. The portfolio’s allocation to the financial sector underperformed with France’s BNP Paribas and Austria’s Erste Group Bank hit hard by the fallout from the worsening European sovereign debt crisis. Both of these holdings were disposed of during the period. Consumer staples also underperformed with

April 30, 2012  /  ANNUAL REPORT

5

Brazil’s Hypermarcas and Britain’s Tesco being the most disappointing performers during the period.

The value portfolio managed by LSV outperformed the MSCI World ex-US Value Index (Net, USD) during the period. As their investment style is to maintain a country and sector-neutral bias, most of their positive relative results are based on stock selection, especially within industrials and consumer discretionary.

The core portfolio managed by Barings outperformed the MSCI World ex-US Index (Net, USD) during the period. They were able to generate positive relative performance from stock selection in a number of different areas. They added value in continental European equities, primarily from the decision not to own any continental European banks. Japanese stock selection also produced favorable results, primarily through their overweight positions in Unicharm (a consumer staples company), Rakuten (an internet company), and Daito Trust Construction. Finally, their underweight allocation to continental Europe itself added value.

The emerging markets portfolio managed by Parametric outperformed the MSCI Emerging Markets Index (Net, USD) during the period. The main positive drivers in explaining their relative results were their structural underweight to Brazil and their overweight allocation to Thailand. Their underweight allocation to Korea and overweight exposure to Eastern European countries (Czech Republic, Poland, and Hungary, in particular) detracted slightly from relative returns.

The quantitative developed country large-cap portfolio managed by GSAM underperformed the MSCI World ex-US Growth Index (Net, USD) during the period. GSAM’s quantitative CORE (Computer-Optimized, Research-Enhanced) investment philosophy is predicated on three ideas: fundamentals drive alpha, risk management helps add value, and lower trading costs mean higher portfolio returns. Returns based on their six investment themes on an overall basis were somewhat positive. The Momentum theme contributed the most on a positive basis, and the Valuation theme was the only one to detract from relative returns. However, stock selection within certain sectors negatively impacted relative performance as weak selection in consumer staples and materials more than offset good selection in consumer discretionary and financials.

The developed country large-cap value portfolio managed by DFA underperformed the MSCI World ex-US Value Index (Net, USD). DFA’s strategy to overweight high book-to-price stocks had a negative effect on relative performance. On a country basis, DFA experienced weak stock selection within Japan and continental Europe. At the sector level, they had weak stock selection within financials and consumer discretionary and somewhat positive stock selection within telecom and industrials.

* 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 A Shares was -16.47%, 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 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.

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 consisted 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 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.

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

ANNUAL REPORT  /  April 30, 2012

6

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND – A SHARES^†, *

The graph below illustrates the hypothetical investment of $10,000^1,2 in the Wilmington Multi-Manager International Fund (A Shares) (the “Fund”) from December 19, 2005 (start of performance) to April 30, 2012, compared to the Morgan Stanley Capital International All Country World Index ex-USA (Net, USD) (“MSCI ACWI ex-USA”)² and the Morgan Stanley Capital International—Europe, Australia and Far East Index (Net, USD) (“MSCI EAFE”).

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(20.34)%
5 Years	(5.49)%
Start of Performance (12/19/05)	0.76%

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	1.70%
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 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 MSCI ACWI ex-USA and MSCI EAFE 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 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.

* Formerly Class A Shares.

April 30, 2012  /  ANNUAL REPORT

7

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND – I SHARES^†,*

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Wilmington Multi-Manager International Fund (I Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Morgan Stanley Capital International All Country World Index ex-USA (Net, USD) (“MSCI ACWI ex-USA”)¹ and the Morgan Stanley Capital International—Europe, Australia and Far East Index (Net, USD) (“MSCI EAFE”).

Average Annual Total Returns for the Period Ended April 30, 2012

1 Year	(15.46)%
5 Years	(4.20)%
10 Years	5.65%

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	1.45%
After Waivers	1.36%

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 The performance for the Fund, the MSCI ACWI ex-USA and MSCI EAFE assumes the reinvestment of all dividends and distributions. It is not possible to invest directly in an index or Lipper average 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.

* Formerly Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

8

WILMINGTON ROCK MAPLE ALTERNATIVES FUND

Management’s Discussion of Fund Performance

For the fiscal period January 12, 2012 (commencement of operations) through ended April 30, 2012, Wilmington Rock Maple Alternatives Fund (the “Fund”) had a total return of 1.10%* for A Shares and 1.10%* for I Shares, versus its benchmark, the HFRX Global Hedge Fund Index**, which had a total return of 3.27% for the period January 12, 2012 through April 30, 2012.

Fund Highlights

The Fund commenced operations on January 12, 2012 but did not become fully invested until the end of January. 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.

Performance by Strategy

All of our equity long/short managers contributed during the fiscal period ended April 30, 2012, highlighted by strong gains from our mid-cap value team, where security selection, particularly in the retail sector, was rewarded. Catalyst-driven wins were numerous for our deep value manager and improved earnings trends helped our equity income-oriented manager. Our European-focused manager was modestly positive, though macro headwinds in March detracted from performance. A lack of mergers and acquisitions activity limited gains during the period in our event strategy. Higher equity prices and improved sentiment should help reverse this trend, and the manager noted an uptick in deal flow in March. Corporate credit allocations were consistently profitable, and we expect our short duration and event emphasis to continue to mute the potential impact of higher rates on the fund overall. The Fund’s options arbitrage allocation provided steady and uncorrelated returns, helping decrease volatility and downside risk for the fund. Losses for the global macro allocation were not unexpected given the manager’s bearish view and the role they designed to play in the portfolio.

Commentary & Outlook

The Fund’s equity long/short strategies are hedged using both single name and index positions, with the global macro allocation designed to function as a fund level overlay to hedge against fiscal and monetary imbalances that the portfolio managers feel have reached extremes. These hedge and short positions detracted from performance during what was the largest first quarter move in U.S. equity markets since 1998, but should dampen volatility and generate alpha under more normal conditions. The options arbitrage strategy is systemic and is continually rebalanced based on changing volatility patterns. (Volatility is currently low and the VIX forward curve is very steep.) Corporate credit strategies are oriented around refinancing and other “events,” but we expect to move toward a relative value positioning as we enter the next phase of the credit cycle.

* 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 A Shares was -4.44%, 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.

Investing involves risk and you may incur a profit or a loss. Investments such as mutual funds which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Diversification does not ensure a profit or guarantee against a loss. 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 the Fund invests 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.

The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and

April 30, 2012  /  ANNUAL REPORT

9

correlations, trading frequently, using leverage, making short sales, being non-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses.

The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, and CMOs. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

WILMINGTON ROCK MAPLE ALTERNATIVES FUND – A SHARES* AND I SHARES*

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

The graph below illustrates the hypothetical investment of $1,000,000² in the Wilmington Rock Maple Alternatives Fund (I Shares) (the “Fund”) from January 12, 2012 (start of performance) to April 30, 2012, compared to the HFRX Global Hedge Fund Index.²

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		N/A		N/A
5 Years		N/A		N/A
Start of Performance(01/12/12)		(4.44)%		1.10%

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 5.50% for A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		3.80%		3.55%
After Waivers		2.99%		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 $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 Fund and 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 Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

* Formerly Class A Shares and Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

10

WILMINGTON MULTI-MANAGER REAL ASSET FUND

(formerly a series of the WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Multi-Manager Real Asset Fund (the “Fund”) had a total return of 2.04%* for A Shares and 2.31%* for 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 8.31% and 3.82%, 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 the ten-month period, the Fund’s managers and investments added value, while tactical asset allocation decisions to underweight global inflation linked bonds (ILBs) and overweight commodity-related securities during the first four months of the fiscal period offset the added value.

The Fund maintained a 10% tactical underweight to global ILBs and a 10% overweight to commodity-related securities from July to October 2012, at which point the tactical shifts were removed and the Fund’s allocation was moved to a neutral stance reflecting the Fund’s blended benchmark weightings. In aggregate, the tactical tilts detracted from the Fund’s relative performance to the Blended Index during the fiscal period.

Over the ten-month fiscal period, real yields fell across most major developed ILB markets due to slower-than-expected economic growth. Despite inflation expectations (as measured by breakeven inflation) generally decreasing during the fiscal period, global ILBs, as measured by the Barclays World GILB Index gained 8.3%. The portfolio of global developed- and emerging-market ILBs managed by Pacific Investment Management Company (“PIMCO”) outperformed its blended benchmark during this time (9.4% versus 8.5%). PIMCO’s blended benchmark consists of 85% Barclays World GILB Index and 15% Barclays Capital Emerging Market Government ILB Index***. PIMCO’s portfolio benefited from a variety of positions including underweight allocations to Italian and Argentine ILBs, a significant overweight to Australian ILBs, and an overweight to Brazilian ILBs, which were among the best performing emerging market ILBs as the Central bank of Brazil cut interest rates throughout the period. The portfolio of global, developed-market ILBs managed by HSBC Global Asset Management (“HSBC”) underperformed its benchmark during the period (7.6% versus 8.3% for the Barclays World GILB Index). HSBC’s portfolio trailed the Barclays World GILB Index primarily due to the portfolio’s underweight to duration, which had a negative impact on performance as real rates rallied during this period. An overweight to euro zone ILBs also detracted from performance as real rates increased in Europe until the beginning of November 2012.

Global real estate securities were up modestly during this time, as measured by the S&P Developed Property Index (up 2.6%). Underperformance of the European region (down -17.0%, as measured by the UBS Europe Real Estate Investors Index) pulled the index down as property companies in North America were up 12.0% (as measured by the UBS U.S. & Canada Real Estate Investors Index). The portfolio of global real estate securities managed by EII Realty Securities (“EII”) returned 2.6% during the ten-month period.

Relative to the S&P Developed Property Index’s 2.6% return, EII’s performance was helped by retail, self-storage, and apartment companies in North America, while investments in Europe and Hong Kong detracted from performance. The portfolio of global real estate securities managed by CBRE Clarion Securities (“CBRE”) outperformed the benchmark (3.2% versus 2.6%), primarily due to an underweight to the underperforming European region.

Finally, commodities, as measured by the DJUBSCI, were down -10.6% over the ten-month period. During this time, commodity returns were mixed, with unleaded gas faring the best (up 15.2%), while natural gas fared the worst (down -63.7%). The PIMCO CommodityRealReturn Fund (the “PIMCO Fund”) outpaced the DJUBSCI, returning -5.7%. 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”) 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 ten-month period, the Credit Suisse Fund slightly trailed the DJUBSCI (-11.1% versus -10.6%). The Fund also had exposure to the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified (“DBLCIOY Diversified”) via exposure to the PowerShares DB Commodity Index Tracking Fund which added value. During the period, the DBLCIOY Diversified outperformed the DJUBSCI by 800 basis points (-2.6% vs. -10.6%), helped primarily by its strategic underweights to natural gas and coffee (down -35.7% during the period) and overweights to unleaded gas, heating oil (up 7.9%), and crude oil (up 5.7%).

* 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 A Shares was -3.54%, 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.

** Barclays Capital World Government Inflation-Linked Bond 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. To be

April 30, 2012  /  ANNUAL REPORT

11

included, a market must have aggregate issuance of $4 billion or more and have minimum ratings of A3/A- for G7 and euro-zone issuers, Aa3/AA- otherwise.

*** 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 could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of futures contracts on 19 physical commodities. S&P Developed Property Index defines and measures the investable universe of publicly traded property companies in developed global markets.

Barclays Capital 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 Excess Return^TM reflects the performance of a basket of futures contracts relating to 14 of the most heavily-traded and imported physical commodities. The commodities included in the Index are: WTI crude oil, Brent crude oil, heating oil, RBOB gasoline, natural gas, gold, silver, aluminum, zinc, copper grade A, corn, wheat, soybeans and sugar.

UBS Europe Real Estate Investors Index tracks performance of continental European companies that engage in real estate activities and have over 70% of total revenue derived from rental income.

UBS U.S. & Canada Real Estate Investors Index tracks performance of U.S. and Canadian companies that engage in real estate activities and have over 70% of total revenue derived from rental income.

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

ANNUAL REPORT  /  April 30, 2012

12

WILMINGTON MULTI-MANAGER REAL ASSET FUND – A SHARES* AND I SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Multi-Manager Real Asset Fund (A Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Barclays Capital Government Inflation-Linked Bond Index (“BCGILB”)² and the Real Asset Blended Index.^2,3

The graph below illustrates the hypothetical investment of $1,000,000² in the Wilmington Multi-Manager Real Asset Fund (I Shares) (the “Fund”) from July 1, 2003 (start of performance) to April 30, 2012, compared to the BCGILB² and the Real Asset Blended Index.^2,3

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		(6.11)%		(0.37)%
5 Years		1.44%		2.85%
Start of Performance4		4.06%		9.69%

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% for A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		1.60%		1.35%
After Waivers		1.39%		1.14%

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 Fund, the BCGILB 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 40% Barclays Capital Government Inflation-Linked Bond Index, 30% S&P Developed Property Index and 30% Dow Jones-UBS Commodity Index for the period since January 1, 2009.

4 The start of performance for A Shares was December 20, 2005 and I Shares was July 1, 2003.

* Formerly Class A Shares and Institutional Shares.

April 30, 2012  /  ANNUAL REPORT

13

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND

(formerly known as Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Strategic Allocation Conservative Fund (the “Fund”) returned 2.15%* for A Shares and 2.44%* for I Shares, versus its benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the Conservative Blended Index**, which returned 6.47% and 3.62%, respectively.

The Fund’s underperformance to its blended benchmark for the ten-month period ended April 30, 2012 can principally be traced to the asset allocation positioning of the Fund. In particular, an overweight position in international equity, and an underweight position in core bonds, detracted from relative performance in the period. A position in high-yield fixed income, which is not in the blended benchmark, and an overweight position in domestic equity, served to benefit relative performance in the period.

The performance of the active money managers who sub-advise portions of the underlying funds in which the Fund invests was generally in-line to slightly ahead of their respective benchmarks. The Wilmington Multi-Manager International Fund, which accounted for 7% of the assets of the Conservative Asset Allocation Fund at the end of the period, trailed the MSCI All-Country World ex-US Index by 266 basis points (-11.65% vs. -8.99%), and detracted from relative 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 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 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 indexes 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.

The Consumer Price Index provides a measure of inflation at the retail level.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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.

ANNUAL REPORT  /  April 30, 2012

14

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND – A SHARES* AND I SHARES*

The graph below illustrates the hypothetical investment of $10,000^1,2 in the Wilmington Strategic Allocation Conservative Fund (A Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)² and the Conservative Blended Index.^2,3

The graph below illustrates the hypothetical investment of $1,000,000 in the Wilmington Strategic Allocation Conservative Fund (I Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the BCAB² and the Conservative Blended Index.^2,3

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		(4.68)%		1.23%
5 Years		1.61%		3.03%
Start of Performance (12/20/05)		3.10%		4.28%

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% for A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		1.85%		1.60%
After Waivers		1.46%		1.21%

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 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.

* Formerly Class A Shares and Institutional Shares.

April 30, 2012  /  ANNUAL REPORT

15

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

(formerly known as MTB Strategic Allocation Fund)

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2012, Wilmington Strategic Allocation Moderate Fund (the “Fund”) had a total return of -3.13%* for A Shares and -2.87%* for 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 3.40%, 7.54%, and -0.28%, respectively. Previously the Fund also compared itself to the S&P 500 Index*** which returned 4.76% for the fiscal year.

The Fund, which during the fiscal year was a blend of various types of domestic and international equity combined with various forms of domestic and international fixed income and inflation hedges lagged its indexes primarily due to two factors:

1. An overweight to international equities carried in the portfolio until late 2011 at a time when international equity markets underperformed domestic large cap equities; and

2. A shorter than benchmark duration and a globally diversified fixed income line-up, neither of which participated fully in the domestic intermediate bond markets’ surge during the 3^rd quarter of 2011.

For much of the fiscal year, the target equity portion of the Fund represented approximately 65% of the portfolio, and within equities, our diversification into developed country and emerging markets international equities represented over 22% of the Fund’s allocation. Without exception, all of these international equity holdings finished the fiscal year in negative return territory. Compounding the Fund’s underperformance was an allocation to natural resource equities (average allocation of just over 4% during the year). This asset class also underperformed the Russell 3000 significantly for the fiscal year.

In the fixed income portion of the portfolio, the Fund contained allocations to several non-U.S. based and/or non-investment grade securities such as global high yield, developed and emerging market debt, and floating rate bank loans. During the particularly volatile summer months of 2011, when there was a broad ‘flight to quality’ (i.e., U.S. government dollar-denominated debt), these asset classes acted as a drag on this portion of the Fund’s return.

There were several small surgical and one large strategic rebalancing trades implemented during the fiscal year, as well as two large tactical allocation trades within the portfolio.

After a summer in which global stocks were sent reeling by bickering over the U.S. debt ceiling limit increase at home and fears over a Greek debt default abroad, we took advantage of relative value in global equity markets with a large strategic rebalance trade that brought our equity allocations back to their prescribed 64.4% weight. The timing of this move proved constructive for the portfolio as we bought more equity assets at what near what would prove to be the lows for the fiscal year.

In late autumn, the markets rallied on the ECB’s efforts to stabilize European banks that had exposure to troubled sovereign debt. On the heels of this rally, we implemented a ‘risk off’ trade in the Fund

to reduce exposure to equity markets that had proven increasingly beholden to global policy-makers decisions and missteps. In this trade, we reduced equity exposure to near 55% of the portfolio and lifted our cash component to 10%.

When the markets appeared to have stabilized and returned to trading off of fundamentals rather than the latest policy moves of government officials around the world, we redeployed over half of the portfolio’s cash allocation into hedges against unanticipated inflation, while preserving our underweight in equity. Within the fixed income portion of the Fund, we reduced our allocation to international developed market bonds and more than doubled our allocation to higher-yielding, U.S. dollar denominated, emerging market debt where country fundamentals and economic growth prospects appear more sound than in the developed world.

We continue to look for opportunities to add value in the fund, whether through over- or underweighting asset classes we feel are attractive or expensive, entering new asset classes like inflation hedges added late this past year, or through selecting underlying managers we believe have the ability to outperform.

We thank you for your continued investment in this Fund and look forward to a challenging, but rewarding year.

* 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 A Shares was -8.41%, 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 indexes are unmanaged and it is not possible to invest directly in an index.

ANNUAL REPORT  /  April 30, 2012

16

*** S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 leading companies in leading industries of the U.S. economy.

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

The Consumer Price Index provides a measure of inflation at the retail level.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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.

April 30, 2012  /  ANNUAL REPORT

17

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND – A SHARES* AND I SHARES^†,*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Moderate Fund (A Shares) (the “Fund”) from April 30, 2002 to April 30, 2012, compared to the Standard & Poor’s 500 Index (“S&P 500”)^2,3, the Barclays Capital U.S. Aggregate Bond Index (“BCAB”)², the Russell 3000 Index^2,3 and the Moderate Blended Index.^2,4

The graph below illustrates the hypothetical investment of $1,000,000² in the Wilmington Strategic Allocation Moderate Fund (I Shares) (the “Fund”) from June 11, 2010 (start of performance) to April 30, 2012, compared to the S&P 500^2,3, the BCAB², the Russell 3000 Index^2,3, and the Moderate Blended Index.^2,4

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		(8.41)%		(2.87)%
5 Years		(0.43)%		N/A
10 Years or Start of Performance		2.61%		9.46%	5

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% for A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		2.37%		2.12%
After Waivers		1.87%		1.62%

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 $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 Fund, BCAB, Russell 3000 Index, S&P 500 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 Effective March 12, 2012, the Fund replaced the S&P 500 Index with the Russell 3000 Index as the primary benchmark for the Fund, because the Russell 3000 Index is the more appropriate benchmark for the Fund.

4 Effective March 12, 2012, the Fund replaced the Blended Benchmark with the Moderate Blended Index as a secondary benchmark for the Fund, because the Moderate Blended Index is the more appropriate benchmark for the Fund. 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.

5 The start of performance for I shares was June 11, 2010.

† The information presented above, for the periods prior to June 14, 2010, is historical information for the MTB Managed Allocation Fund—Moderate Growth Portfolio. See Reorganization note within the notes to financial statements.

* Formerly Class A Shares and Institutional I Shares.

ANNUAL REPORT  /  April 30, 2012

18

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND

(formerly known as Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund)

Management’s Discussion of Fund Performance

For the ten-month fiscal period ended April 30, 2012, Wilmington Strategic Allocation Aggressive Fund (the “Fund”) had a total return of -0.75%* for A Shares and -0.62%* for 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 6.51%, -8.98%, and 0.31%, respectively.

The Fund’s underperformance for the ten-month period ended April 30, 2012 can be attributed to a combination of asset allocation positioning of the Fund, and sub-advisor performance in the period. Active positioning of the Fund, when compared with the blended benchmark weights, was maintained at a relatively modest level over a period that continued the risk-on risk-off pattern of recent years. Active positioning accounted for approximately one-third of the performance shortfall versus the blended benchmark. An early overweight to small-cap domestic equity, an underweight of inflation hedges, and a non-benchmark position in global natural resources equity tended to detract from relative performance. An overweight of domestic versus international equity, and a non-benchmark position in high-yield fixed income, contributed positively to relative performance.

The performance of the active money managers who sub-advise portions of the underlying funds in which the Aggressive Fund invests accounted for approximately two-thirds of the performance shortfall in the period. The Wilmington Multi-Manager International Fund, which accounted for 28% of the assets of the Aggressive Asset Allocation Fund at the end of the period, trailed the MSCI All-Country World ex-US Index by 266 basis points
(-11.65% vs. -8.99%), and accounted for the majority of the shortfall.

* 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 A Shares was -6.18%, 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. 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. The Aggressive 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 indexes 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.

The Consumer Price Index provides a measure of inflation at the retail level.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

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.

April 30, 2012  /  ANNUAL REPORT

19

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND – A SHARES* AND I SHARES*

The graph below illustrates the hypothetical investment of $10,000¹ in the Wilmington Strategic Allocation Aggressive Fund (A Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Russell 3000 Index², the MSCI All Country World ex-US Investable Market Index² and the Aggressive Blended Index.^2,3

The graph below illustrates the hypothetical investment of $1,000,000² in the Wilmington Strategic Allocation Aggressive Fund (I Shares) (the “Fund”) from December 20, 2005 (start of performance) to April 30, 2012, compared to the Russell 3000 Index², the MSCI All Country World ex-US Investable Market Index² and the Aggressive Blended Index.^2,3

Average Annual Total Returns for the Period Ended April 30, 2012

	A Shares		I Shares
1 Year		(9.47)%		(3.95)%
5 Years		(2.62)%		(1.30)%
Start of Performance (12/19/05)		1.27%		2.42%

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% for A Shares.

Annual Operating Expense Ratio

	A Shares		I Shares
Before Waivers		1.96%		1.71%
After Waivers		1.65%		1.40%

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 Fund, Russell 3000 Index, MSCI ACWI ex-USA Investable Market Index and 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 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.

* Formerly Class A Shares and Institutional Shares.

ANNUAL REPORT  /  April 30, 2012

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, 2011 to April 30, 2012.

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 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period(1)		Annualized Net Expense Ratio(2)
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Actual
A Shares	$	1,000.00	$	1,026.00	$	7.00		1.39	%
I Shares	$	1,000.00	$	1,027.00	$	6.90		1.37	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,017.95	$	6.97		1.39	%
I Shares	$	1,000.00	$	1,018.05	$	6.87		1.37	%
WILMINGTON ROCK MAPLE ALTERNATIVES FUND
Actual
A Shares(3)	$	1,000.00	$	1,011.00	$	7.43		2.48	%
I Shares(3)	$	1,000.00	$	1,011.00	$	5.93		1.98	%
Hypothetical (assuming a 5% return before expense)
A Shares(3)	$	1,000.00	$	1,012.53	$	12.41		2.48	%
I Shares(3)	$	1,000.00	$	1,015.02	$	9.92		1.98	%
WILMINGTON MULTI-MANAGER REAL ASSET FUND
Actual
A Shares	$	1,000.00	$	1,049.20	$	6.42		1.26	%
I Shares	$	1,000.00	$	1,050.60	$	5.05		0.99	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,018.60	$	6.32		1.26	%
I Shares	$	1,000.00	$	1,019.94	$	4.97		0.99	%
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Actual
A Shares	$	1,000.00	$	1,045.90	$	3.26		0.64	%
I Shares	$	1,000.00	$	1,048.10	$	1.99		0.39	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,021.68	$	3.22		0.64	%
I Shares	$	1,000.00	$	1,022.92	$	1.96		0.39	%

April 30, 2012  /  ANNUAL REPORT

21

	Beginning Account Value 11/1/11		Ending Account Value 4/30/12		Expenses Paid During Period(1)		Annualized Net Expense Ratio(2)
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Actual
A Shares	$	1,000.00	$	1,047.00	$	4.22		0.83	%
I Shares	$	1,000.00	$	1,048.70	$	2.95		0.58	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,020.74	$	4.17		0.83	%
I Shares	$	1,000.00	$	1,021.98	$	2.92		0.58	%
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Actual
Class A Shares	$	1,000.00	$	1,079.80	$	3.98		0.77	%
Class I Shares	$	1,000.00	$	1,080.40	$	2.69		0.52	%
Hypothetical (assuming a 5% return before expense)
A Shares	$	1,000.00	$	1,021.03	$	3.87		0.77	%
I Shares	$	1,000.00	$	1,022.28	$	2.61		0.52	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period (except for Wilmington Rock Maple Alternatives Fund actual return information for A Shares and I Shares which reflect the 109 day period, respectively, from commencement of investment operations through April 30, 2012).

(2) Expense ratio does not reflect the indirect expenses of the underlying funds it invests in.

(3) Wilmington Rock Maple Alternatives Fund, A Shares and I Shares commenced investment operation on January 12, 2012.

ANNUAL REPORT  /  April 30, 2012

22

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager International Fund

At April 30, 2012, the Fund’s sector classifications were as follows: (unaudited)

Common Stocks	Percentage of Total Net Assets
Financial		19.3	%
Consumer, Non-cyclical		15.1	%
Basic Materials		11.1	%
Industrial		10.3	%
Consumer, Cyclical		10.2	%
Energy		9.9	%
Communications		8.7	%
Technology		3.6	%
Utilities		2.5	%
Investment Companies		1.9	%
Diversified		1.6	%
Health Care		0.4	%
Information Technology		0.3	%
Call Warrants		1.6	%
Preferred Stocks		1.5	%
Certificates		0.2	%
Real Estate Investment Trusts		0.1	%
Rights		0.0	%3
Cash Equivalents1		2.8	%
Other Assets and Liabilities – Net2		(1.1	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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%.

Country Allocation	Percentage of Total Net Assets
United Kingdom		15.7	%
Japan		13.4	%
Switzerland		5.8	%
Canada		5.6	%
Germany		5.2	%
France		4.5	%
Australia		4.2	%
China		3.3	%
South Korea		2.5	%
Mexico		2.0	%
Taiwan		1.9	%
Hong Kong		1.8	%
Russia		1.8	%
South Africa		1.7	%
Sweden		1.7	%
Netherlands		1.5	%
Italy		1.1	%
Singapore		1.0	%
Israel		1.0	%
Spain		1.0	%
All other Country less than 1.0%		16.3	%
Investment Companies		1.9	%
Call Warrants		1.6	%
Preferred Stocks		1.5	%
Certificates		0.2	%
Real Estate Investment Trusts		0.1	%
Rights		0.0	%3
Cash Equivalents1		2.8	%
Other Assets and Liabilities – Net2		(1.1	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
COMMON STOCKS – 93.0%
ARGENTINA – 0.1%
Banco Macro SA ADR		3,500	$	53,970
*BBVA Banco Frances SA ADR		5,120		24,934
Cresud SACIF y A ADR		9,926		94,098
12Grupo Financiero Galicia SA ADR		5,000		27,950
*Petrobras Argentina SA ADR		10,318		117,522

Description	Number of Shares		Value
*Telecom Argentina SA ADR		5,650	$	82,659
TOTAL ARGENTINA			$	401,133
AUSTRALIA – 4.2%
Alumina Ltd. ADR		4,000		19,040
Alumina Ltd.		79,820		96,474
AMP, Ltd.		2,828		12,582
Ansell Ltd.		1,276		19,743

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Asciano Ltd.		21,670	$	106,799
*AWE Ltd		22,106		40,193
12Bank of Queensland Ltd.		7,786		60,520
Beach Energy Ltd.		28,553		41,651
Bendigo and Adelaide Bank Ltd.		13,703		107,512
BHP Billiton Ltd.		66,954		2,480,062
*BlueScope Steel Ltd.		120,724		49,686
Boral Ltd.		21,033		82,840
Brambles Ltd.		12,481		94,023
Brickworks Ltd.		1,116		12,093
Caltex Australia Ltd.		4,696		67,377
Campbell Brothers Ltd.		2,260		161,468
Challenger Ltd.		51,900		215,227
Coca-Cola Amatil, Ltd.		16,032		207,972
Cochlear Ltd.		1,488		101,785
Commonwealth Bank of Australia		5,380		291,327
Computershare Ltd.		2,578		22,590
Crown, Ltd.		13,476		127,776
CSL Ltd.		4,135		157,948
*Downer EDI Ltd.		63,750		239,792
DuluxGroup Ltd.		45,447		146,796
Echo Entertainment Group Ltd.		22,548		105,722
12Fairfax Media Ltd.		86,793		62,399
First Quantum Minerals Ltd.		3,125		64,914
Fleetwood Corp. Ltd.		2,292		31,356
Fortescue Metals Group Ltd.		15,758		92,604
Goodman Fielder Ltd.		242,392		165,427
Harvey Norman Holdings Ltd.		9,633		20,275
Iluka Resources Ltd.		3,900		69,081
Incitec Pivot, Ltd.		47,395		161,483
Insurance Australia Group, Ltd.		10,913		40,253
Leighton Holdings Ltd.		391		8,388
*,12Lynas Corp. Ltd.		12,324		14,446
Macquarie Group Ltd.		10,788		328,336
Metcash Ltd.		42,500		175,360
Miclyn Express Offshore Ltd.		11,930		25,855
Monadelphous Group Ltd.		5,406		130,906
National Australia Bank Ltd.		16,800		441,645
12New Hope Corp. Ltd.		34,191		173,495
Newcrest Mining Ltd.		55,161		1,511,591
NRW Holdings Ltd.		6,738		28,714
OneSteel Ltd.		227,828		309,788
Orica Ltd.		2,830		79,232
Origin Energy Ltd.		46,744		645,826
OZ Minerals Ltd.		17,496		170,085
*,12Paladin Energy Ltd.		419,300		696,838
*Qantas Airways Ltd.		37,254		63,465

Description	Number of Shares		Value
QR National Ltd.		14,150	$	53,667
12Raiffeisen International Bank Holding AG		957		31,777
Ramsay Health Care Ltd.		2,723		56,830
Rio Tinto Ltd.		16,270		1,124,800
Santos, Ltd.		25,459		371,908
Seek Ltd.		2,387		17,808
Sims Metal Management Ltd.		6,362		94,262
Suncorp Group Ltd.		39,126		331,846
TABCORP Holdings Ltd.		50,830		152,001
Tatts Group Ltd.		42,161		113,338
Telstra Corp., Ltd.		24,995		92,194
Toll Holdings Ltd.		15,196		92,784
Transurban Group		8,366		51,168
Treasury Wine Estates Ltd.		61,839		278,351
Washington H Soul Pattinson & Co. Ltd.		3,937		56,692
Wesfarmers, Ltd.		44,126		1,392,185
Westfield Retail Trust		32,705		92,689
Woodside Petroleum Ltd.		24,548		893,176
Woolworths, Ltd.		8,963		242,253
WorleyParsons Ltd.		21,727		639,536
TOTAL AUSTRALIA			$	16,760,025
AUSTRIA – 0.1%
Erste Bank DER Oesterreichischen Sparkassen AG		896		20,631
12Oesterreichische Post AG		1,424		50,517
12OMV AG		8,700		294,526
Strabag SE		762		20,355
12Verbund AG		452		12,651
Voestalpine AG		4,500		145,670
TOTAL AUSTRIA			$	544,350
BELGIUM – 0.9%
12Ageas		54,091		98,450
Anheuser-Busch InBev NV		30,648		2,208,963
Colruyt SA		452		18,518
Delhaize Group SA ADR		2,400		116,904
Delhaize Group SA		3,000		146,037
Financiere de Tubize SA		1,311		49,094
KBC Groep NV		8,401		162,469
Mobistar SA		103		3,895
NV Bekaert SA		209		6,191
Solvay SA		2,239		272,458
UCB SA		12,738		594,949
Umicore SA		2,320		125,895
TOTAL BELGIUM			$	3,803,823
BERMUDA – 0.0%**
Fairwood Ltd.		6,000		10,285
First Pacific Co. Ltd.		16,000		17,384

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

24 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Great Eagle Holdings Ltd.		3,000	$	8,855
Lancashire Holdings Ltd.		4,656		60,828
Seadrill Ltd.		900		34,833
Shangri-La Asia, Ltd.		4,000		8,496
TOTAL BERMUDA			$	140,681
BOTSWANA – 0.1%
Barclays Bank of Botswana Ltd.		100,300		97,028
Botswana Insurance Hldgs Ltd.		60,900		82,976
First National Bank of Botswana		274,700		102,927
Sechaba Breweries Ltd.		61,203		102,569
Standard Chartered Bank Botswana Ltd.		41,700		51,987
TOTAL BOTSWANA			$	437,487
BRAZIL – 0.8%
All America Latina Logistica SA		11,400		51,613
Banco Do Brasil SA		9,167		113,737
Banco Santander Brasil SA		5,600		45,449
BM&FBovespa SA		15,307		85,523
BR Malls Participacoes SA		3,200		39,552
BRF – Brasil Foods SA		8,856		160,752
CCR SA		16,400		127,163
Centrais Eletricas Brasileiras SA		12,500		106,956
Cia de Saneamento Basico do Estado de Sao Paulo		4,800		188,963
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,400		189,984
Cia de Saneamento de Minas Gerais-COPASA		10,400		243,611
Cia Energetica de Minas Gerais		2,454		42,068
Cia Siderurgica Nacional SA		4,900		41,618
Cielo SA		7,224		217,006
Cosan SA Industria e Comercio		3,000		52,205
CPFL Energia SA		4,800		67,084
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,000		32,233
EDP – Energias do Brasil SA		30,300		211,257
Embraer SA		14,300		122,808
*Fibria Celulose SA		2,086		16,645
*Gafisa SA		6,800		12,522
*LLX Logistica SA		13,400		22,355
Localiza Rent a Car SA		2,700		46,177
Lojas Renner SA		2,500		79,440
Marfrig Alimentos SA		5,050		27,950
MRV Engenharia e Participacoes SA		6,600		38,572
Natura Cosmeticos SA		2,100		47,450
*OGX Petroleo e Gas Participacoes SA		13,400		93,568
Oi SA		9,480		63,659
*PDG Realty SA Empreendimentos e Participacoes		16,500		38,780

Description	Number of Shares		Value
Redecard SA		6,500	$	108,302
Souza Cruz SA		5,500		85,465
Tim Participacoes SA		13,706		80,964
Totvs SA		4,400		85,408
Tractebel Energia SA		2,700		46,389
Ultrapar Participacoes SA		4,000		90,696
Weg SA		4,600		48,603
TOTAL BRAZIL			$	3,172,527
BRITISH VIRGIN ISLANDS – 0.0%**
Arcos Dorados Holdings, Inc.		2,300		41,101
BULGARIA – 0.0%**
*Central Cooperative Bank AD		20,482		10,410
*Chimimport AD		10,600		9,312
*Doverie Holding AD		11,040		8,966
*Olovno Tzinkov Komplex AD		900		1,736
*Petrol AD		37,250		115,994
Sopharma AD Sofia		14,000		24,067
TOTAL BULGARIA			$	170,485
CANADA – 5.6%
Agnico-Eagle Mines Ltd.		1,603		64,032
Agrium, Inc.		1,342		118,217
Alimentation Couche Tard, Inc.		7,500		325,328
Atco Ltd.		2,300		170,198
*Athabasca Oil Sands Corp.		3,132		36,778
Bank of Nova Scotia		9,855		546,558
Bank of Nova Scotia		7,848		435,360
Barrick Gold Corp.		22,048		891,874
Baytex Energy Corp.		536		28,329
BCE, Inc.		1,700		68,871
Bell Aliant, Inc.		1,300		34,426
Bombardier, Inc.		8,200		34,698
Brookfield Asset Management, Inc.		253		8,349
CAE, Inc.		1,400		15,306
Cameco Corp.		2,511		55,566
Cameco Corp.		25,588		565,495
Canadian Imperial Bank of Commerce		10,800		814,824
Canadian National Railway Co		8,492		724,681
Canadian Natural Resources Ltd.		10,521		365,605
Canadian Natural Resources Ltd.		15,953		554,241
Canadian Oil Sands Ltd.		182		4,022
Canadian Pacific Railway Ltd.		5,538		428,588
Canadian Tire Corp. Ltd.		2,273		158,973
Canadian Utilities Ltd.		698		49,171
CCL Industries, Inc.		2,400		91,982
Cenovus Energy, Inc.		8,930		324,078
Centerra Gold, Inc.		4,900		63,442

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Centerra Gold, Inc.		1,583	$	20,496
*CGI Group, Inc.		1,400		31,420
Cineplex, Inc.		6,100		185,745
Crescent Point Energy Corp.		1,200		52,429
Dorel Industries, Inc.		8,700		263,241
Eldorado Gold Corp.		3,589		50,864
Empire Co. Ltd.		8,000		470,841
Enbridge, Inc.		7,470		312,986
Encana Corp.		13,452		281,745
Enerplus Corp.		1,090		20,170
Ensign Energy Services, Inc.		232		3,354
Ensign Energy Services, Inc.		1,500		21,683
Fairfax Financial Holdings Ltd.		457		187,356
Finning International, Inc.		1,116		31,180
Fortis, Inc.		957		33,190
Franco-Nevada Corp.		1,500		67,282
Genworth MI Canada, Inc.		1,061		22,050
George Weston Ltd.		1,400		89,469
Gildan Activewear, Inc.		600		17,280
Goldcorp, Inc.		16,840		644,893
Goldcorp, Inc.		11,423		437,044
Great-West Lifeco, Inc.		300		7,592
Groupe Aeroplan, Inc.		11,000		141,418
Husky Energy, Inc.		5,100		133,044
IAMGOLD Corp		2,000		24,800
IAMGOLD Corp.		2,480		30,754
Imperial Oil Ltd.		2,119		98,651
Inmet Mining Corp.		1,164		64,030
Intact Financial Corp.		1,031		66,566
*Ivanhoe Mines Ltd.		3,081		35,961
Kinross Gold Corp.		14,013		125,540
Laurentian Bank of Canada		5,700		254,058
Liquor Stores N.A. Ltd.		2,200		39,597
Loblaw Cos Ltd.		3,821		128,998
*Lundin Mining Corp.		45,100		219,143
MacDonald Dettwiler & Associates Ltd.		400		18,165
Magna International, Inc.		16,420		719,564
Manulife Financial Corp.		23,435		320,501
Manulife Financial Corp.		40,349		551,571
*Martinrea International, Inc.		10,100		94,983
*MEG Energy Corp.		937		40,796
Metro, Inc.		4,500		248,266
National Bank of Canada		7,400		577,558
*Neo Material Technologies, Inc.		6,100		67,246
*New Gold, Inc.		3,377		30,767
Nexen, Inc.		10,229		197,673
Onex Corp.		500		19,856

Description	Number of Shares		Value
*Open Text Corp.		300	$	16,818
*Osisko Mining Corp.		1,673		17,224
Pacific Rubiales Energy Corp.		1,400		40,164
Pan American Silver Corp.		5,900		114,733
Pembina Pipeline Corp.		1,266		38,259
12Pembina Pipeline Corp.		4,207		127,251
Pengrowth Energy Corp.		576		5,178
Penn West Petroleum Ltd.		3		51
Penn West Petroleum Ltd.		3,500		59,990
PetroBakken Energy Ltd.		3,400		49,218
Potash Corp. of Saskatchewan, Inc.		11,008		468,023
Power Corp. of Canada		4,100		113,514
Progress Energy Resources Corp.		4,890		53,808
*Research In Motion Ltd.		1,406		20,106
*Research In Motion Ltd.		8,246		117,949
Ritchie Bros Auctioneers, Inc.		500		10,579
Rogers Communications, Inc.		2,798		104,431
RONA, Inc.		23,600		253,237
Saputo, Inc.		800		37,390
Shaw Communications, Inc.		2,000		41,221
Sherritt International Corp.		44,900		256,805
Shoppers Drug Mart Corp.		1,200		51,700
Silver Wheaton Corp.		3,576		109,179
SNC-Lavalin Group, Inc.		800		30,077
Sun Life Financial, Inc.		8,575		210,241
Suncor Energy, Inc.		58,650		1,937,288
Suncor Energy, Inc.		18,014		595,183
*SXC Health Solutions Corp.		1,000		90,682
Talisman Energy, Inc.		12,790		167,279
Teck Resources Ltd.		5,952		222,089
Teck Resources Ltd.		5,395		201,395
TELUS Corp.		1,181		69,305
Thomson Reuters Corp.		8,775		262,224
Tim Hortons, Inc.		1,000		57,721
Toromont Industries Ltd.		20,300		454,970
*Tourmaline Oil Corp.		1,041		25,091
TransAlta Corp.		10,072		167,009
TransCanada Corp.		13,910		611,964
Transcontinental, Inc.		18,800		220,001
Trinidad Drilling Ltd.		14,900		96,533
*Valeant Pharmaceuticals International, Inc.		1,463		81,381
Vermilion Energy, Inc.		282		13,674
Viterra, Inc.		103		1,659
West Fraser Timber Co. Ltd.		1,500		65,946
Yamana Gold, Inc.		36,986		542,518
TOTAL CANADA			$	22,711,866

