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)

Hope L. Brown

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: May 1, 2012 - October 31, 2012

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

October 31, 2012

PRESIDENT’S MESSAGE AND

Semi-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”)

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 SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	4
Notes to Portfolios of Investments	60
Statements of Assets and Liabilities	63
Statements of Operations	66
Statements of Changes in Net Assets	69
Financial Highlights	77
Notes to Financial Statements	95

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”). This report covers the first half of the Trust’s fiscal year, which is the six-month reporting period from May 1, 2012 through October 31, 2012. Inside, you will find a complete listing of each Fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond, and stock markets over the six-month reporting period.

The Economy

The U.S. economic expansion continued in 2012, though its pace remained tepid. The production of goods and services grew 2.0%, 1.3%, and 3.1% faster than the rate of inflation during the year’s first three quarters, respectively. U.S. consumer spending propelled the gains, though consumers were still cautious amid the long, slow recovery from the Great Recession of 2007–2009. Retail and food sales, for example, amounted to $1.06 trillion during our fiscal half-year, up 2.6% in real (inflation-adjusted) terms over the same period in 2011. The housing market showed signs of rebounding, and inflation averaged about 2.0%.

If consumers were feeling somewhat better, business managers remained wary. During the first, second, and third quarters of 2012, investments in U.S. plants, property, and equipment expected to last three years or more were made at lower rates than they had been made in the corresponding quarters in 2008. Employers likewise remained cautious in hiring. The number of U.S. private sector workers grew in all six months of our fiscal half-year, but the rate of private-sector job growth remained the slowest of any post-World War II recovery. At the end of October there were still 3.9 million fewer private-sector workers than there had been at the labor market’s January 2008 peak. Much of the blame for soft business enthusiasm was laid at the doorsteps of Congress and the White House. Many business leaders said lawmakers needed to make meaningful changes in U.S. tax and spending policies to shore up the nation’s finances and to clarify the legal and regulatory environment.

Despite the modest rate of expansion, the U.S. recovery in 2012 looked solid in relation to economic conditions in Europe, where a recession appeared to be worsening. Greece appeared likely to remain at least a near-term participant in the continent’s common currency experiment, but Spain, Portugal, Italy all joined Greece in struggling under heavy sovereign debts. There was much debate about the possibility of developing common fiscal policies and banking regulations. In China, growth appeared to slow, though it remained strong in absolute terms. On balance, the global economy appeared to be expanding at a modest rate.

The Bond Markets

The good times rolled on in the U.S. bond market during the first half of our fiscal year. The Barclays Capital U.S. Aggregate Bond Index returned 2.8%. The index tracks the overall market for taxable, investment-grade U.S. bonds and includes U.S. Treasury and agency securities, corporate bonds, and mortgage-backed securities (MBS). The gain was propelled by strong results among corporate and MBS issues, into which investors piled as the search for investment opportunities with meaningful yields continued.

The yield of the 10-year U.S. Treasury note, against which many other interest rates are set, declined from 1.95% at the end of April to a low of 1.43% in late July before climbing to 1.72% at the end of October. The net decrease of nearly a quarter of a percentage point boosted the prices of bonds across the market.

The S&P Municipal Bond Index¹ returned 3.7%. Demand for shares of municipal bond mutual funds, which account for much of the total demand for municipal bonds, rebounded as investors appeared to conclude that fears of widespread municipal bankruptcies were overblown. As the second half of our fiscal year got under way, however, there were fears that some or all of the federal income tax exemption on most municipal bond interest income could be stripped as part of efforts in Washington to raise tax revenues. As of this writing, no changes had been made, and we would caution investors not to allow potential changes in tax policy to drive their investment decisions.

PRESIDENT’S MESSAGE  /  October 31, 2012

ii

For the six-month reporting period May 1, 2012 through October 31, 2012, certain Barclays Capital indices performed as follows²:

Barclays Capital U.S. Aggregate Bond Index3	Barclays Capital U.S. Treasury Bond Index4		Barclays Capital U.S. Mortgage-Backed Securities  Index5		Barclays Capital U.S. Credit Bond Index6		Barclays Capital Municipal Bond Index7
2.75%		1.76%		1.39%		5.86%		3.34%

The Stock Markets

Stocks generally coasted during the six months ended October 31, 2012. Six broad stock market indices, which together offer a rough portrait of the world’s equity securities, returned between –1.3% and 2.5% in U.S. dollars during the period. The only negative return was that of the MSCI Emerging Markets (Net) Index⁸. The strongest return was recorded by the Russell Top 200 Index⁹, which tracks mega-capitalization U.S. stocks. In between were the returns of the Russell Midcap Index¹⁰ of U.S. stocks (+0.3%), the Russell 2000 Index¹¹ of small-cap U.S. stocks (+1.0%), the MSCI EAFE (Net) Index¹² of developed international stock markets (+2.1%), and the S&P 500 Index¹³, a widely watched gauge consistently mainly of large-cap U.S. stocks (+2.2%).

After-tax U.S. profits—a significant driver of share prices—grew rapidly in 2012. During the first three quarters of the year, they jumped 19%, 15%, and 18% on a year-over-year basis. Investors look ahead, however, not just back, and many of them appeared concerned about the ability of companies to continue to deliver strong profit growth in 2013. Analysts’ estimates of future profits fell more or less steadily in the second half of 2012, a pessimism that might account for some of equity investors’ caution. Conditions in Europe, the slowdown in China, and the “fiscal cliff” of scheduled U.S. tax hikes and spending cuts that loomed over the latter part of 2012 likely also played roles. The Congressional Budget Office estimated that the tax increases and spending cuts had a net value of $560 billion annually. We and a great many other investment managers believed that if lawmakers allowed the U.S. economy to sail off the cliff—that is, if they made no adjustments to the planned tax hikes and spending reductions—a new recession would ensue. As we write this letter, President Obama and House Speaker Boehner were said to be negotiating over potential policy changes, and we were confident that a relatively small portion of the tax increases and spending cuts would take effect in 2013 as scheduled.

For the six-month reporting period May 1, 2012 through October 31, 2012, certain stock market indices performed as follows:

S&P 500 Index13	Dow Jones Industrial Average14		NASDAQ Composite Index15		MSCI All Country World ex-US  (Net) Index16
2.16%		0.46%		-1.61%		1.21%

The Trust, with assets of $12.6 billion as of October 31, 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 income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds can provide you with the diversification, flexibility, and professional management you need.¹⁸

Sincerely,

Sam Guerrieri

President

December 20, 2012

October 31, 2012  /  PRESIDENT’S MESSAGE

iii

For more complete information, please download the Trust’s prospectus, which is available on 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 Trust’s 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.