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

26 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
CAYMAN ISLANDS – 0.1%
China Mengniu Dairy Co. Ltd.		36,000	$	111,360
Sands China Ltd.		25,600		100,636
Want Want China Holdings Ltd.		143,000		175,464
Wynn Macau Ltd.		40,400		129,657
TOTAL CAYMAN ISLANDS			$	517,117
CHILE – 0.8%
Administradora de Fondos de Pensiones Provida SA		14,200		75,815
AES Gener SA		49,000		31,010
Antarchile SA		6,064		108,117
Banco de Chile		1,900,403		295,657
Banco de Credito e Inversiones		1,950		140,287
Banco Santander Chile		876,218		69,270
Banco Santander Chile ADR		1,260		103,081
CAP SA		2,590		108,651
Cencosud SA		32,500		207,019
Cia Cervecerias Unidas SA ADR		1,000		71,620
Cia General de Electricidad SA		7,900		44,133
*Colbun SA		194,247		55,259
Empresa Nacional de Electricidad SA ADR		3,400		185,708
Empresas CMPC SA		30,750		126,398
Empresas COPEC SA		14,446		234,513
Enersis SA		319,955		130,719
ENTEL Chile SA		3,669		72,835
Lan Airlines SA		4,626		130,360
Quinenco SA		15,702		48,556
SACI Falabella		30,748		301,712
*Sociedad Matriz SAAM SA		373,941		44,710
Sociedad Quimica y Minera de Chile SA ADR		6,170		359,649
Sonda SA		39,007		116,193
12Vina Concha y Toro SA ADR		1,100		46,189
TOTAL CHILE			$	3,107,461
CHINA – 3.3%
Agile Property Holdings Ltd.		446,000		582,890
12Agricultural Bank of China Ltd.		270,000		128,412
*Alibaba.com Ltd.		41,500		71,247
*Aluminum Corp. of China Ltd.		142,000		68,999
*Anhui Conch Cement Co. Ltd.		28,500		95,506
*Baidu, Inc. ADR		9,950		1,320,365
Bank of China Ltd.		1,340,000		561,309
Bank of Communications Co. Ltd.		78,800		60,938
Beijing Capital International Airport Co. Ltd.		90,000		58,812
*Byd Co. Ltd.		15,000		39,537
China Citic Bank Corp. Ltd.		156,000		99,327
*China Coal Energy Co. Ltd.		45,000		51,678

Description	Number of Shares		Value
*China Communications Construction Co. Ltd.		96,000	$	96,512
China Construction Bank Corp.		645,810		502,754
China COSCO Holdings Co. Ltd.		63,000		36,540
*China Eastern Airlines Corp. Ltd.		74,000		24,703
China Huiyuan Juice Group Ltd.		29,000		9,718
China International Marine Containers Group Co. Ltd.		39,000		57,203
*China Longyuan Power Group Corp.		732,000		578,343
*China Merchants Bank Co. Ltd.		55,552		120,575
China Minsheng Banking Corp. Ltd.		89,500		92,861
China Mobile Ltd.		93,000		1,030,250
China Oilfield Services Ltd.		30,000		48,642
China Overseas Land & Investment Ltd.		52,320		113,425
*China Pacific Insurance Group Co. Ltd.		23,800		77,762
China Petroleum & Chemical Corp.		594,000		640,040
China Railway Construction Corp. Ltd.		89,400		71,325
China Resources Land Ltd.		328,000		631,595
*China Shenhua Energy Co. Ltd.		52,000		230,891
*China Shipping Development Co. Ltd.		112,000		72,899
*,10Chongqing Iron & Steel Co. Ltd.		562,000		99,961
Chongqing Machinery & Electric Co. Ltd.		1,156,000		213,063
*Ctrip.com International Ltd. ADR		2,800		60,676
Datang International Power Generation Co. Ltd.		132,000		46,957
Dongfeng Motor Group Co. Ltd.		94,000		185,367
Evergrande Real Estate Group Ltd.		52,000		30,093
Focus Media Holding, Ltd. ADR		3,300		78,837
Golden Eagle Retail Group Ltd.		53,000		139,013
*Guangzhou Automobile Group Co. Ltd.		64,974		72,104
Industrial & Commercial Bank of China		1,343,000		896,643
Inner Mongolia Yitai Coal Co		6,600		37,660
Intime Department Store Group Co. Ltd.		35,000		44,209
12Jiangxi Copper Co. Ltd.		20,000		48,359
KWG Property Holding Ltd.		18,000		11,902
*Netease, Inc. ADR		1,100		66,352
*New Oriental Education & Technology Group ADR		24,401		652,239
Parkson Retail Group Ltd.		35,000		39,156
PetroChina Co. Ltd.		380,000		575,977
Ping An Insurance Group Co.		78,000		652,459
Shandong Weigao Group Medical Polymer Co. Ltd.		64,000		73,992
*Shanghai Electric Group Co. Ltd.		90,000		45,356
*Shanghai Zhenhua Heavy Industries Co. Ltd.		62,400		28,579
Shimao Property Holdings Ltd.		9,500		12,563
*,12SINA Corp.		1,000		58,510
Sinopec Shanghai Petrochemical Co. Ltd.		54,000		18,792
Soho China Ltd.		94,500		73,445
Tencent Holdings Ltd.		34,200		1,074,666

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 27

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Tingyi Cayman Islands Holding Corp.		46,000	$	122,728
Wumart Stores, Inc.		27,000		62,431
Yangzijiang Shipbuilding Holdings Ltd.		52,000		49,584
Yantai Changyu Pioneer Wine Co. Ltd.		7,000		73,982
*Yanzhou Coal Mining Co. Ltd.		86,000		179,789
*ZTE Corp.		16,440		39,878
TOTAL CHINA			$	13,440,380
COLOMBIA – 0.4%
Almacenes Exito SA		9,203		149,347
Banco de Bogota SA		2,920		83,008
BanColombia SA ADR		3,100		210,273
Cementos Argos SA		7,800		53,995
Corp. Financiera Colombiana SA		2,416		47,021
Ecopetrol SA		83,490		270,029
Empresa de Energia de Bogota SA		54,110		31,470
Empresa de Telecomunicaciones de Bogota		23,800		6,509
Grupo Aval Acciones y Valores		107,700		77,610
Grupo de Inversiones Suramericana SA		5,600		101,554
Grupo Nutresa SA		14,678		180,062
Grupo Odinsa SA		6,850		36,886
*Grupo Odinsa SA		334		1,759
Interconexion Electrica SA ESP		18,478		119,525
Inversiones Argos SA		9,500		91,637
Isagen SA ESP		46,200		64,619
Promigas SA		2,000		32,910
TOTAL COLOMBIA			$	1,558,214
CROATIA – 0.1%
*Atlantska Plovidba DD		562		31,754
Ericsson Nikola Tesla		200		43,894
Hrvatski Telekom DD		5,250		191,891
Koncar-Elektroindustrija DD		920		82,453
*Petrokemija DD		1,500		70,979
*Podravka DD		1,000		41,669
Privredna Banka Zagreb DD		830		80,455
*Tankerska Plovidba DD		40		5,007
VIRO Tvornica Secera		370		29,209
*Zagrebacka Banka DD		3,000		22,475
TOTAL CROATIA			$	599,786
CZECH REPUBLIC – 0.3%
CEZ AS		13,730		553,629
Komercni Banka AS		1,800		330,997
Telefonica Czech Republic AS		7,222		145,643
*Unipetrol AS		15,600		144,053
TOTAL CZECH REPUBLIC			$	1,174,322
DENMARK – 0.9%
AP Moeller – Maersk A/S		80		625,743

Description	Number of Shares		Value
AP Moeller – Maersk A/S		41	$	305,519
Carlsberg A/S		4,377		377,250
Coloplast A/S		137		25,351
*Danske Bank A/S		28,265		458,913
DSV A/S		1,213		27,626
H Lundbeck A/S		9,528		190,723
Novo-Nordisk A/S		9,242		1,363,229
Novozymes A/S		5,564		145,926
Pandora A/S		2,072		21,881
TDC A/S		8,413		60,326
TrygVesta A/S		98		5,467
*,12Vestas Wind Systems A/S		2,924		25,810
*William Demant Holding A/S		139		13,120
TOTAL DENMARK			$	3,646,884
EGYPT – 0.4%
Alexandria Mineral Oils Co		4,000		56,752
Commercial International Bank Egypt SAE		49,870		211,103
Eastern Tobacco		6,070		91,342
Egyptian Co for Mobile Services		1,400		45,206
*Egyptian Financial Group-Hermes Holding		19,750		44,301
Egyptian International Pharmaceutical Industrial Co		8,690		48,170
Egyptian Kuwaiti Holding Co SAE		77,173		85,662
El Watany Bank of Egypt		5,466		16,990
ElSwedy Electric Co		6,134		21,998
Ezz Steel		50,600		61,103
Juhayna Food Industries		95,000		67,102
Misr Beni Suef Cement Co		5,875		51,993
Orascom Construction Industries		6,420		282,447
*Orascom Telecom Holding SAE		204,255		114,202
*Orascom Telecom Media And Technology Holding SAE		224,975		52,846
Oriental Weavers		5,605		17,728
Sidi Kerir Petrochemicals Co		44,250		90,034
Six of October Development & Investment		4,275		11,371
*Talaat Moustafa Group		66,887		46,802
Telecom Egypt Co		30,480		65,394
TOTAL EGYPT			$	1,482,546
ESTONIA – 0.1%
AS Merko Ehitus		4,300		32,956
AS Tallinna Vesi		5,400		55,039
*Nordecon AS		12,000		18,267
Olympic Entertainment Group AS		42,630		82,782
*Tallink Group AS		306,420		265,673
Tallinna Kaubamaja AS		11,600		88,291
TOTAL ESTONIA			$	543,008

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

28 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
FINLAND – 0.3%
Fortum OYJ		2,749	$	59,131
Kemira OYJ		14,637		185,709
Kesko OYJ		2,195		58,633
Kone OYJ		1,086		67,205
Metso OYJ		4,947		212,166
Neste Oil OYJ		4,585		54,197
Nokian Renkaat OYJ		2,316		109,843
Stora Enso OYJ		19,709		134,357
UPM-Kymmene OYJ		16,967		217,180
Wartsila OYJ Abp		1,520		61,528
TOTAL FINLAND			$	1,159,949
FRANCE – 4.5%
Accor SA		858		29,637
Aeroports de Paris		175		14,723
*Air France-KLM		275		1,320
Air Liquide SA		1,968		253,131
*Alcatel-Lucent		16,735		25,785
Alstom SA		1,259		44,963
Arkema SA		5,273		467,022
AtoS		272		17,518
*AXA SA		98,799		1,399,344
BioMerieux		68		5,577
BNP Paribas SA		17,098		686,899
Bollore		165		35,819
Bureau Veritas SA		382		34,035
Capital Gemini SA		2,110		82,366
Carrefour SA		509		10,224
*Casino Guichard Perrachon SA		2,184		214,480
12Christian Dior SA		8,199		1,235,613
Cie de St-Gobain		13,321		557,995
*Cie Generale de Geophysique – Veritas ADR		1,200		34,512
*Cie Generale de Geophysique – Veritas		1,920		54,667
Cie Generale des Etablissements Michelin		2,189		163,481
Cie Generale d’Optique Essilor International SA		1,512		133,175
Ciments Francais SA		1,374		88,028
CNP Assurances		2,460		34,517
Credit Agricole SA		43,057		221,310
Danone		12,645		889,633
Dassault Systemes SA		446		43,286
Edenred		839		26,798
Electricite de France SA		3,044		64,409
Eramet		30		3,989
Eutelsat Communications SA		579		20,609
France Telecom SA		24,508		335,279
12GDF Suez		40,922		941,987

Description	Number of Shares		Value
Groupe Eurotunnel SA		5,129	$	43,160
Hermes International		1,651		584,054
Iliad SA		96		12,358
Imerys SA		219		12,448
Ipsen SA		173		4,612
*JCDecaux SA		395		11,208
Lafarge Cement WAPCO Nigeria PLC		155,000		40,289
Lafarge SA		5,924		230,974
Lagardere SCA		4,684		141,984
Legrand SA		2,246		75,812
L’Oreal SA		1,894		227,869
LVMH Moet Hennessy Louis Vuitton SA		1,819		301,337
Metropole Television SA		132		2,027
National Societe Generale Bank SAE		6,587		31,109
Natixis		28,991		88,340
Nexans SA		3,205		160,216
Pernod-Ricard SA		1,422		147,591
Peugeot SA		6,771		81,292
Publicis Groupe SA		1,400		72,200
Renault SA		8,566		389,204
Rexel SA		2,645		55,319
Sa des Ciments Vicat		165		9,488
Safran SA		978		36,248
Sanofi-Aventis SA		22,091		1,686,081
*Schneider Electric SA		6,376		391,695
SCOR SE		9,000		237,968
Societe BIC SA		157		17,293
Societe Generale SA		15,290		361,475
Societe Television Francaise 1		674		6,513
Sodexo		2,680		213,418
Suez Environnement Co.		58,568		826,043
Technip SA		920		104,037
Total SA		27,339		1,305,321
Vallourec SA		1,525		91,707
*Video Futur Entertainment Group SA		4,954		656
Vivendi SA		52,702		974,218
Zodiac Aerospace		7,779		856,096
TOTAL FRANCE			$	18,003,791
GERMANY – 5.2%
Adidas AG		9,470		789,730
Aixtron Se NA		23,808		436,004
Allianz SE		7,073		788,136
BASF SE		20,456		1,683,952
Bayer AG		21,965		1,547,081
Bayerische Motoren Werke AG		17,944		1,705,661
Bechtle AG		4,150		186,883

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 29

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Beiersdorf AG		593	$	41,602
Bilfinger Berger SE		5,099		466,325
Brenntag AG		209		26,033
CANCOM AG		7,586		133,754
Celesio AG		2,050		35,344
*Commerzbank AG		15,432		33,399
Continental AG		411		39,835
Daimler AG		14,029		775,582
Deutsche Bank AG		7,855		341,771
12Deutsche Bank AG		8,646		375,150
Deutsche Boerse AG		20,884		1,311,159
Deutsche Lufthansa AG		6,051		78,743
Deutsche Post AG		54,734		1,021,562
Deutsche Telekom AG		37,522		423,020
12Deutsche Telekom AG ADR		29,100		331,740
Duerr AG		1,316		83,145
E.ON AG		46,239		1,047,548
12Fraport AG Frankfurt Airport Services Worldwide		75		4,874
Fresenius Medical Care AG & Co KGaA		1,536		109,040
Fresenius SE & Co KGaA		9,055		903,750
GEA Group AG		1,277		42,141
Gesco AG		538		45,008
HeidelbergCement AG		4,508		247,849
Henkel AG & Co KGaA		3,053		186,867
Hochtief AG		270		15,829
Infineon Technologies AG		7,589		75,552
K+S AG		1,237		61,821
*Kabel Deutschland Holding AG		1,011		63,701
Lanxess AG		1,828		145,546
Linde AG		1,288		220,446
12MAN SE		482		60,893
Metro AG		4,863		156,905
Muenchener Rueckversicherungs AG		10,185		1,478,285
RWE AG		7,876		338,566
Salzgitter AG		1,747		91,204
SAP AG		29,671		1,967,305
Siemens AG		3,941		365,012
Suedzucker AG		389		11,841
12ThyssenKrupp AG		8,340		197,609
*TUI AG		416		3,040
United Internet AG		702		13,883
Volkswagen AG		1,369		233,676
TOTAL GERMANY			$	20,743,802
GHANA – 0.1%
*Aluworks Ghana Ltd.		232,000		7,501
*CAL Bank Ltd.		498,146		67,108
*Ghana Commercial Bank Ltd.		106,696		109,240

Description	Number of Shares		Value
10HFC Bank Ghana Ltd.		243,750	$	59,107
10Produce Buying Co. Ltd.		162,500		21,016
Standard Chartered Bank Ghana Ltd.		2,200		60,935
TOTAL GHANA			$	324,907
GREECE – 0.0%**
*Coca-Cola Hellenic Bottling Co. SA		1,053		20,908
Hellenic Petroleum SA		12,659		93,000
*National Bank of Greece SA		17,182		38,210
TOTAL GREECE			$	152,118
HONG KONG – 1.8%
AIA Group Ltd.		145,600		517,946
Asm Pacific Technology Ltd.		1,100		14,901
Bank of East Asia Ltd.		20,200		75,372
Beijing Enterprises Holdings Ltd.		7,000		39,156
BOC Hong Kong Holdings Ltd.		7,500		23,248
*,10Chaoda Modern Agriculture Holdings Ltd.		98,140		11,131
Cheung Kong Infrastructure Holdings Ltd.		3,000		17,806
China Agri-Industries Holdings Ltd.		51,000		37,599
China Gas Holdings Ltd.		10,000		4,975
China Green Holdings Ltd.		45,000		13,166
*China Life Insurance Co. Ltd.		64,000		173,226
China Merchants Holdings International Co. Ltd.		18,000		58,232
China Resources Enterprise Ltd.		26,000		94,501
China Resources Power Holdings Co. Ltd.		39,600		72,272
*China Southern Airlines Co. Ltd.		81,000		36,435
*China Telecom Corp. Ltd.		258,000		138,998
China Unicom Hong Kong Ltd.		380,652		677,051
China Yurun Food Group Ltd.		31,000		39,676
CLP Holdings, Ltd.		12,500		107,058
CNOOC Ltd.		183,000		390,122
COSCO Pacific Ltd.		38,000		55,345
Dickson Concepts International Ltd.		34,500		19,121
Esprit Holdings Ltd.		6,228		12,843
*Galaxy Entertainment Group Ltd.		14,000		43,758
Global Bio-Chem Technology Group Co. Ltd.		282,000		55,610
Hang Lung Properties Ltd.		18,000		66,584
Hang Seng Bank, Ltd.		600		8,244
*Harbin Electric Co. Ltd.		24,000		25,025
Henderson Land Development Co. Ltd.		45,048		256,632
*HKT Trust / HKT Ltd.		346		269
Hong Kong & China Gas Co., Ltd.		44,500		113,793
Hong Kong Exchanges and Clearing Ltd.		19,400		310,304
Hongkong & Shanghai Hotels		6,000		7,857
Hopewell Holdings Ltd.		10,000		26,873
Hutchison Port Holdings Trust		33,000		24,915
Hutchison Whampoa, Ltd.		58,400		561,897

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

30 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Kerry Properties Ltd.		10,500	$	47,975
Kingboard Chemical Holdings Ltd.		113,500		318,177
Lenovo Group Ltd.		118,000		113,458
Li & Fung Ltd.		252,000		539,166
Lifestyle International Holdings Ltd.		3,000		7,037
MGM China Holdings Ltd.		46,000		85,257
MTR Corp. Ltd.		15,500		55,138
New World Development Co. Ltd.		102,697		127,996
Nine Dragons Paper Holdings Ltd.		93,000		76,714
Noble Group Ltd.		44,000		41,955
Orient Overseas International Ltd.		7,000		47,818
PCCW, Ltd.		8,000		2,980
PICC Property & Casualty Co. Ltd.		32,000		40,131
Shanghai Industrial Holdings Ltd.		13,000		43,481
SJM Holdings Ltd.		53,000		116,402
Sun Hung Kai Properties Ltd.		68,064		821,121
Swire Pacific, Ltd.		10,000		118,126
Swire Properties Ltd.		5,250		14,379
Wharf Holdings Ltd.		16,000		95,481
Wheelock & Co. Ltd.		68,000		229,628
Wing Hang Bank Ltd.		1,000		10,640
Xinyi Glass Holdings Ltd.		268,000		173,401
*Zijin Mining Group Co. Ltd.		90,000		29,348
TOTAL HONG KONG			$	7,287,750
HUNGARY – 0.4%
EGIS Pharmaceuticals PLC		3,690		246,990
*FHB Mortgage Bank PLC		2,400		6,337
Magyar Telekom Telecommunications PLC		93,710		236,192
*MOL Hungarian Oil and Gas PLC		4,613		381,173
OTP Bank Nyrt		25,320		445,323
Richter Gedeon Nyrt		2,040		352,999
TOTAL HUNGARY			$	1,669,014
INDIA – 0.9%
GAIL India Ltd. GDR		1,770		66,592
HDFC Bank Ltd. ADR		15,741		540,389
ICICI Bank Ltd. ADR		6,300		213,507
Infosys Ltd. ADR		9,868		467,250
Niko Resources Ltd.		17,854		752,223
*,6,7Reliance Industries Ltd. GDR		14,461		408,914
State Bank of India GDR		1,710		138,753
12Tata Motors Ltd. ADR		21,790		648,252
Tata Steel Ltd. GDR		38,100		333,756
Wipro Ltd. ADR		9,766		94,340
TOTAL INDIA			$	3,663,976
INDONESIA – 0.8%
Adaro Energy Tbk PT		486,000		98,358

Description	Number of Shares		Value
AKR Corp.orindo Tbk PT		143,500	$	64,408
Aneka Tambang Persero Tbk PT		190,000		35,558
Astra International Tbk PT		43,500		336,054
Bank Central Asia Tbk PT		335,500		292,041
Bank Danamon Indonesia Tbk PT		81,122		49,430
Bank Mandiri Persero Tbk PT		206,500		166,270
Bank Negara Indonesia Persero Tbk PT		166,000		72,700
Bank Rakyat Indonesia Persero Tbk PT		231,500		167,507
*Barito Pacific Tbk PT		269,000		20,781
Bumi Resources Tbk PT		556,000		122,507
Gudang Garam Tbk PT		18,000		115,946
Indocement Tunggal Prakarsa Tbk PT		70,000		137,479
Indofood Sukses Makmur Tbk PT		100,000		52,772
Indosat Tbk PT		70,500		37,204
Kalbe Farma Tbk PT		174,000		76,204
Lippo Karawaci Tbk PT		501,000		45,246
Perusahaan Gas Negara Persero Tbk PT		588,000		214,330
Semen Gresik Persero Tbk PT		89,000		117,660
Tambang Batubara Bukit Asam Persero Tbk PT		29,000		58,218
Telekomunikasi Indonesia Persero Tbk PT		449,500		415,728
Timah Persero Tbk PT		980,000		194,070
Unilever Indonesia Tbk PT		49,000		105,832
United Tractors Tbk PT		75,500		243,164
TOTAL INDONESIA			$	3,239,467
IRELAND – 0.2%
CRH PLC ADR		6,847		139,200
*Elan Corp. PLC		3,601		49,811
*Irish Life & Permanent Group Holdings PLC		38,000		1,861
James Hardie Industries SE		17,644		137,697
Kerry Group PLC		4,673		211,363
Kerry Group PLC		1,457		66,605
TOTAL IRELAND			$	606,537
ISRAEL – 1.0%
Bank Hapoalim BM		35,812		133,174
Bank Leumi Le-Israel BM		33,430		104,781
Delek Group Ltd.		50		9,762
*Discount Investment Corp.		10,300		52,393
Elbit Systems Ltd.		745		27,210
Israel Chemicals Ltd.		83,834		961,761
Israel Corp. Ltd.		39		25,484
*Israel Discount Bank Ltd.		45,421		58,997
*Mizrahi Tefahot Bank Ltd.		777		7,017
*NICE Systems Ltd.		366		13,883
*NICE Systems Ltd. ADR		17,639		677,691
Teva Pharmaceutical Industries Ltd.		10,501		475,296
Teva Pharmaceutical Industries Ltd. ADR		36,113		1,651,809
TOTAL ISRAEL			$	4,199,258

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 31

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
ITALY – 1.1%
Assicurazioni Generali SpA		9,199	$	125,298
Atlantia SpA		1,460		22,128
Banca Monte dei Paschi di Siena SpA		101,271		35,966
12Banco Popolare SC		12,600		18,713
Davide Campari-Milano SpA		54,006		381,744
De’Longhi SpA		26,430		372,244
Enel Green Power SpA		10,670		17,231
Enel SpA		53,600		175,956
ENI SpA		24,800		550,520
Exor SpA		752		17,490
Fiat Industrial SpA		5,647		64,060
*Fiat SpA		16,729		80,782
Finmeccanica SpA		6,450		27,714
Intesa Sanpaolo SpA		32,448		43,338
Luxottica Group SpA		672		24,062
Mediaset SpA		13,498		32,107
Mediobanca SpA		4,477		21,868
*Milano Assicurazioni SpA		19,800		6,592
Pirelli & C SpA		11,999		146,124
*Prada SpA		89,300		606,563
Prysmian SpA		1,573		25,611
Saipem SpA		18,364		907,188
*Telecom Italia SpA		189,456		215,297
*Telecom Italia SpA ADR		6,400		72,448
UniCredit SpA		56,859		226,244
Unione di Banche Italiane SCPA		25,628		95,190
TOTAL ITALY			$	4,312,478
JAPAN – 13.4%
ABC-Mart, Inc.		100		3,641
Advantest Corp.		1,000		16,784
Aeon Co., Ltd.		13,900		181,759
Aeon Credit Service Co. Ltd.		200		3,507
Aeon Mall Co., Ltd.		400		8,923
Ai Holdings Corp.		4,600		29,038
Aisan Industry Co. Ltd.		7,400		78,875
Aisin Seiki Co., Ltd.		1,700		60,556
Ajinomoto Co., Inc.		35,000		452,843
Alfresa Holdings Corp.		1,300		60,164
All Nippon Airways Co. Ltd.		11,000		32,239
Alpen Co., Ltd.		1,200		24,484
Amada Co., Ltd.		52,000		355,611
*Arrk Corp.		13,800		14,519
Asahi Glass Co., Ltd.		18,000		142,711
Asahi Group Holdings Ltd.		3,100		70,006
Asahi Kasei Corp.		73,000		453,507

Description	Number of Shares		Value
Asics Corp.		2,000	$	21,718
Autobacs Seven Co., Ltd.		2,400		115,280
Azbil Corp.		2,800		60,251
Bando Chemical Industries Ltd.		6,000		22,169
Benesse Holdings, Inc.		400		19,840
Bridgestone Corp.		4,800		114,529
Brother Industries Ltd.		29,000		393,011
Canon Marketing Japan, Inc.		1,600		20,721
Canon, Inc.		17,900		822,809
Central Japan Railway Co.		40		332,666
Century Tokyo Leasing Corp.		2,200		44,226
Chiyoda Corp.		2,000		24,274
Chugai Pharmaceutical Co., Ltd.		1,200		21,703
Citizen Holdings Co., Ltd.		4,600		28,980
Coca-Cola West Co., Ltd.		1,400		25,391
COMSYS Holdings Corp.		3,000		30,361
Cosmo Oil Co., Ltd.		12,000		33,367
Dai Nippon Printing Co., Ltd.		15,000		133,955
Daicel Corp.		4,000		25,451
Daihatsu Motor Co., Ltd.		8,000		152,104
Dai-ichi Life Insurance Co., Ltd.		97		122,951
Daikin Industries Ltd.		2,200		58,527
Dainippon Sumitomo Pharma Co., Ltd.		5,300		53,239
Daishi Bank Ltd.		6,000		18,712
Daito Trust Construction Co., Ltd.		17,700		1,598,409
Daiwa Securities Group, Inc.		15,000		57,114
Dena Co., Ltd.		15,700		492,198
Dentsu, Inc.		1,500		46,274
DTS Corp.		2,600		35,529
East Japan Railway Co.		15,500		966,809
Eizo Nanao Corp.		9,500		183,717
Faith, Inc.		244		30,103
FamilyMart Co., Ltd.		300		13,377
FANUC Corp.		7,800		1,327,680
Fast Retailing Co. Ltd.		400		89,830
Fuji Heavy Industries Ltd.		13,000		99,813
Fuji Media Holdings, Inc.		77		130,294
FUJIFILM Holdings Corp		28,000		598,647
Fukuoka Financial Group, Inc.		23,000		96,217
Furukawa Electric Co., Ltd.		1,000		2,730
Geo Holdings Corp.		200		242,485
Glory, Ltd.		1,200		25,777
Gree, Inc.		900		24,247
GS Yuasa Corp.		2,000		10,371
Gulliver International Co., Ltd.		1,290		46,291
Gunma Bank Ltd.		12,000		61,022
H2O Retailing Corp		2,000		17,635

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

32 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Hachijuni Bank Ltd.		13,000	$	70,992
Hakuhodo DY Holdings, Inc.		900		56,476
Hamamatsu Photonics KK		300		12,005
Hankyu Hanshin Holdings, Inc.		19,000		88,765
Hirose Electric Co., Ltd.		100		10,534
Hisamitsu Pharmaceutical Co., Inc.		300		13,377
Hitachi Capital Corp.		11,200		186,433
Hitachi Construction Machinery Co., Ltd.		500		10,941
Hitachi High-Technologies Corp.		1,800		45,474
Hitachi Metals Ltd.		64,000		803,206
Hitachi Transport System Ltd.		1,300		23,854
Hitachi, Ltd.		19,000		121,844
Hokuhoku Financial Group, Inc.		29,000		50,852
Hokuriku Electric Power Co		4,000		68,487
Honda Motor Co. Ltd.		29,500		1,070,040
House Foods Corp.		1,600		27,014
Hoya Corp.		3,000		69,138
Idemitsu Kosan Co., Ltd.		700		64,704
IHI Corp.		7,000		17,009
Imasen Electric Industrial		2,300		31,717
Information Services International-Dentsu Ltd.		3,500		28,538
Inpex Corp.		64		424,850
Isetan Mitsukoshi Holdings Ltd.		8,900		97,427
IT Holdings Corp.		6,400		82,405
Ito En Ltd.		100		1,814
ITOCHU Corp.		21,100		239,437
Iyo Bank Ltd.		10,000		83,166
J Front Retailing Co. Ltd.		15,000		77,405
Japan Steel Works Ltd.		3,000		18,337
Japan Tobacco, Inc.		33		183,310
JFE Holdings, Inc.		6,600		124,908
JGC Corp.		2,000		57,916
Joyo Bank Ltd.		12,000		52,605
JS Group Corp.		6,200		122,152
JTEKT Corp.		7,300		80,736
Jupiter Telecommunications Co. Ltd.		700		741,734
Juroku Bank Ltd.		3,000		9,469
JX Holdings, Inc.		102,780		583,158
Kamigumi Co., Ltd.		8,000		64,429
Kaneka Corp.		9,000		55,912
Kansai Paint Co. Ltd.		2,000		21,593
KAO Corp.		22,300		599,675
Kawasaki Heavy Industries Ltd.		7,000		21,217
*Kawasaki Kisen Kaisha, Ltd.		23,000		48,973
KDDI Corp.		74		486,599
Keikyu Corp.		4,000		34,369
Keio Corp.		5,000		36,197

Description	Number of Shares		Value
Keisei Electric Railway Co., Ltd.		1,000	$	7,740
Keyence Corp.		4,070		966,523
Kikkoman Corp.		2,000		23,522
Kinden Corp.		3,000		20,854
Kintetsu Corp.		12,000		42,385
Kirin Holdings Co. Ltd.		22,000		281,614
Kobe Steel Ltd.		32,000		46,093
Koito Manufacturing Co. Ltd.		2,000		31,062
Komatsu Ltd.		30,000		869,865
Konami Corp.		1,200		35,020
Konica Minolta Holdings, Inc.		24,500		200,689
Kubota Corp.		10,000		97,194
Kuraray Co. Ltd.		2,000		28,657
Kurita Water Industries Ltd.		600		14,737
Kuroda Electric Co. Ltd.		3,500		35,991
Kyocera Corp. ADR		300		29,193
Kyocera Corp.		12,300		1,210,897
Kyowa Exeo Corp.		16,100		147,005
Kyowa Hakko Kirin Co. Ltd.		9,000		95,028
Lawson, Inc.		500		33,129
Mabuchi Motor Co. Ltd.		800		33,717
Makita Corp.		600		23,221
Marubeni Corp.		48,000		335,471
Marudai Food Co. Ltd.		12,000		46,443
Marui Group Co. Ltd.		5,100		40,626
Maruichi Steel Tube Ltd.		65		1,436
Matsui Securities Co. Ltd.		600		3,697
*Mazda Motor Corp.		120,000		196,893
McDonald’s Holdings Co Japan Ltd.		300		8,522
Medipal Holdings Corp.		5,550		70,487
MEIJI Holdings Co. Ltd.		2,200		97,683
Meitec Corp.		1,400		28,863
Minebea Co. Ltd.		1,000		4,572
Ministop Co. Ltd.		9,600		169,659
Miraca Holdings, Inc.		3,400		134,356
Mitsubishi Chemical Holdings Corp.		25,000		132,139
Mitsubishi Corp.		60,300		1,316,419
Mitsubishi Electric Corp.		30,000		265,656
Mitsubishi Estate Co. Ltd.		9,000		160,521
Mitsubishi Gas Chemical Co., Inc.		14,000		92,234
Mitsubishi Heavy Industries Ltd.		101,000		460,471
Mitsubishi Logistics Corp.		3,000		33,104
Mitsubishi Materials Corp.		26,000		78,156
*Mitsubishi Motors Corp.		22,000		24,800
Mitsubishi Tanabe Pharma Corp.		4,767		66,394
Mitsubishi UFJ Financial Group, Inc.		383,994		1,861,293
Mitsui & Co. Ltd.		7,792		122,384

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Mitsui Chemicals, Inc.		18,000	$	52,079
Mitsui Engineering & Shipbuilding Co. Ltd.		2,000		2,956
Mitsui Fudosan Co. Ltd.		6,000		110,997
Mitsui Home Co. Ltd.		5,000		26,303
Mitsui Osk Lines, Ltd.		7,000		27,355
Mizuho Financial Group, Inc.		150,120		238,793
MS&AD Insurance Group Holdings		7,900		146,740
Murata Manufacturing Co. Ltd.		1,700		97,839
Nabtesco Corp.		1,000		21,568
Nagase & Co. Ltd.		3,000		36,448
Namco Bandai Holdings, Inc.		23,300		335,025
*NEC Corp.		85,000		154,372
NET One Systems Co. Ltd.		5,200		71,383
NGK Insulators Ltd.		2,000		25,175
Nichirei Corp.		1,000		4,559
Nidec Corp.		10,200		919,839
Nihon Kohden Corp.		6,600		193,685
Nihon Trim Co. Ltd.		850		22,219
Nikon Corp.		2,800		83,923
Nintendo Co., Ltd.		800		109,218
Nippon Electric Glass Co. Ltd.		9,000		73,497
Nippon Express Co. Ltd.		108,000		409,869
Nippon Meat Packers, Inc.		5,000		64,191
Nippon Paper Group, Inc.		2,200		44,088
Nippon Sheet Glass Co. Ltd.		30,000		39,078
Nippon Shokubai Co., Ltd.		4,000		45,090
Nippon Steel Corp.		51,000		128,394
Nippon Telegraph & Telephone Corp.		10,700		485,815
Nippon Television Network Corp.		180		27,956
Nippon Thompson Co. Ltd.		11,000		61,172
Nippon Yusen KK		45,000		134,143
Nishi-Nippon City Bank Ltd.		17,000		44,927
Nissan Motor Co. Ltd.		58,400		611,503
*Nissha Printing Co. Ltd.		100		1,137
Nisshin Seifun Group, Inc.		6,500		79,622
Nisshin Steel Co., Ltd.		15,000		21,230
Nisshinbo Holdings, Inc.		3,000		26,566
Nissin Foods Holdings Co. Ltd.		300		11,291
Nitori Holdings Co. Ltd.		200		18,412
Nitto Denko Corp.		900		37,312
NOF Corp.		42,000		211,473
NOK Corp.		500		10,415
Nomura Real Estate Holdings, Inc.		500		8,811
Nomura Research Institute Ltd.		500		11,554
NS Solutions Corp.		1,200		23,462
NSK, Ltd.		11,000		76,328
NTT Data Corp.		7		24,400

Description	Number of Shares		Value
NTT DoCoMo, Inc.		200	$	341,182
NTT Urban Development Corp.		6		4,637
Obara Group, Inc.		2,000		26,754
Obayashi Corp.		15,000		63,690
Odakyu Electric Railway Co. Ltd.		6,000		55,611
OJI Paper Co. Ltd.		31,000		142,497
*Olympus Corp.		3,800		59,970
Omron Corp.		1,100		23,518
Onward Holdings Co. Ltd.		2,000		15,656
Oriental Land Co. Ltd.		300		33,292
Osaka Gas Co., Ltd.		44,000		178,006
Otsuka Corp.		300		24,161
Otsuka Holdings Co. Ltd.		18,700		564,467
Panasonic Corp.		70,100		546,119
Rakuten, Inc.		1,351		1,505,999
*Renesas Electronics Corp.		1,900		11,018
Rengo Co., Ltd.		7,000		51,290
Ricoh Co., Ltd.		18,000		163,226
Riken Corp.		8,000		34,068
Rinnai Corp.		200		14,654
Rohm Co. Ltd.		7,500		340,055
Round One Corp.		18,200		119,221
San-In Godo Bank Ltd.		2,000		14,429
Sankyo Co. Ltd.		1,000		48,347
Sankyu, Inc.		44,000		175,251
Sanrio Co. Ltd.		500		22,013
Santen Pharmaceutical Co. Ltd.		400		16,708
Sapporo Hokuyo Holdings, Inc.		13,000		45,591
Sasebo Heavy Industries Co. Ltd.		17,000		25,551
SBI Holdings, Inc.		771		62,769
Secom Co. Ltd.		1,500		71,393
Sega Sammy Holdings, Inc.		1,500		31,469
Seiko Epson Corp.		1,300		17,520
Sekisui Chemical Co. Ltd.		6,000		54,108
Sekisui House Ltd.		15,000		139,967
Seven & I Holdings Co. Ltd.		2,000		60,696
Seven Bank Ltd.		1,000		2,480
Sharp Corp.		30,563		197,526
Shiga Bank Ltd.		8,000		45,792
Shikoku Electric Power Co., Inc.		3,600		93,021
Shimadzu Corp.		1,000		8,968
Shimamura Co. Ltd.		100		11,360
Shimano, Inc.		300		19,765
Shimizu Corp.		20,000		76,152
Shin-Etsu Chemical Co. Ltd.		1,000		58,116
Shinko Electric Industries Co. Ltd.		300		2,829
Shinsei Bank Ltd.		9,000		11,723

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

34 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Shionogi & Co. Ltd.		1,700	$	22,251
Ship Healthcare Holdings, Inc.		2,100		49,554
Shiseido Co. Ltd.		2,000		35,120
SMC Corp.		3,000		503,882
Softbank Corp.		16,000		480,160
Sojitz Corp.		30,900		52,248
Sony Corp.		43,600		718,657
Sony Financial Holdings, Inc.		800		13,106
SRA Holdings		1,200		13,677
Sumitomo Bakelite Co., Ltd.		7,000		36,385
Sumitomo Corp.		86,500		1,235,095
Sumitomo Electric Industries, Ltd.		52,200		711,997
Sumitomo Heavy Industries Ltd.		32,000		165,932
Sumitomo Metal Industries Ltd.		29,000		52,668
Sumitomo Mitsui Financial Group, Inc.		16,000		517,836
Sumitomo Mitsui Trust Holdings, Inc.		26,820		79,278
Sumitomo Realty & Development Co. Ltd.		2,000		48,196
Suruga Bank Ltd.		1,000		10,020
Suzuken Co. Ltd.		2,300		69,714
Suzuki Motor Corp.		1,900		45,144
Sysmex Corp.		20,200		817,209
T&D Holdings, Inc.		3,200		34,750
Taiheiyo Cement Corp.		1,000		2,392
Taisei Corp.		24,000		61,022
Taisho Pharmaceutical Holdings Co. Ltd.		200		15,982
Taiyo Nippon Sanso Corp.		1,000		6,939
Takashimaya Co. Ltd.		5,000		38,076
Takeda Pharmaceutical Co. Ltd.		7,600		331,738
TDK Corp.		100		5,286
Teijin, Ltd.		13,000		43,963
Terumo Corp.		10,900		501,722
THK Co. Ltd.		600		12,054
Tobu Railway Co., Ltd.		7,000		35,684
Toda Corp.		4,000		12,776
Toho Co. Ltd.		500		8,993
Toho Gas Co. Ltd.		1,000		6,037
Tokai Rika Co. Ltd.		7,900		147,828
Tokio Marine Holdings, Inc.		43,200		1,114,088
Tokuyama Corp.		7,000		22,007
Tokyo Broadcasting System Holdings, Inc.		700		9,522
Tokyo Electron, Ltd.		22,400		1,249,900
TOKYO KEIKI INC		8,000		17,034
Tokyo Steel Manufacturing Co. Ltd.		4,500		34,494
*Tokyo Tatemono Co. Ltd.		9,000		33,592
Tokyu Corp.		6,000		28,106
Tokyu Land Corp.		36,000		174,950
Toppan Printing Co. Ltd.		18,000		122,419

Description	Number of Shares		Value
Toray Industries, Inc.		12,000	$	92,735
Tosei Corp.		101		41,113
Toshiba Corp.		32,000		131,864
Tosoh Corp.		95,000		265,343
TOTO Ltd.		1,000		7,415
Toyo Ink SC Holdings Co. Ltd.		1,000		3,995
Toyo Seikan Kaisha Ltd.		5,600		75,191
Toyo Suisan Kaisha, Ltd.		1,000		25,676
Toyo Tire & Rubber Co. Ltd.		62,000		170,065
Toyoda Gosei Co. Ltd.		300		6,177
Toyota Boshoku Corp.		300		3,709
Toyota Industries Corp.		300		8,541
Toyota Motor Corp.		75,330		3,118,306
Toyota Tsusho Corp.		6,800		135,676
Trend Micro, Inc.		500		15,243
Tsumura & Co		300		8,015
Unicharm Corp.		800		44,689
UNY Co. Ltd.		6,000		70,040
Ushio, Inc.		500		6,569
Wacoal Holdings Corp.		4,000		46,443
West Japan Railway Co.		5,500		226,296
Yahoo Japan Corp.		84		25,261
Yakult Honsha Co. Ltd.		500		18,462
Yamada Denki Co. Ltd.		870		56,664
Yamaguchi Financial Group, Inc.		6,000		51,703
Yamaha Corp.		6,400		62,445
Yamaha Motor Co. Ltd.		700		9,425
Yamato Holdings Co. Ltd.		2,100		32,536
Yamato Kogyo Co. Ltd.		1,600		45,771
Yamazaki Baking Co. Ltd.		1,000		14,817
Yaskawa Electric Corp.		1,000		8,755
Yellow Hat Ltd.		2,100		36,403
Yokogawa Electric Corp.		700		6,769
Yokohama Rubber Co. Ltd.		19,100		140,906
Yorozu Corp.		1,200		24,319
TOTAL JAPAN			$	53,961,246
JORDAN – 0.2%
Arab Bank PLC		30,435		350,999
Arab Potash Co		2,100		119,758
Bank of Jordan		14,070		42,953
*Capital Bank of Jordan		21,205		35,664
Jordan Petroleum Refinery Co		1,380		11,000
*Jordan Phosphate Mines		1,700		33,133
Jordan Steel		5,259		14,494
Jordan Telecommunications Co PSC		9,750		74,687
Jordanian Electric Power Co		10,917		47,368

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
*,10Middle East Complex for Engineering Electric and Heavy Industries PLC		60	$	12
*Taameer Jordan Holdings PSC		12,900		4,376
TOTAL JORDAN			$	734,444
KAZAKHSTAN – 0.1%
Eurasian Natural Resources Corp. PLC		21,112		191,700
*Halyk Savings Bank of Kazakhstan JSC		21,790		147,083
*Kazkommertsbank JSC		19,000		54,150
KazMunaiGas Exploration Production JSC		9,700		186,004
TOTAL KAZAKHSTAN			$	578,937
KENYA – 0.2%
Athi River Mining Ltd.		29,200		65,590
Bamburi Cement Co. Ltd.		26,700		47,467
Barclays Bank of Kenya Ltd.		493,600		75,893
East African Breweries Ltd.		66,980		168,959
Equity Bank Ltd.		470,900		117,371
Kenya Airways Ltd.		402,900		71,869
Kenya Commercial Bank Ltd.		244,300		66,027
Kenya Power & Lighting Ltd.		178,087		32,943
Nation Media Group Ltd.		26,620		53,400
Safaricom Ltd.		2,400,100		95,139
Standard Chartered Bank Kenya Ltd.		9,711		19,247
TOTAL KENYA			$	813,905
LATVIA – 0.0%**
*Latvian Shipping Co		36,206		20,558
LEBANON – 0.1%
*Solidere GDR		18,936		259,423
LITHUANIA – 0.1%
Apranga PVA		22,400		55,595
*Invalda PVA		17,284		65,662
Lesto AB		19,018		16,187
*Lietuvos Energijos Gamyba		10,949		5,797
*Litgrid AB		8,818		5,860
Panevezio Statybos Trestas		16,900		26,621
Pieno Zvaigzdes		10,687		24,473
*Siauliu Bankas		58,107		20,306
TOTAL LITHUANIA			$	220,501
LUXEMBOURG – 0.6%
Arcelormittal		11,319		195,752
12ArcelorMittal		31,453		545,080
*Kernel Holding SA		4,220		93,011
Millicom International Cellular SA		5,156		547,719
RTL Group SA		889		87,081
SES SA		34,468		825,359
*Subsea 7 SA		5,065		131,251

Description	Number of Shares		Value
Tenaris SA		3,354	$	64,953
TOTAL LUXEMBOURG			$	2,490,206
MALAYSIA – 0.8%
Alliance Financial Group Bhd		28,800		37,594
Axiata Group Bhd		45,000		78,966
Batu Kawan Bhd		12,600		78,282
British American Tobacco Malaysia Bhd		4,100		75,252
Bursa Malaysia Bhd		14,500		32,345
CIMB Group Holdings Bhd		54,800		134,193
DiGi.Com Bhd		50,000		66,755
DRB-Hicom Bhd		129,790		109,374
Gamuda Bhd		81,100		95,412
Genting Bhd		47,800		163,335
Genting Malaysia Bhd		57,900		73,475
Hong Leong Bank Bhd		16,400		66,229
IJM Corp. Bhd		40,860		73,996
IOI Corp. Bhd		75,280		129,862
KLCC Property Holdings Bhd		24,500		27,447
*KNM Group Bhd		27,075		7,471
Kuala Lumpur Kepong Bhd		15,400		120,309
Kulim Malaysia Bhd		17,300		24,183
Malayan Banking Bhd		50,490		143,995
Malaysian Resources Corp. Bhd		83,700		46,193
Maxis Bhd		62,200		125,798
MISC Bhd		24,700		39,180
MMC Corp. Bhd		48,400		42,226
Muhibbah Engineering M Bhd		68,300		27,762
Multi-Purpose Holdings Bhd		36,500		32,326
Petronas Chemicals Group Bhd		110,500		238,455
Petronas Dagangan Bhd		18,600		119,001
PPB Group Bhd		14,100		77,909
Public Bank Bhd		19,800		89,643
RHB Capital Bhd		9,900		24,112
SapuraCrest Petroleum Bhd		27,700		46,411
*Scomi Group Bhd		69,500		5,972
Sime Darby Bhd		78,946		254,109
Ta Ann Holdings Bhd		15,840		34,130
Telekom Malaysia Bhd		35,100		62,521
Tenaga Nasional Bhd		60,025		127,548
UMW Holdings Bhd		15,400		40,052
Wah Seong Corp. Bhd		35,921		24,098
WCT Bhd		35,466		27,543
YTL Corp. Bhd		95,790		51,282
YTL Power International Bhd		69,316		39,400
TOTAL MALAYSIA			$	3,114,146

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

36 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
MAURITIUS – 0.2%
*Lux Island Resorts Ltd.		7,000	$	5,060
Mauritius Commercial Bank		38,600		220,571
Mauritius Development Invest Trust		265,200		45,645
New Mauritius Hotels Ltd.		18,900		46,193
Rogers And Co. Ltd.		7,100		77,966
State Bank of Mauritius Ltd.		55,800		155,587
Sun Resorts Ltd.		24,969		33,865
TOTAL MAURITIUS			$	584,887
MEXICO – 2.0%
Alfa SAB de CV		39,300		562,228
America Movil SAB de CV		1,188,524		1,586,712
America Movil SAB de CV		35,690		951,138
Arca Continental SAB de CV ADR		12,700		64,602
*Cemex SAB de CV		355,268		256,920
*Coca-Cola Femsa SAB de CV		6,400		67,931
Compartamos SAB de CV		108,000		131,332
*Corp. GEO SAB de CV		18,100		24,178
Corp. Moctezuma SAB de CV		20,900		48,937
*Empresas ICA SAB de CV		20,800		37,653
Fomento Economico Mexicano SAB de CV		46,900		380,897
Grupo Aeroportuario del Centro Norte Sab de CV		17,800		36,253
Grupo Aeroportuario del Pacifico SAB de CV		14,700		57,193
Grupo Bimbo SAB de CV		53,600		127,890
Grupo Carso SAB de CV		24,800		83,771
Grupo Elektra SA de CV		1,460		88,883
Grupo Financiero Banorte SAB de CV		108,900		525,190
Grupo Financiero Inbursa SA		195,500		429,994
Grupo Mexico SAB de CV		138,321		426,348
Grupo Modelo SAB de CV		16,500		116,600
Grupo Televisa SAB		60,600		266,109
*Impulsora del Desarrollo y El Empleo en America Latina SAB de CV		56,900		107,458
*Industrias CH SAB de CV		7,500		34,028
Industrias Penoles SAB de CV		4,530		212,242
Kimberly-Clark de Mexico SAB de CV		42,000		85,606
Mexichem SAB de CV		20,292		75,632
*Minera Frisco SAB de CV		24,800		107,341
*Organizacion Soriana SAB de CV		10,800		30,694
*Promotora y Operadora de Infraestructura SAB de CV		13,900		67,857
TV Azteca SAB de CV		38,700		25,313
*Urbi Desarrollos Urbanos SAB de CV		22,900		24,067
Wal-Mart de Mexico SAB de CV		138,900		397,209
Wal-Mart de Mexico SAB de CV ADR		14,839		423,653
TOTAL MEXICO			$	7,861,859

Description	Number of Shares		Value
MOROCCO – 0.4%
Attijariwafa Bank		6,559	$	258,621
Auto Hall		3,700		26,366
Banque Centrale Populaire		3,900		89,857
Banque Marocaine du Commerce et de l’Industrie		320		28,618
Banque Marocaine du Commerce Exterieur		6,980		163,309
Brasseries Maroc		171		35,540
Cie Generale Immobiliere		390		34,507
Ciments du Maroc		500		56,354
Credit Immobilier et Hotelier		800		23,753
Douja Promotion Groupe Addoha SA		13,520		100,196
Holcim Maroc SA		520		118,884
Lafarge Ciments		365		65,457
Maroc Telecom SA		21,650		331,435
*SAMIR		440		27,173
*Sonasid		210		36,912
TOTAL MOROCCO			$	1,396,982
NETHERLANDS – 1.5%
*Aegon NV		96,730		446,735
AKZO Nobel NV		3,317		177,758
ASML Holding NV		9,509		483,845
Delta Lloyd NV		2,063		34,777
European Aeronautic Defence And Space Co. NV		4,004		158,075
Fugro NV		392		28,570
Heineken Holding NV		2,823		130,713
Heineken NV		3,117		170,464
*ING Groep NV		91,193		643,032
Koninklijke Ahold NV		53,141		674,022
Koninklijke Boskalis Westminster NV		635		23,165
Koninklijke DSM NV		11,848		679,316
Koninklijke KPN NV		24,200		217,219
Koninklijke Philips Electronics NV		10,258		203,677
Koninklijke Vopak NV		418		26,943
PostNL NV		1,597		6,930
*QIAGEN NV		1,361		22,770
Randstad Holding NV		626		21,677
Royal Dutch Shell PLC		39,302		1,432,892
SBM Offshore NV		1,844		33,501
TNT Express NV		4,079		49,458
Unilever NV		12,250		419,489
*Yandex NV		2,700		64,044
TOTAL NETHERLANDS			$	6,149,072
NEW ZEALAND – 0.0%**
Auckland International Airport Ltd.		4,674		9,670
*Contact Energy Ltd.		14,398		57,104

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Fletcher Building Ltd.		87	$	445
SKYCITY Entertainment Group Ltd.		3,557		11,170
Telecom Corp. of New Zealand, Ltd.		25,560		54,971
Warehouse Group Ltd.		4,227		9,229
TOTAL NEW ZEALAND			$	142,589
NIGERIA – 0.2%
Access Bank PLC		362,588		13,526
Dangote Cement PLC		91,000		70,556
First Bank of Nigeria PLC		1,383,642		87,758
*First City Monument Bank PLC		862,500		30,093
*Forte Oil PLC		61,333		4,093
Guaranty Trust Bank PLC		1,293,110		131,653
Guinness Nigeria PLC		45,800		68,993
Nestle Nigeria PLC		17,736		47,228
Nigerian Breweries PLC		170,480		119,287
Oando PLC		186,725		19,224
UAC of Nigeria PLC		124,250		25,861
*United Bank for Africa PLC		796,092		18,922
Zenith Bank PLC		1,340,475		120,630
TOTAL NIGERIA			$	757,824
NORWAY – 0.5%
AKER Solutions ASA		954		16,211
*Cermaq ASA		498		6,800
12DNB ASA		9,287		100,125
Kvaerner ASA		954		2,817
Marine Harvest ASA		47,108		24,167
Norsk Hydro ASA		28,067		136,535
Orkla ASA		26,885		197,493
*Petroleum Geo-Services ASA		2,777		41,900
Statoil ASA		19,825		529,318
*Storebrand ASA		10,389		46,690
Telenor ASA		53,594		985,172
Yara International ASA		1,298		63,664
TOTAL NORWAY			$	2,150,892
OMAN – 0.2%
Bank Dhofar SAOG		40,413		46,606
Bank Sohar		215,660		86,824
BankMuscat SAOG		87,449		141,736
Dhofar International Development & Investment Holding Co		8,500		9,957
Galfar Engineering & Contracting SAOG		34,540		37,770
National Bank Of Oman SAOG		49,374		37,447
Oman Cement Co		52,540		86,930
Oman Flour Mills Co SAOG		16,000		20,571
Oman International Bank SAOG		35,846		23,370
Oman Oil Marketing Co		13,300		58,244

Description	Number of Shares		Value
Oman Telecommunications Co SAOG		46,000	$	156,281
*Renaissance Services SAOG		35,992		58,896
TOTAL OMAN			$	764,632
PAKISTAN – 0.2%
Engro Corp. Ltd.		19,952		21,267
Fauji Fertilizer Co. Ltd.		58,780		79,131
HUB Power Co		151,500		61,455
Lucky Cement Ltd.		15,000		21,457
MCB Bank Ltd.		44,770		84,637
Millat Tractors Ltd.		7,660		42,881
National Bank Of Pakistan		88,480		43,783
Nishat Mills Ltd.		55,450		32,189
Oil & Gas Development Co. Ltd.		94,600		173,499
Pakistan Oilfields Ltd.		9,300		39,507
Pakistan Petroleum Ltd.		36,458		76,152
Pakistan State Oil Co. Ltd.		11,700		31,917
Pakistan Telecommunication Co. Ltd.		135,000		18,610
United Bank Ltd.		53,000		49,664
TOTAL PAKISTAN			$	776,149
PAPUA NEW GUINEA – 0.2%
Oil Search Ltd.		107,164		820,697
PERU – 0.3%
Alicorp SA		41,600		112,488
BBVA Banco Continental SA		25,099		63,211
Cia de Minas Buenaventura SA ADR		7,700		317,779
Cia Minera Milpo SAA		34,893		66,998
Credicorp Ltd.		2,500		327,275
Ferreyros SA		62,587		69,212
Grana y Montero SA		46,300		157,110
Luz del Sur SAA		12,200		34,329
Minsur SA		35,670		38,500
Sociedad Minera el Brocal SA		4,000		79,682
Volcan Cia Minera SAA		41,904		50,466
TOTAL PERU			$	1,317,050
PHILIPPINES – 0.4%
Aboitiz Equity Ventures, Inc.		274,600		331,705
Aboitiz Power Corp.		88,400		71,189
Alliance Global Group, Inc.		135,000		39,522
Ayala Corp.		8,520		86,774
Ayala Land, Inc.		178,200		90,535
Bank of the Philippine Islands		34,945		61,001
BDO Unibank, Inc.		52,400		82,162
Energy Development Corp.		411,750		57,540
Jollibee Foods Corp.		47,600		126,385
Manila Electric Co		10,710		66,918
Metropolitan Bank & Trust		27,813		60,211

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

38 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Philex Mining Corp.		216,150	$	127,734
Philippine Long Distance Telephone Co		1,800		110,336
San Miguel Corp.		23,000		61,232
Semirara Mining Corp.		9,690		57,837
SM Investments Corp.		5,010		82,946
SM Prime Holdings, Inc.		160,600		63,525
TOTAL PHILIPPINES			$	1,577,552
POLAND – 0.7%
*AmRest Holdings SE		2,700		59,937
Asseco Poland SA		7,073		105,042
Bank Pekao SA		4,050		190,986
*Bioton SA		1,701,800		43,175
*BRE Bank SA		780		71,462
Budimex SA		2,780		69,912
*Cyfrowy Polsat SA		22,930		101,150
Eurocash SA		10,410		127,100
*Get Bank SA		52,683		31,744
*Getin Holding SA		18,000		13,072
Grupa Kety SA		450		17,111
*Grupa Lotos SA		2,600		23,376
ING Bank Slaski SA		2,000		51,343
*Jastrzebska Spolka Weglowa SA		2,850		83,648
KGHM Polska Miedz SA		4,200		184,873
LPP SA		90		81,058
Lubelski Wegiel Bogdanka SA		1,500		60,413
*Netia SA		21,500		41,114
*Orbis SA		2,900		35,187
PBG SA		1,090		8,766
PGE SA		34,980		209,438
Polimex-Mostostal SA		47,700		15,430
*Polish Energy Partners SA		4,100		29,255
*Polski Koncern Naftowy Orlen SA		11,150		130,089
Polskie Gornictwo Naftowe i Gazownictwo SA		61,300		79,315
Powszechna Kasa Oszczednosci Bank Polski SA		26,300		281,908
Powszechny Zaklad Ubezpieczen SA		2,360		238,597
*Rovese SA		13,950		18,581
Synthos SA		34,800		67,320
Tauron Polska Energia SA		70,360		104,202
Telekomunikacja Polska SA		38,120		199,467
TVN SA		14,650		44,508
TOTAL POLAND			$	2,818,579
PORTUGAL – 0.1%
*,12Banco Espirito Santo SA		16,030		13,580
Cimpor Cimentos de Portugal SGPS SA		14,732		107,644
Galp Energia SGPS SA		1,350		21,247
Jeronimo Martins SGPS SA		5,853		109,628

Description	Number of Shares		Value
Portugal Telecom SGPS SA		8,127	$	43,741
TOTAL PORTUGAL			$	295,840
QATAR – 0.4%
Barwa Real Estate Co		3,607		27,641
Commercial Bank of Qatar QSC		3,008		59,485
Doha Bank QSC		2,658		42,489
Gulf International Services QSC		5,500		39,201
Industries Qatar QSC		8,430		338,047
Masraf Al Rayan		21,290		156,422
Omani Qatari Telecommunications Co SAOG		14,700		21,038
Qatar Electricity & Water Co		2,230		87,097
Qatar Fuel Co		610		39,892
Qatar Gas Transport Co Nakilat		15,550		70,685
Qatar International Islamic Bank		1,680		23,487
Qatar Islamic Bank		3,500		74,406
Qatar National Bank SAQ		8,188		300,007
Qatar National Cement Co		1,220		35,687
Qatar Navigation		2,703		51,746
Qatar Telecom Qtel QSC		5,130		197,403
TOTAL QATAR			$	1,564,733
ROMANIA – 0.1%
*Antibiotice		159,827		18,370
*Banca Transilvania		239,637		88,570
Biofarm Bucuresti		481,487		27,434
*BRD-Groupe Societe Generale		66,400		206,989
OMV Petrom SA		1,688,500		201,980
Transelectrica SA		2,450		11,029
TOTAL ROMANIA			$	554,372
RUSSIA – 1.8%
Federal Hydrogenerating Co JSC ADR		67,760		235,805
Gazprom Neft JSC ADR		12,600		308,700
Gazprom OAO ADR		160,831		1,844,732
Globaltrans Investment PLC GDR		8,080		158,206
LSR Group GDR		27,240		145,734
Lukoil OAO ADR		9,610		589,574
12Magnit OJSC GDR		4,800		140,544
*Mail.ru Group Ltd. GDR		2,090		90,392
*,12Mechel ADR		8,700		75,603
MMC Norilsk Nickel OJSC ADR		14,210		251,659
MMC Norilsk Nickel OJSC ADR		15,900		282,066
Mobile Telesystems OJSC ADR		28,700		561,372
NovaTek OAO GDR		1,000		127,100
Novolipetsk Steel OJSC GDR		2,800		60,480
*Pharmstandard OJSC GDR		5,700		99,750
*Rosneft Oil Co. GDR		25,500		181,943
*Rostelecom OJSC ADR		8,766		240,977

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 39

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Sberbank of Russia ADR		64,630	$	834,373
Severstal OAO GDR		5,880		79,556
12Sistema JSFC GDR		5,500		104,500
Surgutneftegas OJSC ADR		10,000		66,638
Tatneft ADR		4,000		148,000
TMK OAO GDR		4,860		65,173
VimpelCom Ltd. ADR		20,100		204,819
*VTB Bank OJSC GDR		42,550		183,139
*X5 Retail Group NV GDR		6,100		154,208
TOTAL RUSSIA			$	7,235,043
SINGAPORE – 1.0%
CapitaLand Ltd.		58,000		137,794
City Developments Ltd.		5,000		40,970
ComfortDelGro Corp. Ltd.		8,000		9,891
Cosco Corp. Singapore Ltd.		5,000		4,182
DBS Group Holdings Ltd.		83,000		936,307
Fraser And Neave Ltd.		20,000		113,778
*Genting Singapore PLC		92,000		128,614
*Global Logistic Properties Ltd.		17,000		28,299
Golden Agri-Resources Ltd.		390,040		231,660
Hi-P International Ltd.		7,000		5,063
Hutchison Port Holdings Trust		59,000		46,020
Jardine Cycle & Carriage, Ltd.		3,335		127,121
Keppel Corp. Ltd.		122,400		1,092,945
*Neptune Orient Lines, Ltd.		16,000		15,968
Olam International Ltd.		7,000		12,840
Oversea-Chinese Banking Corp.		11,000		79,645
Overseas Union Enterprise Ltd.		8,000		15,192
SembCorp. Industries Ltd.		25,000		102,020
SembCorp. Marine Ltd.		18,000		73,891
Singapore Airlines Ltd.		17,000		146,990
Singapore Exchange, Ltd.		7,000		37,899
Singapore Land Ltd.		2,000		9,632
Singapore Press Holdings, Ltd.		8,000		25,665
Singapore Technologies Engineering Ltd.		9,000		21,891
Singapore Telecommunications, Ltd.		82,000		206,740
STX OSV Holdings Ltd.		170,000		219,798
SunVic Chemical Holdings Ltd.		33,000		9,067
United Industrial Corp. Ltd.		9,000		20,145
UOL Group Ltd.		43,000		157,058
Venture Corp. Ltd.		5,000		34,747
Wilmar International Ltd.		28,000		110,190
TOTAL SINGAPORE			$	4,202,022
SLOVENIA – 0.1%
*Gorenje DD		2,600		18,241
Krka DD Novo mesto		4,070		255,904

Description	Number of Shares		Value
*Luka Koper		1,120	$	14,603
Mercator Poslovni Sistem		422		74,294
Nova Kreditna Banka Maribor DD		11,800		51,545
Petrol DD Ljubljana		210		53,232
*Sava DD		100		1,059
Telekom Slovenije DD		400		36,852
TOTAL SLOVENIA			$	505,730
SOUTH AFRICA – 1.7%
ABSA Group Ltd.		4,900		100,857
Aeci Ltd.		3,000		34,306
African Bank Investments Ltd.		19,710		98,508
African Rainbow Minerals Ltd.		2,100		48,898
Anglo American Platinum Ltd.		900		58,353
AngloGold Ashanti Ltd.		6,130		208,646
ArcelorMittal South Africa Ltd.		2,610		19,810
*Aspen Pharmacare Holdings Ltd.		7,432		120,180
Astral Foods Ltd.		16,800		265,831
Aveng Ltd.		17,400		88,999
AVI Ltd.		12,300		76,268
Barloworld Ltd.		10,400		131,115
Bidvest Group Ltd.		8,625		203,993
Discovery Holdings Ltd.		7,999		52,995
Exxaro Resources Ltd.		2,300		61,248
FirstRand Ltd.		64,690		210,298
Foschini Group Ltd.		4,400		72,894
Gold Fields Ltd.		12,790		162,727
Grindrod Ltd.		29,600		59,213
Harmony Gold Mining Co. Ltd.		8,390		81,640
Impala Platinum Holdings Ltd.		9,300		181,015
Imperial Holdings Ltd.		3,900		84,699
Investec Ltd.		3,500		20,095
JSE Ltd.		2,600		27,494
12Kumba Iron Ore Ltd.		1,490		105,328
Liberty Holdings Ltd.		2,800		31,766
Massmart Holdings Ltd.		3,274		70,380
MMI Holdings Ltd.		22,679		51,086
MTN Group Ltd.		58,860		1,028,962
*Murray & Roberts Holdings Ltd.		26,380		97,024
Naspers Ltd.		6,271		377,913
Nedbank Group Ltd.		19,600		427,333
Netcare Ltd.		31,200		56,393
Pick n Pay Stores Ltd.		8,300		48,081
Pretoria Portland Cement Co. Ltd.		10,421		41,532
Remgro Ltd.		9,190		155,654
Reunert Ltd.		14,450		133,842
RMB Holdings Ltd.		13,000		56,192
RMI Holdings		13,000		29,099

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

40 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Sanlam Ltd.		29,000	$	124,754
Sasol Ltd.		7,980		379,210
12Shoprite Holdings Ltd.		6,320		109,272
Standard Bank Group Ltd.		19,740		291,401
*,12Steinhoff International Holdings Ltd.		24,400		89,020
Telkom SA Ltd.		71,800		219,649
Tiger Brands Ltd.		3,590		131,623
Truworths International Ltd.		7,400		79,014
Vodacom Group Ltd.		10,220		142,124
Wilson Bayly Holmes-Ovcon Ltd.		2,800		48,970
Woolworths Holdings Ltd.		18,580		116,188
TOTAL SOUTH AFRICA			$	6,911,892
SOUTH KOREA – 2.5%
Amorepacific Corp.		30		28,802
BS Financial Group, Inc.		19,015		196,018
Cheil Industries, Inc.		890		76,390
*Daewoo Engineering & Construction Co. Ltd.		4,364		36,491
Daewoo International Corp.		1,379		40,023
DGB Financial Group, Inc.		12,200		143,037
Doosan Heavy Industries & Construction Co. Ltd.		1,030		48,578
*Doosan Infracore Co. Ltd.		2,200		41,172
E-Mart Co. Ltd.		221		52,506
Hana Financial Group, Inc.		3,860		132,694
*Hanjin Shipping Co. Ltd.		1,497		20,598
Honam Petrochemical Corp.		200		48,136
Hyosung Corp.		1,650		84,535
Hyundai Department Store Co. Ltd.		430		60,688
Hyundai Heavy Industries Co. Ltd.		557		139,481
*Hyundai Merchant Marine Co. Ltd.		1,180		30,019
Hyundai Mobis		2,932		797,779
Hyundai Motor Co.		1,619		384,649
*Hyundai Securities Co. Ltd.		2,330		19,256
Hyundai Steel Co		1,290		112,549
KB Financial Group, Inc.		5,173		176,229
KCC Corp.		120		30,899
Kia Motors Corp.		2,955		218,071
*Korea Electric Power Corp.		6,940		133,258
Korea Exchange Bank		24,650		187,363
Korea Zinc Co. Ltd.		200		64,772
*Korean Air Lines Co. Ltd.		800		31,501
KT Corp.		4,331		112,670
KT Corp. ADR		55,096		707,984
KT&G Corp.		1,400		96,131
LG Chem Ltd.		528		132,920
LG Corp.		830		42,303
*LG Display Co. Ltd.		2,660		58,608

Description	Number of Shares		Value
LG Electronics, Inc.		1,070	$	66,465
LG Uplus Corp.		5,860		29,089
Lotte Shopping Co. Ltd.		190		59,011
Macquarie Korea Infrastructure Fund		5,769		28,280
*Mirae Asset Securities Co. Ltd.		388		11,879
NHN Corp.		380		86,079
OCI Co. Ltd.		270		51,127
POSCO		1,054		350,206
Samsung C&T Corp.		1,650		112,129
Samsung Card Co. Ltd.		1,000		30,705
Samsung Electro-Mechanics Co. Ltd.		470		45,539
Samsung Electronics Co. Ltd.		1,995		2,453,755
*,6,7Samsung Electronics Co. Ltd. GDR		1,071		654,381
Samsung Fire & Marine Insurance Co. Ltd.		630		120,411
Samsung Heavy Industries Co. Ltd.		1,680		61,990
Samsung Life Insurance Co. Ltd.		1,080		95,565
*Samsung Securities Co. Ltd.		1,240		55,081
Shinhan Financial Group Co. Ltd.		6,950		242,916
SK Holdings Co. Ltd.		320		34,403
*SK Hynix, Inc.		3,690		91,587
SK Innovation Co. Ltd.		800		111,846
SK Telecom Co. Ltd.		3,630		433,624
S-Oil Corp.		740		64,104
Woongjin Coway Co. Ltd.		1,510		48,368
Woori Finance Holdings Co. Ltd.		5,090		53,822
*Woori Investment & Securities Co. Ltd.		2,168		21,486
TOTAL SOUTH KOREA			$	9,899,958
SPAIN – 1.0%
Abertis Infraestructuras SA		1,790		27,698
Acciona SA		1,219		74,870
Amadeus IT Holding SA		2,020		41,285
Banco Bilbao Vizcaya Argentaria SA		9,348		63,181
Banco de Sabadell SA		40,280		95,120
Banco Espanol de Credito SA		6,527		24,563
Banco Popular Espanol SA		37,970		121,380
*Banco Santander SA		4,430		27,678
Banco Santander SA		160,629		1,003,586
12Banco Santander SA ADR		5,461		34,568
*Bankia SA		6,850		23,512
12CaixaBank		20,214		69,676
*,12Distribuidora Internacional de Alimentacion SA		3,647		17,476
*EDP Renovaveis SA		11,782		50,187
Enagas SA		1,069		18,785
Ferrovial SA		37,419		416,659
Gamesa Corp. Tecnologica SA		1,166		3,167
*Grifols SA		24,739		623,011
Iberdrola SA		45,513		211,884

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
12Inditex SA		7,020	$	631,415
Mapfre SA		18,468		53,366
Red Electrica Corp. SA		1,048		45,626
Repsol YPF SA		16,630		318,089
Telefonica SA		8,800		128,250
TOTAL SPAIN			$	4,125,032
SWEDEN –1.7%
ALFA Laval AB		2,389		47,629
12Assa Abloy AB		2,056		59,924
Atlas Copco AB		5,601		133,331
Atlas Copco AB		2,330		48,914
Bilia AB		2,140		41,072
Boliden AB		18,444		295,266
*CDON Group AB		191		1,407
Concentric AB		19,393		174,561
Electrolux AB		114		2,546
Getinge AB		1,939		52,042
*Hennes & Mauritz AB-B Shares		10,491		360,402
Hexagon AB		2,016		40,942
Holmen AB		2,937		77,999
Investment AB Kinnevik		645		13,118
12Investor AB		88		1,754
*Lundin Petroleum AB		7,686		152,890
Modern Times Group AB		191		9,287
Nordea Bank AB		33,779		299,530
Ratos AB		424		4,965
12Saab AB		16,098		268,249
Sandvik AB		8,871		140,562
Scania AB-B Shares		1,889		38,616
Skandinaviska Enskilda Banken AB		34,304		231,507
12SKF AB		2,911		69,080
SSAB AB		1,865		16,482
SSAB AB		4,875		49,756
Svenska Cellulosa AB		17,620		279,192
Swedbank AB		27,776		459,951
12Swedish Match AB		37,610		1,528,730
Tele2 AB		1,876		35,754
*Telefonaktiebolaget LM Ericsson		124		1,225
*,12Telefonaktiebolaget LM Ericsson		30,032		297,581
*,12Telefonaktiebolaget LM Ericsson ADR		24,700		246,876
TeliaSonera AB		121,920		815,001
TEO LT AB		59,800		51,215
Trelleborg AB		5,775		66,374
Volvo AB-B Shares		23,358		323,891
TOTAL SWEDEN			$	6,737,621

Description	Number of Shares		Value
SWITZERLAND – 5.8%
*ABB Ltd.		44,607	$	812,868
*Actelion Ltd.		590		24,961
*Adecco SA		24,871		1,211,148
*Aryzta AG		536		26,988
Baloise Holding AG		4,451		344,497
Cie Financiere Richemont SA		11,804		729,580
Credit Suisse Group AG		35,261		843,404
*GAM Holding AG		1,598		20,511
*Geberit AG		219		46,302
*Givaudan SA		173		167,921
12Glencore International PLC		6,543		45,193
Helvetia Holding AG		600		214,841
*Holcim, Ltd.		14,984		932,734
*Inficon Holding AG		363		82,226
*Julius Baer Group Ltd.		26,190		1,002,702
Kuehne + Nagel International AG		396		48,123
*Lindt & Spruengli AG		1		39,178
*Lindt & Spruengli AG		4		13,045
*Lonza Group AG		974		43,922
*Luzerner Kantonalbank AG		73		26,541
Nestle SA		44,419		2,720,979
Novartis AG ADR		1,473		81,265
Novartis AG		12,011		662,315
Pargesa Holding SA		102		6,827
Partners Group Holding AG		162		30,824
*PSP Swiss Property AG		1,723		154,712
*Rieter Holding AG		1,183		205,932
Roche Holding AG		25,767		4,706,846
Schindler Holding AG		380		49,151
Schindler Holding AG		125		15,975
SGS SA		43		83,049
Sika AG		12		25,424
*Sonova Holding AG		261		28,813
STMicroelectronics NV		63,773		361,724
Straumann Holding AG		45		7,467
Sulzer AG		170		24,442
Swatch Group AG		712		328,368
Swatch Group AG		250		19,942
*Swiss Life Holding AG		3,385		346,276
*Swiss Re AG		18,492		1,159,251
Syngenta AG		3,600		1,264,055
6,7Synthes, Inc.		529		91,212
*UBS AG		165,266		2,062,980
Wolseley PLC		2,034		77,342
*Zurich Financial Services AG		8,693		2,126,200
TOTAL SWITZERLAND			$	23,318,056

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

42 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
TAIWAN – 1.9%
Acer, Inc.		28,870	$	33,112
Advanced Semiconductor Engineering, Inc.		79,661		80,592
Asia Cement Corp.		40,146		48,312
Asustek Computer, Inc.		7,700		77,768
AU Optronics Corp.		147,126		65,986
Catcher Technology Co. Ltd.		9,438		60,424
Cathay Financial Holding Co. Ltd.		124,403		131,607
Chang Hwa Commercial Bank		73,030		40,505
Cheng Shin Rubber Industry Co. Ltd.		28,000		69,692
*Chimei Innolux Corp.		68,389		28,331
China Airlines Ltd.		87,858		34,140
China Development Financial Holding Corp.		192,750		48,833
China Steel Corp.		144,242		143,459
Chinatrust Financial Holding Co. Ltd.		189,047		120,709
Chipbond Technology Corp.		175,000		237,260
Chunghwa Telecom Co. Ltd.		89,024		278,576
Compal Electronics, Inc.		278,736		320,644
Delta Electronics, Inc.		22,888		68,017
D-Link Corp.		36,046		25,731
Epistar Corp.		10,099		24,549
Far Eastern Department Stores Co. Ltd.		47,001		50,688
Far Eastern New Century Corp.		43,000		48,508
Far EasTone Telecommunications Co. Ltd.		29,000		63,047
First Financial Holding Co. Ltd.		83,399		49,968
Formosa Chemicals & Fibre Corp.		54,950		159,346
Formosa Petrochemical Corp.		28,990		90,220
Formosa Plastics Corp.		67,040		190,503
Foxconn Technology Co. Ltd.		19,000		67,001
Fubon Financial Holding Co. Ltd.		118,402		123,435
Gemtek Technology Corp.		1		1
Gigabyte Technology Co. Ltd.		252,000		218,279
Hiwin Technologies Corp.		51,000		483,661
Hon Hai Precision Industry Co. Ltd.		224,934		711,571
Hotai Motor Co. Ltd.		13,000		82,784
HTC Corp.		9,465		143,554
Hua Nan Financial Holdings Co. Ltd.		88,815		49,260
Largan Precision Co. Ltd.		4,000		63,543
Lien Hwa Industrial Corp.		75,104		47,569
Lite-On Technology Corp.		33,892		41,366
MediaTek, Inc.		10,082		87,329
Mega Financial Holding Co. Ltd.		198,580		157,050
Motech Industries, Inc.		13,372		19,617
Nan Kang Rubber Tire Co. Ltd.		57,166		83,963
Nan Ya Plastics Corp.		84,730		174,632
Novatek Microelectronics Corp.		10,145		30,739
Pegatron Corp.		42,990		62,258

Description	Number of Shares		Value
Pou Chen Corp.		96,157	$	82,467
President Chain Store Corp.		12,496		67,168
Quanta Computer, Inc.		44,571		117,194
Realtek Semiconductor Corp.		34,826		75,593
*Shin Kong Financial Holding Co. Ltd.		223,586		66,291
Siliconware Precision Industries Co		36,000		42,707
Sino-American Silicon Products, Inc.		13,657		23,753
SinoPac Financial Holdings Co. Ltd.		126,203		42,992
Synnex Technology International Corp.		23,941		56,147
Tainan Spinning Co. Ltd.		113,464		48,364
Taishin Financial Holding Co. Ltd.		90,799		35,128
Taiwan Cement Corp.		62,057		74,043
*Taiwan Cooperative Financial Holding		49,343		30,324
Taiwan Fertilizer Co. Ltd.		16,000		38,345
Taiwan Mobile Co. Ltd.		38,874		125,372
Taiwan Prosperity Chemical Corp.		85,200		204,187
Taiwan Semiconductor Manufacturing Co. Ltd.		219,911		653,518
*Tatung Co. Ltd.		245,916		67,355
TSRC Corp.		17,000		41,149
Tung Ho Steel Enterprise Corp.		37,476		35,669
Uni-President Enterprises Corp.		86,366		134,390
United Microelectronics Corp.		131,000		68,620
Walsin Lihwa Corp.		120,000		34,962
Wistron Corp.		30,496		45,783
*Yuanta Financial Holding Co. Ltd.		204,172		97,862
Yulon Motor Co. Ltd.		49,640		79,537
Zinwell Corp.		22,435		24,733
TOTAL TAIWAN			$	7,651,792
THAILAND – 0.9%
Advanced Info Service PCL		50,400		299,941
Airports of Thailand PCL		24,300		48,995
Bangkok Bank PCL		15,200		95,896
Bangkok Dusit Medical Services PCL		20,600		61,633
Bangkok Expressway PCL		50,500		38,429
Bank of Ayudhya PCL		79,700		73,220
Banpu PCL		2,900		52,813
BEC World PCL		41,700		69,839
Berli Jucker PCL		32,200		44,766
Big C Supercenter PCL		12,200		74,589
Bumrungrad Hospital PCL		16,000		31,740
*CalComp Electronics Thailand PCL		211,500		19,809
Central Pattana PCL		44,600		72,883
Charoen Pokphand Foods PCL		91,300		120,991
*CP ALL PCL		67,200		167,180
Electricity Generating PCL		15,300		49,259
*Glow Energy PCL		22,100		48,333
*Hana Microelectronics PCL		131,800		96,010

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 43

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Indorama Ventures PCL		46,100	$	51,722
IRPC PCL		269,900		38,269
Kasikornbank PCL		33,300		176,517
Krung Thai Bank PCL		736,000		430,829
PTT Exploration & Production PCL		32,100		185,293
PTT Global Chemical PCL		23,681		52,945
PTT PCL		21,900		249,980
Quality Houses PCL		838,700		51,004
Ratchaburi Electricity Generating Holding PCL		46,000		62,455
Siam Cement PCL		6,500		88,358
Siam City Cement PCL		4,600		49,216
Siam Commercial Bank PCL		34,900		175,919
Siam Makro PCL		3,300		41,102
*Thai Airways International PCL		46,000		40,016
Thai Beverage PCL		440,000		117,333
Thai Oil PCL		25,600		56,195
Thai Union Frozen Products PCL		17,220		40,740
TMB Bank PCL		546,200		30,196
Total Access Communication PCL		28,400		76,195
*True Corp. PCL		317,500		36,138
TOTAL THAILAND			$	3,516,748
TOGO – 0.0%**
Ecobank Transnational, Inc.		281,039		20,897
TURKEY – 0.8%
Akbank TAS		43,103		160,018
Akcansa Cimento AS		4,900		21,762
*Akenerji Elektrik Uretim AS		15,852		19,225
Anadolu Efes Biracilik Ve Malt Sanayii AS		7,963		112,219
Arcelik AS		13,520		59,276
*Asya Katilim Bankasi AS		40,000		40,769
BIM Birlesik Magazalar AS		4,300		179,345
Cimsa Cimento Sanayi VE Tica		42,100		188,416
*Dogan Sirketler Grubu Holding AS		85,907		40,599
Dogus Otomotiv Servis ve Ticaret AS		13,000		33,236
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		19,500		23,872
Enka Insaat ve Sanayi AS		37,391		117,096
*Eregli Demir ve Celik Fabrikalari TAS		31,733		41,558
Eregli Demir ve Celik Fabrikalari TAS		72,582		100,426
Haci Omer Sabanci Holding AS		31,548		131,132
*Ihlas Holding AS		53,700		34,857
*Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS		68,862		37,641
KOC Holding AS		51,074		189,610
Koza Altin Isletmeleri AS		2,800		60,584
*Petkim Petrokimya Holding AS		24,518		29,177
*TAV Havalimanlari Holding AS		6,700		35,250

Description	Number of Shares		Value
Tekfen Holding AS		18,500	$	67,416
Tofas Turk Otomobil Fabrikasi AS		14,700		65,119
Tupras Turkiye Petrol Rafinerileri AS		15,836		330,921
*Turk Hava Yollari		31,080		47,604
Turk Sise ve Cam Fabrikalari AS		1		2
Turk Telekomunikasyon AS		34,827		152,693
*Turkcell Iletisim Hizmetleri AS		49,268		246,305
*Turkiye Garanti Bankasi AS		71,423		262,715
Turkiye Halk Bankasi AS		8,554		59,908
Turkiye Is Bankasi		52,992		121,297
Turkiye Sinai Kalkinma Bankasi AS		37,500		48,683
Turkiye Vakiflar Bankasi Tao		41,240		73,968
Ulker Biskuvi Sanayi AS		23,881		72,340
*Yapi ve Kredi Bankasi AS		28,578		52,885
Yazicilar Holding AS		9,580		66,003
TOTAL TURKEY			$	3,323,927
UNITED ARAB EMIRATES – 0.4%
*,10Aabar Investments PJSC		83,600		16,502
*Abu Dhabi Commercial Bank PJSC		216,270		194,310
Abu Dhabi National Hotels		50,000		27,226
Air Arabia PJSC		414,500		66,696
Aldar Properties PJSC		193,170		60,481
*Arabtec Holding Co		34,375		31,914
*Dana Gas PJSC		469,700		57,546
DP World Ltd.		27,130		310,910
*Dubai Financial Market		144,800		44,548
Dubai Islamic Bank PJSC		65,548		35,157
Emaar Properties PJSC		275,260		245,062
Emirates NBD PJSC		52,030		40,089
First Gulf Bank PJSC		35,998		88,208
*Gulf Cement Co PSC		65,000		17,697
National Bank of Abu Dhabi PJSC		89,654		212,605
*National Central Cooling Co PJSC		36,199		12,615
Surgutneftegas OJSC ADR		18,070		179,977
Union National Bank PJSC		86,416		69,171
*Union Properties PJSC		65,340		7,987
TOTAL UNITED ARAB EMIRATES			$	1,718,701
UNITED KINGDOM – 15.7%
Aberdeen Asset Management PLC		112,461		517,425
Admiral Group PLC		43,317		851,325
Aggreko PLC		8,188		299,120
AMEC PLC		1,893		34,869
Anglo American PLC		32,590		1,252,445
Antofagasta PLC		3,000		57,499
ARM Holdings PLC		49,781		423,338
Ashtead Group PLC		32,072		129,344