An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

1. S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

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

3. Barclays Capital U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index.

4. Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

5. Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

6. Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

7. Barclays Capital Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

8. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

9. Russell Top 200 Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200 Index is a subset of the Russell 3000 Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market.

10. Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.

11. Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

12. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

13. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

14. Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

15. NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

16. MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices.

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

18. Diversification does not assure a profit nor protect against loss.

PRESIDENT’S MESSAGE  /  October 31, 2012

iv

Sector allocation and credit quality percentages are based on total net assets at period 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 Equivalents are 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.

October 31, 2012  /  PRESIDENT’S MESSAGE

1

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 May 1, 2012 to October 31, 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 May 1, 2012		Ending Account Value October 31,  2012		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A	$	1,000.00	$	1,031.50	$	5.02		0.98	%
Class I	$	1,000.00	$	1,032.60	$	3.23		0.63	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class I	$	1,000.00	$	1,022.03	$	3.21		0.63	%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A	$	1,000.00	$	1,021.50	$	4.84		0.95	%
Class C	$	1,000.00	$	1,016.80	$	8.54		1.68	%
Class I	$	1,000.00	$	1,023.30	$	3.06		0.60	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Class C	$	1,000.00	$	1,016.74	$	8.54		1.68	%
Class I	$	1,000.00	$	1,022.18	$	3.06		0.60	%
WILMINGTON SHORT-TERM CORPORATE BOND FUND
Actual
Class A	$	1,000.00	$	1,011.00	$	4.36		0.86	%
Class C	$	1,000.00	$	1,008.10	$	8.15		1.61	%
Class I	$	1,000.00	$	1,013.20	$	3.10		0.61	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class C	$	1,000.00	$	1,017.09	$	8.19		1.61	%
Class I	$	1,000.00	$	1,022.13	$	3.11		0.61	%

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

2

	Beginning Account Value May 1, 2012		Ending Account Value October 31,  2012		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
Actual
Class A	$	1,000.00	$	1,006.00	$	4.50		0.89	%
Class C	$	1,000.00	$	1,002.10	$	8.38		1.66	%
Class I	$	1,000.00	$	1,007.30	$	3.24		0.64	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class C	$	1,000.00	$	1,016.84	$	8.44		1.66	%
Class I	$	1,000.00	$	1,021.98	$	3.26		0.64	%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	1,025.30	$	4.39		0.86	%
Class I	$	1,000.00	$	1,026.50	$	3.12		0.61	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class I	$	1,000.00	$	1,022.13	$	3.11		0.61	%
WILMINGTON MARYLAND MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	1,021.50	$	4.84		0.95	%
Class I	$	1,000.00	$	1,023.90	$	3.42		0.67	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Class I	$	1,000.00	$	1,021.83	$	3.41		0.67	%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	1,023.90	$	4.29		0.84	%
Class I	$	1,000.00	$	1,024.20	$	3.01		0.59	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class I	$	1,000.00	$	1,022.23	$	3.01		0.59	%
WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	1,022.40	$	4.69		0.92	%
Class I	$	1,000.00	$	1,022.70	$	3.41		0.67	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class I	$	1,000.00	$	1,021.83	$	3.41		0.67	%
WILMINGTON VIRGINIA MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	1,013.90	$	4.87		0.96	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.37	$	4.89		0.96	%
WILMINGTON PRIME MONEY MARKET FUND
Actual
Administrative Class	$	1,000.00	$	1,000.20	$	0.86		0.17	%
Institutional Class	$	1,000.00	$	1,000.20	$	0.86		0.17	%
Select Class	$	1,000.00	$	1,000.20	$	0.86		0.17	%
Service Class	$	1,000.00	$	1,000.10	$	1.01		0.20	%
Hypothetical (assuming a 5% return before expense)
Administrative Class	$	1,000.00	$	1,024.35	$	0.87		0.17	%
Institutional Class	$	1,000.00	$	1,024.35	$	0.87		0.17	%
Select Class	$	1,000.00	$	1,024.35	$	0.87		0.17	%
Service Class	$	1,000.00	$	1,024.20	$	1.02		0.20	%

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

3

	Beginning Account Value May 1, 2012		Ending Account Value October 31,  2012		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class	$	1,000.00	$	1,000.10	$	0.76		0.15	%
Institutional Class	$	1,000.00	$	1,000.10	$	0.76		0.15	%
Select Class	$	1,000.00	$	1,000.10	$	0.76		0.15	%
Service Class	$	1,000.00	$	1,000.10	$	0.76		0.15	%
Hypothetical (assuming a 5% return before expense)
Administrative Class	$	1,000.00	$	1,024.45	$	0.77		0.15	%
Institutional Class	$	1,000.00	$	1,024.45	$	0.77		0.15	%
Select Class	$	1,000.00	$	1,024.45	$	0.77		0.15	%
Service Class	$	1,000.00	$	1,024.45	$	0.77		0.15	%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class	$	1,000.00	$	1,000.10	$	0.71		0.14	%
Select Class	$	1,000.00	$	1,000.10	$	0.71		0.14	%
Service Class	$	1,000.00	$	1,000.10	$	0.71		0.14	%
Hypothetical (assuming a 5% return before expense)
Administrative Class	$	1,000.00	$	1,024.50	$	0.71		0.14	%
Select Class	$	1,000.00	$	1,024.50	$	0.71		0.14	%
Service Class	$	1,000.00	$	1,024.50	$	0.71		0.14	%
WILMINGTON TAX-EXEMPT MONEY MARKET FUND
Actual
Administrative Class	$	1,000.00	$	1,000.10	$	0.86		0.17	%
Select Class	$	1,000.00	$	1,000.10	$	0.86		0.17	%
Service Class	$	1,000.00	$	1,000.10	$	0.86		0.17	%
Hypothetical (assuming a 5% return before expense)
Administrative Class	$	1,000.00	$	1,024.35	$	0.87		0.17	%
Select Class	$	1,000.00	$	1,024.35	$	0.87		0.17	%
Service Class	$	1,000.00	$	1,024.35	$	0.87		0.17	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Corporate Bonds		52.0	%
Mortgage-Backed Securities		20.1	%
U.S. Treasury		17.2	%
Collateralized Mortgage Obligations		4.3	%
Government Agencies		3.9	%
Asset-Backed Securities		0.9	%
Enhanced Equipment Trust Certificates		0.7	%
Municipal Bond		0.2	%
Cash Equivalents1		9.5	%
Other Assets and Liabilities – Net2		(8.8	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in repurchase agreements.