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

44 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Associated British Foods PLC		2,442	$	48,311
AstraZeneca PLC		17,400		762,298
Aviva PLC		88,098		440,505
Babcock International Group PLC		2,062		27,809
BAE Systems PLC		78,900		377,995
Balfour Beatty PLC		1,949		8,256
Barclays PLC		62,900		222,791
Barclays PLC ADR		56,612		806,155
BG Group PLC		133,539		3,143,534
BHP Billiton PLC		26,096		836,226
Bodycote PLC		39,653		273,757
BP PLC		218,849		1,580,509
BP PLC ADR		49,498		2,148,708
British American Tobacco PLC		60,790		3,116,550
British Sky Broadcasting Group PLC		8,584		94,452
BT Group PLC		243,213		832,051
Bunzl PLC		1,926		31,976
Burberry Group PLC		3,102		74,759
*Cairn Energy PLC		3,227		18,005
Capita PLC		4,252		45,751
Carnival PLC ADR		4,546		147,836
Carnival PLC		1,943		63,161
*Centamin PLC		436,020		485,426
Centrica PLC		13,843		68,948
Chesnara PLC		14,191		40,534
Cineworld Group PLC		23,402		77,098
Cobham PLC		6,837		25,132
Compass Group PLC		14,506		151,609
Computacenter PLC		25,600		172,376
Cookson Group PLC		17,900		210,757
Croda International PLC		14,742		534,002
Dairy Crest Group PLC		68,730		335,742
Devro PLC		15,685		78,478
Diageo PLC		41,809		1,052,383
Diploma PLC		5,228		38,910
Drax Group PLC		39,739		350,194
*EnQuest PLC		53,836		110,699
*Evraz PLC		13,160		78,894
Experian PLC		7,508		118,497
Fenner PLC		4,035		29,520
Fresnillo PLC		35,233		892,003
G4S PLC		8,338		37,835
GKN PLC		59,265		195,921
GlaxoSmithKline PLC		73,081		1,690,097
GlaxoSmithKline PLC ADR		16,731		773,474
Greene King PLC		7,380		61,143
Home Retail Group PLC		108,645		187,957

Description	Number of Shares		Value
Homeserve PLC		42,753	$	175,194
HSBC Holdings PLC		30,668		276,280
HSBC Holdings PLC ADR		44,512		2,010,607
ICAP PLC		144,266		888,990
IG Group Holdings PLC		6,661		50,051
Imperial Tobacco Group PLC		51,709		2,067,756
Inmarsat PLC		2,496		17,815
InterContinental Hotels Group PLC		1,698		40,426
Intermediate Capital Group PLC		6,986		29,115
*International Consolidated Airlines Group SA		18,643		53,371
International Power PLC		12,039		81,474
Intertek Group PLC		1,153		47,061
Invensys PLC		4,513		16,267
Investec PLC		2,473		14,256
ITV PLC		21,905		29,755
J Sainsbury PLC		40,780		203,774
John Wood Group PLC		5,683		72,031
Johnson Matthey PLC		1,263		47,431
Kazakhmys PLC		24,269		339,115
Kingfisher PLC		77,137		363,664
Ladbrokes PLC		5,720		16,654
*Lloyds Banking Group PLC		311,460		156,746
*Lloyds Banking Group PLC ADR		114,884		225,173
Logica PLC		122,500		154,870
London Stock Exchange Group PLC		2,311		40,806
Lonmin PLC		941		15,913
Man Group PLC		6,774		11,378
Marks & Spencer Group PLC		1,189		6,889
Marston’s PLC		172,386		272,911
Meggitt PLC		6,123		40,593
Melrose PLC		37,376		265,134
Micro Focus International PLC		12,176		92,005
Mondi PLC		34,720		322,024
Morgan Crucible Co PLC		2,625		13,845
New World Resources PLC		20,470		137,335
Next PLC		1,099		52,241
Old Mutual PLC		173,262		415,595
Pace PLC		24,555		28,991
Paragon Group of Cos PLC		46,188		134,926
Pearson PLC		8,482		159,679
Pennon Group PLC		9,546		114,023
Petrofac Ltd.		2,059		57,976
*Premier Foods PLC		67,000		17,669
Prudential PLC		132,510		1,622,559
Randgold Resources Ltd.		10,242		901,731
Reckitt Benckiser Group PLC		11,420		664,798
Reed Elsevier PLC		6,275		51,937

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Resolution Ltd.		235,545	$	855,514
Rexam PLC		7,157		49,945
Rio Tinto PLC		31,174		1,736,583
*Rolls-Royce Holdings PLC		134,734		1,800,666
*Royal Bank of Scotland Group PLC ADR		18,461		146,211
*Royal Bank of Scotland Group PLC		139,951		55,124
Royal Dutch Shell PLC		22,773		810,497
Royal Dutch Shell PLC ADR		36,981		2,712,926
SABMiller PLC		37,672		1,582,556
Sage Group PLC		11,594		53,832
Schroders PLC		648		14,912
Serco Group PLC		2,809		24,731
Severn Trent PLC		1,386		38,014
Shire PLC		27,669		902,572
Smith & Nephew PLC		6,948		68,388
Smiths Group PLC		2,301		39,957
SSE PLC		4,192		89,870
Standard Chartered PLC		96,903		2,368,397
Tate & Lyle PLC		40,241		450,946
TESCO PLC		133,629		688,227
Thomas Cook Group PLC		70,000		25,561
Travis Perkins PLC		3,143		53,558
TUI Travel PLC		3,596		11,147
Tullow Oil PLC		53,289		1,326,647
Unilever PLC		26,987		921,056
Vedanta Resources PLC		33,821		667,989
Vodafone Group PLC		131,900		364,974
Vodafone Group PLC ADR		89,009		2,477,120
Weir Group PLC		1,346		37,244
Whitbread PLC		1,014		31,711
William Hill PLC		68,794		314,172
WM Morrison Supermarkets PLC		174,960		796,744
WPP PLC		87,180		1,179,274
Xstrata PLC		54,978		1,050,612
TOTAL UNITED KINGDOM			$	63,030,900
UNITED STATES – 0.3%
Boart Longyear Ltd.		48,400		211,303
Brookfield Office Properties, Inc.		2,569		46,525
CTC Media, Inc.		10,700		115,881
Mercadolibre, Inc.		1,800		174,132
Oracle Corp. Japan		100		3,870
Philip Morris CR AS		160		92,936
*ResMed, Inc.		10,275		35,009
*Sociedad Minera Cerro Verde SAA		1,400		56,420
Southern Copper Corp.		5,659		186,068
Transocean Ltd.		2,771		139,631

Description	Number of Shares		Value
Transportadora de Gas del Sur SA ADR		10,400	$	28,600
TOTAL UNITED STATES			$	1,090,375
TOTAL COMMON STOCKS (COST $358,227,974)			$	374,632,012
INVESTMENT COMPANIES – 1.9%
*Dragon Capital – Vietnam Enterprise Investments Ltd.		101,745		215,699
iShares MSCI EAFE Index Fund		4,910		263,912
Vanguard MSCI Emerging Markets ETF		2,020		85,911
WisdomTree Emerging Markets Equity, Income Fund		124,000		7,030,800
TOTAL INVESTMENT COMPANIES (COST $7,744,959)			$	7,596,322
PREFERRED STOCKS – 1.5%
BRAZIL – 1.1%
AES Tiete SA		3,080		42,819
Banco Bradesco SA		16,793		267,821
Banco do Estado do Rio Grande do Sul		13,900		119,956
Banco Industrial e Comercial SA		39,700		123,298
Bradespar SA		1,900		34,409
Braskem SA		3,300		23,112
Centrais Eletricas Brasileiras SA, Series B		13,600		162,317
Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,423		65,725
Cia de Bebidas das Americas		9,935		416,132
Cia Energetica de Minas Gerais ADR		15,871		391,538
Cia Energetica de Minas Gerais		9,010		177,492
Cia Energetica de Sao Paulo		4,100		77,971
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		11,560		176,843
Gerdau SA		9,900		92,448
Itau Unibanco Holding SA		19,200		301,273
Itau Unibanco Holding SA ADR		24,949		391,450
Itausa – Investimentos Itau SA		28,817		135,909
Lojas Americanas SA		8,857		82,708
Marcopolo SA		8,000		43,061
Metalurgica Gerdau SA		3,500		42,581
Petroleo Brasileiro SA		52,459		580,141
Telefonica Brasil SA		4,510		128,428
Usinas Siderurgicas de Minas Gerais SA		4,300		24,657
Vale SA		24,741		535,407
TOTAL BRAZIL			$	4,437,496
CHILE – 0.1%
Embotelladora Andina SA		10,300		54,568
Sociedad Quimica y Minera de Chile SA		3,190		186,757
TOTAL CHILE			$	241,325

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

46 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
CROATIA – 0.0%**
Adris Grupa DD		579	$	22,276
GERMANY – 0.3%
Henkel AG & Co KGaA		5,493		408,634
Hugo Boss AG		516		57,586
Porsche Automobil Holding SE		4,244		259,063
Volkswagen AG		2,309		437,373
TOTAL GERMANY			$	1,162,656
UNITED KINGDOM – 0.0%**
*Rolls-Royce Holdings PLC		14,281,804		23,178
TOTAL UNITED KINGDOM			$	23,178
TOTAL PREFERRED STOCKS (COST $5,023,524)			$	5,886,931
MONEY MARKET FUND – 0.6%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		2,227,544		2,227,543
TOTAL MONEY MARKET FUND (COST $2,227,543)			$	2,227,543
RIGHTS – 0.0%**
BRAZIL – 0.0%**
CIA Brasileira De Distribuicao Group, Expire 6/4/2012 at $85.66		10		12
CIA De Bebidas Das Americas, Expire 6/4/2012 at $63.82		24		202
Itausa Investment, Expire 6/8/2012 at $8.50		349		90
TOTAL BRAZIL			$	304
THAILAND – 0.0%**
Thailand Union Frozen Products, Expire 5/21/2012 at $50.00		3,444		2,554
TOTAL RIGHTS (COST $0)			$	2,858
CALL WARRANTS – 1.6%
Citigroup Global Markets Holdings, Inc. –
Agility, Expire 3/17/2014		45,000		68,010
Al-Qurain Petrochemicals Co., Expire 11/2/2013		40,000		31,090
Boubyan Petrochemicals, Expire 10/4/2013		60,000		133,861
Boubyan Petrochemicals, Expire 10/4/2013		20,000		42,461
Commercial Bank of Kuwait, Expire 2/25/2014		29,000		81,396
Gulf Bank, Expire 10/4/2013		40,000		63,332
Gulf Cable and Electrical Industries Co., Expire 11/4/2013		20,000		93,559
Kuwait Finance House, Expire 1/14/2014		53,200		139,748
Kuwait Food Co., Expire 11/15/2013		9,600		46,981
Kuwait Real Estate Co., Expire 11/15/2013		120,000		24,613
Mebanee, Expire 7/27/2014		10,000		35,984

Description	Number of Shares		Value
10Mena Holdings, Expire 11/15/2013		35,000	$	2,050
Mobile Telecommunications Co., Expire 9/20/2013		78,500		209,032
National Industries Group Holdings, Expire 1/14/2014		148,000		119,295
National Investment co., Expire 10/4/2013		30,000		15,761
National Real Estate Bank for Development, Expire 3/28/2018		71,100		271,198
National Real Estate Bank for Development, Expire 11/4/2013		40,000		19,000
Sultan, Expire 3/11/2014		100,000		38,863
JPMorgan Chase Bank NA –
Fpt Corp., Expire 1/13/2015		29,400		83,496
Hagl JSC, Expire 3/3/2015		49,508		67,330
Hoa Phat Group JSC, Expire 3/3/2015		53,570		66,427
Kinh Do Corp., Expire 12/8/2014		21,700		46,004
Masan Group Corp., Expire 7/7/2016		9,630		50,558
Petrovietnam Fertilizer & Chemicals JSC, Expire 12/9/2014		24,830		42,708
Pha Lai Thermal Power JSC, Expire 1/13/2015		58,600		29,886
Saudi Pharmaceutical Industries Ltd., Expire 11/26/2012		2,270		27,783
Vietnam Joint Stock Commercial Bank For Industry And Trade, Expire 10/27/2016		88,828		93,269
Vingroup JSC, Expire 12/16/2014		19,841		95,634
Merrill Lynch International & Co. –
ABB Ltd., Expire 6/27/2012		2,560		39,486
Adani Ports And Special Economic Zone, Expire 11/23/2012		21,000		50,574
Aditya Birla Nuvo Ltd., Expire 6/11/2015		1,600		28,132
Axis Bank Ltd., Expire 3/16/2015		5,660		118,771
Bharat Heavy Electricals Ltd., Expire 8/17/2015		16,020		68,276
Bharti Airtel Ltd., Expire 6/29/2012		37,396		220,042
Bharti Airtel Ltd., Expire 2/8/2016		10,730		63,177
Burgan Bank, Expire 4/24/2013		30,000		46,959
Cairn India Ltd., Expire 11/14/2016		8,870		57,945
Cipla Ltd., Expire 9/9/2015		6,800		40,232
Coal India Ltd., Expire 11/2/2015		14,980		100,089
Colgate-Palmolive India Ltd., Expire 10/25/2012		2,500		52,572
Container Corp. of India, Expire 2/2/2015		2,500		42,377
Dlf Ltd., Expire 6/21/2012		11,800		41,820
Dr Reddy’s Laboratories Ltd., Expire 12/17/2015		1,700		56,832
Essar Oil Ltd., Expire 7/20/2012		5,730		5,911
Essar Oil Ltd., Expire 3/27/2017		38,560		39,778
Grasim Industries Ltd., Expire 4/18/2016		300		14,589
HDFC Bank Ltd., Expire 5/26/2015		22,505		231,516
Hero Motocorp Ltd., Expire 4/18/2016		2,200		93,492
Hindustan Unilever Ltd., Expire 12/14/2015		20,000		158,376
Housing Development Finance Corp., Expire 8/19/2015		19,470		248,696

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 47

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Idea Cellular Ltd., Expire 2/14/2017		47,390	$	70,545
Indian Oil Corp. Ltd., Expire 7/29/2016		9,200		46,328
Infrastructure Development Finance Co. Ltd., Expire 7/29/2015		32,000		73,392
ITC Ltd., Expire 8/4/2015		41,360		192,547
Jaiprakash Associates Ltd., Expire 6/15/2015		28,900		40,966
Jindal Steel & Power Ltd., Expire 10/8/2015		9,510		90,655
Kotak Mahindra Bank Ltd., Expire 3/27/2017		7,400		81,781
Larsen & Toubro Ltd., Expire 6/10/2014		3,690		85,846
Mahindra & Mahindra Ltd., Expire 12/10/2015		7,700		103,677
Maruti Suzuki India Ltd., Expire 11/30/2015		3,080		80,123
Nestle India Ltd., Expire 9/17/2015		1,500		132,848
NTPC Ltd., Expire 10/6/2014		54,303		167,226
Oil & Natural Gas Corp. Ltd., Expire 2/8/2016		38,498		197,144
Piramal Healthcare Ltd., Expire 2/5/2013		4,505		37,413
Power Grid Corp. of India Ltd., Expire 3/27/2017		27,390		57,757
Power Grid Corp. of India Ltd., Expire 9/27/2012		24,600		51,874
Punj Lloyd Ltd., Expire 3/27/2017		39,790		40,594
Punj Lloyd Ltd., Expire 6/25/2012		4,400		4,489
Ranbaxy Laboratories Ltd., Expire 10/26/2015		5,000		47,682
Reliance Capital Ltd., Expire 8/30/2016		3,100		19,361
Reliance Communications Ltd., Expire 12/28/2015		30,229		43,079
Reliance Power Ltd., Expire 2/4/2013		23,200		47,008
Sesa Goa Ltd., Expire 12/4/2014		4,700		16,791
Steel Authority of India Ltd., Expire 3/25/2014		32,680		58,687
Sterlite Industries India Ltd., Expire 6/24/2015		18,000		36,198
Sun Pharmaceutical Industries Ltd., Expire 2/2/2015		12,000		137,237
Suzlon Energy Ltd., Expire 8/15/2015		43,500		18,975
Tata Consultancy Services Ltd., Expire 8/6/2014		5,840		138,052
Tata Consultancy Services Ltd., Expire 12/14/2015		3,240		76,590
Tata Power Co. Ltd., Expire 9/17/2015		34,400		68,886
Tata Steel Ltd., Expire 12/23/2014		4,750		41,762
Ultratech Cement Ltd., Expire 6/10/2014		3,571		96,488
Unitech Ltd., Expire 7/7/2015		46,200		23,262
United Spirits Ltd., Expire 1/13/2016		2,200		32,588
TOTAL CALL WARRANTS (COST $7,092,100)			$	6,316,822
CERTIFICATES – 0.2%
HSBC Bank PLC –
Al Rajhi Bank, Expire 2/16/2015		3,200		66,555
Alinma Bank, Expire 6/4/2012		10,150		40,461
Almarai Co., Ltd., Expire 11/24/2014		2,782		49,701
Arab National Bank, Expire 6/4/2012		3,923		32,428
Banque Saudi Fransi, Expire 2/23/2015		4,125		42,237

Description	Number of Shares		Value
Etihad Etisalat Co., Expire 12/5/2014		4,700	$	86,786
Jarir Marketing Co., Expire 6/4/2012		650		27,644
National Industrialization Co., Expire 5/14/2012		4,802		46,096
Samba Financial, Expire 2/10/2015		1,750		24,031
Saudi Arabian Fertilizer Co., Expire 6/4/2012		1,100		54,116
Saudi Basic Industries Corp., Expire 2/23/2015		3,800		103,858
Saudi Electricity Co., Expire 6/25/2012		5,670		20,713
Saudi Industrial Investment Group, Expire 6/11/2012		5,750		37,410
Saudi Kayan Petrochemical Co., Expire 6/4/2012		5,500		26,251
Saudi Telecom Co., Expire 5/21/2012		3,600		40,797
Savola, Expire 2/2/2015		2,800		26,281
TOTAL CERTIFICATES (COST $667,493)			$	725,365
REAL ESTATE INVESTMENT TRUSTS – 0.1%
FRANCE – 0.1%
*ICADE		135		11,388
Unibail-Rodamco SE		1,653		308,956
TOTAL FRANCE			$	320,344
HONG KONG – 0.0%**
Link REIT		43,000		179,013
TOTAL HONG KONG			$	179,013
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $468,907)			$	499,357
TOTAL INVESTMENTS IN SECURITIES – 98.9% (COST $381,452,500)			$	397,887,210
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Barclays Capital, Inc., 0.20%, dated 04/30/12, due 05/01/12, repurchase price $2,070,419, collateralized by U.S. Government Securities 3.00% to 5.00%, maturing 04/01/27 to 09/01/41; total market value of $2,111,819.	$	2,070,407		2,070,407
Citibank N.A. 0.17%, dated 04/30/12, due 05/01/12, repurchase price $2,070,417, collateralized by U.S. Treasury Securities 0.13% to 5.25%, maturing 09/15/13 to 02/15/29; total market value of $2,111,815.		2,070,407		2,070,407
Deutsche Bank Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $459,584, collateralized by U.S. Treasury Securities 0.25% to 4.00%, maturing 09/30/13 to 04/30/19; total market value of $468,774.		459,582		459,582

(Wilmington Multi-Manager International Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

48 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

	Par Value		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $2,070,417, collateralized by U.S. Treasury Securities 0.00% to 3.13%, maturing 11/15/12 to 11/15/41; total market value of $2,111,824.	$	2,070,407	$	2,070,407
RBS Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $2,070,418, collateralized by U.S. Government Securities 0.00% to 8.88%, maturing 06/15/12 to 07/15/32; total market value of $2,111,832.		2,070,407		2,070,407
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $8,741,210)			$	8,741,210
TOTAL INVESTMENTS – 101.1% (COST $390,193,710)			$	406,628,420
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(8,741,210	)
OTHER ASSETS LESS LIABILITIES – 1.1%				4,485,185
TOTAL NET ASSETS – 100.0%			$	402,372,395

Cost of investments for Federal income tax purposes is $400,073,233. The net unrealized appreciation/(depreciation) of investments was $6,555,187. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $48,931,809 and net unrealized depreciation from investments for those securities having an excess of cost over value of $42,376,622.

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, 2012 in valuing the Fund’s assets and liabilities carried at fair value:

	Level 1		Level 2			Level 3		Total
Assets
Investments in Securities
Call Warrants	$	6,314,772	$	2,050		$	—	$	6,316,822
Certificates		725,365		—			—		725,365
Common Stocks		363,555,741		11,076,271			—		374,632,012
Investment Companies		7,596,322		—			—		7,596,322
Preferred Stocks		5,863,753		23,178			—		5,886,931
Real Estate Investment Trusts		499,357		—			—		499,357
Rights		6		2,852			—		2,858
Money Market Fund		2,227,543		—			—		2,227,543
Repurchase Agreements		—		8,741,210			—		8,741,210
Total Investments	$	386,782,859	$	19,845,561		$	—	$	406,628,420
Other Financial Instruments^
Forward Foreign Currency Contracts	$	—	$	1		$	—	$	1
Total Assets	$	386,782,859	$	19,845,562		$	—	$	406,628,421
Liabilities
Other Financial Instruments^
Financial Futures Contracts	$	—	$	(27,676	)	$	—	$	(27,676	)
Forward Foreign Exchange Contracts		—		(3,764	)		—		(3,764	)
Total Liabilities	$	—	$	(31,440	)	$	—	$	(31,440	)

^ Other financial instruments are derivative instruments not reflected in the value of total investments in the Portfolio of Investments such as financial futures contracts and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

(Wilmington Multi-Manager International Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

Wilmington Multi-Manager International Fund (concluded)

At April 30, 2012, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign exchange contracts:

Settlement Date	Counterparty		Contracts to Deliver/Receive		In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD
5/1/2012		Bank of New York		171,477 Australian Dollar		$177,616		$178,670		$(1,054)
5/1/2012		Bank of New York		115 Canadian Dollar		116		116		—
5/1/2012		Bank of New York		5,172,305 Japanese Yen		63,324		64,783		(1,459)
5/1/2012		Bank of New York		3,065,265 Japanese Yen		37,528		38,393		(865)
5/1/2012		Bank of New York		12 Canadian Dollar		12		12		—
5/1/2012		Bank of New York		5,288 Australian Dollar		5,478		5,510		(32)
5/1/2012		Bank of New York		115 Canadian Dollar		116		116		—
5/2/2012		Bank of New York		29,827 Euro		39,387		39,482		(95)
5/2/2012		Bank of New York		3,163 Norwegian Krone		551		553		(2)
5/2/2012		Bank of New York		5,700 Hong Kong Dollar		735		735		—
5/2/2012		Bank of New York		306 Euro		404		405		(1)
5/2/2012		Bank of New York		1670 ILS		443		442		1
5/2/2012		Bank of New York		49,297 ILS		13,069		13,046		23
5/3/2012		Bank of New York		7,736 Euro		10,184		10,240		(56)
5/3/2012		Bank of New York		14,574 Euro		19,187		19,292		(105)
5/3/2012		Bank of New York		454 Euro		598		601		(3)
5/3/2012		Bank of New York		12,502 Euro		16,458		16,548		(90)
5/3/2012		Bank of New York		407 Pound Sterling		661		660		1
5/3/2012		Bank of New York		248 Euro		327		329		(2)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN EXCHANGE CONTRACTS										$(3,739)

At April 30, 2012, the Wilmington Multi-Manager International Fund had open financial futures contracts as follows:

Underlying Contracts to Buy	Expiration Date		Number of Contracts		Contract Amount		Contracts at Value		Unrealized (Appreciation) Depreciation
LONG POSITIONS:
EURO STOXX 50		June 2012		10		$320,788		$299,023		$(21,765)
FTSE 100 INDEX		June 2012		1		95,682		92,749		(2,933)
TOPIX/TKYO		June 2012		1		103,492		100,514		(2,978)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$(27,676)

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

50

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Rock Maple Alternatives Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks		45.1	%
Corporate Bonds		17.9	%
Investment Companies		15.1	%
U.S. Government Obligations		2.4	%
Purchased Options		1.2	%
Cash Equivalents1		21.7	%
Written Options		(0.1	)%
Securities Sold Short		(19.9	)%
Other Assets and Liabilities – Net2		16.6	%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual funds.

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
COMMON STOCKS – 45.1%
AEROSPACE & DEFENSE – 1.4%
*Kratos Defense & Security Solutions, Inc.		1,352	$	7,504
15Lockheed Martin Corp.		3,667		332,010
TOTAL AEROSPACE & DEFENSE			$	339,514
AGRICULTURE – 0.0%**
Archer-Daniels-Midland Co.		258		7,954
APPAREL – 0.0%**
Jones Group, Inc.		556		6,238
BANKS – 0.2%
*,15HomeStreet, Inc.		1,096		38,272
BEVERAGES – 0.9%
Anheuser-Busch InBev NV		3,075		221,632
BUILDING MATERIALS – 0.1%
*Owens Corning		257		8,828
*USG Corp.		386		6,967
TOTAL BUILDING MATERIALS			$	15,795
CHEMICALS – 0.4%
*,15Chemtura Corp.		5,500		93,610
COMMERCIAL SERVICES – 1.7%
15Macquarie Infrastructure Co. LLC		4,070		140,578
15Mastercard, Inc.		300		135,681
15Visa, Inc.		1,200		147,576
TOTAL COMMERCIAL SERVICES			$	423,835

Description	Number of Shares		Value
COMPUTERS – 0.9%
*,15Apple, Inc.		213	$	124,443
*,15NCR Corp.		4,600		108,100
TOTAL COMPUTERS			$	232,543
CONSUMER SERVICES – 0.5%
Domino’s Pizza UK & IRL PLC		18,575		132,489
COSMETICS/PERSONAL CARE – 0.0%**
Procter & Gamble Co.		193		12,283
DIVERSIFIED FINANCIAL SERVICES – 0.9%
15American Express Co.		3,017		181,654
Goldman Sachs Group, Inc.		328		37,769
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	219,423
ELECTRIC – 0.0%**
*Synthesis Energy Systems, Inc.		1,568		2,195
ELECTRONICS – 1.2%
Gentex Corp.		202		4,438
*,15Rogers Corp.		3,100		118,699
*,15Stoneridge, Inc.		19,100		164,642
*Zagg, Inc.		1,545		20,131
TOTAL ELECTRONICS			$	307,910
ENTERTAINMENT – 1.4%
15Cinemark Holdings, Inc.		15,386		353,263

(Wilmington Rock Maple Alternatives Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 51

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares		Value
FOOD – 1.1%
Booker Group PLC		200,997	$	257,697
Kraft Foods, Inc.		461		18,380
15Unilever NV		322		11,061
TOTAL FOOD			$	287,138
HEALTHCARE PROVIDERS & SERVICES – 0.6%
*,15DaVita, Inc.		1,749		154,926
TOTAL HEALTHCARE PROVIDERS & SERVICES			$	154,926
HEALTHCARE-PRODUCTS – 0.4%
*,15CareFusion Corp.		3,610		93,535
HOLDING COMPANIES-DIVERSIFIED – 0.3%
15Primoris Services Corp.		5,424		78,214
HOME BUILDERS – 1.4%
*,15Brookfield Residential Properties, Inc.		16,400		190,568
DR Horton, Inc.		3,039		49,688
Lennar Corp.		1,682		46,659
15MDC Holdings, Inc.		1,213		34,097
*PulteGroup, Inc.		3,863		38,012
TOTAL HOME BUILDERS			$	359,024
HOUSEHOLD PRODUCTS/WARES – 0.2%
*Tumi Holdings, Inc.		2,420		61,637
INSURANCE – 0.9%
*,15Berkshire Hathaway, Inc.		730		58,728
15Loews Corp.		290		11,928
15XL Group PLC		7,434		159,905
TOTAL INSURANCE			$	230,561
INTERNET – 1.0%
*,15IntraLinks Holdings, Inc.		27,943		130,214
*TripAdvisor, Inc.		3,110		116,656
TOTAL INTERNET			$	246,870
LEISURE TIME – 0.1%
15Callaway Golf Co.		2,950		18,083
LODGING – 1.3%
15Wynn Resorts Ltd.		2,488		331,899
MACHINERY – 0.1%
Caterpillar, Inc.		193		19,835
MEDIA – 2.8%
*Kabel Deutschland Holding AG		3,674		231,491
*,15Liberty Global, Inc.		3,200		153,376
*,15Liberty Media Corp. – Liberty Capital		3,240		283,306
Walt Disney Co.		522		22,503
TOTAL MEDIA			$	690,676
METALS & MINING – 1.2%
15Cameco Corp.		6,520		144,092
Newmont Mining Corp.		3,150		150,097
TOTAL METALS & MINING			$	294,189

Description	Number of Shares		Value
MISCELLANEOUS MANUFACTURING – 0.6%
Invensys PLC		42,650	$	153,730
OIL & GAS – 2.1%
ConocoPhillips		773		55,370
Nexen, Inc.		7,115		137,496
15Nexen, Inc.		5,045		97,621
Suncor Energy, Inc.		1,750		57,820
15Transocean Ltd.		3,281		165,330
TOTAL OIL & GAS			$	513,637
OIL & GAS SERVICES – 2.8%
*,15Dresser-Rand Group, Inc.		4,807		234,005
John Wood Group PLC		19,510		247,287
ProSafe SE		27,495		214,514
TOTAL OIL & GAS SERVICES			$	695,806
PACKAGING & CONTAINERS – 0.6%
15Sealed Air Corp.		7,500		143,850
PHARMACEUTICALS – 1.2%
15Bristol-Myers Squibb Co.		1,318		43,982
GlaxoSmithKline PLC ADR		129		5,964
Johnson & Johnson		193		12,562
*Pain Therapeutics, Inc.		20,000		81,000
Pfizer, Inc.		2,584		59,251
*QLT, Inc.		10,000		66,600
*Watson Pharmaceuticals, Inc.		411		30,973
TOTAL PHARMACEUTICALS			$	300,332
PIPELINES – 1.6%
Enbridge Energy Partners LP		2,800		86,520
Enterprise Products Partners LP		1,800		92,772
Kinder Morgan, Inc.		2,850		102,315
Williams Cos., Inc.		3,150		107,194
TOTAL PIPELINES			$	388,801
REAL ESTATE – 0.1%
Brookfield Asset Management, Inc.		307		10,125
Kennedy-Wilson Holdings, Inc.		579		8,141
TOTAL REAL ESTATE			$	18,266
REAL ESTATE INVESTMENT TRUSTS (REIT) – 4.3%
15Annaly Capital Management, Inc.		8,982		146,586
Chimera Investment Corp.		102,841		297,210
15MFA Financial, Inc.		43,428		320,499
15Starwood Property Trust, Inc.		15,452		322,483
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	1,086,778
RETAIL – 3.2%
Abercrombie & Fitch Co.		362		18,162
Carphone Warehouse Group PLC		105,266		223,796
*,15Carrols Restaurant Group, Inc.		10,997		165,835
CVS Caremark Corp.		757		33,777
15Foot Locker, Inc.		967		29,581

(Wilmington Rock Maple Alternatives Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

52 PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares		Value
GNC Holdings, Inc.		544	$	21,249
*Saks, Inc.		7,953		87,165
TJX Cos., Inc.		1,216		50,719
Wal-Mart Stores, Inc.		553		32,577
*,15Wet Seal, Inc.		34,000		111,860
Williams-Sonoma, Inc.		440		17,024
TOTAL RETAIL			$	791,745
SEMICONDUCTORS – 1.3%
*,15Freescale Semiconductor Holdings I Ltd.		12,000		148,920
*,15GSI Group, Inc.		12,833		154,894
Intersil Corp.		557		5,720
*LSI Corp.		1,610		12,944
*Marvell Technology Group Ltd.		1,005		15,085
TOTAL SEMICONDUCTORS			$	337,563
SOFTWARE – 2.5%
*Allscripts Healthcare Solutions, Inc.		7,200		79,776
15Broadridge Financial Solutions, Inc.		5,000		116,050
15Microsoft Corp.		2,282		73,070
SAP AG		2,016		133,669
*VeriFone Systems, Inc.		1,264		60,217
*Verint Systems, Inc.		5,820		175,997
TOTAL SOFTWARE			$	638,779
TELECOMMUNICATIONS – 2.8%
ADTRAN, Inc.		553		16,878
Koninklijke KPN NV		13,552		121,643
QUALCOMM, Inc.		542		34,601
15Virgin Media, Inc.		9,500		233,320
15Vodafone Group PLC ADR		10,995		305,991
TOTAL TELECOMMUNICATIONS			$	712,433
TOBACCO – 1.0%
Imperial Tobacco Group PLC		6,216		248,567
TOTAL COMMON STOCKS (COST $10,763,117)			$	11,303,830
INVESTMENT COMPANIES – 15.1%
ALTERNATIVE INVESTMENT FUND – 4.0%
*Arbitrage Fund		76,220		1,000,762
ASSET ALLOCATION FUND – 1.1%
*,16Proshares Ultrashort MSCI Europe		7,700		284,361
COMMODITY FUNDS – 1.1%
*Ipath Dow Jones-UBS Copper Subindex Total Return ETN		1,275		62,603
*iShares Silver Trust		322		9,695
*SPDR Gold Shares		1,354		219,186
TOTAL COMMODITY FUNDS			$	291,484
DEBT FUNDS – 1.8%
*Ipath US Treasury 10-Year Bear ETN		2,400		72,754
*Ipath US Treasury Steepener ETN		1,850		71,854
RidgeWorth Seix Floating Rate High Income Fund		33,599		298,022
TOTAL DEBT FUNDS			$	442,630

Description	Number of Shares			Value
EQUITY FUNDS – 7.1%
Energy Select Sector SPDR Fund		1,983		$	141,130
iShares FTSE China 25 Index Fund		2,040			77,377
iShares MSCI Brazil Index Fund		965			58,151
iShares MSCI Emerging Markets Index Fund		966			40,765
iShares MSCI Italy Index Fund		708			8,503
Market Vectors Gold Miners ETF		129			5,984
Professionally Managed Portfolios – The Osterweis Strategic Income Fund		87,624			1,017,309
*,16Proshares Ultrashort Euro		18,350			352,503
*,16Proshares Ultrashort MSCI Emerging Markets		2,900			76,850
TOTAL EQUITY FUNDS				$	1,778,572
TOTAL INVESTMENT COMPANIES (COST $3,838,514)				$	3,797,809
	Par Value
CORPORATE BONDS – 17.9%
COMMERCIAL SERVICES – 4.0%
Iron Mountain, Inc., Company Guaranteed, 6.63%, 1/01/16	$	500,000			500,312
6,7ServiceMaster Co., Company Guaranteed, 10.75%, 7/15/15		470,000			491,150
TOTAL COMMERCIAL SERVICES				$	991,462
COMPUTERS & PERIPHERALS – 2.1%
SunGard Data Systems, Inc., Company Guaranteed, 10.25%, 8/15/15		500,000			521,250
ENTERTAINMENT – 2.0%
Greektown Superholdings, Inc., Series A, Secured, 13.00%, 7/01/15		450,000			497,250
FOOD – 1.4%
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., Company Guaranteed, 9.25%, 4/01/15		350,000			360,938
FOODS – 2.0%
ARAMARK Corp., Company Guaranteed, 8.50%, 2/01/15		500,000			510,625
PACKAGING & CONTAINERS – 1.2%
Solo Cup Co. / Solo Cup Operating Corp., Sr. Secured, 10.50%, 11/01/13		300,000			304,875
RETAIL – 2.2%
Dave & Buster’s, Inc., Company Guaranteed, 11.00%, 6/01/18		500,000			542,500
SOVEREIGN BONDS – 0.9%
Canadian Government Bond, 2.75%, 6/01/22		100,000	CAD		106,842
Canadian Government Bond, 3.25%, 6/01/21		100,000	CAD		111,277
TOTAL SOVEREIGN BONDS				$	218,119
TELECOMMUNICATIONS – 2.1%
Intelsat Jackson Holdings SA, Company Guaranteed, 11.25%, 6/15/16		500,000		$	526,875
TOTAL CORPORATE BONDS (COST $4,453,014)				$	4,473,894

(Wilmington Rock Maple Alternatives Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 53

Wilmington Rock Maple Alternatives Fund (continued)

Description	Par Value/ Shares		Value
U.S. GOVERNMENT OBLIGATIONS – 2.4%
U.S. TREASURY BILLS – 2.4%
150.08%, 5/10/12	$	100,000	$	99,998
150.16%, 2/07/13		500,000		499,395
TOTAL U.S. TREASURY BILLS			$	599,393
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $599,387)			$	599,393
MONEY MARKET FUND – 21.7%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		5,443,056		5,443,056
TOTAL MONEY MARKET FUND (COST $5,443,056)			$	5,443,056
	Contracts
PURCHASED OPTIONS – 1.2%
CALL OPTIONS – 0.3%
S&P 500 Index, Strike Price $1,492.00, Expiring 5/16/12		5		59
S&P 500 Index, Strike Price $1,477.00, Expiring 5/22/12		5		156
S&P 500 Index, Strike Price $1,480.00, Expiring 5/08/12		5		22
S&P 500 Index, Strike Price $1,480.00, Expiring 5/11/12		5		44
S&P 500 Index, Strike Price $1,485.00, Expiring 5/09/12		5		20
S&P 500 Index, Strike Price $1,485.00, Expiring 5/17/12		5		99
S&P 500 Index, Strike Price $1,485.00, Expiring 5/19/12		5		150
S&P 500 Index, Strike Price $1,495.00, Expiring 5/04/12		5		7
S&P 500 Index, Strike Price $1,495.00, Expiring 5/24/12		5		70
S&P 500 Index, Strike Price $1,500.00, Expiring 5/02/12		5		0
S&P 500 Index, Strike Price $1,505.00, Expiring 5/25/12		4		36
S&P 500 Index, Strike Price $1,515.00, Expiring 5/01/12		4		0
SPDR Gold Trust, Strike Price $165.00, Expiring 12/22/12		90		78,300
TOTAL CALL OPTIONS			$	78,963
PUT OPTIONS – 0.9%
Automatic Data Processing, Inc., Strike Price $55.00, Expiring 1/19/13		14		4,970
Avon Products, Inc., Strike Price $17.50, Expiring 1/19/13		34		3,145
Caterpillar, Inc., Strike Price $110.00, Expiring 1/19/13		5		7,500
Colgate-Palmolive Company, Strike Price $90.00, Expiring 1/19/13		11		3,289
Cummins Inc., Strike Price $115.00, Expiring 1/19/13		4		5,640
Deere & Company, Strike Price $87.50, Expiring 1/19/13		7		7,648

Description	Contracts		Value
Duke Energy Corporation, Strike Price $22.50, Expiring 1/19/13		29	$	5,945
Freeport-McMoran Copper & Gold, Strike Price $45.00, Expiring 1/19/13		11		10,835
Home Depot, Inc., Strike Price $45.00, Expiring 1/19/13		15		2,978
International Business Machines, Strike Price $190.00, Expiring 1/19/13		5		4,100
iShares MSCI Germany Index Fund, Strike Price $22.00, Expiring 1/19/13		129		30,960
JP Morgan Chase & Co., Strike Price $37.00, Expiring 1/19/13		15		3,510
KB Home, Strike Price $10.00, Expiring 1/19/13		32		7,632
Monsanto Company, Strike Price $82.50, Expiring 1/19/13		8		8,960
Raytheon Company, Strike Price $50.00, Expiring 1/19/13		13		2,945
Rydex CurrencyShares Australian, Strike Price $107.00, Expiring 9/22/12		98		51,450
S&P 500 Index, Strike Price $1,220.00, Expiring 5/11/12		5		83
S&P 500 Index, Strike Price $1,230.00, Expiring 5/17/12		5		266
S&P 500 Index, Strike Price $1,265.00, Expiring 5/25/12		4		602
S&P 500 Index, Strike Price $1,225.00, Expiring 5/08/12		5		49
S&P 500 Index, Strike Price $1,225.00, Expiring 5/09/12		5		63
S&P 500 Index, Strike Price $1,325.00, Expiring 12/22/12		6		37,980
S&P 500 Index, Strike Price $1,265.00, Expiring 5/24/12		5		701
S&P 500 Index, Strike Price $1,235.00, Expiring 5/22/12		5		356
S&P 500 Index, Strike Price $1,240.00, Expiring 5/16/12		5		287
S&P 500 Index, Strike Price $1,265.00, Expiring 5/01/12		4		0
S&P 500 Index, Strike Price $1,245.00, Expiring 5/19/12		5		375
S&P 500 Index, Strike Price $1,265.00, Expiring 5/04/12		5		49
S&P 500 Index, Strike Price $1,250.00, Expiring 5/02/12		5		1
SPDR S&P 500, Strike Price $135.00, Expiring 5/19/12		150		8,550
Titan Machinery, Inc., Strike Price $25.00, Expiring 9/22/12		20		1,500
Union Pacific Corporation, Strike Price $115.00, Expiring 1/19/13		6		7,005
United Rentals, Inc., Strike Price $40.00, Expiring 1/19/13		9		4,275
TOTAL PUT OPTIONS			$	223,649
TOTAL PURCHASED OPTIONS (COST $430,361)			$	302,612
TOTAL INVESTMENTS IN SECURITIES – 103.4% (COST $25,527,449)			$	25,920,594

(Wilmington Rock Maple Alternatives Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

54 PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares			Value
SECURITIES SOLD SHORT – (19.9%)
COMMON STOCK – 0.0%**
INTERNET & CATALOG RETAIL – 0.0%**
PetMed Express, Inc.		(293	)	$	(3,947	)
INVESTMENT COMPANIES – (19.9%)
ASSET ALLOCATION FUND – (0.1%)
CurrencyShares Japanese Yen Trust		(129	)		(15,888	)
DEBT FUND – (0.9%)
iShares Barclays 20+ Year Treasury Bond Fund		(2,014	)		(236,282	)
EQUITY FUNDS – (18.9%)
Consumer Discretionary Select Sector SPDR Fund		(7,150	)		(326,111	)
Financial Select Sector SPDR Fund		(11,480	)		(177,022	)
Health Care Select Sector SPDR Fund		(4,120	)		(154,541	)
Industrial Select Sector SPDR Fund		(7,050	)		(260,709	)
Market Vectors Semiconductor ETF		(1,350	)		(46,696	)
iShares MSCI U.K. Index Fund		(58,000	)		(1,017,900	)
iShares Russell 2000 Value Index Fund		(1,570	)		(112,820	)
iShares S&P Europe 350 Index Fund		(20,000	)		(728,800	)
SPDR S&P 500 ETF Trust Series 1		(1,000	)		(139,770	)
SPDR S&P 500 ETF Trust Series 1		(460	)		(64,294	)
SPDR S&P 500 ETF Trust Series 1		(10,163	)		(1,420,483	)
SPDR S&P Midcap 400 ETF Trust		(390	)		(70,278	)
Technology Select Sector SPDR Fund		(7,280	)		(216,944	)
TOTAL EQUITY FUNDS				$	(4,736,368	)
TOTAL INVESTMENT COMPANIES				$	(4,988,538	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $4,779,977)				$	(4,992,485	)
	Contracts
WRITTEN OPTIONS – (0.1%)
CALL OPTIONS – (0.1%)
GNC Holdings, Inc., Strike Price $40.00, Expiring 5/19/12		(4	)		(340	)
MDC Holdings, Inc., Strike Price $27.00, Expiring 5/19/12		(3	)		(510	)
S&P 500 Index, Strike Price $1,420.00, Expiring 5/09/12		(5	)		(1,570	)
S&P 500 Index, Strike Price $1,412.00, Expiring 5/22/12		(5	)		(5,355	)
S&P 500 Index, Strike Price $1,435.00, Expiring 5/02/12		(5	)		(22	)
S&P 500 Index, Strike Price $1,415.00, Expiring 5/11/12		(5	)		(2,667	)
S&P 500 Index, Strike Price $1,420.00, Expiring 5/19/12		(5	)		(3,400	)
S&P 500 Index, Strike Price $1,415.00, Expiring 5/08/12		(5	)		(2,021	)

Description	Contracts			Value
S&P 500 Index, Strike Price $1,420.00, Expiring 5/17/12		(5	)	$	(3,073	)
S&P 500 Index, Strike Price $1,427.00, Expiring 5/16/12		(5	)		(1,964	)
S&P 500 Index, Strike Price $1,430.00, Expiring 5/04/12		(5	)		(234	)
S&P 500 Index, Strike Price $1,435.00, Expiring 5/25/12		(4	)		(1,623	)
S&P 500 Index, Strike Price $1,445.00, Expiring 5/01/12		(4	)		0
S&P 500 Index, Strike Price $1,430.00, Expiring 5/24/12		(5	)		(2,506	)
Targacept, Inc., Strike Price $7.50, Expiring 5/19/12		(6	)		(36	)
Targacept, Inc., Strike Price $7.50, Expiring 8/18/12		(6	)		(90	)
Verifone Systems, Inc., Strike Price $57.50, Expiring 5/19/12		(3	)		(30	)
TOTAL CALL OPTIONS				$	(25,441	)
PUT OPTIONS – 0.0%**
M.D.C. Holdings, Inc., Strike Price $24.00, Expiring 5/19/12		(3	)		(60	)
S&P 500 Index, Strike Price $1,300.00, Expiring 5/22/12		(5	)		(1,249	)
S&P 500 Index, Strike Price $1,285.00, Expiring 5/11/12		(5	)		(337	)
S&P 500 Index, Strike Price $1,290.00, Expiring 5/08/12		(5	)		(235	)
S&P 500 Index, Strike Price $1,290.00, Expiring 5/09/12		(5	)		(278	)
S&P 500 Index, Strike Price $1,295.00, Expiring 5/17/12		(5	)		(850	)
S&P 500 Index, Strike Price $1,310.00, Expiring 5/19/12		(5	)		(1,175	)
S&P 500 Index, Strike Price $1,305.00, Expiring 5/16/12		(5	)		(950	)
S&P 500 Index, Strike Price $1,315.00, Expiring 5/02/12		(5	)		(30	)
S&P 500 Index, Strike Price $1,330.00, Expiring 5/04/12		(5	)		(249	)
S&P 500 Index, Strike Price $1,330.00, Expiring 5/24/12		(5	)		(2,752	)
S&P 500 Index, Strike Price $1,335.00, Expiring 5/01/12		(4	)		(2	)
S&P 500 Index, Strike Price $1,335.00, Expiring 5/25/12		(4	)		(2,581	)
Verifone Systems, Inc., Strike Price $49.00, Expiring 5/19/12		(4	)		(1,140	)
TOTAL PUT OPTIONS					(11,888	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $77,560)				$	(37,329	)
OTHER ASSETS LESS LIABILITIES – 16.6%					4,165,168
TOTAL NET ASSETS – 100.0%				$	25,055,948

(Wilmington Rock Maple Alternatives Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Rock Maple Alternatives Fund (concluded)

Cost of investments for Federal income tax purposes is $25,711,093. The net unrealized appreciation/(depreciation) of investments was $209,501. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $919,622 and net unrealized depreciation from investments for those securities having an excess of cost over value of $710,121.

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, 2012 in valuing the Fund’s assets and Liabilities carried at fair value:

	Level 1			Level 2			Level 3		Total
Assets
Investments in Securities
Common Stocks	$	11,303,830		$	—		$	—	$	11,303,830
Corporate Bonds		—			4,473,894			—		4,473,894
Investment Companies		3,797,809			—			—		3,797,809
Purchased Options		299,642			2,970			—		302,612
U.S. Government Obligations		—			599,393			—		599,393
Money Market Fund		5,443,056			—			—		5,443,056
Total Investments in Securities	$	20,844,337		$	5,076,257		$	—	$	25,920,594
Other Financial Instruments^
Forward Foreign Currency Contracts		—			22			—		22
Total Assets	$	20,844,337		$	5,076,279		$	—	$	25,920,616
Liabilities
Other Financial Instruments^
Securities Sold Short	$	(4,992,485	)	$	—		$	—	$	(4,992,485	)
Written Options		(6,781	)		(30,548	)		—		(37,329	)
Forward Foreign Currency Contracts		—			(14,522	)		—		(14,522	)
Total Liabilities	$	(4,999,266	)	$	(45,070	)	$	—	$	(5,044,336	)

^ Other financial instruments are derivative instruments not reflected in the value of total investments 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, 2012, the Wilmington Rock Maple Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligate 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
5/3/2012		Bank of New York		10,633 Pound Sterling		$17,263		$17,256		$(7	)
5/31/2012		Bank of New York		9,000 Euro		11,918		11,915		(3	)
CONTRACTS SOLD
5/3/2012		Bank of New York		9,731 Euro		12,884		12,881		3
5/31/2012		Bank of New York		1,188,000 Norwegian Krone		206,681		207,323		(642	)
5/31/2012		Bank of New York		30,000 Pound Sterling		48,696		48,677		19
5/31/2012		Bank of New York		547,000 Euro		719,360		724,153		(4,793	)
5/31/2012		Bank of New York		137,000 Canadian Dollar		137,716		138,590		(874	)
5/31/2012		Bank of New York		749,000 Pound Sterling		1,207,088		1,215,291		(8,203	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$(14,500	)

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

56

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Real Asset Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Inflation-Linked & Fixed Income Securities:
Foreign Government Inflation-Linked Securities		30.2	%
U.S. Government Inflation-Linked Securities		16.9	%
Exchange-Traded Funds		2.1	%
Corporate Bonds		2.0	%
Variable Rate Demand Notes		1.3	%
Mortgage-Backed Securities		0.4	%
Asset-Backed Securities		0.1	%
Real Estate Related Securities:
Real Estate Investment Trusts		18.9	%
Common Stocks		11.1	%
Exchange-Traded Funds		4.2	%
Rights		0.0	%3
Commodity Related Securities:
Investment Companies		5.4	%
Exchange-Traded Funds		4.6	%
Structured Note		1.5	%
Short-Term Investments:
Open-End Fund		0.0	%3
Purchases Options		0.0	%3
Written Options		0.0	%3
Cash Equivalents1		4.4	%
Other Assets and Liabilities – Net2		(3.1	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual 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, 2012

Description	Par Value		Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 53.0%
CORPORATE BONDS – 2.0%
ENERGY– 0.1%
DCP Midstream Operating LP, Company Guaranteed, 3.25%, 10/1/2015	$	200,000	$	203,008

Description	Par Value		Value
Petroleos Mexicanos, Company Guaranteed, 5.50%, 1/21/2021	$	100,000	$	111,800
TOTAL ENERGY			$	314,808
FINANCIALS – 1.9%
AK Transneft OJSC Via TransCapitalInvest Ltd, Company Guaranteed, 8.70%, 8/7/2018		200,000		247,750
1,6,7Banco Santander Brazil SA, Sr. Unsecured, 2.57%, 3/18/2014		500,000		497,077

(Wilmington Multi-Manager Real Asset Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 57

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
Banque PSA Finance SA, Sr. Unsecured, 4.00%, 7/19/2013	$	300,000	$	404,334
12Countrywide Financial Corp., Company Guaranteed, 5.80%, 6/7/2012		200,000		200,885
1,6,7Dexia Credit Local SA, Government Liquid GTD, 0.88%, 3/5/2013		1,700,000		1,635,446
Ford Motor Credit Co., LLC, Sr. Unsecured, 8.00%, 6/1/2014		200,000		223,250
6,7International Lease Finance Corp., Sr. Secured, 7.13%, 9/1/2018		100,000		110,719
MAGI Funding PLC, 1.31%, 4/11/2021		464,742		583,145
1Merrill Lynch & Co., Inc., Sr. Unsecured, 1.56%, 9/27/2012		700,000		925,539
1Merrill Lynch & Co., Inc., Sr. Unsubordinated, 1.36%, 8/9/2013		200,000		259,453
1Royal Bank of Scotland PLC, Company Guaranteed, 2.91%, 8/23/2013		1,100,000		1,099,854
SLM Corp., Sr. Unsecured, 3.13%, 9/17/2012		400,000		530,767
TOTAL FINANCIALS			$	6,718,219
TOTAL CORPORATE BONDS (COST $7,278,039)			$	7,033,027
	Shares
EXCHANGE-TRADED FUNDS – 2.1%
DEBT FUND – 2.1%
iShares Barclays TIPS Bond Fund,    %,		61,300		7,320,446
TOTAL EXCHANGE-TRADED FUNDS (COST $7,188,016)			$	7,320,446
	Par Value
VARIABLE RATE DEMAND NOTES – 1.3%
FINANCIALS – 1.3%
1Bank of Nova Scotia, Certificate of Deposit, 0.77%, 10/18/2012	$	1,500,000		1,501,447
1JPMorgan Chase & Co., Notes, 1.22%, 9/30/2013		1,500,000		1,510,540
1,6,7Metropolitan Life Global Funding I, Secured, 1.22%, 1/10/2014		1,500,000		1,498,407
1Morgan Stanley, Sr. Unsecured, 1.45%, 4/29/2013		100,000		98,859
TOTAL FINANCIALS			$	4,609,253
TOTAL VARIABLE RATE DEMAND NOTES (COST $4,603,632)			$	4,609,253
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 16.9%
U.S. TREASURY INFLATION INDEXED BILLS – 0.9%
U.S. Treasury Note, 2.00%, 2/15/2022		3,050,000		3,071,445
U.S. TREASURY INFLATION INDEXED BONDS – 9.0%
U.S. Treasury Inflation Indexed Bond, 2.50%, 1/15/2029		48,000		69,269
U.S. Treasury Inflation Indexed Bond, 1.75%, 1/15/2028		578,000		772,691

	Par Value			Value
U.S. Treasury Inflation Indexed Bond, 2.00%, 1/15/2026	$	568,000		$	820,819
U.S. Treasury Inflation Indexed Bond, 2.13%, 2/15/2040		400,000			575,508
U.S. Treasury Inflation Indexed Bond, 2.38%, 1/15/2027		1,100,000			1,639,774
U.S. Treasury Inflation Indexed Bond, 3.88%, 4/15/2029		2,849,000			6,256,075
U.S. Treasury Inflation Indexed Bond, 3.63%, 4/15/2028		584,000			1,247,178
U.S. Treasury Inflation Indexed Bond, 2.38%, 1/15/2025		3,723,000			5,860,991
U.S. Treasury Inflation Indexed Bond, 3.38%, 4/15/2032		1,254,000			2,533,721
United States Treasury Inflation Indexed Bonds, 0.75%, 2/15/2042		1,050,000			1,057,907
United States Treasury Inflation Indexed Bonds, 0.13%, 1/15/2022		10,150,000			10,670,607
TOTAL U.S. TREASURY INFLATION INDEXED BONDS				$	31,504,540
U.S. TREASURY INFLATION INDEXED NOTES – 7.0%
Inflation Protected Note, 1.63%, 1/15/2015		400,000			518,129
U.S. Treasury Inflation Indexed Note, 1.88%, 7/15/2015		1,100,000			1,433,344
U.S. Treasury Inflation Indexed Note, 1.13%, 1/15/2021		5,700,000			6,798,813
U.S. Treasury Inflation Indexed Note, 1.25%, 7/15/2020		700,000			849,147
U.S. Treasury Inflation Indexed Note, 1.63%, 1/15/2018		1,400,000			1,765,546
U.S. Treasury Inflation Indexed Note, 2.38%, 1/15/2017		1,000,000			1,329,832
U.S. Treasury Inflation Indexed Note, 0.13%, 4/15/2017		500,000			536,568
U.S. Treasury Inflation Indexed Note, 1.25%, 4/15/2014		40,000			45,359
U.S. Treasury Inflation Indexed Note, 2.00%, 7/15/2014		1,930,000			2,525,874
U.S. Treasury Inflation Indexed Note, 2.00%, 1/15/2014		1,630,000			2,131,507
U.S. Treasury Inflation Indexed Note, 1.88%, 7/15/2013		3,478,000			4,508,225
U.S. Treasury Inflation Indexed Note, 2.13%, 1/15/2019		1,510,000			1,939,672
U.S. Treasury Inflation Indexed Note, 0.63%, 4/15/2013		176,000			193,250
U.S. Treasury Inflation Indexed Note, 2.00%, 1/15/2016		8,000			10,372
TOTAL U.S. TREASURY INFLATION INDEXED NOTES				$	24,585,638
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $57,032,315)				$	59,161,623
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 30.2%
DIVERSIFIED – 0.2%
Network Rail Infrastructure Finance PLC, Government Guaranteed, 1.38%, 11/22/2037		376,138	GBP		765,882

(Wilmington Multi-Manager Real Asset Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

58 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
GOVERNMENT – 30.0%
Australia Government Bond, 3.23%, 9/20/2025		3,200,000	AUD	$	4,384,254
Australia Government Bond, 4.00%, 8/20/2020		350,000	AUD		683,870
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/2014		544,000	BRL		644,490
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 5/15/2045		1,508,000	BRL		2,061,147
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 5/15/2017		5,949,000	BRL		7,234,816
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 8/15/2024		1,640,000	BRL		2,095,689
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 2.25%, 4/15/2013		332,133	EUR		454,762
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 0.75%, 4/15/2018		41,155	EUR		59,632
Canadian Government Bond, 4.25%, 12/1/2021		3,282,089	CAD		4,678,684
Canadian Government Bond, 3.00%, 12/1/2036		705,978	CAD		1,134,789
Canadian Government Bond, 4.00%, 12/1/2031		610,011	CAD		1,041,245
Canadian Government Bond, 1.50%, 12/1/2044		943,470	CAD		1,202,257
Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 4/15/2020		148,484	EUR		231,090
*Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 4/15/2023		330,000	EUR		452,989
France Government Bond OAT, 1.10%, 7/25/2022		661,620	EUR		874,277
France Government Bond OAT, 1.80%, 7/25/2040		720,694	EUR		1,009,752
France Government Bond OAT, 3.15%, 7/25/2032		359,085	EUR		602,734
France Government Bond OAT, 2.50%, 7/25/2013		936,480	EUR		1,307,172
France Government Bond OAT, 1.30%, 7/25/2019		836,728	EUR		1,157,928
France Government Bond OAT, 3.40%, 7/25/2029		675,543	EUR		1,143,438
France Government Bond OAT, 2.25%, 7/25/2020		767,878	EUR		1,125,874
France Government Bond OAT, 1.00%, 7/25/2017		388,990	EUR		536,153
France Government Bond OAT, 1.60%, 7/25/2015		520,925	EUR		742,229
France Government Bond OAT, 5.75%, 10/25/2032		500,000	EUR		868,969
France Government Bond OAT, 2.10%, 7/25/2023		861,928	EUR		1,255,679
French Treasury Note BTAN, 0.45%, 7/25/2016		308,886	EUR		419,197
Italy Buoni Poliennali del Tesoro, 2.35%, 9/15/2019		535,850	EUR		642,345
Italy Buoni Poliennali del Tesoro, 2.60%, 9/15/2023		1,657,935	EUR		1,840,395
Italy Buoni Poliennali del Tesoro, 2.35%, 9/15/2035		347,199	EUR		328,007
Italy Buoni Poliennali del Tesoro, 2.10%, 9/15/2017		731,361	EUR		899,796
Italy Buoni Poliennali del Tesoro, 2.15%, 9/15/2014		708,912	EUR		943,293

Description	Par Value			Value
Italy Buoni Poliennali Del Tesoro, 2.55%, 9/15/2041		210,370	EUR	$	201,275
Italy Buoni Poliennali Del Tesoro, 5.50%, 9/1/2022		900,000	EUR		1,183,643
Italy Buoni Poliennali Del Tesoro, 2.10%, 9/15/2021		628,875	EUR		691,807
Italy Buoni Poliennali Del Tesoro, 2.10%, 9/15/2016		932,778	EUR		1,176,863
Japanese Government CPI Linked Bond, 1.40%, 3/10/2018		63,960,000	JPY		874,170
Mexican Bonos, 8.50%, 12/13/2018		15,154,200	MXN		1,355,463
Mexican Udibonos, 3.50%, 12/14/2017		31,783,955	MXN		2,663,975
Mexican Udibonos, 2.50%, 12/10/2020		19,982,428	MXN		1,558,237
New South Wales Treasury Corp., 2.75%, 11/20/2025		300,000	AUD		379,075
New South Wales Treasury Corp., 3.75%, 11/20/2020		800,000	AUD		1,029,799
Poland Government Bond, 3.00%, 8/24/2016		2,290,813	PLN		757,538
South Africa Government Bond – CPI Linked, 2.60%, 3/31/2028		4,619,123	ZAR		623,759
Sweden Government Bond, 4.29%, 12/1/2028		4,100,000	SEK		1,122,249
Sweden Government Bond, 4.29%, 12/1/2015		11,400,000	SEK		2,342,484
Sweden Government Bond, 5.11%, 12/1/2020		12,000,000	SEK		3,033,520
Turkey Government Bond, 9.00%, 5/21/2014		1,631,337	TRY		1,051,951
U.K. Gilt Inflation Linked, 1.13%, 11/22/2037		830,116	GBP		1,726,250
U.K. Gilt Inflation Linked, 0.50%, 3/22/2050		224,776	GBP		423,338
U.K. Gilt Inflation Linked, 0.13%, 3/22/2029		252,545	GBP		422,653
U.K. Gilt Inflation Linked, 2.50%, 4/16/2020		700,000	GBP		4,160,071
U.K. Gilt Inflation Linked, 0.63%, 11/22/2042		914,352	GBP		1,756,118
U.K. Gilt Inflation Linked, 1.25%, 11/22/2027		2,339,464	GBP		4,664,652
U.K. Gilt Inflation Linked, 0.75%, 11/22/2047		1,385,232	GBP		2,807,528
U.K. Gilt Inflation Linked, 1.25%, 11/22/2032		331,368	GBP		682,667
U.K. Gilt Inflation Linked, 0.75%, 3/22/2034		3,821,212	GBP		7,153,216
U.K. Gilt Inflation Linked, 1.25%, 11/22/2055		499,140	GBP		1,223,751
U.K. Gilt Inflation Linked, 1.25%, 11/22/2017		990,424	GBP		1,866,701
U.K. Gilt Inflation Linked, 1.88%, 11/22/2022		7,463,616	GBP		15,383,918
U.K. Gilt Inflation Linked, 2.50%, 7/17/2024		200,000	GBP		1,068,357
TOTAL GOVERNMENT				$	105,441,980
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $100,288,212)				$	106,207,862
ASSET-BACKED SECURITIES – 0.1%
1,6,7SLM Student Loan Trust, 2.16%, 8/15/2016	$	33,783			33,932
1,6,7Venture CDO Ltd, 0.70%, 1/20/2022		400,000			377,426
TOTAL ASSET-BACKED SECURITIES				$	411,358
TOTAL ASSET-BACKED SECURITIES (COST $392,956)				$	411,358
MORTGAGE-BACKED SECURITIES – 0.4%
DIVERSIFIED – 0.2%
1,6,7Arran Residential Mortgages Funding PLC, 2.49%, 11/19/2047		400,000			531,131

(Wilmington Multi-Manager Real Asset Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
WHOLE LOAN – 0.2%
1WAMU Mortgage Pass-Through Certificates, 2.27%, 11/25/2036		531,136	$	346,162
1WAMU Mortgage Pass-Through Certificates, 2.69%, 3/25/2037		240,655		184,047
TOTAL WHOLE LOAN			$	530,209
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,129,983)			$	1,061,340
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $177,913,153)			$	185,804,909
	Number of Shares
REAL ESTATE RELATED SECURITIES –34.2%
COMMON STOCKS – 11.1%
DEPARTMENT STORES – 0.4%
Lifestyle International Holdings Ltd.		600,400		1,408,400
DIVERSIFIED – 0.2%
Shaftesbury PLC		69,733		578,864
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.8%
CapitaLand Ltd.		710,050		1,686,907
City Developments Ltd.		131,000		1,073,406
Daito Trust Construction Co. Ltd.		7,901		713,505
Daiwa House Industry Co. Ltd.		86,700		1,122,843
Evergrande Real Estate Group Ltd.		981,000		567,713
Great Eagle Holdings Ltd.		61,100		180,339
Hang Lung Group Ltd.		41,900		263,001
Hang Lung Properties Ltd.		483,999		1,790,359
Kerry Properties Ltd.		378,000		1,727,117
Mitsubishi Estate Co. Ltd.		159,120		2,838,012
Mitsui Fudosan Co. Ltd.		165,589		3,063,313
Nomura Real Estate Holdings, Inc.		15,800		278,439
Sumitomo Realty & Development Co. Ltd.		11,000		265,080
Sun Hung Kai Properties Ltd.		80,353		969,375
Wharf Holdings Ltd.		62,000		369,987
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	16,909,396
FINANCIAL – 0.2%
Goodman Group		130,443		489,294
Investa Office Fund		143,300		407,620
TOTAL FINANCIAL			$	896,914
HOTELS, RESORTS & CRUISE LINES – 0.9%
Melia Hotels International SA		105,000		628,226
Shangri-La Asia, Ltd.		482,416		1,024,691
Starwood Hotels & Resorts Worldwide, Inc.		26,400		1,562,880
TOTAL HOTELS, RESORTS & CRUISE LINES			$	3,215,797
OFFICE – 0.1%
CapitaCommercial Trust		405,000		422,182

Description	Number of Shares		Value
REAL ESTATE DEVELOPMENT – 1.3%
Cheung Kong Holdings Ltd.		106,410	$	1,415,389
China Overseas Land & Investment Ltd.		561,000		1,216,193
China Resources Land Ltd.		118,000		227,220
Guangzhou R&F Properties Co. Ltd.		320,000		427,291
Keppel Land Ltd.		58,000		148,574
*Longfor Properties Co. Ltd.		187,700		298,534
Sino Land Co. Ltd.		392,500		677,889
Wing Tai Holdings Ltd.		290,000		277,697
TOTAL REAL ESTATE DEVELOPMENT			$	4,688,787
REAL ESTATE OPERATING COMPANIES – 2.4%
Aeon Mall Co. Ltd.		48,700		1,086,356
Brookfield Office Properties, Inc.		67,400		1,223,984
Castellum AB		45,490		575,622
Central Pattana PCL, Receipt		23,000		37,585
Central Pattana PCL		537,000		877,537
*Country Garden Holdings Co. Ltd.		847,000		367,898
*Global Logistic Properties Ltd.		398,300		663,029
*GSW Immobilien AG		6,847		227,898
Hongkong Land Holdings Ltd.		250,681		1,556,729
Hufvudstaden AB		10,220		109,859
Hysan Development Co. Ltd.		341,784		1,548,428
Safestore Holdings PLC		66,300		120,510
Sonae Sierra Brasil SA		6,700		108,260
TOTAL REAL ESTATE OPERATING COMPANIES			$	8,503,695
RESIDENTIAL – 0.0%**
Advance Residence Investment Corp.		52		100,561
RETAIL – 0.8%
DDR Corp.		90,510		1,339,548
General Growth Properties, Inc.		50,674		901,997
Westfield Retail Trust		220,863		625,948
TOTAL RETAIL			$	2,867,493
TOTAL COMMON STOCKS (COST $32,057,679)			$	39,592,089
REAL ESTATE INVESTMENT TRUSTS – 18.9%
DIVERSIFIED – 2.6%
British Land Co. PLC		28,818		228,887
Canadian Real Estate Investment Trust		4,388		171,860
Dexus Property Group		661,214		644,169
Fonciere Des Regions		4,726		366,277
GPT Group		245,996		838,151
*ICADE		15,650		1,320,221
Kenedix Realty Investment Corp.		46		160,747
Land Securities Group PLC		150,946		1,782,161
Liberty Property Trust		18,300		667,035
Mirvac Group		75,475		101,840
Segro PLC		64,428		231,183

(Wilmington Multi-Manager Real Asset Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

60 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Stockland		405,714	$	1,310,473
United Urban Investment Corp.		161		190,159
Vornado Realty Trust		13,997		1,201,503
TOTAL DIVERSIFIED			$	9,214,666
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.1%
*Tokyo Tatemono Co. Ltd.		106,000		395,641
INDUSTRIAL – 0.9%
Ascendas Real Estate Investment Trust		33,000		55,467
Prologis, Inc.		89,121		3,188,749
TOTAL INDUSTRIAL			$	3,244,216
OFFICE – 3.1%
Alexandria Real Estate Equities, Inc.		11,400		854,088
Boston Properties, Inc.		32,300		3,496,475
Derwent London PLC		53,158		1,502,828
Douglas Emmett, Inc.		36,200		841,288
Great Portland Estates PLC		136,614		798,382
Highwoods Properties, Inc.		8,000		277,840
Japan Real Estate Investment Corp.		59		523,196
Kilroy Realty Corp.		6,800		322,660
Nippon Building Fund, Inc.		31		295,478
SL Green Realty Corp.		21,600		1,780,704
Societe Immobiliere de Location pour l’industrie et le Commerce		1,430		150,901
TOTAL OFFICE			$	10,843,840
RESIDENTIAL – 3.5%
American Campus Communities, Inc.		15,300		680,085
AvalonBay Communities, Inc.		10,329		1,501,837
Boardwalk Real Estate Investment Trust		23,200		1,381,174
BRE Properties, Inc.		12,800		672,000
Equity Residential		46,900		2,881,536
Essex Property Trust, Inc.		16,500		2,606,505
Nippon Accommodations Fund, Inc.		25		165,644
Post Properties, Inc.		11,300		550,310
UDR, Inc.		67,919		1,788,307
TOTAL RESIDENTIAL			$	12,227,398
RETAIL – 6.0%
Calloway Real Estate Investment Trust		3,900		108,490
CapitaMall Trust		279,542		406,607
Corio NV		9,100		407,263
Federal Realty Investment Trust		12,100		1,217,986
Frasers Centrepoint Trust		44,000		56,711
Hammerson PLC		201,459		1,365,336
Japan Retail Fund Investment Corp.		192		306,613
Kimco Realty Corp.		36,300		704,583
Klepierre		22,380		708,614

Description	Number of Shares		Value
Link REIT		142,800	$	594,490
Macerich Co.		19,584		1,205,787
Primaris Retail Real Estate Investment Trust		5,000		117,275
RioCan Real Estate Investment Trust		60,558		1,663,759
Simon Property Group, Inc.		43,069		6,701,536
Tanger Factory Outlet Centers		9,000		281,880
Taubman Centers, Inc.		17,500		1,350,650
Unibail-Rodamco SE		13,487		2,520,801
Westfield Group		152,785		1,470,954
TOTAL RETAIL			$	21,189,335
SPECIALIZED – 2.7%
HCP, Inc.		35,800		1,483,910
Health Care REIT, Inc.		36,000		2,039,760
Host Hotels & Resorts, Inc.		101,314		1,685,865
Pebblebrook Hotel Trust		9,400		226,352
Public Storage		14,200		2,034,292
Ventas, Inc.		36,884		2,168,410
TOTAL SPECIALIZED			$	9,638,589
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $47,031,272)			$	66,753,685
RIGHTS – 0.0%**
FINANCIAL – 0.0%**
*GSW Immobilien AG, exp. 05/02/12		6,838		6,698
TOTAL RIGHTS (COST $–)			$	6,698
EXCHANGE-TRADED FUNDS – 4.2%
EQUITY FUNDS – 4.2%
SPDR Dow Jones International Real Estate ETF		215,000		8,041,000
Vanguard REIT ETF		100,000		6,547,000
TOTAL EQUITY FUNDS			$	14,588,000
TOTAL EXCHANGE-TRADED FUNDS (COST $13,395,731)			$	14,588,000
TOTAL REAL ESTATE RELATED SECURITIES (COST $92,484,682)			$	120,940,472
COMMODITY RELATED SECURITIES – 11.5%
EXCHANGE-TRADED FUNDS – 4.6%
*PowerShares DB Commodity Index Tracking Fund		568,000		16,136,880
TOTAL EXCHANGE-TRADED FUNDS (COST $15,217,256)			$	16,136,880
INVESTMENT COMPANIES – 5.4%
*Credit Suisse Commodity Return Strategy Fund		1,724,196		14,103,925
PIMCO Commodity RealReturn Strategy Fund		711,399		4,787,718
TOTAL INVESTMENT COMPANIES (COST $17,761,101)			$	18,891,643

(Wilmington Multi-Manager Real Asset Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 61

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
STRUCTURED NOTE – 1.5%
2 Deutsche Bank AG, London Branch, Structured Note Linked to Dow Jones-UBS Commodity Index, 0.12%, 08/01/12	$	7,869,000	$	5,433,544
TOTAL STRUCTURED NOTE (COST $7,869,000)			$	5,433,544
TOTAL COMMODITY RELATED SECURITIES (COST $40,847,357)			$	40,462,067
Description	Contracts
PURCHASED OPTION – 0.0%**
PUT OPTION – 0.0%**
U.S. 30Y Futures, Strike Price 3.88%, Expiring 4/14/2014		600,000		25,479
TOTAL PURCHASED OPTION (COST $30,510)			$	25,479

	Number of Shares
SHORT-TERM INVESTMENTS – 4.3%
MONEY MARKET FUNDS – 4.3%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		13,205,386		13,205,386
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04%		1,774,134		1,774,134
TOTAL MONEY MARKET FUNDS (COST $14,979,520)			$	14,979,520
	Par Value
REPURCHASE AGREEMENT – 0.0%**
Deutsche Bank Securities, Inc., 0.18%, dated 04/30/12, due 05/01/12, repurchase price $200,001, collateralized by a U.S. Treasury Note 0.63%, maturing 10/31/16; total market value of $202,000.	$	200,000		200,000
TOTAL REPURCHASE AGREEMENT (COST $200,000)			$	200,000
TOTAL SHORT-TERM INVESTMENTS (COST $15,179,520)			$	15,179,520
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES – 0.1%
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.1%
REPURCHASE AGREEMENTS – 0.1%
HSBC Securities, Inc., 0.19%, dated 04/30/12, due 05/01/12, repurchase price $210,258, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 06/04/12 to 04/15/30; total market value of $214,466.		210,257		210,257
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $210,257)			$	210,257

Description	Number of Shares		Value
OPEN-END FUND – 0.0%**
DEBT FUND – 0.0%
Aberdeen Deposit Fund		75,975	$	75,975
TOTAL OPEN-END FUND (COST $75,975)			$	75,975
TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (COST $286,232)			$	286,232
TOTAL INVESTMENTS IN SECURITIES BEFORE WRITTEN OPTIONS – 103.1% (COST $326,741,454)			$	362,698,679

	Contracts
WRITTEN OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
INF FLOOR USD, Strike Price $216.69, Expiring 4/7/2020		(260	)		(3,517	)
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012		(60	)		(1,681	)
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012		(40	)		(1,121	)
U.S. 2Y Futures, Strike Price 1.06%, Expiring 10/11/2012		(120	)		(10,994	)
U.S. 2Y Futures, Strike Price 0.92%, Expiring 11/14/2012		(140	)		(9,072	)
U.S. 3Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(230	)		(46,292	)
U.S. 5Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(80	)		(16,102	)
U.S. 5Y Futures, Strike Price 1.50%, Expiring 9/24/2012		(150	)		(23,798	)
TOTAL CALL OPTIONS				$	(112,577	)
PUT OPTIONS – 0.0%**
U.S. 10Y Futures, Strike Price 10.00%, Expiring 7/10/2012		(40	)		0
U.S. 10Y Futures, Strike Price 10.00%, Expiring 7/10/2012		(30	)		0
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012		(60	)		(143	)
U.S. 1Y Futures, Strike Price 0.80%, Expiring 10/11/2012		(40	)		(96	)
U.S. 2Y Futures, Strike Price 1.06%, Expiring 10/11/2012		(120	)		(552	)
U.S. 2Y Futures, Strike Price 0.92%, Expiring 11/14/2012		(140	)		(1,262	)
U.S. 3Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(230	)		(19,335	)
U.S. 3Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(80	)		(6,725	)
U.S. 5Y Futures, Strike Price 1.50%, Expiring 9/24/2012		(150	)		(5,867	)
U.S. 5Y Futures, Strike Price 2.85%, Expiring 4/14/2014		(270	)		(26,640	)
TOTAL PUT OPTIONS				$	(60,620	)

(Wilmington Multi-Manager Real Asset Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

62 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (concluded)

Description	Contracts	Value
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $189,785)		$	(173,197	)
OTHER LIABILITIES LESS ASSETS – (3.1)%			(10,837,416	)
TOTAL NET ASSETS – 100.0%		$	351,688,066

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 63

Cost of investments for Federal income tax purposes is $344,095,278. The net unrealized appreciation/(depreciation) of investments was $18,603,401. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $33,520,564 and net unrealized depreciation from investments for those securities having an excess of cost over value of $14,917,163.

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, 2012 in valuing the Fund’s assets and Liabilities carried at fair value:

	Level 1		Level 2			Level 3		Total
Assets
Investments in Securities
Inflation-Linked & Fixed Income Securities
Corporate Bonds	$	—	$	7,033,027		$	—	$	7,033,027
Exchange-Traded Funds		7,320,446		—			—		7,320,446
Variable Rate Demand Notes		—		4,609,253			—		4,609,253
U.S. Government Inflation-Linked Securities		—		59,161,623			—		59,161,623
Foreign Government Inflation-Linked Securities		—		106,207,862			—		106,207,862
Asset-backed Securities		—		411,358			—		411,358
Mortgage-backed Securities		—		1,061,340			—		1,061,340
Real Estate Related Securities
Common Stocks		38,469,246		1,122,843			—		39,592,089
Real Estate Investment Trusts		66,753,685		—			—		66,753,685
Rights		6,698		—			—		6,698
Exchange-Traded Funds		14,588,000		—			—		14,588,000
Commodity Related Securities
Exchange-Traded Funds		16,136,880		—			—		16,136,880
Investment Companies		18,891,643		—			—		18,891,643
Structured Note		—		5,433,544			—		5,433,544
Purchased Option		—		25,479			—		25,479
Short-Term Investments
Money Market Fund		14,979,520		—			—		14,979,520
Repurchase Agreement		—		200,000			—		200,000
Cash Collateral for Securities on Loan		—		210,257			—		210,257
Open-end-fund		—		75,975			—		75,975
Total Investments		177,146,118		185,552,561			—		362,698,679
Other Financial Instruments^
Credit Default Swaps		—		20,552			—		20,552
Interest Rate Swaps		—		140,607			—		140,607
Forward Foreign Currency Contracts		—		1,672,904			—		1,672,904
Financial Futures Contracts		—		12,968			—		12,968
Total Assets	$	177,146,118	$	187,399,592		$	—	$	364,545,710
Liabilities
Other Financial Instruments^
Written Options	$	—	$	(173,197	)	$	—	$	(173,197	)
Forward Foreign Currency Contracts		—		(1,972,571	)		—		(1,972,571	)
Financial Futures Contracts		—		(59,360	)		—		(59,360	)
Credit Default Swaps		—		(8,383	)		—		(8,383	)
Interest Rate Swaps		—		(82,026	)		—		(82,026	)
Total Liabilities	$	—	$	(2,295,537	)	$	—	$	(2,295,537	)

^ Other financial instruments are derivative instruments not reflected in the value of total investments in the Portfolio of Investments such as forward foreign currency contracts, financial futures contracts and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Written options are reported at their market value at period end.