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

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

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		6.0	%
AA		3.1	%
A		16.7	%
BBB		31.8	%
BB		2.5	%
B		0.2	%
Not Rated		9.5	%
U.S. Government Agency Securities		21.8	%
U.S. Treasuries		17.2	%
Other Assets and Liabilities – Net2		(8.8	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
ASSET-BACKED SECURITIES – 0.9%
FINANCIAL SERVICES – 0.7%
6,7LA Arena Funding LLC, Series 1999-1, Class A, 7.66%, 12/15/26	$	1,273,714	$	1,408,144
14Nissan Auto Lease Trust, Series 2011-A, Class A2A, 0.70%, 1/15/14		799,093		803,668
TOTAL FINANCIAL SERVICES			$	2,211,812
WHOLE LOAN – 0.2%
1,6,7,14SLM Student Loan Trust, Series 2011-A, Class A1, 1.21%, 10/15/24		556,621		558,938
TOTAL ASSET-BACKED SECURITIES (COST $2,629,419)			$	2,770,750
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.3%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.2%
6,7American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 4/15/37		1,000,000		1,059,153
14Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.63%, 4/10/49		570,900		589,335

Description	Par Value		Value
1Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.64%, 5/12/39	$	503,801	$	514,978
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.40%, 6/15/38		994,089		1,042,814
14Morgan Stanley Capital I, Series 2005-T19, Class AAB, 4.85%, 6/12/47		326,587		333,188
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	3,539,468
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.7%
Series 1988-23, Class C, 9.75%, 9/25/18		6,757		7,606
Series 2005-29, Class WC, 4.75%, 4/25/35		105,818		115,016
Series 2012-114, Class VM, 3.50%, 10/25/25		4,775,520		5,194,972
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	5,317,594
WHOLE LOAN – 1.4%
1,14Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.96%, 2/25/34		359,571		340,203
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 6/25/19		1,436,949		1,445,688
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 3.52%, 11/25/35		1,095,927		879,648

(Wilmington Broad Market Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 5

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19	$	1,670,504	$	1,697,264
TOTAL WHOLE LOAN			$	4,362,803
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $13,405,411)			$	13,219,865
CORPORATE BONDS – 52.0%
AEROSPACE & DEFENSE – 0.4%
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,114,788
AUTO MANUFACTURERS – 0.3%
6,7Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21		250,000		270,758
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.00%, 2/17/15		250,000		252,388
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 2.05%, 1/12/17		300,000		310,576
TOTAL AUTO MANUFACTURERS			$	833,722
AUTO PARTS & EQUIPMENT – 0.1%
Johnson Controls, Inc., Sr. Unsecured, 1.75%, 3/01/14		250,000		253,833
BEVERAGES – 0.7%
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 8.20%, 1/15/39		500,000		841,625
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 3.75%, 7/15/42		525,000		536,943
Coca-Cola Enterprises, Inc., Sr. Unsecured, 3.25%, 8/19/21		150,000		157,865
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.60%, 1/15/19		500,000		517,067
TOTAL BEVERAGES			$	2,053,500
BIOTECHNOLOGY – 0.3%
Gilead Sciences, Inc., Sr. Unsecured, 4.40%, 12/01/21		800,000		923,723
BUILDING MATERIALS – 0.3%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,050,647
CAPITAL MARKETS – 3.3%
Bank of New York Mellon Corp., Sr. Unsecured, MTN, 2.30%, 7/28/16		1,000,000		1,053,145
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		297,323
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		850,000		909,739
6,7BNY Institutional Capital Trust A, Limited Guarantee, 7.78%, 12/01/26		1,500,000		1,531,875
Charles Schwab Corp., Sr. Unsecured, MTN, 6.38%, 9/01/17		1,000,000		1,208,176
Charles Schwab Corp., Sr. Unsecured, 4.45%, 7/22/20		250,000		284,852
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		1,000,000		1,046,834
Merrill Lynch & Co., Inc., Sr. Unsecured, MTN, 5.45%, 7/15/14		400,000		429,367

Description	Par Value		Value
1,14Morgan Stanley, Sr. Unsecured, 1.92%, 1/24/14	$	450,000	$	451,382
Morgan Stanley, Sr. Unsecured, 4.20%, 11/20/14		1,000,000		1,045,429
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16		1,000,000		1,061,982
State Street Corp., Sr. Unsecured, 4.30%, 5/30/14		250,000		264,822
14TD Ameritrade Holding Corp., Company Guaranteed, 2.95%, 12/01/12		500,000		501,013
TOTAL CAPITAL MARKETS			$	10,085,939
CHEMICALS – 0.6%
Dow Chemical Co., Sr. Unsecured, 4.13%, 11/15/21		500,000		546,979
Dow Chemical Co., Sr. Unsecured, 5.25%, 11/15/41		500,000		575,250
Potash Corp. of Saskatchewan, Inc., Sr. Unsecured, 4.88%, 3/30/20		500,000		584,462
TOTAL CHEMICALS			$	1,706,691
COAL – 0.2%
CONSOL Energy, Inc., Company Guaranteed, 8.00%, 4/01/17		625,000		662,500
COMMERCIAL BANKS – 4.6%
Bank of Montreal, Sr. Unsecured, MTN, 2.50%, 1/11/17		1,250,000		1,316,674
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		700,000		747,795
14BB&T Corp., Sr. Unsecured, 6.85%, 4/30/19		905,000		1,160,182
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		1,300,000		1,377,373
Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		1,200,000		1,233,912
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,321,218
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13		1,000,000		1,031,443
PNC Bank N.A., Subordinated, BKNT, 6.88%, 4/01/18		500,000		633,157
1,14PNC Funding Corp., Bank Guaranteed, 0.51%, 1/31/14		500,000		500,125
Royal Bank of Canada, Sr. Notes, MTN, 2.30%, 7/20/16		1,500,000		1,570,860
Toronto-Dominion Bank, Sr. Unsecured, 2.50%, 7/14/16		1,000,000		1,056,129
U.S. Bancorp, Sr. Unsecured, MTN, 2.20%, 11/15/16		500,000		523,167
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		240,000		242,546
Wells Fargo & Co., Sr. Unsecured, 3.68%, 6/15/16		500,000		543,094
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		795,814
TOTAL COMMERCIAL BANKS			$	14,053,489