ANNUAL REPORT  /  April 30, 2012

64 NOTES TO PORTFOLIOS OF INVESTMENTS

At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligate 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		Net Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/2/2012		Barclays Bank International		19,755,000 Great British Pound		$31,663,314		$32,060,437		$397,123
5/4/2012		Brown Brothers Harriman		25,965 Singapore Dollar		20,989		20,982		(7	)
5/11/2012		Societe General Securities		558,600 Australian Dollar		571,963		581,288		9,325
5/11/2012		Societe General Securities		111,870 Canadian Dollar		112,563		113,218		655
5/11/2012		UBS		1,690,673 Swedish Krona		250,827		251,421		595
5/11/2012		UBS		365,294 Australian Dollar		380,297		380,131		(166	)
5/11/2012		UBS		74,761 Euro		99,720		98,966		(754	)
5/11/2012		UBS		75,478 Great British Pound		120,528		122,484		1,956
5/11/2012		Societe General Securities		10,550,469 Japanese Yen		125,675		132,158		6,484
5/11/2012		UBS		568,475 Great British Pound		900,594		922,508		21,914
5/11/2012		UBS		850,307 Euro		1,133,920		1,125,598		(8,322	)
5/11/2012		Societe General Securities		263,000 Euro		345,478		348,147		2,669
5/14/2012		Barclays Bank International		1,490,109 Polish Zloty		471,255		471,816		561
5/15/2012		HSBC Securities Inc		417 Singapore Dollar		330		337		7
5/17/2012		JP Morgan Securities		75,000 Australian Dollar		77,392		77,992		600
5/17/2012		Citigroup Global Markets		76,000 Australian Dollar		78,883		79,032		148
5/17/2012		Barclays Bank International		92,000 Australian Dollar		95,493		95,670		177
5/17/2012		Deutsche Bank		220,000 Australian Dollar		226,228		228,776		2,548
5/17/2012		Citigroup Global Markets		100,000 Australian Dollar		103,128		103,989		861
5/17/2012		Barclays Bank International		136,000 Australian Dollar		139,684		141,425		1,741
5/17/2012		Citigroup Global Markets		106,000 Australian Dollar		110,021		110,228		207
5/17/2012		Barclays Bank International		120,000 Australian Dollar		125,417		124,787		(630	)
5/17/2012		Credit Suisse		63,000 Euro		82,601		83,398		797
5/17/2012		JP Morgan Securities		89,000 Euro		118,750		117,817		(933	)
5/17/2012		Barclays Bank International		1,877,000 Euro		2,480,406		2,484,747		4,341
5/17/2012		JP Morgan Securities		293,000 Euro		390,260		387,869		(2,391	)
6/8/2012		Citigroup Global Markets		22,520 Phillipine Peso		522		531		9
6/21/2012		JP Morgan Securities		50,000 Canadian Dollar		49,774		50,554		780
7/12/2012		Citigroup Global Markets		907,700 Korea Won		804		799		(5	)
7/12/2012		JP Morgan Securities		41,559,110 Indian Rupee		894,129		776,179		(117,950	)
2/1/2013		Barclays Bank International		4,678,475 Chinese Yuan		742,026		738,475		(3,551	)
CONTRACTS SOLD
5/1/2012		Bank of New York		3,163 Australian Dollar		3,276		3,295		(19	)
5/1/2012		Bank of New York		913 Australian Dollar		946		951		(5	)
5/1/2012		Bank of New York		4,760 Great British Pound		7,695		7,725		(30	)
5/1/2012		Bank of New York		1,955 Great British Pound		3,160		3,173		(13	)
5/1/2012		Bank of New York		1,579 Great British Pound		2,553		2,563		(10	)
5/1/2012		Bank of New York		3,845 Great British Pound		6,215		6,240		(25	)
5/2/2012		Bank of New York		109,250 Hong Kong Dollar		14,079		14,081		(2	)
5/2/2012		Royal Bank of Canada		3,106,000 Great British Pound		4,934,797		5,040,735		(105,938	)
5/2/2012		Bank of New York		18,385 Hong Kong Dollar		2,369		2,369		—
5/3/2012		Brown Brothers Harriman		562,206 Hong Kong Dollar		72,464		72,462		2
5/11/2012		UBS		8,728,700 Swedish Krona		1,286,189		1,298,051		(11,862	)
5/11/2012		UBS		1,304,000 Australian Dollar		1,371,714		1,356,963		14,751
5/11/2012		UBS		255,710 Great British Pound		407,317		414,960		(7,643	)

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 65

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Net Unrealized Appreciation (Depreciation)
5/11/2012		Societe General Securities		7,377,000 Great British Pound		$11,596,607		$11,971,225		$(374,618	)
5/11/2012		Societe General Securities		67,924 Canadian Dollar		68,354		68,743		(389	)
5/11/2012		UBS		1,361,386 Swedish Krona		202,679		202,453		226
5/11/2012		UBS		183,365 Australian Dollar		190,395		190,813		(418	)
5/11/2012		UBS		281,518 Euro		369,408		372,661		(3,253	)
5/11/2012		UBS		851,439 Swedish Krona		128,163		126,618		1,545
5/11/2012		Societe General Securities		92,438 Australian Dollar		96,072		96,192		(120	)
5/11/2012		UBS		426,814 Euro		562,877		564,997		(2,120	)
5/11/2012		Societe General Securities		980,300 Canadian Dollar		990,515		992,118		(1,603	)
5/11/2012		Societe General Securities		7,323,000 Euro		9,624,165		9,693,855		(69,690	)
5/11/2012		UBS		78,405,000 Japanese Yen		953,651		982,125		(28,474	)
5/11/2012		UBS		687,210 Great British Pound		1,086,475		1,115,189		(28,714	)
5/11/2012		UBS		112,899 Canadian Dollar		112,857		114,260		(1,403	)
5/11/2012		Societe General Securities		1,113,591 Euro		1,474,154		1,474,121		33
5/11/2012		UBS		154,200 Great British Pound		245,668		250,232		(4,564	)
5/11/2012		Societe General Securities		344,747 Swedish Krona		51,054		51,268		(214	)
5/14/2012		JP Morgan Securities		1,490,109 Polish Zloty		454,530		471,816		(17,286	)
5/17/2012		Royal Bank of Canada		72,000 Euro		95,377		95,312		65
5/17/2012		HSBC Securities Inc		6,615,000 Australian Dollar		6,910,691		6,878,866		31,825
5/17/2012		Barclays Bank International		59,000 Euro		78,279		78,103		176
5/17/2012		Citigroup Global Markets		200,000 Euro		263,914		264,757		(843	)
5/17/2012		Barclays Bank International		6,796,000 Euro		8,999,433		8,996,451		2,982
5/24/2012		Deutsche Bank		1,258,000 Swedish Krona		187,781		186,974		807
5/24/2012		Barclays Bank International		30,886,000 Swedish Krona		4,603,186		4,590,522		12,664
6/1/2012		HSBC Securities Inc		1,263,000 Chinese Yuan		200,000		199,955		45
6/1/2012		Credit Suisse		600,923 Chinese Yuan		95,000		95,137		(137	)
6/1/2012		Barclays Bank International		945,525 Chinese Yuan		150,000		149,693		307
6/1/2012		Barclays Bank International		1,832,510 Chinese Yuan		290,000		290,118		(118	)
6/1/2012		Barclays Bank International		19,755,000 Great British Pound		31,657,388		32,053,328		(395,940	)
6/4/2012		Morgan Stanley & C0		18,525,558 Brazil Real		10,602,391		9,646,249		956,142
6/4/2012		Morgan Stanley & Co		3,703,400 Brazil Real		2,000,000		1,928,359		71,641
6/7/2012		Barclays Bank International		24,175,000 Japanese Yen		294,204		302,898		(8,694	)
6/14/2012		Credit Suisse		5,563,000 Euro		7,302,634		7,365,237		(62,603	)
6/15/2012		Barclays Bank International		13,510,419 Mexican Peso		1,050,658		1,032,588		18,070
6/15/2012		HSBC Securities Inc		58,715,665 Mexican Peso		4,570,557		4,487,582		82,975
6/21/2012		Goldman Sachs Group LP		299,000 Canadian Dollar		304,529		302,315		2,214
6/21/2012		Barclays Bank International		5,525,000 Canadian Dollar		5,577,738		5,586,252		(8,514	)
6/21/2012		JP Morgan Securities		1,350,000 Canadian Dollar		1,352,479		1,364,966		(12,487	)
7/2/2012		JP Morgan Securities		19,780 Indonesian Rupiah		2		2		—
7/12/2012		JP Morgan Securities		10,674,316 Indian Rupee		208,973		199,359		9,614
7/12/2012		Barclays Bank International		5,267,000 Indian Rupee		100,000		98,369		1,631
7/12/2012		Barclays Bank International		2,904,400 Indian Rupee		53,000		54,244		(1,244	)
7/12/2012		Barclays Bank International		5,019,000 Indian Rupee		100,000		93,737		6,263
7/12/2012		Barclays Bank International		5,318,000 Indian Rupee		100,000		99,322		678
7/12/2012		Barclays Bank International		5,100,000 Indian Rupee		100,000		95,250		4,750
7/12/2012		JP Morgan Securities		2,777,500 Indian Rupee		50,000		51,874		(1,874	)
7/12/2012		Deutsche Bank		2,471,056 Indian Rupee		44,620		46,151		(1,531	)

ANNUAL REPORT  /  April 30, 2012

66 NOTES TO PORTFOLIOS OF INVESTMENTS

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Net Unrealized Appreciation (Depreciation)
7/12/2012		HSBC Securities Inc		1,469,610 Indian Rupee		$27,000		$27,447		$(447	)
7/12/2012		HSBC Securities Inc		279,050 Indian Rupee		5,000		5,212		(212	)
7/12/2012		Goldman Sachs Group LP		278,850 Indian Rupee		5,000		5,208		(208	)
7/26/2012		Deutsche Bank		920,643 South African Rand		109,444		116,916		(7,472	)
7/27/2012		HSBC Securities Inc		1,533,754 New Turkish Lira		832,431		856,866		(24,435	)
8/14/2012		Barclays Bank International		1,490,109 Polish Zloty		466,563		466,905		(342	)
9/2/2012		Deutsche Bank		16,649,000 Great British Pound		26,367,354		27,019,702		(652,348	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$(299,667	)

At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had the following outstanding foreign exchange contracts:

Settlement Date	Contracts to Deliver/Receive		In Exchange For		Contracts at Value		Net  Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
5/2/2012		33,611 Euro		$44,552		$44,491		$(61)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS								$(61)

At April 30, 2012, 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
LONG POSITIONS:
90 DAY EURO DOLLAR		March 2015		6			$1,477,350			$1,481,925			$4,575
90 DAY EURO DOLLAR		JUNE 2015		6			1,473,482			1,479,375			5,893
													10,468
SHORT POSITIONS:
AUSTRALIAN 10Y BOND		June 2012		(5	)		(608,426	)		(624,230	)		(15,805	)
EURO-BUND 10YR FUT		June 2012		(5	)		(913,970	)		(933,802	)		(19,832	)
FIN FUT U.S. 10YR NOTE		June 2012		(8	)		(1,043,024	)		(1,058,250	)		(15,226	)
LONG 10YR GILT FUT		June 2012		(5	)		(929,622	)		(938,119	)		(8,497	)
U.S. LONG TREASURY BOND		June 2012		(9	)		(1,422,813	)		(1,420,313	)		2,500
													(56,860	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS													$(46,392	)

At April 30, 2012, 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)
Barclays Bank PLC#		01/02/14	$	10,900,000		10.58	%	Brazilian interbank lending rate	$	137,254		$	15,482	$	121,772
USD FIX FLT#		06/20/22		2,800,000		2.25		3-month LIBOR rate		(43,815	)		38,211		(82,026	)
HSBC Bank USA, NA#		01/02/14		4,000,000		9.49		Brazilian interbank lending rate		22,099			3,264		18,835
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS									$	115,538		$	56,957	$	58,581

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 67

At April 30, 2012, the Wilmington Multi-Manager Real Asset Fund had open credit default swap contracts as follows:

Counterparty	Termination Date		Notional Amount(a)		Fixed Rate			Reference Equity/Obligation	Fair Value(b)		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.##		12/20/15	$	200,000		5.00	%	Dow Jones CDX EM14 Index	$	19,357	$	21,370	$	(2,013	)
JPMorgan Chase Bank##		12/20/15		100,000		5.00		Dow Jones CDX EM14 Index		9,678		10,599		(921	)
Barclays Bank PLC##		06/20/16		300,000		5.00		Dow Jones CDX EM15 Index		31,434		34,027		(2,593	)
									$	60,469	$	65,996	$	(5,527	)

Counterparty	Termination Date		Notional Amount(a)		Fixed Rate			Reference Equity/Obligation	Implied Credit Spread at April 30, 2012(c)			Fair Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Deutsche Bank AG##		06/20/15	$	1,000,000		1.00	%	United Kingdom of Great Britain		0.500	%	$	22,203	$	8,471		$	13,732
Royal Bank of Scotland PLC##		06/20/15		500,000		1.00		Federal Republic of Brazil		1.200	%		1,762		(2,529	)		4,291
Goldman Sachs International##		12/20/15		500,000		1.00		Japan Govt-55, 2.00%, due 03/21/22		1.200	%		5,539		8,395			(2,856	)
Credit Suisse International##		12/20/15		600,000		1.00		United Kingdom Treasury, 4.25%, due 06/07/32		0.600	%		13,177		10,648			2,529
												$	42,681	$	24,985		$	17,696
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS												$	103,150	$	90,981		$	12,169

# Portfolio pays the floating rate and receives the fixed rate.

## The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 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.

(a) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b) The fair value of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(c) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of 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 up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

ANNUAL REPORT  /  April 30, 2012

68

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Conservative Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Wilmington Intermediate-Term Bond Fund		56.3	%
Wilmington Large-Cap Strategy Fund		10.9	%
Wilmington Multi-Manager International Fund		6.7	%
PowerShares Emerging Markets Sovereign Debt Portfolio		6.0	%
Wilmington Multi-Manager Real Asset Fund		5.1	%
Vanguard High-Yield Corporate Fund		4.8	%
RidgeWorth Seix Floating Rate High Income Fund		3.7	%
Dreyfus International Bond Fund		2.0	%
Vanguard Dividend Appreciation ETF		1.6	%
Dreyfus Cash Management Fund, Institutional Shares		1.2	%
SPDR S&P Global Natural Resources ETF		1.1	%
Wilmington Small-Cap Strategy Fund		0.7	%
Other Assets and Liabilities – Net1		(0.1	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
INVESTMENT COMPANIES – 98.9%
ASSET ALLOCATION FUND – 5.1%
9Wilmington Multi-Manager Real Asset Fund		186,604	$	2,674,033
DEBT FUNDS – 72.8%
Dreyfus International Bond Fund		60,753		1,028,554
PowerShares Emerging Markets Sovereign Debt Portfolio		110,000		3,133,900
RidgeWorth Seix Floating Rate High Income Fund		219,146		1,943,829
Vanguard High-Yield Corporate Fund		427,776		2,511,046
9Wilmington Intermediate-Term Bond Fund		2,766,407		29,462,232
TOTAL DEBT FUNDS			$	38,079,561
EQUITY FUNDS – 21.0%
SPDR S&P Global Natural Resources ETF		10,500		542,420
Vanguard Dividend Appreciation ETF		14,500		846,075

Description	Number of Shares		Value
9Wilmington Large-Cap Strategy Fund		444,836	$	5,711,689
9Wilmington Multi-Manager International Fund		515,092		3,476,869
9Wilmington Small-Cap Strategy Fund		36,077		382,058
TOTAL EQUITY FUNDS			$	10,959,111
MONEY MARKET FUND – 1.2%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		641,616	$	641,616
TOTAL INVESTMENT COMPANIES (COST $47,539,070)			$	52,354,321
TOTAL INVESTMENTS – 100.1% (COST $47,539,070)			$	52,354,321
OTHER LIABILITIES LESS ASSETS – (0.1%)				(51,941	)
TOTAL NET ASSETS – 100.0%			$	52,302,380

Cost of investments for Federal income tax purposes is $48,530,374. The net unrealized appreciation/(depreciation) of investments was $3,823,947. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,831,340 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,392.

(Wilmington Strategic Allocation Conservative Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 69

Wilmington Strategic Allocation Conservative 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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	51,712,705	$	—	$	—	$	51,712,705
Money Market Fund		641,616		—		—		641,616
Total	$	52,354,321	$	—	$	—	$	52,354,321

ANNUAL REPORT  /  April 30, 2012

See Notes to Portfolios of Investments

70

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Moderate Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Investment Companies		77.1	%
Corporate Bonds		7.2	%
U.S. Treasury		6.0	%
Mortgage-Backed Securities		6.0	%
Enhanced Equipment Trust Certificates		0.2	%
Collateralized Mortgage Obligations		0.2	%
Cash Equivalents1		5.8	%
Other Assets and Liabilities – Net2		(2.5	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual funds and repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
INVESTMENT COMPANIES – 77.1%
ASSET ALLOCATION FUND – 3.0%
9Wilmington Multi-Manager Real Asset Fund		145,148	$	2,079,972
DEBT FUNDS – 19.2%
Artio Global High Income Fund LLC		215,293		2,081,886
Dreyfus International Bond Fund		82,225		1,392,071
Federated Ultrashort Bond Fund		412,447		3,786,267
MFS Emerging Markets Debt Fund		203,772		3,114,909
RidgeWorth Seix Floating Rate High Income Fund		313,194		2,778,031
TOTAL DEBT FUNDS			$	13,153,164
EQUITY FUNDS – 54.9%
Alpine International Real Estate Equity Fund		32,231		680,723
Guinness Atkinson Funds – China & Hong Kong Fund		19,828		600,203
Guinness Atkinson Funds – Global Energy Fund		45,828		1,239,180
Harbor International Fund		43,480		2,580,125
12iShares High Dividend Equity Fund		30,300		1,755,279
Lazard Emerging Markets Equity Portfolio		110,638		2,126,463
Litman Gregory Masters International Fund		60,140		829,334
LSV Value Equity Fund		194,185		2,817,630
MainStay Epoch Global Equity Yield Fund		130,827		2,078,848
*,14Morgan Stanley Focus Growth Fund		76,856		3,156,470
*RS Global Natural Resources Fund		48,447		1,807,082
SPDR S&P Dividend ETF		30,940		1,753,060

Description	Number of Shares		Value
TIAA-CREF Institutional Mid-Cap Value Fund		50,418	$	915,093
9Wilmington Large-Cap Growth Fund		394,891		3,561,918
9Wilmington Large-Cap Value Fund		226,768		2,415,075
*,9Wilmington Mid-Cap Growth Fund		200,777		3,130,117
9Wilmington Multi-Manager International Fund		623,127		4,206,109
9Wilmington Small-Cap Growth Fund		110,991		1,904,605
TOTAL EQUITY FUNDS			$	37,557,314
TOTAL INVESTMENT COMPANIES (COST $46,361,894)			$	52,790,450
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Series 1988-23, Class C, 9.75%, 9/25/18	$	2,793		3,169
WHOLE LOAN – 0.2%
1Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.00%, 2/25/34		79,606		70,646
1Indymac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 5.06%, 11/25/35		58,202		46,862
Morgan Stanley Mortgage Loan Trust, Series 2004-1, Class 1A8, 4.75%, 11/25/18		6,030		6,026
TOTAL WHOLE LOAN			$	123,534
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $146,169)			$	126,703

(Wilmington Strategic Allocation Moderate Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 71

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
CORPORATE BONDS – 7.2%
AGRICULTURE – 0.3%
Archer-Daniels-Midland Co., Sr. Unsecured, 5.94%, 10/01/32	$	200,000	$	243,354
BANKS – 1.7%
1,14BankBoston Capital Trust III, Limited Guarantee, 1.22%, 6/15/27		170,000		140,250
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		130,000		130,999
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		100,000		111,092
14Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		100,000		105,236
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		100,000		100,182
JPMorgan Chase & Co., Sr. Unsecured, 3.40%, 6/24/15		100,000		104,891
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.05%, 1/24/14		100,000		101,787
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13		100,000		105,721
PNC Funding Corp., Bank Guaranteed, 4.25%, 9/21/15		75,000		82,150
1,14SunTrust Capital III, Limited Guarantee, 1.12%, 3/15/28		152,000		110,001
14U.S. Bank N.A., Sr. Unsecured, MTN, 5.92%, 5/25/12		61,184		61,394
TOTAL BANKS			$	1,153,703
BIOTECHNOLOGY – 0.1%
Gilead Sciences, Inc., Sr. Unsecured, 4.40%, 12/01/21		60,000		65,336
CHEMICALS – 0.2%
Dow Chemical Co., Sr. Unsecured, 7.60%, 5/15/14		140,000		157,730
COMPUTERS – 0.4%
Dell, Inc., Sr. Unsecured, 2.30%, 9/10/15		200,000		207,243
Hewlett-Packard Co., Sr. Unsecured, 4.75%, 6/02/14		80,000		85,408
TOTAL COMPUTERS			$	292,651
DIVERSIFIED FINANCIAL SERVICES – 1.1%
American Express Credit Corp., Sr. Unsecured, 5.13%, 8/25/14		100,000		108,665
Caterpillar Financial Services Corp., Sr. Unsecured, MTN, 1.38%, 5/20/14		200,000		203,571
Citigroup, Inc., Sr. Unsecured, 6.00%, 8/15/17		200,000		222,200
6,7FMR LLC, Sr. Unsecured, 6.45%, 11/15/39		100,000		110,593
General Electric Capital Corp., Unsecured, MTN, 2.30%, 4/27/17		130,000		130,678
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	775,707
ELECTRONICS – 0.2%
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.25%, 11/20/14		150,000		159,374

Description	Par Value		Value
FOOD – 0.5%
Kroger Co., Company Guaranteed, 3.90%, 10/01/15	$	100,000	$	108,761
6,7,14WM Wrigley Jr. Co., Secured, 2.45%, 6/28/12		200,000		200,442
TOTAL FOOD			$	309,203
INSURANCE – 0.1%
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		61,426
MEDIA – 0.1%
Viacom, Inc., Sr. Unsecured, 2.50%, 12/15/16		60,000		62,052
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		60,000		82,343
OFFICE/BUSINESS EQUIPMENT – 0.2%
Xerox Corp., Sr. Unsecured, 5.63%, 12/15/19		100,000		113,258
OIL & GAS – 0.2%
Apache Corp., Sr. Unsecured, 3.25%, 4/15/22		135,000		139,887
REAL ESTATE INVESTMENT TRUSTS (REIT) – 1.2%
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 5.70%, 3/15/17		100,000		115,777
Boston Properties LP, Sr. Unsecured, 5.88%, 10/15/19		100,000		115,971
Commonwealth REIT, Sr. Unsecured, 6.65%, 1/15/18		100,000		108,917
Digital Realty Trust LP, Company Guaranteed, 5.88%, 2/01/20		100,000		110,368
HCP, Inc., Sr. Unsecured, 5.38%, 2/01/21		100,000		110,349
Health Care REIT, Inc., Sr. Unsecured, 4.70%, 9/15/17		100,000		106,183
Simon Property Group LP, Sr. Unsecured, 5.65%, 2/01/20		100,000		116,765
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	784,330
RETAIL – 0.6%
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17		100,000		118,539
Target Corp., Sr. Unsecured, 2.90%, 1/15/22		160,000		160,966
Yum! Brands, Inc., Sr. Unsecured, 5.30%, 9/15/19		100,000		114,124
TOTAL RETAIL			$	393,629
TELECOMMUNICATIONS – 0.2%
Corning, Inc., Sr. Unsecured, 4.75%, 3/15/42		120,000		120,252
TOTAL CORPORATE BONDS (COST $4,727,174)			$	4,914,235
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19		74,149		83,695

(Wilmington Strategic Allocation Moderate Fund continued next page)

ANNUAL REPORT  /  April 30, 2012

72 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22	$	58,635	$	63,949
TOTAL AIRLINES			$	147,644
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $132,693)			$	147,644
MORTGAGE-BACKED SECURITIES – 6.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.0%
Pool A15865, 5.50%, 11/01/33		147,525		161,874
Pool A19412, 5.00%, 3/01/34		275,586		298,374
Pool C00478, 8.50%, 9/01/26		3,542		4,156
Pool C03517, 4.50%, 9/01/40		116,055		123,908
Pool G05774, 5.00%, 1/01/40		696,141		752,834
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,341,146
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.8%
Pool 533246, 7.50%, 4/01/30		33,510		38,874
Pool 889982, 5.50%, 11/01/38		463,810		507,748
Pool 932752, 5.00%, 4/01/40		123,903		134,779
Pool AA7692, 4.50%, 6/01/39		246,125		263,912
Pool AB3417, 4.00%, 8/01/41		704,473		746,221
Pool AB4089, 3.00%, 12/01/26		305,637		319,301
Pool AJ4050, 4.00%, 10/01/41		294,692		312,155
Pool MA0563, 4.00%, 11/01/30		245,410		262,560
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,585,550
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 354677, 7.50%, 10/15/23		36,652		42,539
Pool 354765, 7.00%, 2/15/24		42,158		48,540
Pool 354827, 7.00%, 5/15/24		46,150		53,136
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	144,215
TOTAL MORTGAGE-BACKED SECURITIES (COST $3,946,396)			$	4,070,911
U.S. TREASURY – 6.0%
U.S. TREASURY BONDS – 1.1%
4.75%, 2/15/37		96,000		126,375
4.38%, 5/15/40		500,000		625,781
TOTAL U.S. TREASURY BONDS			$	752,156
U.S. TREASURY INFLATION INDEXED NOTE – 1.2%
1.13%, 1/15/21		680,000		811,086

Description	Par Value		Value
U.S. TREASURY NOTES – 3.7%
4.00%, 2/15/14	$	40,000	$	42,659
2.13%, 5/31/15		535,000		562,920
4.50%, 2/15/16		200,000		229,406
1.75%, 5/31/16		100,000		104,563
0.88%, 1/31/17		150,000		150,773
4.50%, 5/15/17		200,000		236,188
1.88%, 8/31/17		300,000		314,859
1.50%, 3/31/19		400,000		405,313
3.50%, 5/15/20		200,000		229,750
2.00%, 11/15/21		200,000		202,125
2.00%, 2/15/22		50,000		50,352
TOTAL U.S. TREASURY NOTES			$	2,528,908
TOTAL U.S. TREASURY (COST $3,712,421)			$	4,092,150
	Shares
MONEY MARKET FUNDS – 3.4%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		725		725
8,9Wilmington Prime Money Market Fund, Select Shares, 0.04%		2,351,958		2,351,958
TOTAL MONEY MARKET FUNDS (COST $2,352,683)			$	2,352,683
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $61,379,430)			$	68,494,776
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.4%
REPURCHASE AGREEMENTS – 2.4%
Credit Suisse First Boston LLC, 0.18%, dated 04/30/12, due 05/01/12, repurchase price $648,954, collateralized by U.S. Treasury Securities 0.63% to 2.38%, maturing 04/30/13 to 02/15/41; total market value of $661,932.	$	648,951		648,951
Deutsche Bank Securities, Inc., 0.22%, dated 04/30/12, due 05/01/12, repurchase price $1,000,006, collateralized by U.S. Government Securities 2.49% to 7.00%, maturing 08/01/25 to 04/01/42; total market value of $1,020,000.		1,000,000		1,000,000
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,648,951)			$	1,648,951
TOTAL INVESTMENTS – 102.5% (COST $63,028,381)			$	70,143,727
COLLATERAL FOR SECURITIES ON LOAN – (2.4%)				(1,648,951	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(102,290	)
TOTAL NET ASSETS – 100.0%			$	68,392,486

(Wilmington Strategic Allocation Moderate Fund continued next page)

April 30, 2012  /  ANNUAL REPORT

Wilmington Strategic Allocation Moderate Fund (concluded)

Cost of investments for Federal income tax purposes is $63,941,477. The net unrealized appreciation/(depreciation) of investments was $6,202,250. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,717,058 and net unrealized depreciation from investments for those securities having an excess of cost over value of $514,808.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	126,703	$	—	$	126,703
Corporate Bonds		—		4,914,235		—		4,914,235
Enhanced Equipment Trust Certificates		—		147,644		—		147,644
Mortgage-Backed Securities		—		4,070,911		—		4,070,911
Investment Companies		52,790,450		—		—		52,790,450
U.S. Treasury		—		4,092,150		—		4,092,150
Money Market Funds		2,352,683		—		—		2,352,683
Repurchase Agreements		—		1,648,951		—		1,648,951
Total	$	55,143,133	$	15,000,594	$	—	$	70,143,727

See Notes to Portfolios of Investments

ANNUAL REPORT  /  April 30, 2012

PORTFOLIOS OF INVESTMENTS 73

74

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Aggressive Fund

At April 30, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Wilmington Large-Cap Strategy Fund		46.4	%
Wilmington Multi-Manager International Fund		27.4	%
Vanguard Dividend Appreciation ETF		6.2	%
Vanguard High-Yield Corporate Fund		5.3	%
Wilmington Multi-Manager Real Asset Fund		5.2	%
SPDR S&P Global Natural Resources ETF		4.3	%
Dreyfus Cash Management Fund, Institutional Shares		3.2	%
Wilmington Small-Cap Strategy Fund		2.1	%
Other Assets and Liabilities – Net1		(0.1	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2012

Description	Number of Shares		Value
INVESTMENT COMPANIES – 96.9%
ASSET ALLOCATION FUND – 5.2%
9Wilmington Multi-Manager Real Asset Fund		154,862	$	2,219,173
DEBT FUND – 5.3%
Vanguard High-Yield Corporate Fund		379,223		2,226,036
EQUITY FUNDS – 86.4%
SPDR S&P Global Natural Resources ETF		35,000		1,808,065
Vanguard Dividend Appreciation ETF		45,000		2,625,750
9Wilmington Large-Cap Strategy Fund		1,530,206		19,647,847
9Wilmington Multi-Manager International Fund		1,718,189		11,597,776

Description	Number of Shares		Value
9Wilmington Small-Cap Strategy Fund		84,858	$	898,648
TOTAL EQUITY FUNDS			$	36,578,086
MONEY MARKET FUND – 3.2%
8Dreyfus Cash Management Fund, Institutional Shares, 0.06%		1,352,814		1,352,814
TOTAL INVESTMENT COMPANIES (COST $32,725,045)			$	42,376,109
TOTAL INVESTMENTS – 100.1% (COST $32,725,045)			$	42,376,109
OTHER LIABILITIES LESS ASSETS – (0.1%)				(45,233	)
TOTAL NET ASSETS – 100.0%			$	42,330,876

Cost of investments for Federal income tax purposes is $39,378,994. The net unrealized appreciation/(depreciation) of investments was $2,997,115. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,180,396 and net unrealized depreciation from investments for those securities having an excess of cost over value of $183,281.

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, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	41,023,295	$	—	$	—	$	41,023,295
Money Market Fund		1,352,814		—		—		1,352,814
Total	$	42,376,109	$	—	$	—	$	42,376,109

See Notes to Portfolios of Investments

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 75

NOTES TO PORTFOLIOS OF INVESTMENTS

(1) Floating rate note with current rate and stated maturity date shown.

(2) Zero coupon security. The rate shown reflects the effective yield at purchase date.

(6) 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, 2012, these liquid restricted securities were as follows:

Fund	Amount		Percentage of Total Net Assets
Wilmington Multi-Manager International Fund		$2,840,136		0.7%
Wilmington Rock Maple Alternatives Fund		491,150		2.0%
Wilmington Multi-Manager Real Asset Fund		4,684,138		1.3%
Wilmington Strategic Allocation Moderate Fund		311,035		0.5%

(7) 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, 2012, these restricted securities were as follows:

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
Wilmington Multi-Manager International Fund
ABB Ltd.		07/07/2008		$47,029		$39,486
Aditya Birla Nuvo Ltd.		06/16/2010		26,604		28,132
Axis Bank Ltd.		03/19/2010		70,031		57,916
Axis Bank Ltd.		01/13/2011		29,199		20,984
Axis Bank Ltd.		03/27/2012		43,358		39,870
Bharti Airtel Ltd.		10/05/2010		191,985		142,960
Bharti Airtel Ltd.		01/13/2011		102,484		77,082
Colgate-Palmolive India Ltd.		04/01/2008		6,880		14,720
Colgate-Palmolive India Ltd.		01/13/2011		34,092		37,852
Container Corp. of India		02/08/2010		29,219		18,646
Container Corp. of India		01/13/2011		38,773		23,731
Essar Oil Ltd.		04/08/2008		32,681		5,911
Fpt Corp.		10/13/2010		60,895		46,576
Fpt Corp.		01/13/2011		38,488		36,920
HDFC Bank Ltd.		12/20/2010		121,868		131,215
HDFC Bank Ltd.		01/13/2011		54,119		56,580
HDFC Bank Ltd.		03/27/2012		43,653		43,721
Jaiprakash Associates Ltd.		06/21/2010		34,593		16,868
Jaiprakash Associates Ltd.		01/13/2011		36,608		24,098
Kinh Do Corp.		10/14/2010		60,400		46,004
NTPC Ltd.		10/12/2009		102,375		69,822
NTPC Ltd.		01/13/2011		52,888		38,186
NTPC Ltd.		03/27/2012		63,330		59,219
Petrovietnam Fertilizer & Chemicals JSC		03/27/2012		37,753		42,708
Pha Lai Thermal Power JSC		10/13/2010		35,986		29,886
Piramal Healthcare Ltd.		04/08/2008		37,998		37,413
Punj Lloyd Ltd.		01/30/2008		49,631		4,489
Reliance Industries Ltd.		07/03/2007		303,953		202,322
Reliance Industries Ltd.		01/13/2011		76,929		48,071
Reliance Industries Ltd.		01/20/2012		42,433		38,344
Reliance Industries Ltd.		03/27/2012		82,122		80,589
Reliance Industries Ltd.		04/02/2012		41,493		39,588

ANNUAL REPORT  /  April 30, 2012

76 NOTES TO PORTFOLIOS OF INVESTMENTS

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
Samsung Electronics Co. Ltd. GDR		10/28/2005		$33,234		$77,597
Samsung Electronics Co. Ltd. GDR		10/28/2008		13,862		54,990
Samsung Electronics Co. Ltd. GDR		11/04/2008		6,765		20,774
Samsung Electronics Co. Ltd. GDR		04/17/2009		40,650		109,369
Samsung Electronics Co. Ltd. GDR		05/01/2009		81,759		218,738
Samsung Electronics Co. Ltd. GDR		09/13/2011		21,736		38,493
Samsung Electronics Co. Ltd. GDR		09/20/2011		59,455		102,037
Samsung Electronics Co. Ltd. GDR		10/24/2011		21,816		32,383
Steel Authority of India Ltd.		04/16/2009		20,302		16,342
Steel Authority of India Ltd.		03/27/2012		44,175		42,345
Sun Pharmaceutical Industries Ltd.		02/08/2010		77,517		137,237
Synthes, Inc.		11/08/2010		42,786		59,141
Synthes, Inc.		11/30/2011		30,856		32,071
Tata Consultancy Services Ltd.		08/14/2009		62,871		138,052
Tata Steel Ltd.		09/21/2011		45,297		41,762
Unitech Ltd.		07/08/2010		16,170		5,136
Unitech Ltd.		01/13/2011		47,365		18,126
Vingroup JSC		10/13/2010		24,321		35,143
Vingroup JSC		10/14/2010		42,949		60,491
						2,840,136		0.7%
Wilmington Rock Maple Alternatives Fund
ServiceMaster Co.		01/13/2012		375,135		372,020
ServiceMaster Co.		03/22/2012		67,760		66,880
ServiceMaster Co.		04/04/2012		52,813		52,250
						491,150		2.0%
Wilmington Multi-Manager Real Asset Fund
Arran Residential Mortgages Funding PLC		04/07/2011		571,616		531,131
Banco Santander Brazil SA		03/17/2011		500,000		497,077
Dexia Credit Local SA		03/02/2010		1,700,000		1,635,446
International Lease Finance Corp.		08/11/2010		100,000		110,719
Metropolitan Life Global Funding I		01/05/2011		1,500,000		1,498,407
SLM Student Loan Trust		07/13/2010		33,783		33,932
Venture CDO Ltd		08/02/2010		358,224		377,426
						4,684,138		1.3%
Wilmington Strategic Allocation Moderate Fund
FMR LLC		06/28/2010		102,666		110,593
WM Wrigley Jr. Co.		06/22/2010		199,934		200,442
						311,035		0.5%

(8) 7-Day net yield.

(9) Affiliated company. See Note 4 in Notes to Financial Statements.

(10) 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, 2012, the value of these securities amounted to:

Fund	Amount		Percentage of Total Net Assets
Wilmington Multi-Manager International Fund		$209,779		0.1%

(12) Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements.

(14) All or a portion of this security was segregated for extended settlement contracts.

April 30, 2012  /  ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 77

(15) All or a portion of this security is segregated as collateral in connection with the fund’s short positions and options carried by the funds. The total value of all securities segregated at April 30, 2012 was:

Fund	Amount
Wilmington Rock Maple Alternatives Fund		$7,205,730

(16) While the Fund’s position in this security is long, the investment provides short exposure to the market.

* Non-income producing security.

** Represents less than 0.05%.

The following acronyms are used throughout this report:

ADR – American Depositary Receipt

CPI – Consumer Price Index

ETF – Exchange Traded Fund

GDR – Global Depositary Receipt

LLC – Limited Liability Corporation

LP – Limited Partnership

MTN – Medium Term Note

PCL – Public Company Limited

SPDR – Standard & Poor’s Depository Receipts

TIPS – Treasury Inflation Protected Security

Currency Code	Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
PLN	Polish Zloty
SEK	Swedish Krona
TRY	Turkish Lira
ZAR	South African Rand

ANNUAL REPORT  /  April 30, 2012

78 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2012	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
ASSETS:
Investments, at identified cost	$	390,193,710		$	25,527,449		$	326,741,454		$	47,539,070		$	63,028,381
Investments in repurchase agreements, at value (including securities on loan)	$	8,741,210		$	—		$	410,257		$	—		$	1,648,951
Investments in securities, at value		397,887,210			25,920,594			362,288,422	(a)		52,354,321	(a)		68,494,776	(a)
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		406,628,420			25,920,594			362,698,679			52,354,321			70,143,727
Cash		1,515,771			3,942,532			184,607			—			—
Cash denominated in foreign currencies		1,685,532	(b)		16,220	(b)		732,809	(b)		—			—
Premiums paid for swap agreements		—			—			150,467			—			—
Income receivable		2,298,655			141,879			1,473,002			20,110			115,929
Receivable for shares sold		83,521			75,000			1,067,811			139			68,558
Unrealized appreciation on swap agreements		—			—			161,159			—			—
Unrealized appreciation on foreign exchange contracts		25			22			1,672,904			—			—
Receivable for investments sold		438,621			936,884			791,525			—			—
Other assets		6,984			4,407			11,027			5,304			3,739
TOTAL ASSETS		412,657,529			31,037,538			368,943,990			52,379,874			70,331,953
LIABILITIES:
Options written, at value		—			37,329	(c)		173,197	(c)		—			—
Deferred capital gains tax payable		234,933			—			97,523			—			—
Premiums received for swap agreements		—			—			2,529			—			—
Payable to broker for forward currency contracts		13,842			—			—			—			—
Payable for securities sold short		—			4,992,485	(d)		—			—			—
Payable for investments purchased		—			849,438			13,124,932			—			99,929
Collateral for securities on loan		8,741,210			—			210,257			—			1,648,951
Due to broker for swap agreements		—			—			1,120,000			—			—
Unrealized depreciation on swap agreements								90,409
Unrealized depreciation on foreign exchange contracts		3,788			14,522			1,972,571			—			—
Payable for shares redeemed		476,923			—			169,835			22,975			50,612
Payable for Trustees’ fees		536			858			2,208			348			1,318
Payable for distribution services fee		5,052			25			2,547			2,397			39,715
Payable for shareholder services fee		71,629			25			43			209			867
Accrued advisory fee		160,934			—			—			—			—
Other accrued expenses		576,287			86,908			289,873			51,565			98,075
TOTAL LIABILITIES		10,285,134			5,981,590			17,255,924			77,494			1,939,467
NET ASSETS	$	402,372,395		$	25,055,948		$	351,688,066		$	52,302,380		$	68,392,486
NET ASSETS CONSIST OF:
Paid-in capital	$	757,078,817		$	24,876,990		$	445,373,869		$	51,720,150		$	78,316,459
Undistributed (distributions in excess of) net investment income		3,137,031			8,784			(3,182,329	)		203,414			101,652
Accumulated net realized gain (loss) on investments		(374,281,418	)		(36,274	)		(126,192,387	)		(4,436,435	)		(17,140,971	)
Net unrealized appreciation (depreciation) of investments and foreign currencies		16,437,965			206,448			35,688,913			4,815,251			7,115,346
TOTAL NET ASSETS	$	402,372,395		$	25,055,948		$	351,688,066		$	52,302,380		$	68,392,486
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
A Shares
Net Assets	$	6,681,871		$	120,952		$	7,037,763		$	7,003,079		$	65,284,728
Shares outstanding (unlimited shares authorized)		994,479			11,964			492,795			659,758			7,047,441
Net Asset Value per share	$	6.72		$	10.11		$	14.28		$	10.61		$	9.26
Offering price per share*	$	7.11	**	$	10.70	**	$	15.11	**	$	11.23	**	$	9.80	**
I Shares
Net Assets	$	395,690,524		$	24,934,996		$	344,650,303		$	45,299,301		$	3,107,758
Shares outstanding (unlimited shares authorized)		58,622,587			2,474,094			24,052,703			4,259,340			335,884
Net Asset Value per share	$	6.75		$	10.08		$	14.33		$	10.64		$	9.25

(a) Includes $1,774,134, $41,706,881 and $19,649,754 of investments in affiliated issuers, respectively.

(b) Cost of cash denominated in foreign currencies was $1,676,332, $16,173, and $754,635, respectively.

(c) Premiums received for options written was $77,560 and $189,785, respectively.

(d) Proceeds received for securities sold short was $4,779,977.

* See “What Do Share Cost?” in the Prospectus.

** Computation of offering price per share 100/94.5 of net asset value.

See Notes which are an integral part of the Financial Statements

(Statements of Assets and Liabilities continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 79

April 30, 2012	Wilmington Strategic Allocation Aggressive  Fund
ASSETS:
Investments, at identified cost	$	32,725,045
Investments in securities, at value(a)		42,376,109
TOTAL INVESTMENTS IN SECURITIES		42,376,109
Income receivable		11,189
Receivable for shares sold		8,366
Other Assets		4,883
TOTAL ASSETS		42,400,547
LIABILITIES:
Payable for shares redeemed		17,157
Payable for Trustees’ fees		448
Payable for distribution services fee		1,046
Payable for shareholder services fee		3,853
Other accrued expenses		47,167
TOTAL LIABILITIES		69,671
NET ASSETS	$	42,330,876
NET ASSETS CONSIST OF:
Paid-in capital	$	50,541,559
Undistributed (distributions in excess of) net investment income		62,632
Accumulated net realized gain (loss) on investments		(17,924,379	)
Net unrealized appreciation (depreciation) of investments		9,651,064
TOTAL NET ASSETS	$	42,330,876
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
A Shares
Net Assets	$	3,074,119
Shares outstanding (unlimited shares authorized)		334,312
Net Asset Value per share	$	9.20
Offering price per share*	$	9.74	**
I Shares
Net Assets	$	39,256,757
Shares outstanding (unlimited shares authorized)		4,257,885
Net Asset Value per share	$	9.22

(a) Includes $34,363,444 of investments in affiliated issuers.

* See “What Do Share Cost?” in the Prospectus.

** Computation of offering price per share 100/94.5 of net asset value.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT  /  April 30, 2012

80 STATEMENTS OF OPERATIONS

	Wilmington Multi-Manager International Fund						Wilmington Rock  Maple Alternatives Fund			Wilmington Multi-Manager Real Asset Fund
	Ten Months Ended April  30, 2012**			Year Ended June 30, 2011			For the period January 12, 2012 through April 30, 2012*			Ten Months Ended April 30, 2012**			Year Ended June 30, 2011
INVESTMENT INCOME:
Dividends	$	6,784,340	(a)	$	8,913,047	(a)	$	200,444		$	2,597,438		$	5,248,257
Interest		—			3,701			97,425			(2,057,944	)		11,912,185
Security lending income		99,910			210,177			—			11,375			30,611
TOTAL INVESTMENT INCOME		6,884,250			9,126,925			297,869			550,869			17,191,053
EXPENSES:
Investment advisory fee		2,335,424			2,681,272			158,580			1,615,279			1,964,615
Administrative personnel and services fee		74,053			—			1,824			60,362			47,561
Portfolio accounting, administration and custodian fees		886,474			1,483,752			19,757			273,580			496,847
Transfer and dividend disbursing agent fees and expenses		104,576			110,073			4,083			131,088			157,036
Trustees’ fees		36,308			34,750			858			20,163			34,696
Professional fees		168,154			217,086			40,810			96,893			122,443
Distribution services fee—A Shares		3,069			843			25			21,248			38,747
Shareholder services fee—A Shares		2,306			—			25			2,547			—
Shareholder services fee—I Shares		136,989			—			17,520			111,234			—
Share registration costs		21,470			27,628			14,449			27,482			32,925
Printing and postage		21,751			30,346			6,531			42,742			33,382
Compliance services		—			11,967			—			—			11,975
Interest expense		—			—			11,112			605			—
Miscellaneous		33,891			62,845			10,713			45,085			62,738
TOTAL EXPENSES		3,824,465			4,660,562			286,287			2,448,308			3,002,965
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(40,093	)		(51,844	)		(118,646	)		(12,659	)		(20,023	)
Waiver of shareholder services fee—A Shares		(2,306	)					—			(2,547	)		—
Waiver of shareholder services fee—I Shares		(71,234	)					(17,520	)		(111,234	)		—
TOTAL WAIVERS AND REIMBURSEMENTS		(113,633	)		(51,844	)		(136,166	)		(126,440	)		(20,023	)
Net expenses		3,710,832			4,608,718			150,121			2,321,868			2,982,942
Net investment income		3,173,418			4,518,207			147,748			(1,770,999	)		14,208,111
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		(10,142,129	)		24,599,460			(10,662	)		5,620,948			29,672,198
Net realized loss of foreign currency transactions		(122,829	)		(589,888	)		(65,117	)		3,047,666			(5,992,714	)
Net realized gain (loss) on futures contracts		(111,394	)		(26,957	)		—			726,987			31,513
Net realized gain on swap agreements		—			—			—			170,606			98,497
Net realized gain on options written		—			—			116,340			223,627			180,580
Net realized loss on short sales		—			—			(144,650	)		—			—
Net changed in unrealized appreciation (depreciation) on investments		(38,808,023	)		43,967,692			206,448			(873,799	)		20,676,164
Net realized and unrealized gain (loss) on investments		(49,184,375	)		67,950,307			102,359			8,916,035			44,666,238
Change in net assets resulting from operations	$	(46,010,957	)	$	72,468,514		$	250,107		$	7,145,036		$	58,874,349

(a) Net of foreign withholding taxes withheld of $589,584 and $742,919, respectively.

* Commencement of operations.

** Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 81

	Wilmington Strategic Allocation Conservative Fund						Wilmington Strategic Allocation Moderate Fund			Wilmington Strategic Allocation Aggressive Fund
	Ten Months Ended April 30, 2012*			Year Ended June 30, 2011			Year Ended April 30, 2012			Ten Months Ended April 30, 2012*			Year Ended June 30, 2011
INVESTMENT INCOME:
Dividends	$	1,209,145	(a)	$	1,459,328	(a)	$	920,866	(a)	$	564,642	(a)	$	817,140	(a)
Interest		—			600,908			510,275			—			427,480
Security lending income		—			—			3,830			—			—
TOTAL INVESTMENT INCOME		1,209,145			2,060,236			1,434,971			564,642			1,244,620
EXPENSES:
Investment advisory fee		36,513			—			441,277			28,713			—
Administrative personnel and services fee		8,160			10,511			19,434			6,558			8,680
Portfolio accounting, administration and custodian fees		26,844			33,540			41,428			24,760			31,188
Transfer and dividend disbursing agent fees and expenses		22,920			35,210			131,811			22,240			36,264
Trustees’ fees		20,777			34,750			20,199			20,859			34,750
Professional fees		38,510			42,850			92,767			37,173			44,730
Distribution services fee—A Shares		15,190			23,515			167,351			6,316			9,611
Shareholder services fee—A Shares		2,397			—			167,351			1,046			—
Shareholder services fee—I Shares		15,859			—			7,784			13,311			—
Share registration costs		27,823			32,019			15,798			35,098			29,485
Printing and postage		22,009			17,090			23,178			21,552			16,887
Compliance services		—			11,491			—			—			11,464
Miscellaneous		21,937			11,601			15,606			20,873			11,574
TOTAL EXPENSES		258,939			252,577			1,143,984			238,499			234,633
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(47,909	)		—			(408,484	)		(36,986	)		—
Waiver of shareholder services fee—A Shares		(2,397	)		—			(167,597	)		(1,046	)		—
Waiver of shareholder services fee—I Shares		(15,859	)		—			(8,973	)		(13,311	)		—
Reimbursement of transfer and dividend disbursing agent fees and expenses by Administrator		—			—			(12,323	)		—			—
TOTAL WAIVERS AND REIMBURSEMENTS		(66,165	)		—			(597,377	)		(51,343	)		—
Net expenses		192,774			252,577			546,607			187,156			234,633
Net investment income		1,016,371			1,807,659			888,364			377,486			1,009,987
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		841,846			536,729			750,065			(54,071	)		(59,015	)
Net realized gain (loss) from affiliated investment companies		207,195			267,848			(73,131	)		224,738			796,247
Realized gain distributions received from investment companies		903,224			610,022			327,456			351,307			13
Net change in unrealized appreciation (depreciation) on investments		(2,033,581	)		4,673,730			(4,599,886	)		(2,521,934	)		10,603,386
Net realized and unrealized gain (loss) on investments		(81,316	)		6,088,329			(3,595,496	)		(1,999,960	)		11,340,631
Change in net assets resulting from operations	$	935,055		$	7,895,988		$	(2,707,132	)	$	(1,622,474	)	$	12,350,618

(a) Includes $138,909, $1,459,328, $157,007, $80,089 and $817,140 received from affiliated issuers, respectively.

* Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT  /  April 30, 2012

82 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Multi- Manager International Fund									Wilmington Rock  Maple Alternatives Fund
	Year Ended April 30, 2012**			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended April 30, 2012*
OPERATIONS:
Net investment income (loss)	$	3,173,418		$	4,518,207		$	4,432,445		$	147,748
Net realized gain (loss) on investments		(10,376,352	)		23,982,615			49,294,416			(104,089	)
Net change in unrealized appreciation (depreciation) on investments		(38,808,023	)		43,967,692			8,301,130			206,448
Change in net assets resulting from operations		(46,010,957	)		72,468,514			62,027,991			250,107
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(1,355	)		(5,671	)		(1,310	)		—
I Shares		(1,469,295	)		(4,170,715	)		(5,607,555	)		(71,149	)
Distributions from net realized gain on investments
A Shares		—			—			—			—
I Shares		—			—			—			—
Return of Capital
A Shares								(7	)
I Shares								(28,033	)
Change in net assets resulting from distributions to shareholders		(1,470,650	)		(4,176,386	)		(5,636,905	)		(71,149	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		156,622			550,709			31,892			121,568
I Shares		43,205,337			132,362,115			66,812,360			25,140,242
Proceeds from shares issued in connection with Reorganization (Note 9)		131,922,273			—						—
Distributions reinvested
A Shares		1,225			5,480			1,317			—
I Shares		636,820			1,806,057			2,386,209			1,524
Cost of shares redeemed
A Shares		(359,888	)		(102,237	)		(36,446	)		—
I Shares		(100,077,373	)		(77,659,243	)		(272,088,612	)		(386,344	)
Change in net assets resulting from share transactions		75,485,016			56,962,881			(202,893,280	)		24,876,990
Change in net assets		28,003,409			125,255,009			(146,502,194	)		25,055,948
NET ASSETS:
Beginning of year		374,368,986			249,113,977			395,616,171			—
End of year	$	402,372,395		$	374,368,986		$	249,113,977		$	25,055,948
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	3,137,031		$	(225,519	)	$	(265,631	)	$	8,784
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		22,732			73,980			4,782			11,964
I Shares		6,748,787			17,575,569			10,500,673			2,512,086
Shares issued in connection with Reorganization (Note 9)		19,336,655			—			—			—
Distributions reinvested
A Shares		189			746			209			—
I Shares		97,298			245,029			376,474			150
Shares redeemed
A Shares		(54,447	)		(13,770	)		(5,917	)		—
I Shares		(15,391,690	)		(10,733,877	)		(42,799,809	)		(38,142	)
Net change resulting from share transactions		10,759,524			7,147,677			(31,923,588	)		2,486,058

* Commencement of investment operations January 12, 2012.

** Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

April 30, 2012  /  ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 83

	Wilmington Multi- Manager Real Asset Fund									Wilmington Strategic Allocation Conservative Fund
	Year Ended April 30, 2012			Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended April 30, 2012			Year Ended June 30, 2011			Year Ended June 30, 2010
OPERATIONS:
Net investment income (loss)	$	(1,770,999	)	$	14,208,111		$	1,251,893		$	1,016,371		$	1,807,659		$	1,606,333
Net realized gain (loss) on investments		9,789,834			23,990,074			5,803,947			1,952,265			1,414,599			(1,268,218	)
Net change in unrealized appreciation (depreciation) on investments		(873,799	)		20,676,164			22,591,330			(2,033,581	)		4,673,730			3,189,859
Change in net assets resulting from operations		7,145,036			58,874,349			29,647,170			935,055			7,895,988			3,527,974
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(5,519	)		(718,487	)		(396,565	)		(144,371	)		(235,297	)		(250,242	)
I Shares		(240,392	)		(13,559,782	)		(8,295,964	)		(1,054,442	)		(1,563,166	)		(1,336,358	)
Distributions from net realized gain on investments														—			—
A Shares		—			—			—			—			—			—
I Shares		—			—			—			—			—			—
Change in net assets resulting from distributions to shareholders		(245,911	)		(14,278,269	)		(8,692,529	)		(1,198,813	)		(1,798,463	)		(1,586,600	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		1,277,305			2,247,464			9,685,149			89,798			7,194,268			945,831
I Shares		146,316,832			47,667,501			97,906,262			3,320,115			323,968			43,632,229
Proceeds from merger (Note 9)
A Shares		—			—			—			—			—			8,139,354
I Shares		—			—			—			—			—			15,358,229
Distributions reinvested
A Shares		5,209			680,196			371,712			137,603			221,830			235,494
I Shares		78,344			4,291,103			2,484,278			968,602			1,402,127			1,113,143
Cost of shares redeemed
A Shares		(7,934,816	)		(7,842,454	)		(14,777,559	)		(1,205,703	)		(3,342,991	)		(3,295,476	)
I Shares		(61,223,719	)		(125,378,229	)		(204,952,550	)		(13,973,081	)		(11,688,226	)		(21,472,511	)
Change in net assets resulting from share transactions		78,519,155			(78,334,419	)		(109,282,708	)		(10,662,666	)		(5,889,024	)		44,656,293
Change in net assets		85,418,280			(33,738,339	)		(88,328,067	)		(10,926,424	)		208,501			46,597,667
NET ASSETS:
Beginning of year		266,269,786			300,008,125			388,336,192			63,228,804			63,020,303			16,422,636
End of year	$	351,688,066		$	266,269,786		$	300,008,125		$	52,302,380		$	63,228,804		$	63,020,303
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(3,182,329	)	$	(5,345,159	)	$	(192,087	)	$	203,414		$	313,907		$	129,084
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		93,062			164,706			788,494			8,568			31,671			98,388
I Shares		10,525,216			3,501,036			7,954,319			320,755			695,050			4,516,681
Shares Issued in fund merger (Note 9)
A Shares		—			—			—			—			—			864,369
I Shares		—			—			—			—			—			1,628,014
Distributions reinvested
A Shares		381			50,838			29,675			13,640			21,512			24,215
I Shares		5,727			319,566			197,794			95,789			135,584			113,900
Shares redeemed
A Shares		(584,668	)		(579,584	)		(1,200,714	)		(117,367	)		(322,385	)		(339,820	)
I Shares		(4,484,128	)		(9,233,540	)		(16,456,624	)		(1,357,544	)		(1,122,201	)		(2,207,062	)
Net change resulting from share transactions		5,555,590			(5,776,978	)		(8,687,056	)		(1,036,159	)		(560,769	)		4,698,685

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

ANNUAL REPORT  /  April 30, 2012

84 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Strategic Allocation Moderate Fund						Wilmington Strategic Allocation Aggressive Fund
	Year Ended April 30, 2012			Year Ended April 30, 2011			Year Ended April 30, 2012			Year Ended June 30, 2011			Year Ended June 30, 2010
OPERATIONS:
Net investment income	$	888,364		$	658,161		$	377,486			1,009,987			907,071
Net realized gain (loss) on investments		1,004,390			4,516,747			521,974			737,245			(6,377,192	)
Net change in unrealized appreciation (depreciation) on investments		(4,599,886	)		7,281,032			(2,521,934	)		10,603,386			13,341,988
Change in net assets resulting from operations		(2,707,132	)		12,455,940			(1,622,474	)		12,350,618			7,871,867
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
A Shares		(859,662	)		(630,182	)		(19,654	)		(61,960	)		(52,604	)
B Shares		—			(133,160	)		—			—
I Shares		(51,060	)		(36,841	)		(320,102	)		(948,415	)		(850,801	)
Distributions from net realized gain on investments
A Shares		(87,547	)		(199,928	)		—			—			—
B Shares		—			(78,041	)		—			—			—
I Shares		(3,953	)		(11,674	)		—			—			—
Change in net assets resulting from distributions to shareholders		(1,002,222	)		(1,089,826	)		(339,756	)		(1,010,375	)		(903,405	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
A Shares		2,997,639			25,591,791			88,736			145,629			1,181,814
B Shares		—			5,712,075			—			—
I Shares		149,012			1,102,910			5,267,653			7,918,850			16,575,547
Proceeds from shares issued in connection with the Reorganization (Note 8)		—			39,254,425			—			—			—
Distributions reinvested
A Shares		892,049			789,579			18,277			59,889			51,087
B Shares		—			205,155			—			—
I Shares		55,013			48,514			98,282			286,957			234,217
Cost of shares redeemed
A Shares		(10,617,664	)		(15,728,837	)		(463,921	)		(1,343,528	)		(988,990	)
B Shares		—			(24,613,701	)		—			—
I Shares		(354,196	)		(230,321	)		(16,104,843	)		(12,864,588	)		(29,164,181	)
Change in net assets resulting from share transactions		(6,878,147	)		32,131,590			(11,095,816	)		(5,796,791	)		(12,110,506	)
Change in net assets		(10,587,501	)		43,497,704			(13,058,046	)		5,543,452			(5,142,044	)
NET ASSETS:
Beginning of year		78,979,987			35,482,283			55,388,922			49,845,470			54,987,514
End of year	$	68,392,486		$	78,979,987		$	42,330,876		$	55,388,922		$	49,845,470
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	101,652		$	80,387		$	62,632		$	24,902		$	39,783
SHARES OF BENEFICIAL INTEREST:
Shares sold
A Shares		330,801			2,762,858			9,921			16,577			158,330
B Shares		—			6,477			—			—			—
I Shares		16,720			132,039			610,813			878,842			2,166,734
Shares issued in connection with Reorganization (Note 8)		—			4,895,079			—			—			—
Distributions reinvested
A Shares		102,604			90,048			2,186			6,796			6,572
B Shares		—			23,806			—			—			—
I Shares		6,304			5,488			11,700			32,395			29,928
Shares redeemed
A Shares		(1,175,129	)		(1,166,437	)		(53,136	)		(153,541	)		(124,103	)
B Shares		—			(2,751,953	)		—			—			—
I Shares		(40,455	)		(26,411	)		(1,914,753	)		(1,495,856	)		(3,657,190	)
Net change resulting from share transactions		(759,155	)		3,970,994			(1,333,269	)		(714,787	)		(1,419,729	)

See Notes which are an integral part of the Financial Statements

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS 85

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND†
A SHARES	For the period July 1, 2011 through April 30, 2012*			For the Year Ended June 30,  2011			For the Year Ended June 30,  2010			For the Year Ended June 30,  2009			For the Year Ended June 30,  2008			For the Year Ended June 30,  2007
Net Asset Value, Beginning of Period		$   7.63			$ 5.95			$ 5.36			$ 8.50			$11.75			$ 9.92
Income (Loss) From Operations:
Net Investment Income(c)		0.16			0.12			0.06			0.08			0.15			0.16
Net realized and unrealized gain (loss) on Investments and foreign currency		(1.05	)		1.64			0.63			(2.92	)		(1.23	)		2.72
Total Income (Loss) From Operations		(0.89	)		1.76			0.69			(2.84	)		(1.08	)		2.88
Less Distributions From:
Net Investment Income		(0.02	)		(0.08	)		(0.10	)		(0.10	)		(0.25	)		(0.12	)
Net Realized gains		—			—			—			(0.20	)		(1.92	)		(0.93	)
Return of Capital		—			—			0.00	(d)		—			—			—
Total Distributions		(0.02	)		(0.08	)		(0.10	)		(0.30	)		(2.17	)		(1.05	)
Net Asset Value, End of Period		$   6.72			$ 7.63			$ 5.95			$ 5.36			$ 8.50			$11.75
Total Return(a)		(11.65	)%		29.57	%		12.74	%		(32.95	)%		(10.66	)%		30.30	%
Net Assets, End of Period (000’s)		$6,682			$571			$83			$80			$118			$122
Ratios to Average Net Assets
Gross Expense		1.62	%(f)		1.59	%		1.63	%		1.72	%		1.40	%		1.37	%
Net Expenses(b)		1.42	%(f)		1.58	%		1.62	%		1.65	%		1.40	%		1.37	%
Net Investment Income		2.77	%(f)		1.61	%		0.89	%		1.53	%		1.46	%		1.54	%
Portfolio Turnover Rate		85	%		98	%		107	%		136	%		124	%		89	%
I SHARES(e)	For the period July 1, 2011 through April 30, 2012*			For the Year Ended June 30,  2011			For the Year Ended June 30,  2010			For the Year Ended June 30,  2009			For the Year Ended June 30,  2008			For the Year Ended June 30,  2007
Net Asset Value, Beginning of Period		$ 7.66			$ 5.97			$ 5.37			$ 8.51			$11.76			$  9.92
Income (Loss) From Operations:
Net Investment Income(c)		0.06			0.10			0.07			0.10			0.18			0.16
Net realized and unrealized gain (loss) on Investments and foreign currency		(0.94	)		1.67			0.64			(2.93	)		(1.24	)		2.74
Total Income (Loss) From Operations		(0.88	)		1.77			0.71			(2.83	)		(1.06	)		2.90
Less Distributions From:
Net Investment Income		(0.03	)		(0.08	)		(0.11	)		(0.11	)		(0.27	)		(0.13	)
Net Realized gains		—			—			—			(0.20	)		(1.92	)		(0.93	)
Return of Capital		—			—			0.00	(d)		—			—			—
Total Distributions		(0.03	)		(0.08	)		(0.11	)		(0.31	)		(2.19	)		(1.06	)
Net Asset Value, End of Period		$ 6.75			$ 7.66			$ 5.97			$ 5.37			$  8.51			$11.76
Total Return(a)		(11.45	)%		29.78	%		13.10	%		(32.82	)%		(10.49	)%		30.57	%
Net Assets, End of Period (000’s)		$395,690			$373,798			$249,031			$395,536			$1,035,939			$1,129,534
Ratios to Average Net Assets
Gross Expense		1.42	%(f)		1.43	%		1.38	%		1.42	%		1.16	%		1.06	%
Net Expenses(b)		1.38	%(f)		1.41	%		1.37	%		1.40	%		1.15	%		1.06	%
Net Investment Income		1.17	%(f)		1.38	%		1.03	%		1.64	%		1.75	%		1.49	%
Portfolio Turnover Rate		85	%		98	%		107	%		136	%		124	%		89	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) The net investment income per share was calculated using the average share outstanding method.

(d) Less than $.01 per share.

(e) Formerly Institutional Shares.

(f) Annualized for periods less than one year.

† 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.

* Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

86 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON ROCK MAPLE ALTERNATIVES FUND
A SHARES	For the period January 12,  2012 to April 30, 2012*
Net Asset Value, Beginning of Period		$10.00
Income (Loss) From Operations:
Net Investment Income(c)		0.03
Net realized and unrealized gain (loss) on investments and foreign currency		0.08
Total Income (Loss) From Operations		0.11
Less Distributions From:
Net Investment Income		—
Net Realized gains		—
Total Distributions		—
Net Asset Value, End of Period		$10.11
Total Return(a)		1.10	%
Net Assets, End of Period (000’s)		$121
Ratios to Average Net Assets
Gross Expense		4.25	%(d)
Net Expenses(b)		2.48	%(d)
Net Investment Income		0.88	%(d)
Portfolio Turnover Rate		8	%
I SHARES	For the period January 12,  2012 to April 30, 2012*
Net Asset Value, Beginning of Period		$10.00
Income (Loss) From Operations:
Net Investment Income(c)		0.06
Net realized and unrealized gain (loss) on investments and foreign currency		0.05
Total Income (Loss) From Operations		0.11
Less Distributions From:
Net Investment Income		(0.03	)
Net Realized gains		—
Total Distributions		(0.03	)
Net Asset Value, End of Period		$10.08
Total Return(a)		1.10	%
Net Assets, End of Period (000’s)		$24,935
Ratios to Average Net Assets		3.92	%(d)
Gross Expense		1.98	%(d)
Net Expenses(b)		2.11	%(d)
Net Investment Income		8	%
Portfolio Turnover Rate

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year if any are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Annualized for periods less than one year.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 87

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER REAL ASSET FUND†
A SHARES	For the period July 1, 2011 through April 30, 2012*			For the year ended June 30, 2011			For the year ended June 30, 2010			For the year ended June 30, 2009			For the year ended June 30, 2008			For the year ended June 30, 2007
Net Asset Value, Beginning of Period		$14.00			$12.10			$11.60			$17.75			$15.34			$15.07
Income (Loss) From Operations:
Net Investment Income(c)		(0.21	)		0.63			0.02			0.15			0.63			0.58
Net realized and unrealized gain (loss) on investments and foreign currency		0.50			1.91			0.75			(4.89	)		2.65			0.12
Total Income (Loss) From Operations		0.29			2.54			0.77			(4.74	)		3.28			0.70
Less Distributions From:
Net Investment Income		(0.01	)		(0.64	)		(0.27	)		(0.59	)		(0.54	)		(0.32	)
Net Realized gains		—			—			—			(0.82	)		(0.33	)		(0.11	)
Total Distributions		(0.01	)		(0.64	)		(0.27	)		(1.41	)		(0.87	)		(0.43	)
Net Asset Value, End of Period		$14.28			$14.00			$12.10			$11.60			$17.75			$15.34
Total Return(a)		2.04	%		21.45	%		6.57	%		(26.78	)%		22.00	%		4.62	%
Net Assets, End of Period (000’s)		$7,038			$13,773			$16,305			$20,073			$32,637			$128
Ratios to Average Net Assets
Gross Expense		1.33	%(e)		1.25	%		1.20	%		1.09	%		0.99	%		0.90	%
Net Expenses(b)		1.28	%(e)		1.25	%		1.19	%		1.07	%		0.90	%		0.89	%
Net Investment Income		(1.86	)%(e)		4.64	%		0.13	%		1.15	%		3.61	%		3.74	%
Portfolio Turnover Rate		180	%		199	%		156	%		115	%		72	%		23	%
I SHARES(d)	For the period July 1, 2011 through April 30, 2012*			For the year ended June 30, 2011			For the year ended June 30, 2010			For the year ended June 30, 2009			For the year ended June 30, 2008			For the year ended June 30, 2007
Net Asset Value, Beginning of Period		$14.02			$12.11			$11.61			$17.75			$15.33			$15.06
Income (Loss) From Operations:
Net Investment Income(c)		(0.09	)		0.65			0.04			0.28			0.60			0.50
Net realized and unrealized gain (loss) on investments and foreign currency		0.41			1.94			0.75			(4.99	)		2.71			0.24
Total Income (Loss) From Operations		0.32			2.59			0.79			(4.71	)		3.31			0.74
Less Distributions From:
Net Investment Income		(0.01	)		(0.68	)		(0.29	)		(0.61	)		(0.56	)		(0.36	)
Net Realized gains		—			—			—			(0.82	)		(0.33	)		(0.11	)
Total Distributions		(0.01	)		(0.68	)		(0.29	)		(1.43	)		(0.89	)		(0.47	)
Net Asset Value, End of Period		$14.33			$14.02			$12.11			$11.61			$17.75			$15.33
Total Return(a)		2.31	%		21.70	%		6.76	%		(26.59	)%		22.27	%		4.89	%
Net Assets, End of Period (000’s)		$344,650			$252,497			$283,703			$368,263			$782,540			$555,007
Ratios to Average Net Assets
Gross Expense		1.08	%(e)		1.00	%		0.95	%		0.82	%		0.65	%		0.65	%
Net Expenses(b)		1.02	%(e)		1.00	%		0.94	%		0.82	%		0.65	%		0.63	%
Net Investment Income		(0.74	)%(e)		4.82	%		0.33	%		2.09	%		3.64	%		3.23	%
Portfolio Turnover Rate		180	%		199	%		156	%		115	%		72	%		23	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge if applicable. Total returns for periods of less than one year. If any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) Formerly Institutional Shares

(e) Annualized for periods less than one year.

† 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.

* Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

88 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND†
A SHARES	For the period July 1, 2011 through April 30, 2012*			For the year ended June 30, 2011			For the year ended June 30, 2010			For the year ended June 30, 2009			For the year ended June 30, 2008			For the year ended June 30, 2007
Net Asset Value, Beginning of Period		$10.60			$  9.66			$  9.02			$ 10.54			$10.80			$  10.17
Income (Loss) From Operations:
Net Investment Income(c)		0.17			0.26			0.26			0.28			0.28			0.27
Net realized and unrealized gain (loss) on Investments		0.05			0.95			0.64			(1.41	)		(0.13	)		0.66
Total Income (Loss) From Operations		0.22			1.21			0.90			(1.13	)		0.15			0.93
Less Distributions From(d):
Net Investment Income		(0.21	)		(0.27	)		(0.26	)		(0.25	)		(0.28	)		(0.25	)
Net Realized gains		—			—			—			(0.14	)		(0.13	)		(0.05	)
Total Distributions		(0.21	)		(0.27	)		(0.26	)		(0.39	)		(0.41	)		(0.30	)
Net Asset Value, End of Period		$10.61			$10.60			$  9.66			$   9.02			$10.54			$10.80
Total Return(a)		2.15	%		12.58	%		9.98	%		(10.57	)%		1.35	%		9.30	%
Net Assets, End of Period (000's)		$7,003			$8,003			$9,890			$3,402			$4,777			$3,273
Ratios to Average Net Assets
Gross Expense(g)		0.77	%(f)		0.60	%		0.64	%		1.56	%		1.68	%		3.73	%
Net Expenses(b)(g)		0.63	%(f)		0.60	%		0.64	%		0.75	%		0.75	%		0.75	%
Net Investment Income		1.95	%(f)		2.54	%		2.65	%		3.02	%		2.61	%		2.57	%
Portfolio Turnover Rate		37	%		26	%		92	%		31	%		25	%		47	%
I SHARES(e)	For the period July 1, 2011 through April 30, 2012*			For the year ended June 30, 2011			For the year ended June 30, 2010			For the year ended June 30, 2009			For the year ended June 30, 2008			For the year ended June 30, 2007
Net Asset Value, Beginning of Period		$10.62			$  9.67			$  9.04			$ 10.55			$10.81			$10.17
Income (Loss) From Operations:
Net Investment Income(c)		0.19			0.29			0.29			0.31			0.31			0.31
Net realized and unrealized gain (loss) on Investments		0.06			0.95			0.62			(1.41	)		(0.14	)		0.65
Total Income (Loss) From Operations		0.25			1.24			0.91			(1.10	)		0.17			0.96
Less Distributions From(d):
Net Investment Income		(0.23	)		(0.29	)		(0.28	)		(0.27	)		(0.30	)		(0.27	)
Net Realized gains		—			—			—			(0.14	)		(0.13	)		(0.05	)
Total Distributions		(0.23	)		(0.29	)		(0.28	)		(0.41	)		(0.43	)		(0.32	)
Net Asset Value, End of Period		$10.64			$10.62			$ 9.67			$   9.04			$10.55			$10.81
Total Return		2.44	%		12.96	%		10.12	%		(10.30	)%		1.58	%		9.62	%
Net Assets, End of Period (000's)		$45,299			$55,226			$53,131			$13,021			$8,058			$7,894
Ratios to Average Net Assets
Gross Expense(g)		0.52	%(f)		0.35	%		0.39	%		1.30	%		1.43	%		3.08	%
Net Expenses(b)(g)		0.38	%(f)		0.35	%		0.39	%		0.50	%		0.50	%		0.50	%
Net Investment Income		2.20	%(f)		2.81	%		2.91	%		3.42	%		2.83	%		2.86	%
Portfolio Turnover Rate		37	%		26	%		92	%		31	%		25	%		47	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains.

(e) Formerly Institutional Shares.

(f) Annualized for periods less than one year.

(g) 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.

† 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.

* Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

April 30, 2012  /  ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 89

For a share outstanding throughout each year ended April 30, unless otherwise noted:

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
A SHARES(i)	2012			2011(d)			2010(d)			2009(d)			2008(d)			2007(d)
Net Asset Value, Beginning of Period		$ 9.70			$ 8.62			$ 6.72			$10.07			$10.67			$10.47
Income (Loss) From Operations:
Net Investment Income(c)		0.11			0.10			0.04			0.10			0.10			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.42	)		1.13			1.87			(2.82	)		(0.19	)		0.87
Total Income (Loss) From Operations		(0.31	)		1.23			1.91			(2.72	)		(0.09	)		0.99
Less Distributions From:
Net Investment Income		(0.12	)		(0.12	)		(0.01	)		(0.10	)		(0.16	)		(0.22	)
Net Realized Gains		(0.01	)		(0.03	)		—			(0.53	)		(0.35	)		(0.57	)
Total Distributions		(0.13	)		(0.15	)		(0.01	)		(0.63	)		(0.51	)		(0.79	)
Net Asset Value, End of Period		$ 9.26			$ 9.70			$ 8.62			$  6.72			$10.07			$10.67
Total Return(a)		(3.13	)%		14.54	%		28.39	%		(26.61	)%		(0.93	)%		9.80	%
Net Assets, End of Period (000’s)		$65,285			$75,554			$21,822			$21,871			$36,868			$41,963
Ratios to Average Net Assets
Gross Expense(h)		1.64	%		1.51	%		1.39	%		1.48	%		1.20	%		1.14	%
Net Expenses(b)(h)		0.79	%		0.73	%		0.83	%		0.86	%		0.88	%		0.89	%
Net Investment Income		1.26	%		0.97	%		0.46	%		1.31	%		0.98	%		1.20	%
Portfolio Turnover Rate		41	%		55	%		10	%		42	%		21	%		22	%
I SHARES(j)	2012			2011(g)
Net Asset Value, Beginning of Period		$ 9.70			$ 8.08
Income (Loss) From Operations:
Net Investment Income(c)		0.14			0.10
Net Realized and Unrealized Gain (Loss) on Investments		(0.43	)		1.66
Total Income (Loss) From Operations		(0.29	)		1.76
Less Distributions From:
Net Investment Income		(0.15	)		(0.11	)
Net Realized Gains		(0.01	)		(0.03	)
Total Distributions		(0.16	)		(0.14	)
Net Asset Value, End of Period		$ 9.25			$ 9.70
Total Return(a)		(2.87	)%		22.07	%
Net Assets, End of Period (000’s)		$3,108			$3,426
Ratios to Average Net Assets
Gross Expense(h)		1.39	%		1.44	%(e)
Net Expenses(b)(h)		0.51	%		0.67	%(e)
Net Investment Income		1.53	%		1.25	%(e)
Portfolio Turnover Rate		41	%		55	%(f)

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) 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.

(e) Annualized for periods less than one year.

(f) Reflects portfolio turnover for the Fund for the year ended April 30, 2011.

(g) For the period from June 11, 2010 (commencement of operations) to April 30, 2011.

(h) 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.

(i) Formerly Class A Shares.

(j) Formerly Institutional I Shares.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

ANNUAL REPORT  /  April 30, 2012

90 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND†
A SHARES	For the period July 1, 2011  through April 30, 2012*			For the year ended June 30,  2011			For the year ended June 30,  2010			For the year ended June 30,  2009			For the year ended June 30,  2008			For the year ended June 30,  2007
Net Asset Value, Beginning of Period		$ 9.33			$  7.49			$  6.81			$ 10.92			$12.19			$10.54
Income (Loss) From Operations:
Net Investment Income(c)		0.05			0.14			0.10			0.12			0.17			0.08
Net realized and unrealized gain (loss) on Investments		(0.13	)		1.85			0.68			(3.53	)		(0.78	)		1.80
Total Income (Loss) From Operations		(0.08	)		1.99			0.78			(3.41	)		(0.61	)		1.88
Less Distributions From(d):
Net Investment Income		(0.05	)		(0.15	)		(0.10	)		(0.12	)		(0.17	)		(0.07	)
Net Realized gains		—			—			—			(0.58	)		(0.49	)		(0.16	)
Total Distributions		(0.05	)		(0.15	)		(0.10	)		(0.70	)		(0.66	)		(0.23	)
Net Asset Value, End of Period		$ 9.20			$  9.33			$  7.49			$   6.81			$10.92			$12.19
Total Return(a)		(0.75	)%		26.66	%		11.41	%		(30.79	)%		(5.37	)%		18.01	%
Net Assets, End of Period (000's)		$3,074			$3,502			$3,788			$3,165			$4,737			$5,070
Ratios to Average Net Assets
Gross Expense(g)		0.88	%(f)		0.67	%		0.58	%		0.66	%		0.61	%		0.76	%
Net Expenses(b)(g)		0.73	%(f)		0.67	%		0.58	%		0.65	%		0.60	%		0.75	%
Net Investment Income		0.75	%(f)		1.64	%		1.23	%		1.63	%		1.41	%		0.69	%
Portfolio Turnover Rate		17	%		34	%		53	%		59	%		23	%		14	%
I SHARES(e)	For the period July 1, 2011  through April 30, 2012*			For the year ended June 30,  2011			For the year ended June 30,  2010			For the year ended June 30,  2009			For the year ended June 30,  2008			For the year ended June 30,  2007
Net Asset Value, Beginning of Period		$ 9.35			$  7.51			$  6.82			$ 10.93			$12.20			$10.55
Income (Loss) From Operations:
Net Investment Income(c)		0.07			0.17			0.11			0.15			0.20			0.10
Net realized and unrealized gain (loss) on Investments		(0.13	)		1.84			0.70			(3.54	)		(0.78	)		1.81
Total Income (Loss) From Operations		(0.06	)		2.01			0.81			(3.39	)		(0.58	)		1.91
Less Distributions From(d):
Net Investment Income		(0.07	)		(0.17	)		(0.12	)		(0.14	)		(0.20	)		(0.10	)
Net Realized gains		—			—			—			(0.58	)		(0.49	)		(0.16	)
Total Distributions		(0.07	)		(0.17	)		(0.12	)		(0.72	)		(0.69	)		(0.26	)
Net Asset Value, End of Period		$ 9.22			$  9.35			$  7.51			$   6.82			$10.93			$12.20
Total Return(a)		(0.62	)%		26.91	%		11.80	%		(30.63	)%		(5.14	)%		18.25	%
Net Assets, End of Period (000's)		$39,257			$51,887			$46,058			$51,823			$56,985			$53,249
Ratios to Average Net Assets
Gross Expense(g)		0.61	%(f)		0.42	%		0.33	%		0.41	%		0.36	%		0.52	%
Net Expenses(b)(g)		0.48	%(f)		0.42	%		0.33	%		0.40	%		0.35	%		0.50	%
Net Investment Income		1.02	%(f)		1.89	%		1.41	%		1.97	%		1.67	%		0.90	%
Portfolio Turnover Rate		17	%		34	%		53	%		59	%		23	%		14	%

(a) Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(b) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Per share numbers have been calculated using the average shares method.

(d) For financial reporting purposes, certain distributions from net investment income for Federal income tax purposes have been reclassified to distributions from realized gains.

(e) Formerly Institutional Shares.

(f) Annualized for periods less than one year.

(g) 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.

† 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.

* Prior to March 9, 2012 the Fund’s fiscal year end was June 30.

See Notes which are an integral part of the Financial Statements

April 30, 2012   /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 91

1. ORGANIZATION

Wilmington Funds (the “Trust”), formerly known as MTB Group of Funds, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 26 portfolios, 6 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 20 funds (1 of which is only made available to variable annuity contracts) 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”), formerly MTB Strategic Allocation 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 7 classes of shares: A Shares, C Shares, Service Shares, Select Shares, Administrative Shares, I Shares and Institutional Shares. 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 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”);

• 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.

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the 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

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

92 NOTES TO FINANCIAL STATEMENTS

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 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 significant 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, 2012, there were no significant 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 (i.e. futures contracts and options) 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.

In May 2011, the International Accounting Standards Board and the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04, which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS, will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable

inputs and the interrelationships between those unobservable inputs. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU 2011-04 and its impact on the financial statements.

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 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 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.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 93

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 Trustee’s 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 Fund’s 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 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.

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.

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, 2012, the Funds listed below had securities with the following values on loan:

Fund	Value of Securities on Loan		Value of Collateral
Multi-Manager International Fund	$	8,267,443	$	8,741,210
Multi-Manager Real Asset Fund		200,885		210,257
Strategic Allocation Moderate Fund		1,616,247		1,648,951

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

(continued on next page)

ANNUAL REPORT   /  April 30, 2012

94 NOTES TO FINANCIAL STATEMENTS

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 period ended April 30, 2012 as follows:

	Number of Contracts			Premiums Received
Outstanding options at January 12, 2012*		—		$	—
Options purchased		—			—
Option closed		(141	)		(14,948	)
Options written		667			295,825
Options expired		(270	)		(148,961	)
Options exercised		(111	)		(54,356	)
Options outstanding at April 30, 2012		145		$	77,560

* Commencement of operations.

The Real Asset Fund had transactions in options written during the period ended April 30, 2012 as follows:

	Number of Contracts			Premiums Received
Options outstanding at June 30, 2011**		3,431		$	226,303
Options purchased		(3,210	)		(217,280	)
Options closed		—			—
Options written		2,632			234,774
Options expired		(613	)		(54,012	)
Options exercised		—			—
Options outstanding at April 30, 2012		2,240		$	189,785

**  Funds previous fiscal year end.

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 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 Schedule 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.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 95

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 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 Schedules 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. Notional amounts of each individual credit default swap agreements outstanding as of April 30, 2012 for which a Fund is the seller of protection are disclosed in the notes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

(continued on next page)

ANNUAL REPORT   /  April 30, 2012

96 NOTES TO FINANCIAL STATEMENTS

The Following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of April 30, 2012.

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Interest rate contracts	Investments in securities, at value. Net unrealized appreciation on swap agreements. Net unrealized appreciation on financial futures contracts.	Options written, at value. Net unrealized depreciation on swap agreements. Net unrealized depreciation on financial futures contracts.
Foreign exchange contracts	Net unrealized appreciation on forward foreign currency exchange contracts.	Net unrealized depreciation on forward foreign currency exchange contracts.
Equity contracts	Investments in securities, at value. Net unrealized appreciation on financial futures contracts.	Net unrealized depreciation on financial futures contracts. Options written, at value.
Credit contracts	Net unrealized appreciation on swap agreements.	Net unrealized depreciation on swap agreements.

	Asset Derivative Fair Value
	Total Value		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Credit Contracts
International Fund	$	25	$	—	$	25	$	—	$	—
Rock Maple Alternatives Fund		302,634		302,612		22		—		—
Real Asset Fund		1,872,510		—		1,672,904		179,054		20,552

	Liability Derivative Fair Value
	Total Value		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Credit Contracts
International Fund	$	31,464	$	27,676	$	3,788	$	—	$	—
Rock Maple Alternatives Fund		51,851		37,329		14,522		—		—
Real Asset Fund		2,295,537		—		1,972,571		314,583		8,383

The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2012 are as follows:

Derivative Type	Location of 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, options written and futures contracts Net change in unrealized appreciation (depreciation) on investments
Interest rate contracts	Net realized gain (loss) on swap agreements, options written and futures contracts Net change in unrealized appreciation (depreciation) on investments
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions Net change in unrealized appreciation (depreciation) on investments

	Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations
	Total			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Credit Contracts
International Fund	$	(112,738	)	$	(111,394	)	$	(1,344	)	$	—	$	—
Rock Maple Alternatives Fund		(26,992	)		(63,638	)		36,646			—		—
Real Asset Fund		23,860,727			—			22,912,965			950,614		(2,852	)

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
	Total			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit Contracts
International Fund	$	(36,980	)	$	(42,757	)	$	5,777		$	—		$	—
Rock Maple Alternatives Fund		182,480			(167,980	)		(14,500	)		—			—
Real Asset Fund		374,743			—			483,536			(103,057	)		(5,736	)

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 97

For the period ended April 30, 2012, the Fund’s average volume of derivative activities is as follows:

	Written Options1			Purchased Options2		Futures Long Positions3		Futures Short Positions3		Forward Currency Contracts – Purchased4
International Fund	$	—		$	—	$	440,246	$	—	$	—
Rock Maple Alternatives Fund		(77,560	)		430,361		—		—		29,171
Real Asset Fund		(189,785	)		30,510		29,556,678		1,228,834		42,231,759
	Forward Currency Contracts – Sold5			Interest Rate Swaps6		Credit Default Swaps as writer6
International Fund	$	(376,329	)	$	—	$	—
Rock Maple Alternatives Fund		(2,346,915	)		—		—
Real Asset Fund		(152,094,480	)		17,700,000		3,200,000

¹  Premium Received.

²  Cost.

³  Average Notional Value.

⁴  Value at Settlement Date Payable.

⁵  Value at Settlement Date Receivable.

⁶  Notional Amount.

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, 2012, 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 2011, 2010, and 2009, remain subject to examination by the Internal Revenue Service.