(Wilmington Broad Market Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

6 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
COMMERCIAL FINANCE – 2.5%
Ford Motor Credit Co. LLC, Sr. Unsecured, 4.25%, 9/20/22	$	450,000	$	466,421
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.88%, 1/15/15		800,000		837,081
Ford Motor Credit Co., LLC, Sr. Unsecured, 7.00%, 4/15/15		250,000		280,462
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,228,072
Ford Motor Credit Co., LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		294,586
Ford Motor Credit Co., LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		570,962
Ford Motor Credit Co., LLC, Sr. Unsecured, 5.88%, 8/02/21		1,000,000		1,157,320
1,14General Electric Capital Corp., Series A, Sr. Unsecured, MTN 0.54%, 10/06/15		200,000		197,217
General Electric Capital Corp., Sr. Unsecured, 2.90%, 1/09/17		1,000,000		1,060,884
General Electric Capital Corp., Subordinated, 5.30%, 2/11/21		250,000		291,439
International Lease Finance Corp., Sr. Unsecured, 5.88%, 5/01/13		1,150,000		1,178,750
TOTAL COMMERCIAL FINANCE			$	7,563,194
COMPUTERS – 0.6%
Hewlett-Packard Co., Sr. Unsecured, 2.20%, 12/01/15		500,000		500,995
Hewlett-Packard Co., Sr. Unsecured, 3.00%, 9/15/16		500,000		506,035
12Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17		500,000		488,417
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16		275,000		287,277
TOTAL COMPUTERS			$	1,782,724
CONSUMER FINANCE – 1.5%
American Express Co., Sr. Unsecured, 4.88%, 7/15/13		335,000		345,376
6,7American Honda Finance Corp., Sr. Unsecured, MTN, 4.63%, 4/02/13		500,000		508,865
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		250,000		274,439
6,7General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		300,000		309,000
6,7Harley-Davidson Financial Services, Inc., Company Guaranteed, 2.70%, 3/15/17		500,000		516,763
6,7Harley-Davidson Funding Corp., Company Guaranteed, 5.75%, 12/15/14		500,000		546,353
6,7Hyundai Capital America, Company Guaranteed, 1.63%, 10/02/15		250,000		250,608
6,7Hyundai Capital America, Company Guaranteed, 4.00%, 6/08/17		250,000		270,962
6,7Hyundai Capital Services, Inc., Sr. Unsecured, 3.50%, 9/13/17		250,000		264,423
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17		250,000		255,378

Description	Par Value		Value
SLM Corp., Series A, Sr. Unsecured, MTN, 5.00%, 10/01/13	$	1,000,000	$	1,032,820
TOTAL CONSUMER FINANCE			$	4,574,987
DIVERSIFIED FINANCIAL SERVICES – 3.1%
6,7,14ASIF Global Financing XIX, Sr. Secured, 4.90%, 1/17/13		1,175,000		1,182,498
Bank of America Corp., Sr. Unsecured, 6.50%, 8/01/16		1,250,000		1,459,869
14Citigroup, Inc., Sr. Unsecured, 5.50%, 4/11/13		1,000,000		1,021,105
1,14Citigroup, Inc., Sr. Unsecured, 0.53%, 3/07/14		275,000		272,523
Citigroup, Inc., Sr. Unsecured, 5.50%, 10/15/14		500,000		541,095
Citigroup, Inc., Sr. Unsecured, 4.45%, 1/10/17		250,000		275,551
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		275,000		328,573
6,7FMR LLC, Sr. Unsecured, 6.45%, 11/15/39		1,000,000		1,226,952
JPMorgan Chase & Co., Sr. Unsecured, 4.65%, 6/01/14		500,000		527,490
JPMorgan Chase & Co., Sr. Unsecured, 2.60%, 1/15/16		500,000		520,392
JPMorgan Chase & Co., Sr. Unsecured, 2.00%, 8/15/17		1,100,000		1,109,599
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		150,000		177,631
JPMorgan Chase & Co., Sr. Notes, 4.63%, 5/10/21		100,000		113,019
1,14JPMorgan Chase Capital XXIII, Limited Guarantee, 1.43%, 5/15/47		1,000,000		742,500
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	9,498,797
EDUCATION – 0.2%
Stanford University, Bonds, 4.75%, 5/01/19		500,000		597,189
ELECTRIC – 4.2%
Ameren Illinois Co., Sr. Secured, 9.75%, 11/15/18		600,000		840,885
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		300,000		355,875
Commonwealth Edison Co., 1st Mortgage, 1.95%, 9/01/16		1,000,000		1,039,737
Dominion Resources, Inc., Series A, Sr. Unsecured, 5.60%, 11/15/16		500,000		581,635
DTE Energy Co., Sr. Unsecured, 7.63%, 5/15/14		250,000		275,847
Duke Energy Corp., Sr. Unsecured, 6.30%, 2/01/14		714,000		764,217
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		2,000,000		2,221,081
Exelon Generation Co., LLC, Sr. Unsecured, 5.35%, 1/15/14		2,000,000		2,109,902
Exelon Generation Co., LLC, Sr. Unsecured, 6.20%, 10/01/17		650,000		775,505
Florida Power Corp., 1st Mortgage, 6.35%, 9/15/37		425,000		583,394
Oklahoma Gas & Electric Co., Sr. Secured, 6.65%, 7/15/27		565,000		786,944

(Wilmington Broad Market Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 7

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pacific Gas & Electric Co., Sr. Unsecured, 3.25%, 9/15/21	$	125,000	$	135,297
System Energy Resources, Inc., 1st Mortgage, 4.10%, 4/01/23		500,000		522,601
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20		1,500,000		1,630,371
TOTAL ELECTRIC			$	12,623,291
ELECTRONICS – 0.4%
FLIR Systems, Inc., Sr. Unsecured, 3.75%, 9/01/16		250,000		256,279
Honeywell International, Inc., Sr. Unsecured, 5.00%, 2/15/19		250,000		300,325
Thermo Fisher Scientific, Inc., Sr. Unsecured, 1.85%, 1/15/18		600,000		612,810
TOTAL ELECTRONICS			$	1,169,414
ENERGY EQUIPMENT & SERVICES – 0.5%
14National Oilwell Varco, Inc., Sr. Unsecured, 5.65%, 11/15/12		1,500,000		1,502,834
FOOD PRODUCTS – 1.5%
General Mills, Inc., Sr. Unsecured, 5.65%, 2/15/19		750,000		922,899
HJ Heinz Co., Sr. Unsecured, 2.85%, 3/01/22		500,000		514,326
Kellogg Co., Sr. Unsecured, 1.88%, 11/17/16		1,000,000		1,033,998
McCormick & Co., Inc., Sr. Unsecured, 5.75%, 12/15/17		500,000		603,757
McCormick & Co., Inc., Sr. Unsecured, 3.90%, 7/15/21		500,000		556,029
Mondelez International, Inc., Unsecured, 5.25%, 10/01/13		400,000		416,789
6,7WM Wrigley Jr. Co., Sr. Secured, 3.70%, 6/30/14		500,000		516,526
TOTAL FOOD PRODUCTS			$	4,564,324
FOOD RETAILING – 0.4%
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		250,000		272,351
Kroger Co., Sr. Unsecured, 2.20%, 1/15/17		250,000		256,945
Kroger Co., Company Guaranteed, 8.00%, 9/15/29		500,000		675,352
TOTAL FOOD RETAILING			$	1,204,648
HEALTHCARE PROVIDERS & SERVICES – 0.6%
Quest Diagnostics, Inc., Company Guaranteed, 4.70%, 4/01/21		500,000		563,972
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17		250,000		302,149
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		560,000		572,282
UnitedHealth Group, Inc., Sr. Unsecured, 3.95%, 10/15/42		290,000		292,904
TOTAL HEALTHCARE PROVIDERS & SERVICES			$	1,731,307

Description	Par Value		Value
HOME FURNISHINGS – 0.7%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16	$	350,000	$	401,052
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,603,346
TOTAL HOME FURNISHINGS			$	2,004,398
HOUSEHOLD PRODUCTS – 0.3%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21		1,000,000		1,082,072
INSURANCE – 3.4%
Berkshire Hathaway Finance Corp., Company Guaranteed, 4.40%, 5/15/42		2,000,000		2,118,757
CNA Financial Corp., Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,184,452
Lincoln National Corp., Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,059,347
MetLife, Inc., Sr. Unsecured, 5.00%, 6/15/15		400,000		442,910
MetLife, Inc., Sr. Unsecured, 4.75%, 2/08/21		500,000		583,075
6,7,14Metropolitan Life Global Funding I, Sr. Secured, 2.50%, 1/11/13		500,000		502,349
Principal Financial Group, Inc., Company Guaranteed, 3.30%, 9/15/22		250,000		254,555
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.88%, 1/14/15		1,000,000		1,063,789
Prudential Financial, Inc., Sr. Unsecured, 6.20%, 1/15/15		500,000		551,348
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.00%, 5/12/16		1,000,000		1,060,885
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19		280,000		339,650
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,076,500
TOTAL INSURANCE			$	10,237,617
INTERNET SOFTWARE & SERVICES – 0.2%
eBay, Inc., Sr. Unsecured, 1.63%, 10/15/15		500,000		515,662
IRON/STEEL – 0.3%
ArcelorMittal, Sr. Unsecured, 7.25%, 10/15/39		1,000,000		929,212
LEISURE TIME – 0.1%
Royal Caribbean Cruises Ltd., Sr. Unsecured, 7.00%, 6/15/13		300,000		310,500
MACHINERY – 0.2%
6,7Caterpillar, Inc., Sr. Unsecured, 3.80%, 8/15/42		531,000		551,118
MEDIA – 3.2%
14Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13		400,000		411,661
Comcast Corp., Company Guaranteed, 5.90%, 3/15/16		1,000,000		1,163,793
Comcast Corp., Company Guaranteed, 4.65%, 7/15/42		825,000		894,471

(Wilmington Broad Market Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

8 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 3.50%, 3/01/16	$	500,000	$	535,229
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 5.15%, 3/15/42		500,000		523,565
Discovery Communications LLC, Company Guaranteed, 3.30%, 5/15/22		850,000		894,562
NBCUniversal Media LLC, Sr. Unsecured, 4.45%, 1/15/43		750,000		775,088
NBCUniversal Media LLC, Sr. Unsecured, 3.65%, 4/30/15		480,000		515,030
Time Warner Cable, Inc., Company Guaranteed, 4.00%, 9/01/21		500,000		555,253
Time Warner Cable, Inc., Company Guaranteed, 5.50%, 9/01/41		500,000		582,641
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14		350,000		373,682
Viacom, Inc., Sr. Unsecured, 5.63%, 9/15/19		1,000,000		1,208,705
Viacom, Inc., Sr. Unsecured, 3.88%, 12/15/21		850,000		932,070
Walt Disney Co., Series E, Sr. Unsecured, 4.13%, 12/01/41		250,000		282,986
TOTAL MEDIA			$	9,648,736
METALS & MINING – 1.3%
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19		550,000		605,060
Barrick Gold Corp., Sr. Unsecured, 5.25%, 4/01/42		2,000,000		2,254,854
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		750,000		1,030,431
TOTAL METALS & MINING			$	3,890,345
MISCELLANEOUS MANUFACTURING – 1.5%
GE Capital Trust I, Limited Guarantee, 6.38%, 11/15/67		1,000,000		1,075,000
14General Electric Co., Sr. Unsecured, 5.00%, 2/01/13		400,000		404,539
General Electric Co., Sr. Unsecured, 4.13%, 10/09/42		795,000		827,325
Ingersoll-Rand Co., Series B, Company Guaranteed, MTN, 6.02%, 2/15/28		900,000		1,081,468
Ingersoll-Rand Global Holding Co., Ltd., Company Guaranteed, 6.00%, 8/15/13		700,000		730,655
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15		500,000		549,741
TOTAL MISCELLANEOUS MANUFACTURING			$	4,668,728
OIL & GAS – 4.4%
Anadarko Finance Co., Series B, Company Guaranteed, 7.50%, 5/01/31		1,000,000		1,366,604
Anadarko Petroleum Corp., Sr. Unsecured, 5.75%, 6/15/14		250,000		267,995
Apache Corp., Sr. Unsecured, 4.75%, 4/15/43		1,000,000		1,181,268
BP Capital Markets PLC, Company Guaranteed, 3.20%, 3/11/16		300,000		322,728
Devon Energy Corp., Sr. Unsecured, 4.75%, 5/15/42		871,000		986,308