For the period ended April 30, 2012, 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	$	29,272,586	$	1,659,782		$	(30,932,368	)
Rock Maple Alternatives Fund		—		(67,815	)		67,815
Real Asset Fund		—		4,179,740			(4,179,740	)
Strategic Allocation Conservative Fund		—		71,949			(71,949	)
Strategic Allocation Moderate Fund		—		43,623			(43,623	)

The tax character of distributions for the corresponding years or periods as reported on the Statements of Changes in Net Assets were as follows:

	2012				2011
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Rock Maple Alternatives Fund	$	71,149	$	—	$	—	$	—
Strategic Allocation Moderate Fund		910,770		91,452		800,183		289,643
	2012		2011		2010
Fund	Ordinary Income*		Ordinary Income*		Ordinary Income*		Return of Capital
International Fund	$	2,509,709	$	4,176,386	$	5,608,865	$	28,040
Real Asset Fund		245,911		14,278,269		8,692,529		—
Strategic Allocation Conservative Fund		1,198,813		1,798,463		1,586,600		—
Strategic Allocation Aggressive Fund		339,756		1,010,375		903,405		—

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

98 NOTES TO FINANCIAL STATEMENTS

As of April 30, 2012, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed/ Over Distributed Ordinary  Income		Undistributed Long-Term Capital  Gains		Unrealized Appreciation		Capital Loss Carryforwards and Deferrals
International Fund	$	3,701,607	$	—	$	6,565,138	$	364,973,167
Rock Maple Alternatives Fund		116,458		44,353		18,147		—
Real Asset Fund		888,753		—		17,416,139		111,990,695
Strategic Allocation Conservative Fund		203,414		—		3,823,947		3,445,131
Strategic Allocation Moderate Fund		101,652		—		6,202,250		16,227,876
Strategic Allocation Aggressive Fund		62,632		—		2,997,115		11,270,430

At April 30, 2012, 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 No Expiration		Long-Term Post-Effective No Expiration		Total Capital Loss Carryforwards
	2016		2017		2018		2019
International Fund	$	88,749,523	$	236,603,604	$	28,105,841	$	—	$	8,049,983	$	825,710	$	362,334,661
Real Asset Fund		—		—		111,990,695		—		—		—		111,990,695
Strategic Allocation Conservative Fund		—		1,528,460		1,916,671		—		—		—		3,445,131
Strategic Allocation Moderate Fund		—		13,143,879		1,811,021								14,954,900
Strategic Allocation Aggressive Fund		—		1,765,190		1,730,440		7,629,135		96,999		—		11,221,764

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 8 and 9 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 period ended April 30, 2012:

Fund	Capital Loss Carryforwards Used
International Fund	$	12,666,152
Real Asset Fund		4,435,348
Strategic Allocation Conservative Fund		1,907,689
Strategic Allocation Moderate Fund		326,684

The International Fund expired capital loss carryforwards in the amount of $29,752,863.

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, 2012 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
International Fund	$	2,638,506	$	—	$	—
Strategic Allocation Moderate Fund		—		1,272,976		—
Strategic Allocation Aggressive Fund		48,666		—		—

5. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

Investment Advisor – Wilmington Funds Management Corporation (“WFMC”) (formerly Rodney Square Management Corporation) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) (formerly MTB Investment Advisors, Inc.) provides sub-advisory services to each of the Funds. Prior to March 12, 2012, WTIA served as the Investment Advisor of the Strategic Allocation Moderate Fund. 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

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 99

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 (August 31, 2012 with regard to the Strategic Allocation Moderate Fund), 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
	A Shares			I Shares
Multi-Manager International Fund		1.49	%		1.36	%
Rock Maple Fund		2.48	%		1.98	%
Multi-Manager Real Asset Fund		1.28	%		1.03	%
Strategic Allocation Conservative Fund		0.90	%		0.65	%
Strategic Allocation Moderate Fund		1.10	%		0.85	%
Strategic Allocation Aggressive Fund		1.03	%		0.78	%

Prior to March 12, 2012 the contractual expense limitations for Strategic Allocation Conservative Fund and Strategic Allocation Aggressive Fund were 0.75% and 0.75% for A Shares and 0.50% and 0.50% for I Shares.

Fund	Gross Fees		Fees Waived			Fee as a % of average net asset of the Fund/ Allocated Net Assets for Subadvisors
Multi-Manager International Fund
WFMC	$	1,026,768	$	—		0.50%
Sub-advisors:
Artio Global Management, LLC*		103,895		—		0.50%
Barings International Investment Limited		34,435		—		0.45%
Goldman Sachs Asset Management, L.P.		272,903		(7,183	)	0.50%
Hansberger Global Investors, Inc.		29,064		—		0.60%
LSV Asset Management		26,403		—		0.49%
Dimensional Fund Advisors LP		232,418		(30,792	)	0.45% on the first $50 million; 0.30% in excess of $50 million
Parametric Portfolio Associates, Inc. (Emerging Markets Strategy)		525,679		(1,268	)	0.80% on the first $100 million; 0.75% in excess of $100 million
Parametric Portfolio Associates, Inc. (Developed Country Index Replication Strategy)		83,859		(850	)	0.275% on the first $50 million; 0.20% in excess of $50 million
Rock Maple Fund
WFMC		70,182		(118,646	)	1.00%
Rock Maple Services, LLC		28,072		—		0.40%
Sub-advisors:
Acuity Investment Management, LLC		12,969		—		1.00%
Adar Investment Management, LLC		9,156		—		1.00%
Calypso Investment Management, LP		9,081		—		1.00%
TIG Advisors, LLC		9,204		—		1.00%
Whitebox Advisors		—		—		1.00%
Madison Street Partners, LLC		9,291		—		1.00%
Parametric Risk Advisors, Inc.		4,254		—		0.90%
Evercore Wealth Management, LLC		6,371		—		0.75%
Multi-Manager Real Asset Fund
WFMC		857,681		(1,324	)	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		11,810		—		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		209,216		—		0.29%
E.I.I. Realty Securities, Inc.		234,905		—		0.65% on the first $100 million; 0.60% in excess of $100 million
CBRE Clarion Securities, LLC		244,987		(11,335	)	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)		56,680		—		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		36,513		(47,909	)	0.50%
Strategic Allocation Moderate Fund		441,277		(408,484	)	0.50%
Strategic Allocation Aggressive Fund		28,713		(36,986	)	0.50%

* Effective March 27, 2012 Artio was terminated as the fund’s sub-advisor.

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

100 NOTES TO FINANCIAL STATEMENTS

Administrative Fee – BNY Mellon (“BNYM”) provides the Trust with fund administration, accounting, transfer agency, and custody services. WTIA 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
WTIA		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

WTIA may voluntarily choose to waive any portion of its fee. WTIA can modify or terminate its voluntary waiver at any time at its sole discretion. For the year ended April 30, 2012, WTIA 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’ 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, 2012, 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
Multi-Manager International Fund	$	1,020
Multi-Manager Real Asset Fund		122
Strategic Allocation Conservative Fund		16
Strategic Allocation Moderate Fund		163,438
Strategic Allocation Aggressive Fund		6

Sales Charges – The A Shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2012, M&T received the amounts listed below from sales charges on the sale of A Shares.

Fund	Sales Charges from A Shares
Multi-Manager International Fund	$	—
Rock Maple Alternatives Fund		—
Multi-Manager Real Asset Fund		—
Strategic Allocation Conservative Fund		—
Strategic Allocation Moderate Fund		89,923
Strategic Allocation Aggressive 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 A Shares and I Shares 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. Prior to March 12, 2012, the WT Funds were not subject to a shareholders service fee.

For the year ended April 30, 2012, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services Fee
Multi-Manager International Fund	$	59,142
Multi-Manager Real Asset Fund		764
Strategic Allocation Conservative Fund		28
Strategic Allocation Moderate Fund		5
Strategic Allocation Aggressive Fund		18

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.

For the period May 1, 2011 to February 17, 2012, ALPS Fund Services, Inc. provided transfer agency services to the Trust. Effective February 18, 2012, BNYM, Inc. replaced ALPS Fund Services, Inc. as the transfer agent. BNYM agreed to pay the excess amount of fees payable to ALPS Fund Services, Inc. when the total expenses payable by the Trust exceed $995,413 until October 1, 2011. This agreement was extended and then terminated when BNYM replaced ALPS Fund Services, Inc. as the Fund’s transfer agent.

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.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 101

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 period ended April 30, 2012 are as follows:

Affiliated Fund Name	Balance of Shares  Held 4/30/2011		Purchases/ Additions		Sales/ Reductions		Shares Received  through Reorganization		Balance of Shares  Held 4/30/2012		Value at 4/30/2012		Dividend Income		Realized Gain/Loss
Multi-Manager International Fund
Wilmington Prime Money Market Fund		—		1,522,104		1,522,104		—		—	$	—	$	—	$	—
Real Assets Fund
Wilmington Prime Money Market Fund		—		18,277,519		16,503,385		—		1,774,134		1,774,134		48		—
Strategic Allocation Conservative Fund:
Wilmington Prime Money Market Fund		—		3,814,003		3,814,003		—		—		—		12,318		—
Wilmington Large Cap Strategy Fund		—		799,088		354,252		—		444,836		5,711,689		31,883		987,006
Wilmington Small Cap Strategy Fund		—		36,077		—		—		36,077		382,058		—		—
Wilmington Intermediate-Term Bond Fund		—		2,782,569		16,917		755		2,766,407		29,462,232		88,340		1,076
Wilmington Multi-Manager International Fund		—		886,880		371,788		—		515,092		3,476,869		6,368		(144,758	)
Wilmington Multi-Manager Real Asset Fund		—		206,384		19,780		—		186,604		2,674,033		—		14,788
TOTAL				8,525,001		4,576,740		755				41,706,881		138,909		858,112
Strategic Allocation Moderate Fund:
Wilmington Prime Money Market Fund		3,386,724		21,012,520		22,047,286		—		2,351,958		2,351,958		1,209		—
Wilmington Large Cap Growth Fund		906,162		72,123		583,394		—		394,891		3,561,918		4,389		1,316,603
Wilmington Large Cap Value Fund		537,508		26,671		337,411		—		226,768		2,415,075		33,101		(315,505	)
Wilmington Mid Cap Growth Fund		190,133		45,279		34,635		—		200,777		3,130,117		—		328,858
Wilmington Small Cap Growth Fund		130,721		20,845		40,575		—		110,991		1,904,605		—		253,357
Wilmington Multi-Manager International Fund		1,270,152		98,472		876,860		131,363		623,127		4,206,109		118,308		(1,656,444	)
Wilmington Multi-Manager Real Asset Fund		—		145,148		—		—		145,148		2,079,972		—		—
TOTAL				21,421,058		23,920,161		131,363				19,649,754		157,007		(73,131	)
Strategic Allocation Aggressive Fund:
Wilmington Prime Money Market Fund		—		8,781,393		8,781,393		—		—		—		13		—
Wilmington Large Cap Strategy Fund		—		3,337,107		1,806,901		—		1,530,206		19,647,847		66,678		178,374
Wilmington Small Cap Strategy Fund		—		94,041		9,183		—		84,858		898,648		—		45,546
Wilmington Multi-Manager International Fund		—		1,922,621		204,432		—		1,718,189		11,597,776		13,398		(18,728	)
Wilmington Multi-Manager Real Asset Fund		—		154,862		—		—		154,862		2,219,173		—		—
TOTAL				14,290,024		10,801,909		—				34,363,444		80,089		205,192

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 ten-month period ended April 30, 2012 were as follows:

International Fund	$81,438
Real Asset Fund	46,510

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

102 NOTES TO FINANCIAL STATEMENTS

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year of period ended April 30, 2012 were as follows:

	Investments
Fund	Purchases		Sales
Multi-Manager International Fund	$	339,544,538	$	273,947,878
Rock Maple Alternatives Fund		20,487,547		1,552,688
Multi-Manager Real Asset Fund		568,922,064		501,117,577
Strategic Allocation Conservative Fund		20,901,059		31,159,728
Strategic Allocation Moderate Fund		25,484,995		29,092,879
Strategic Allocation Aggressive Fund		7,758,849		23,360,443

Purchases and sales of investments of U.S. Government Securities for the year or period ended April 30, 2012 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Strategic Allocation Moderate Fund	$	2,324,340	$	4,552,521

7. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNY Mellon. 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 BNY Mellon. The termination date of this LOC is March 11, 2013. The Funds did not utilize the LOC for the year ended April 30, 2012.

8. REORGANIZATION

On January 13, 2010, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided the transfer of all the assets of the MTB Managed Allocation Fund—Aggressive Growth, MTB Managed Allocation Fund—Moderate Growth and MTB Managed Allocation Fund—Conservative Growth, (the “Target Funds”) for shares of the MTB Strategic Allocation Fund (“Acquiring Fund”). Shareholders approved the Plan at a meeting on May 27, 2010 and the reorganization took place on June 11, 2010. The acquisition was accomplished by a tax-free exchange of shares on June 11, 2010.

The purpose of this transaction was to combine the four Funds with the same Investment Manager and with substantially similar investment objectives, policies, and restrictions. Due to the small size of the Target 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 Target Funds into the Acquiring Fund.

For financial reporting purposes, the MTB Managed Allocation Fund—Moderate Growth was deemed to be the accounting survivor.

As such, the following information is presented as if the MTB Managed Allocation—Moderate Growth Fund acquired the MTB Managed Allocation—Conservative Growth Fund, the MTB Managed Allocation—Aggressive Growth Fund, and the MTB Strategic Allocation Fund:

	Shares Prior to Reorganization		Shares Issued by Surviving Fund		Appreciation/ (Depreciation) Prior  to Reorganization			Net Assets Prior to Reorganization
MTB Managed Allocation Fund—Aggressive Growth					$	114,689		$	15,743,533
Class A Shares		1,541,966		1,286,370
Class B Shares		830,491		685,267
MTB Managed Allocation Fund—Conservative Growth						515,056			5,533,849
Class A Shares		440,110		471,856
Class B Shares		199,543		220,494
MTB Strategic Allocation Fund						(359,578	)		17,977,043
Class A Shares		1,113,579		1,813,562
Class B Shares		103,099		175,331
Class I Shares		148,233		242,199
				4,895,079				$	39,254,425

Prior to the acquisition the MTB Managed Allocation—Moderate Growth Fund had net assets of $31,482,373. After the acquisition, the MTB Managed Allocation—Moderate Growth Fund had net assets of $70,736,798.

(continued on next page)

April 30, 2012  /  ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 103

Assuming the acquisition had been completed on May 1, 2010, the MTB Strategic Allocation Fund results of operations for the year ended April 30, 2011 would have been as follows:

Net investment income	$	674,489
Net realized and unrealized gain on investments		12,188,479

Because the combined Funds have been managed as a single integrated fund since the acquisition was completed, it is not practicable to separate the amounts of revenues and earnings of MTB Managed Allocation Fund—Aggressive Growth, MTB Managed Allocation Fund—Conservative Growth, and MTB Managed Allocation Fund—Moderate Growth, that have been included in Strategic Allocation’s Statement of Operations.

9. REORGANIZATION – WT

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, 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.

On August 21, 2009, the Conservative Asset Allocation Fund (the “Conservative Fund”) acquired all of the assets and liabilities of the Moderate Asset Allocation Fund (the “Moderate Fund”) in exchange for shares of the Conservative Fund, pursuant to an agreement and plan of

(continued on next page)

ANNUAL REPORT  /  April 30, 2012

104 NOTES TO FINANCIAL STATEMENTS

reorganization approved by the Board of Trustees and approved by the shareholders of the Moderate Fund. The Conservative Fund’s acquisition of the Moderate Fund was accomplished through the tax-free exchange of the outstanding shares of the Moderate Fund, 1,794,412 Institutional Shares and 953,809 A Shares, on August 21, 2009 (valued at $15,358,229 and $8,139,354, respectively) for 1,628,014 Institutional Shares and 864,369 A Shares of the Conservative Fund. The net assets and net unrealized depreciation of the Moderate Fund as of the close of business on August 21, 2009 were $23,497,583 and $(361,399), respectively. Prior to the acquisition on August 21, 2009, the Conservative Fund had net assets of $17,650,098. After the acquisition the Conservative Fund had net assets of $41,147,681.

10. PRINCIPAL RISKS OF INVESTING IN THE FUND

Risk Related to Investment in Underlying Funds – The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund invests. The ability of the Fund to achieve its investment objective depends on the ability of the underlying funds to meet their investment objectives and on the decisions of the Advisor, as investment advisor, regarding the allocation of the Fund’s assets among the underlying funds. There can be no assurance that the investment objective of the Fund or any underlying fund will be achieved. Through its investments in underlying funds, the Fund is subject to the risks of the underlying funds’ investments. Both the Fund and the underlying funds in which it invests bear fees and expenses, so an investment in the Fund may be subject to certain duplicate expenses.

11. 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.

12. 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, 2012, 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
Rock Maple Alternatives Fund	34.69	%
Multi-Manager Real Asset Fund	0.02	%
Strategic Allocation Conservative Fund	15.78	%
Strategic Allocation Moderate Fund	23.76	%
Strategic Allocation Aggressive Fund	87.55	%

For the year ended April 30, 2012, 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
Multi-Manager International Fund	100.00	%
Rock Maple Alternatives Fund	100.00	%
Multi-Manager Real Asset Fund	3.91	%
Strategic Allocation Conservative Fund	23.13	%
Strategic Allocation Moderate Fund	51.78	%
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, 2012  /  ANNUAL REPORT

105

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 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”), including the portfolios of investments, as of April 30, 2012, and the related statements of operations, 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, 2012, 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, 2012, and the results of their operations, 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 29, 2012

ANNUAL REPORT  /  April 30, 2012

106 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 100 East Pratt Street, 17th 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
Kenneth G. Thompson* Birth date: 9/64 TRUSTEE Began serving: December 2008	Principal Occupations: President, Wilmington Funds; Senior Vice President and Managing Director, Wilmington Trust Investment Advisors, Inc. (“WTIA”); Senior Vice President, M&T Bank. Other Directorships Held: None.
Robert J. Christian* Birth date: 2/49 TRUSTEE Began serving: March 2012	Principal Occupations: Retired. Other Directorships Held: Fund Vantage Trust (33 portfolios); Optimum Fund Trust (6 portfolios) (registered investment companies). Previous Positions: Executive Vice President of Wilmington Trust Company (“WTC”) (2/96 to 2/06); President of Rodney Square Management Corporation (“RSMC”) (1996 to 2005); Vice President of RSMC (2005 to 2006).
R. Samuel Fraundorf, CFA, CPA* Birth year: 1964 TRUSTEE Began serving: March 2012	Principal Occupations: President of WTIA. Other Directorships Held: None. Previous Positions: Chief Operating Officer of Wilmington Trust Investment Management (“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).
Jeffrey Durkee** Birth year: 1958 TRUSTEE Began serving: December 2007	Principal Occupations: President and Chief Executive Officer, Wilmington Trust Investment Advisors, Inc. (3/07 to 1/12). Other Directorships Held: None. Previous Positions: Chairman and CEO Private Wealth Management, Mercantile Bankshares Corporation (4/06 to 3/07); Senior Vice President and Director, Southern Division, Legg Mason Wood Walker (1998 to 4/06).

* Kenneth G. Thompson is “interested” due to positions he held with M&T Bank, the parent of the Fund’s Advisor. Robert J. Christian is “interested” due to positions he held with WTC and RSMC. R. Samuel Fraundorf is “interested” due to positions he held with WTIM.

** Jeffrey Durkee resigned as Trustee effective January 27, 2012. Mr. Durkee was “interested” due to positions he held with WTIA.

April 30, 2012  /  ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 107

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: Retired Other Directorships Held: Chairman, Community Foundation for Greater Buffalo (1/05 to 2/08); Chairman, Trustee and Treasurer, Buffalo Olmstead Parks Conservancy (1/05 to present); Chairman and Trustee, Buffalo Philharmonic Orchestra Foundation (1/06 to present); Vice Chairman and Trustee, Christ the King Seminary (1/05 to present); Director, Baker Victory Services (1/05 to 12/08); Director, Dunn Tire Corporation (1/05 to present); Director, Read to Succeed Buffalo (1/08 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.
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, Highmark Blue Cross/Blue Shield (2/05 to 6/10); Director, Chek-Med Corporation (6/03 to present). Previous Positions: President and Chief Executive Officer, 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: Hilbert College (2000 to 2011); Director, Roswell Park Alliance (2008 to present); Trustee, Gernatt Family Foundation; Former National Director, Classic Car Club of America.
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); Surrey Services for Seniors (2002 to 2008).

ANNUAL REPORT  /  April 30, 2012

108 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
Dr. Marguerite D. Hambleton Birth date: 2/43 TRUSTEE Began Serving: September 2005	Principal Occupations: President, AAA New York State Association (travel and financial services) (7/09 to present). Other Directorships Held: Director, AAA Foundation for Traffic Safety (5/85 to 2/06); Director, AAA (travel and financial services) (3/91 to 3/08). Previous Positions: President, New York Federal Reserve Board, Buffalo Branch (2003 to 2005); President and CEO, AAA Western and Central New York (travel and financial services) (12/85 to 12/05).
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).
Dr. Eric Brucker Birth date: 12/41 TRUSTEE Began serving: March 2012	Principal Occupations: Retired. Other Directorships Held: None. Previous Positions: Professor of Economics, Widener University (2004 to 2012); Dean, School of Business Administration of Widener University (2001 to 2004); Dean, School of Business, Public Policy and Health, University of Maine (1998 to 2001); Dean, School of Management, University of Michigan-Dearborn (1992 to 1998); Academic Vice President, Trenton State University (1989-1991); Dean, College of Business and Economics, University of Delaware (1976 to 1989).
Nicholas A. Giordano Birth date: 2/43 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).

OFFICERS

Name Address Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Kenneth G. Thompson Birth year: 1964 PRESIDENT Began serving: March 2012	Principal Occupations: 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).

April 30, 2012  /  ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 109

Name Address Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
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.
Gregory B. McShea Birth year: 1965 CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY Began serving: December 2009 AML COMPLIANCE OFFICER Began serving: February 2012	Principal Occupations: Managing Director, Wilmington Trust Investment Advisors, Inc.; Chief Compliance Officer, Wilmington Funds. Previous Positions: General Counsel, Legg Mason Capital Management, Inc. (2007 to 2009); General Counsel, Western Asset Management Company (2003 to 2009); Associate General Counsel and Compliance Director, Legg Mason Wood Walker, Incorporated (1997 to 2003).
Eric B. Paul Birth year: 1974 VICE PRESIDENT Began serving: June 2008	Principal Occupations: 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).
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: President and Managing Partner, Foreside Financial Group, LLC (5/08 to present). Previous Positions: 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, 2012

110

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Advisory Agreement and Sub-Advisory Agreement on Behalf of Each Fund

At in-person meetings held on October 26 and December 9, 2011, the Board, including each Trustee who is not an “interested person” as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved an investment advisory agreement between the Trust, on behalf of each Fund, and WFMC (the “New Investment Advisory Agreement”). At the same meetings, the Board, including all of the Independent Trustees, also approved a sub-advisory agreement among the Trust, on behalf of each Fund, WFMC and WTIA (the “New Sub-Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Agreements”).

The New Agreements relate to each of: the Wilmington Large-Cap Value Fund, Wilmington Large-Cap Growth Fund, Wilmington Mid-Cap Growth Fund, Wilmington Small-Cap Growth Fund, Wilmington Multi-Manager International Fund, Wilmington Strategic Allocation Moderate Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Broad Market Bond Fund, Wilmington Short-Term Corporate Bond Fund, Wilmington Short Duration Government Bond Fund, Wilmington Maryland Municipal Bond Fund, Wilmington New York Municipal Bond Fund, Wilmington Pennsylvania Municipal Bond Fund, Wilmington Virginia Municipal Bond Fund, 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 (the “Group A Funds”); the Wilmington Large-Cap Strategy Fund, Wilmington Small-Cap Strategy Fund, Wilmington Multi-Manager Real Asset Fund, Wilmington Strategic Allocation Conservative Fund, Wilmington Strategic Allocation Aggressive Fund, and Wilmington Municipal Bond Fund (the “Group B Funds”); and the Wilmington Rock Maple Alternatives Fund (the “Alternatives Fund,” and, collectively with the Group A Funds and the Group B Funds, the “Funds”). Each Group A Fund has been a series of the Trust for a number of years, and on or about March 12, 2012, certain of the Group A Funds acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The shareholders of each Group A Fund as of January 6, 2012, approved the New Agreements. The Board established the Group B Funds at the October 26 and December 9 meetings and on or about March 12, 2012, each Group B Fund acquired the assets and liabilities of a corresponding series of the WT Mutual Fund. The Board established the Alternatives Fund at the October 26 and December 9 meetings and the Alternatives Fund commenced operations on or about January 14, 2012.

Before considering the New Advisory Agreement and the New Sub-Advisory Agreement with respect to each Fund, the Board requested and reviewed information relating to the New Agreements, which was provided by WFMC and WTIA. That information addressed, among other things: (i) the services to be performed; (ii) the size and qualifications of WFMC and WTIA’s portfolio management staff; (iii) any potential or actual material conflicts of interest which may arise in connection with WFMC and WTIA’s management of the Funds; (iv) how the Funds would be managed by WFMC and WTIA, including a general description of the investment decision making processes, sources of information and investment strategies; (v) investment performance information; (vi) results of independent audit and regulatory examinations, including any recommendations or deficiencies noted; (vii) any litigation, investigation or administrative proceeding which may have a material impact on WFMC or WTIA’s ability to service the Funds; and (viii) WFMC and WTIA’s internal program for ensuring compliance with applicable investment objectives, policies and practices of the Funds, and the federal securities laws and other regulatory requirements. WFMC and WTIA provided written responses to the Board’s request for information, and also provided oral responses during the in-person meetings. The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the New Agreements and certain other considerations relevant to their deliberations on whether to approve the New Agreements.

At the meetings on October 26 and December 9, 2011, the Board determined that WFMC and WTIA had the capabilities, resources and personnel necessary to provide satisfactory advisory services to each Fund, and that the advisory fees paid by each Fund, taking into account any applicable fee limitations and breakpoints, represent reasonable compensation to WFMC and WTIA. In making their decision to approve the New Agreements for each Fund, the Independent Trustees gave attention to all information furnished, including information provided throughout the prior year by WTIA (formerly known as MTB Investment Advisors, Inc.) as investment advisor to the Group A Funds. The Trustees also noted that WFMC and WTIA are under the common control of M&T Bank Corporation, and that the officers and employees of WFMC overlap with the officers and employees of WTIA.

In making their decision to approve the New Agreements for each Fund, the Independent Trustees considered various factors, as described below, that they believed to be relevant in evaluating the New Agreements. In their deliberations, the Trustees did not identify any particular information or factor that was controlling, and different Trustees may have attributed different weights to the various factors.

Nature, Extent and Quality of Services.

The Board considered that the New Agreements are substantially similar to the Trust’s previous investment advisory agreements with WTIA, which were approved for renewal at an in-person meeting held on September 14-15, 2011. In the case of each Fund, the Trustees therefore considered the many reports furnished to them during the year at regular Board meetings covering matters such as: the relative performance of the Group A Funds; compliance with the investment objectives, policies, strategies and limitations of the Group A Funds; and the compliance of management personnel with the numerous operational and compliance policies and procedures that were established by the Board. In the case of each Fund, the Trustees also considered WFMC and WTIA’s personnel who possess the experience to provide investment management services to the Funds. The Trustees noted that the Wilmington Multi-Manager International Fund, Wilmington Large-Cap Value Fund, Wilmington Multi-Manager Real Asset Fund and Alternatives Fund employ a multi-manager approach through which the Funds rely

April 30, 2012  /  ANNUAL REPORT

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS 111

on two or more sub-advisors to manage a portion of each Fund’s assets under the ongoing supervision of WFMC and WTIA. In the case of the Wilmington Multi-Manager Real Asset Fund and Alternatives Fund, which were established at the October 26 and December 9 meetings, the Trustees focused on the prior experience of WFMC and WTIA in overseeing the investment activities of sub-advisors that are not affiliated with WFMC and WTIA.

Based on the information provided by WFMC and WTIA, the Trustees concluded that the nature, extent and quality of the services provided by WFMC and WTIA supported the approval of the New Agreements.

Investment Performance.

The Board considered the overall investment performance of WFMC, WTIA and the Group A and Group B Funds, as well as the funds of the WT Mutual Fund for which WFMC previously served as investment advisor. Although the Trustees gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees also gave weight to their review of investment performance in connection with the approval of the New Agreements at the Board meetings held October 26 and December 9, 2011. The Trustees reviewed reports prepared by WFMC and WTIA, which showed each Group A Fund’s investment performance in comparison with its applicable peer group for the one-, five- and ten-year periods, as well as information about each Fund’s performance compared to its benchmark. With respect to the Group B Funds, the Trustees considered similar information about the performance of each series of the WT Mutual Fund that was merged into a corresponding Group B Fund. With respect to the Alternatives Fund, the Trustees considered hypothetical, pro-forma performance information for the Fund. The Board concluded that the performance information provided by WFMC and WTIA supported approval of the New Agreements.

Comparative Expenses.

WFMC and WTIA represented to the Board that the aggregate contractual investment advisory fees for each Group A Fund would be the same as that previously charged to the Funds by WTIA. At its meeting on September 14-15, 2011, the Board, including all of the Independent Trustees, approved the continuation of the investment advisory agreements for each Group A Fund based upon, among other things, comparative information about the net advisory fee ratios and total expense ratios (after deduction for advisory fee waivers and expense reimbursements) of each Fund versus those of a group of funds selected as being similar to each Fund. The Trustees reviewed reports prepared by WFMC and WTIA which showed each Group B Fund’s advisory fees and expenses in comparison with its applicable peer group. The Trustees also reviewed reports prepared by WFMC which showed Alternatives Fund’s advisory fees and expenses in comparison with its applicable peer group. In that regard, the Trustees noted the unique nature of the Alternatives Fund, which uses multiple sub-advisors employing alternative investment strategies, as well as WFMC and WTIA’s contractual commitment to waive certain fees and reimburse expenses for the Fund.

At the October 26 and December 9 meetings, the Trustees concluded that the proposed advisory and sub-advisory fees to be paid to and the services to be provided by WFMC and WTIA supported approval of the New Agreements.

Management Profitability.

The Trustees also considered the profitability of the relationships among the Funds and WFMC and WTIA, noting the significant decreases in profitability for the Group A Funds over the last few years. The Trustees considered any direct or indirect revenues received by affiliates of WFMC and WTIA. Based on the information provided, the Trustees concluded that the profitability to WFMC and WTIA with respect to the Funds supported approval of the New Agreements.

Economies of Scale.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory and sub-advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFMC and WTIA’s assessments that under the current market conditions and based on the asset sizes of the Funds, and the existence of certain voluntary and contractual fee waivers, economies of scale were appropriately reflected in the investment advisory fees of the Funds.

Other Benefits.

The Trustees considered the “fall-out” or ancillary benefits resulting from the relationships among the Funds and WFMC and WTIA. In that regard, the Board considered the fees received by WFMC and WTIA and their affiliates for providing other services to the Funds under separate agreements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, WFMC and WTIA must seek to obtain best execution of fund trades.

Conclusion.

After consideration of all the factors, taking into consideration the information presented at the meetings and deliberating in executive session with independent legal counsel outside of the presence of management personnel, the Board, including all of the Independent Trustees, approved the New Agreements. The Board based its decision on the totality of the circumstances, including the factors identified above, and with a view to past and long-term considerations. Not all of the factors and considerations identified were relevant to each Fund, nor did the Board find any one of them to be determinative.

ANNUAL REPORT  /  April 30, 2012

112 BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Sub-Advisory Agreements on Behalf of the Wilmington Multi-Manager International Fund (the “International Fund”), the Wilmington Multi-Manager Real Asset Fund (the “Real Asset Fund”) and the Alternatives Fund

At in-person meetings held on October 26 and December 9, 2011, the Board, including all of the Independent Trustees, approved investment sub-advisory agreements among the Trust, WFMC and each of the following sub-advisors: (i) on behalf the International Fund, Acadian Asset Management, LLC; Dimensional Fund Advisors LP; Goldman Sachs Asset Management, L.P.; Parametric Portfolio Associates LLC; and Principal Global Investors LLC; (ii) on behalf of the Real Asset Fund, CBRE Clarion Securities LLC, EII Realty Securities, Inc.; Pacific Investment Management Company, LLC; and HSBC Global Asset Management (France); and (iii) on behalf of the Alternatives Fund, Acuity Capital Management, LLC; ADAR Investment Management, LLC; Calypso Capital Management, LP; Evercore Wealth Management, LLC; Madison Street Partners, LLC; Parametric Risk Advisors, LLC; Rock Maple Services, LLC (“Rock Maple”); TIG Advisors, LLC; Water Island Capital, LLC; and Whitebox Advisors LLC. Together, the International Fund, Real Asset Fund and Alternatives Fund are referred to as the “Sub-Advised Funds.” The Sub-Advised Funds’ agreements with the sub-advisors listed above are referred to as the “Sub-Advisory Agreements.”

Before meeting to determine whether to approve the Sub-Advisory Agreements, the Board had the opportunity to review written materials provided by each of the sub-advisors and independent legal counsel to the Independent Trustees, which contained information to help the Board evaluate the Sub-Advisory Agreements. The materials generally included information regarding, among other things: (i) services performed or to be performed; (ii) the size and qualifications of each sub-advisor’s portfolio management staff; (iii) any potential or actual conflicts of interest which may arise in connection with a sub-advisor’s management of the relevant Fund; (iv) investment performance information; (v) results of any independent audit or regulatory examinations, including any recommendations or deficiencies noted; (vi) any litigation, investigation or administrative proceeding which may have a material impact on any sub-advisor’s ability to service the relevant Fund; and (vii) the sub-advisor’s internal program for ensuring compliance with applicable investment objectives, policies and practices, the federal securities laws and other regulatory requirements. The Board also considered the recommendations of management with respect to each sub-adviser.

The Independent Trustees received and reviewed a memorandum from independent legal counsel regarding the legal standards applicable to their review of the New Agreements, including the Sub-Advisory Agreements. In addition, the Independent Trustees consulted with independent legal counsel in executive session with respect to their review of the Sub-Advisory Agreements and certain other considerations relevant to their deliberations on whether to approve them.

In addition to the information provided by each sub-advisor as described above, the Trustees also considered all other factors they believed to be relevant to evaluating the Sub-Advisory Agreements, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors.

Nature, Extent and Quality of Services.

The Trustees considered the services to be provided to each Sub-Advised Fund by each sub-advisor, including information about the education and experience of relevant personnel at each sub-advisor. With respect to the Alternatives Fund, WFMC engages WTIA and Rock Maple to assist in the identification and selection of sub-advisors and in the portfolio construction process. The Trustees concluded that the nature, extent and quality of the services provided by the sub-advisors to each Sub-Advised Fund are appropriate and consistent with the terms of the Sub-Advisory Agreements.

Investment Performance.

The Trustees reviewed information from the sub-advisors for the International Fund and Real Asset Fund reflecting the investment performance of their respective sub-advised portions of the corresponding series of the WT Mutual Fund (that was merged into the International Fund and Real Asset Fund, as applicable) for various time periods, and, as available, information about the performance of similarly managed accounts. Although the Alternatives Fund did not have historical performance, the sub-advisors to the Alternatives Fund, to the extent available, showed investment performance information for similarly managed pooled accounts and investment companies for various periods. The Board concluded, taking into account the recommendations of Fund management, that the information supported approval of the Sub-Advisory Agreements.

Comparative Expenses.

The sub-advisors provided information regarding sub-advisory fees and an analysis of these fees in relation to the delivery of services to the Sub-Advised Funds. The Trustees also reviewed information regarding fees charged by the sub-advisors to other similar clients, to the extent available, and evaluated any explanation provided by the sub-advisors as to differences in fees charged to the Sub-Advised Funds and other similarly managed accounts. The Trustees concluded that the amount of the sub-advisory fees to be paid to the sub-advisors was supported by the information provided.

Management Profitability.

The Board considered information about the profitability of the relationships among each Sub-Advised Fund and each sub-advisor. Based on the information provided, the Board concluded that each sub-advisor’s profitability supported approval of the Sub-Advisory Agreements.

April 30, 2012  /  ANNUAL REPORT

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS 113

Economies of Scale.

The Trustees also considered the extent to which economies of scale would be realized relative to fee levels as each Sub-Advised Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board considered WFCM and WTIA’s assessments that under the current market conditions and based on asset sizes of the Sub-Advised Funds, economies of scale were appropriately reflected in the fees to be paid to each sub-advisor.

Other Benefits.

The Trustees considered any ancillary benefit resulting from each sub-advisor’s relationship with the Sub-Advised Fund, including any soft-dollar arrangements. With respect to any soft-dollar arrangements, the Board noted that in selecting brokers, the sub-advisors must seek to obtain best execution of fund trades.

Conclusion.

Based on all of the above-mentioned considerations, and the recommendations of management, the Board, including a majority of the Independent Trustees, determined that approval of the Sub-Advisory Agreements was in the best interests of each Fund. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent counsel, approved the Sub-Advisory Agreements.

ANNUAL REPORT  /  April 30, 2012

114

SHAREHOLDER PROXY RESULTS

At February 21, 2012, a summary report of shares voted by proposal is as follows:

To approve a new investment advisory agreement between MTB Group of Funds, on behalf of each Fund, and Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation).

	Shares Voted
For		2,817,888,588
Against		10,879,070
Abstain		301,975,843
Broker Non-Vote		537,128,987

To approve a new investment sub-advisory agreement among MTB Group of Funds, on behalf of each Fund, Rodney Square Management Corporation (to be renamed Wilmington Funds Management Corporation) and Wilmington Trust Investment Advisors, Inc. (formerly known as MTB Investment Advisors, Inc.).

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Aggressive Asset Allocation Fund (“target fund”), to Wilmington Strategic Allocation Aggressive Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		4,289,032
Against		2,324
Abstain		—

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Conservative Asset Allocation Fund (“target fund”), to Wilmington Strategic Allocation Conservative Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		3,708,976
Against		—
Abstain		7,038

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Multi-Manager Intenational Fund (“target fund”), to MTB International Equity Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		35,064,004
Against		18,426
Abstain		17,241

Approve an agreement & plan of reorganization providing for (i) transfer substantially all of Assets & Liabilities of Wilmington Multi-Manager Real Asset Fund (“target fund”), to Wilmington Multi-Manager Real Asset Fund (“acquiring fund”); (ii) distribution of corresponding class shares of acquiring fund to holders of target fund; (iii) deregistration of WT Mutual Fund.

	Shares Voted
For		13,067,483
Against		23,018
Abstain		16,279

April 30, 2012  /  ANNUAL REPORT

115

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.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning their objectives and policies, management fees, expenses and other information.

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, 2012

116

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.

April 30, 2012  /  ANNUAL REPORT

117

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.

• 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, 2012

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

Additional Sub-Advisors to the

Wilmington Multi-Manager International Fund

Acadian Asset Management LLC

One Post Office Square

Boston, MA 02109

Baring International Investment Limited

155 Bishopsgate

London, EC2M 3XY, United Kingdom

Dimensional Fund Advisors LP

6300 Bee Cave Road, Building One

Austin, TX 78746

Goldman Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

Hansberger Global Investors, Inc.

401 East Las Olas Blvd, Suite 1700

Ft. Lauderdale, FL 33301

LSV Asset Management

155 North Wacker Drive, Suite 4600

Chicago, IL 60606

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Global Investors LLC

801 Grand Avenue

Des Moines, IA 50392

Additional Sub-Advisors to the

Wilmington Rock Maple Alternatives Fund

Acuity Capital Management, LLC

60 Arch Street, 2nd Floor

Greenwich, CT 06830

ADAR Investment Management, LLC

156 West 56th Street, Suite 801

New York, NY 10019

Calypso Capital Management, LP

135 East 57th Street, 20th Floor

New York, NY 10022

Rock Maple Services, LLC

711 Fifth Avenue, 5th Floor

New York, NY 10022

TIG Advisors, LLC

520 Madison Avenue, 26th Floor

New York, NY 10022

Water Island Capital, LLC

41 Madison Avenue, 42nd Floor

New York, NY 10010

Whitebox Advisors LLC

3033 Excelsior Boulevard, Suite 300

Minneapolis, MN 55416

Madison Street Partners, LLC

3200 Cherry Creek South Drive, Suite 360

Denver, CO 80209

Parametric Risk Advisers

274 Riverside Avenue, 1st Floor

Westport, CT 06880

Evercore Wealth Management, LLC

55 East 52 Street, 36th Floor

New York, NY 10055

Additional Sub-Advisors to the

Wilmington Multi-Manager Real Asset Fund

EII Realty Securities, Inc.

640 Fifth Avenue, 8th Floor

New York, NY 10019

CBRE Clarion Securities LLC

201 King of Prussia Road, Suite 600

Radnor, PA 19087

Pacific Investment Management Company, LLC (“PIMCO”)

840 Newport Center Drive

Newport Beach, CA 92660

HSBC Global Asset Management (France)

Immeuble Ile De France, 4 Place de la Pyramide

Puteaux France, 92800

Co-Administrator

Wilmington Trust Investment Advisors

111 South Calvert Street 26th Floor

Baltimore, MD 21202

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-MMgr-0412

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. Since we are required by law to send a report to each person listed as a shareholder, you (or your household) may receive more than one 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 1-800-341-7400, 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: Joseph J. Castiglia, William H. Cowie, Jr., John S. Cramer, and Richard B. Seidel.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) 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 2012 - $605,900

Fiscal year ended 2011 - $412,432

(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 2012 - $0

Fiscal year ended 2011 - $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 2012 - $117,990

Fiscal year ended 2011 - $86,060

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.

(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 2012 - $0

Fiscal year ended 2011 - $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 2012 - 0%

Fiscal year ended 2011 - 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 2012 - 0%

Fiscal year ended 2011 - 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(d)

Fiscal year ended 2012 - 0%

Fiscal year ended 2011 - 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 2012 - $117,990

Fiscal year ended 2011 - $86,060

(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) The schedule 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 officer and principal financial officer 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 this report, based on the evaluation of the registrant’s disclosure controls and procedures, as 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 (the “Exchange Act”) (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 have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are filed herewith as Exhibit 99CERT.

(a)(3) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are filed herewith as Exhibit 99.906CERT.

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:	/s/    Richard J. Berthy
Name:	Richard J. Berthy
Title:	Principal Executive Officer
Date:	June 29, 2012

By:	/s/    Guy Nordahl
Name:	Guy Nordahl
Title:	Principal Financial Officer
Date:	June 29, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Richard J. Berthy
Name:	Richard J. Berthy
Title:	Principal Executive Officer
Date:	June 29, 2012

By:	/s/    Guy Nordahl
Name:	Guy Nordahl
Title:	Principal Financial Officer
Date:	June 29, 2012