Description	Par Value		Value
Enterprise Products Operating LLC, Series B, Company Guaranteed, 7.03%, 1/15/68	$	1,000,000	$	1,142,500
Marathon Oil Corp., Sr. Unsecured, 2.80%, 11/01/22		1,015,000		1,024,273
Nabors Industries, Inc., Company Guaranteed, 4.63%, 9/15/21		500,000		550,154
6,7Phillips 66, Company Guaranteed, 2.95%, 5/01/17		1,250,000		1,333,023
6,7Phillips 66, Company Guaranteed, 4.30%, 4/01/22		500,000		562,715
1,14Sempra Energy, Sr. Unsecured, 1.15%, 3/15/14		1,000,000		1,004,966
Sempra Energy, Sr. Unsecured, 6.50%, 6/01/16		500,000		594,116
Shell International Finance BV, Company Guaranteed, 4.00%, 3/21/14		250,000		262,530
Sunoco, Inc., Sr. Unsecured, 9.63%, 4/15/15		550,000		641,135
Transocean, Inc., Company Guaranteed, 4.95%, 11/15/15		450,000		493,988
Valero Energy Corp., Company Guaranteed, 4.75%, 4/01/14		550,000		576,752
Valero Energy Corp., Company Guaranteed, 4.50%, 2/01/15		1,000,000		1,078,926
TOTAL OIL & GAS			$	13,389,981
OIL & GAS FIELD SERVICES – 0.4%
NuStar Pipeline Operating Partnership, LP, Company Guaranteed, 5.88%, 6/01/13		1,250,000		1,279,190
PHARMACEUTICALS – 0.2%
Pfizer, Inc., Sr. Unsecured, 5.35%, 3/15/15		250,000		278,528
Teva Pharmaceutical Finance Co. BV, Company Guaranteed, 2.40%, 11/10/16		400,000		420,964
TOTAL PHARMACEUTICALS			$	699,492
PIPELINES – 1.2%
Enterprise Products Operating LLC, Company Guaranteed, 4.05%, 2/15/22		500,000		558,755
Enterprise Products Operating LLC, Company Guaranteed, 5.70%, 2/15/42		500,000		604,066
Enterprise Products Operating LLC, Company Guaranteed, 4.85%, 8/15/42		250,000		268,880
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 5.00%, 2/01/21		500,000		591,324
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,089,723
6,7Rockies Express Pipeline LLC, Sr. Unsecured, 5.63%, 4/15/20		500,000		485,000
TOTAL PIPELINES			$	3,597,748
REAL ESTATE INVESTMENT TRUSTS (REIT) – 2.2%
BioMed Realty LP, Company Guaranteed, 3.85%, 4/15/16		1,000,000		1,056,300
Boston Properties LP, Sr. Unsecured, 5.00%, 6/01/15		650,000		709,841
Commonwealth REIT, Sr. Unsecured, 6.65%, 1/15/18		500,000		552,648

(Wilmington Broad Market Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 9

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Commonwealth REIT, Sr. Unsecured, 5.88%, 9/15/20	$	500,000	$	546,386
Digital Realty Trust LP, Company Guaranteed, 5.25%, 3/15/21		500,000		566,119
HCP, Inc., Sr. Unsecured, MTN, 6.30%, 9/15/16		500,000		576,435
Health Care REIT, Inc., Sr. Unsecured, 4.95%, 1/15/21		1,000,000		1,107,253
Health Care REIT, Inc., Sr. Unsecured, 5.25%, 1/15/22		250,000		285,109
Mack-Cali Realty LP, Sr. Unsecured, 7.75%, 8/15/19		250,000		311,956
ProLogis LP, Company Guaranteed, 4.50%, 8/15/17		250,000		274,034
Simon Property Group LP, Sr. Unsecured, 5.65%, 2/01/20		500,000		603,535
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	6,589,616
RESTAURANT – 0.1%
Yum! Brands, Inc., Sr. Unsecured, 3.75%, 11/01/21		250,000		273,056
RETAIL – 0.4%
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17		500,000		603,604
CVS Caremark Corp., Sr. Unsecured, 4.75%, 5/18/20		500,000		588,283
TOTAL RETAIL			$	1,191,887
SEMICONDUCTORS – 0.6%
Broadcom Corp., Sr. Unsecured, 2.70%, 11/01/18		500,000		540,422
6,7Broadcom Corp., Sr. Unsecured, 2.50%, 8/15/22		1,000,000		1,001,322
Texas Instruments, Inc., Sr. Unsecured, 2.38%, 5/16/16		250,000		264,330
TOTAL SEMICONDUCTORS			$	1,806,074
SOFTWARE – 0.5%
Oracle Corp., Sr. Unsecured, 1.20%, 10/15/17		1,685,000		1,694,684
TELECOMMUNICATIONS – 2.0%
AT&T, Inc., Sr. Unsecured, 2.95%, 5/15/16		200,000		214,943
AT&T, Inc., Sr. Unsecured, 3.88%, 8/15/21		500,000		570,296
AT&T, Inc., Sr. Unsecured, 5.55%, 8/15/41		325,000		410,212
Corning, Inc., Sr. Unsecured, 4.75%, 3/15/42		300,000		329,104
6,7Crown Castle Towers LLC, Sr. Secured, 4.17%, 8/15/17		2,000,000		2,207,500
Verizon Communications, Inc., Sr. Unsecured, 1.25%, 11/03/14		295,000		299,866
Verizon Communications, Inc., Sr. Unsecured, 3.00%, 4/01/16		1,000,000		1,075,985
Verizon Communications, Inc., Sr. Unsecured, 5.50%, 2/15/18		250,000		305,721
Verizon Communications, Inc., Sr. Unsecured, 4.60%, 4/01/21		500,000		597,075
TOTAL TELECOMMUNICATIONS			$	6,010,702

Description	Par Value		Value
TRANSPORTATION – 2.3%
CSX Corp., Sr. Unsecured, 7.90%, 5/01/17	$	1,114,000	$	1,415,625
CSX Corp., Sr. Unsecured, 4.75%, 5/30/42		250,000		279,798
FedEx Corp., Company Guaranteed, 3.88%, 8/01/42		715,000		730,433
Norfolk Southern Corp., Sr. Unsecured, 5.90%, 6/15/19		250,000		304,112
14Ryder System, Inc., Sr. Unsecured, MTN, 6.00%, 3/01/13		665,000		676,929
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		300,000		311,408
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17		500,000		513,128
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		1,155,000		1,177,412
Union Pacific Corp., Sr. Unsecured, 5.75%, 11/15/17		900,000		1,085,807
Union Pacific Corp., Sr. Unsecured, 4.75%, 9/15/41		500,000		578,432
TOTAL TRANSPORTATION			$	7,073,084
TRUCKING AND LEASING – 0.2%
GATX Corp., Sr. Unsecured, 8.75%, 5/15/14		500,000		557,199
TOTAL CORPORATE BONDS (COST $145,867,541)			$	157,552,642
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.7%
AIRLINES – 0.7%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21		473,637		495,543
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19		225,436		260,238
Delta Air Lines, Inc., Series A, Pass-Through Certificates, 7.75%, 12/17/19		410,645		471,471
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22		354,848		399,869
United Air Lines, Inc., Series 09-2, Pass-Through Certificates, 9.75%, 1/15/17		398,666		458,716
TOTAL AIRLINES			$	2,085,837
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,863,232)			$	2,085,837
GOVERNMENT AGENCIES – 3.9%
FEDERAL HOME LOAN BANK (FHLB) – 0.3%
5.25%, 6/18/14		175,000		189,131
5.50%, 8/13/14		500,000		546,431
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	735,562
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.3%
1.25%, 10/02/19		4,300,000		4,290,925
121.75%, 5/30/19		2,000,000		2,070,539
2.38%, 1/13/22		125,000		131,342
4.38%, 7/17/15		500,000		553,830
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	7,046,636

(Wilmington Broad Market Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

10 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.3%
121.38%, 11/15/16	$	500,000	$	514,977
4.88%, 12/15/16		700,000		820,798
5.00%, 5/11/17		750,000		892,003
6.25%, 5/15/29		750,000		1,090,346
127.25%, 5/15/30		400,000		645,039
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	3,963,163
TOTAL GOVERNMENT AGENCIES (COST $10,953,481)			$	11,745,361
MORTGAGE-BACKED SECURITIES – 20.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 12.2%
Pool A13990, 4.50%, 10/01/33		163,240		176,641
Pool A93415, 4.00%, 8/01/40		8,001,928		8,547,351
Pool A93505, 4.50%, 8/01/40		5,588,553		6,007,141
Pool A97047, 4.50%, 2/01/41		5,957,456		6,403,676
Pool B17616, 5.50%, 1/01/20		184,953		199,106
Pool C00478, 8.50%, 9/01/26		28,652		33,556
Pool C01272, 6.00%, 12/01/31		105,009		117,355
Pool C03750, 3.50%, 2/01/42		890,975		947,464
Pool E00530, 6.00%, 1/01/13		440		460
Pool E00560, 6.00%, 7/01/13		9,549		9,685
Pool G01625, 5.00%, 11/01/33		161,941		176,610
Pool G02296, 5.00%, 6/01/36		1,039,481		1,131,686
Pool G02390, 6.00%, 9/01/36		46,598		51,464
Pool G02976, 5.50%, 6/01/37		681,176		742,070
Pool G03703, 5.50%, 12/01/37		352,575		383,653
Pool G04776, 5.50%, 7/01/38		513,813		558,943
Pool G06222, 4.00%, 1/01/41		5,496,980		5,871,662
Pool G08097, 6.50%, 11/01/35		55,676		63,287
Pool G12709, 5.00%, 7/01/22		243,583		263,811
Pool Q01443, 4.50%, 6/01/41		4,984,854		5,366,014
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	37,051,635
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 7.7%
Pool 254007, 6.50%, 10/01/31		50,180		57,447
Pool 254759, 4.50%, 6/01/18		237,488		256,227
Pool 254833, 4.50%, 8/01/18		40,222		43,096
Pool 256515, 6.50%, 12/01/36		101,553		114,864
14Pool 256639, 5.00%, 2/01/27		73,435		80,649
Pool 256752, 6.00%, 6/01/27		98,518		109,469
Pool 329794, 7.00%, 2/01/26		59,840		68,429
Pool 398162, 6.50%, 1/01/28		23,023		26,242
Pool 402255, 6.50%, 12/01/27		6,197		7,037

Description	Par Value		Value
Pool 535939, 6.00%, 5/01/16	$	74,077	$	78,937
Pool 629603, 5.50%, 2/01/17		29,226		31,580
Pool 638023, 6.50%, 4/01/32		114,742		131,646
Pool 642345, 6.50%, 5/01/32		145,316		166,088
Pool 651292, 6.50%, 7/01/32		238,660		272,627
Pool 686398, 6.00%, 3/01/33		329,074		370,230
Pool 688987, 6.00%, 5/01/33		530,876		597,272
Pool 695818, 5.00%, 4/01/18		276,796		301,139
Pool 745412, 5.50%, 12/01/35		116,305		128,644
Pool 838891, 6.00%, 7/01/35		136,217		151,721
14Pool 889982, 5.50%, 11/01/38		904,170		992,468
Pool 975207, 5.00%, 3/01/23		291,083		316,865
Pool AB1796, 3.50%, 11/01/40		2,362,862		2,518,737
Pool AE2520, 3.00%, 1/01/26		2,137,183		2,256,598
Pool TBA, 5.00%, 12/15/35		13,000,000		14,172,031
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	23,250,043
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 2077, 7.00%, 9/20/25		22,625		25,891
Pool 354677, 7.50%, 10/15/23		45,516		52,483
Pool 354713, 7.50%, 12/15/23		32,289		37,347
Pool 354765, 7.00%, 2/15/24		68,566		78,888
Pool 354827, 7.00%, 5/15/24		64,914		74,685
Pool 360869, 7.50%, 5/15/24		30,868		35,704
Pool 361843, 7.50%, 10/15/24		54,757		63,335
Pool 373335, 7.50%, 5/15/22		24,038		27,718
Pool 385623, 7.00%, 5/15/24		66,156		76,115
Pool 503405, 6.50%, 4/15/29		85,858		99,257
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	571,423
TOTAL MORTGAGE-BACKED SECURITIES (COST $58,744,631)			$	60,873,101
MUNICIPAL BOND – 0.2%
BUILD AMERICA BONDS – 0.2%
1,14New Jersey State, EDA, Revenue Bonds, 1.39%, 6/15/13		650,000		651,599
TOTAL MUNICIPAL BOND (COST $650,000)			$	651,599
U.S. TREASURY – 17.2%
INFLATION INDEXED NOTES – 1.5%
0.13%, 4/15/16		500,000		549,986
1.13%, 1/15/21		3,000,000		3,733,088
2.00%, 1/15/14		100,000		129,308
TOTAL INFLATION INDEXED NOTES			$	4,412,382

(Wilmington Broad Market Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 11

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
U.S. TREASURY BONDS – 1.8%
3.00%, 5/15/42	$	500,000	$	514,844
5.25%, 2/15/29		500,000		697,578
5.38%, 2/15/31		600,000		863,250
6.25%, 5/15/30		500,000		779,219
6.38%, 8/15/27		450,000		686,883
7.50%, 11/15/16		300,000		383,016
8.88%, 2/15/19		1,130,000		1,677,873
TOTAL U.S. TREASURY BONDS			$	5,602,663
U.S. TREASURY NOTES – 13.9%
0.63%, 8/31/17		1,860,000		1,854,187
120.63%, 9/30/17		750,000		747,070
0.75%, 10/31/17		590,000		590,830
0.88%, 1/31/17		7,000,000		7,079,844
0.88%, 2/28/17		4,000,000		4,045,625
0.88%, 4/30/17		2,000,000		2,020,470
1.00%, 3/31/17		1,500,000		1,524,141
1.25%, 9/30/15		1,000,000		1,025,156
1.25%, 1/31/19		250,000		253,984
1.38%, 2/28/19		2,500,000		2,557,422
121.63%, 8/15/22		8,575,000		8,520,066
1.75%, 7/31/15		500,000		518,828
1.75%, 5/15/22		1,380,000		1,392,399
2.00%, 11/15/21		1,210,000		1,255,753
2.00%, 2/15/22		1,500,000		1,551,797
2.13%, 8/15/21		250,000		262,812
2.25%, 1/31/15		1,000,000		1,043,594
2.25%, 3/31/16		1,250,000		1,325,977
2.25%, 7/31/18		500,000		538,203
2.50%, 4/30/15		1,000,000		1,053,594
2.63%, 7/31/14		200,000		208,172
122.63%, 11/15/20		500,000		548,750
3.13%, 5/15/19		750,000		849,609
3.63%, 2/15/20		750,000		877,617
124.00%, 8/15/18		500,000		588,672
TOTAL U.S. TREASURY NOTES			$	42,234,572
TOTAL U.S. TREASURY (COST $49,542,723)			$	52,249,617
REPURCHASE AGREEMENT – 4.7%
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $14,172,298, collateralized by a U.S. Treasury Security 0.25%, maturing 1/31/14; total market value of $14,456,437.		14,172,200		14,172,200
TOTAL REPURCHASE AGREEMENT (COST $14,172,200)			$	14,172,200
TOTAL INVESTMENTS IN SECURITIES – 104.0% (COST $297,828,638)			$	315,320,972

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.8%
REPURCHASE AGREEMENTS – 4.8%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $3,432,500, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $3,501,119.	$	3,432,469	$	3,432,469
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $3,432,502, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $3,501,118.		3,432,469		3,432,469
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, dated 10/31/12, due 11/01/12, repurchase price $3,432,496, collateralized by U.S. Government Securities 0.50% to 3.63%, maturing 4/15/15 to 4/15/28; total market value of $3,501,123.		3,432,469		3,432,469
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $3,432,505, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $3,501,118.		3,432,469		3,432,469
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $722,631, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $737,080.		722,625		722,625
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $14,452,501)			$	14,452,501
TOTAL INVESTMENTS – 108.8% (COST $312,281,139)			$	329,773,473
COLLATERAL FOR SECURITIES ON LOAN – (4.8%)				(14,452,501	)
OTHER LIABILITIES LESS ASSETS – (4.0%)				(12,208,298	)
TOTAL NET ASSETS – 100.0%			$	303,112,674

(Wilmington Broad Market Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

12 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $312,302,916. The net unrealized appreciation/(depreciation) of investments was $17,470,557. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $18,181,293 and net unrealized depreciation from investments for those securities having an excess of cost over value of $710,736.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Securities	$	—	$	2,770,750	$	—	$	2,770,750
Collateralized Mortgage Obligations		—		13,219,865		—		13,219,865
Corporate Bonds		—		157,552,642		—		157,552,642
Enhanced Equipment Trust Certificates		—		2,085,837		—		2,085,837
Government Agencies		—		11,745,361		—		11,745,361
Mortgage-Backed Securities		—		60,873,101		—		60,873,101
Municipal Bond		—		651,599		—		651,599
U.S. Treasury		—		52,249,617		—		52,249,617
Repurchase Agreements		—		28,624,701		—		28,624,701
Total	$	—	$	329,773,473	$	—	$	329,773,473

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

13

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Corporate Bonds		53.1	%
U.S. Treasury		22.1	%
Government Agencies		14.4	%
Mortgage-Backed Securities		6.6	%
Collateralized Mortgage Obligations		2.9	%
Municipal Bond		0.6	%
Asset-Backed Securities		0.2	%
Cash Equivalents1		10.2	%
Other Assets and Liabilities – Net2		(10.1	)%
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		16.7	%
AA		6.6	%
A		16.3	%
BBB		29.2	%
BB		1.2	%
B		0.3	%
Not Rated		10.2	%
U.S. Government Agency Securities		7.5	%
U.S. Treasuries		22.1	%
Other Assets and Liabilities – Net2		(10.1	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
ASSET-BACKED SECURITIES – 0.2%
WHOLE LOAN – 0.2%
1,6,7SLM Student Loan Trust, Series 2011-A, Class A1, 1.21%, 10/24/24	$	556,621	$	558,938
TOTAL ASSET-BACKED SECURITIES (COST $556,621)			$	558,938
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.9%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.0%
6,7American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 4/15/37		1,000,000		1,059,152
1Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.64%, 5/12/39		503,801		514,978
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.40%, 6/15/38		994,089		1,042,814
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	2,616,944
FEDERAL HOME LOAN BANK (FHLB) –1.4%
Series 1, 4.88%, 5/17/17		3,000,000		3,562,743

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.1%
Series 2005-29, Class WC, 4.75%, 4/25/35	$	229,273	$	249,201
Series 2005-97, Class LB, 5.00%, 11/25/35		13,018		13,021
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	262,222
WHOLE LOAN – 0.4%
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 3.52%, 11/25/35		1,097,950		881,272
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,130,425)			$	7,323,181
CORPORATE BONDS – 53.1%
AEROSPACE & DEFENSE – 0.9%
Boeing Co., Sr. Unsecured, 5.00%, 3/15/14		950,000		1,009,298
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,250,000		1,393,485
TOTAL AEROSPACE & DEFENSE			$	2,402,783

(Wilmington Intermediate-Term Bond Fund continued next page)

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14 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
AUTO MANUFACTURERS – 0.5%
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.00%, 2/17/15	$	500,000	$	504,776
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 2.05%, 1/12/17		700,000		724,678
TOTAL AUTO MANUFACTURERS			$	1,229,454
AUTO PARTS & EQUIPMENT – 0.3%
Johnson Controls, Inc., Sr. Unsecured, 2.60%, 12/01/16		845,000		887,088
BEVERAGES – 1.9%
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 7.75%, 1/15/19		2,000,000		2,715,086
Coca-Cola Co., Sr. Unsecured, 1.80%, 9/01/16		2,000,000		2,078,186
TOTAL BEVERAGES			$	4,793,272
BIOTECHNOLOGY – 0.6%
Amgen, Inc., Sr. Unsecured, 2.13%, 5/15/17		500,000		520,602
Gilead Sciences, Inc., Sr. Unsecured, 4.50%, 4/01/21		500,000		575,798
Gilead Sciences, Inc., Sr. Unsecured, 4.40%, 12/01/21		350,000		404,129
TOTAL BIOTECHNOLOGY			$	1,500,529
CAPITAL MARKETS – 2.5%
Bank of New York Mellon Corp., Sr. Unsecured, 0.70%, 10/23/15		750,000		749,112
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		773,041
Charles Schwab Corp., Sr. Unsecured, MTN, 6.38%, 9/01/17		1,000,000		1,208,176
Goldman Sachs Group, Inc., Series G, Sr. Unsecured, MTN, 3.70%, 8/01/15		1,000,000		1,059,965
Goldman Sachs Group, Inc., Sr. Unsecured, 6.25%, 9/01/17		655,000		768,456
Merrill Lynch & Co., Inc., Sr. Unsecured, MTN, 5.45%, 7/15/14		500,000		536,709
Morgan Stanley, Sr. Unsecured, MTN, 6.00%, 4/28/15		1,225,000		1,336,653
TOTAL CAPITAL MARKETS			$	6,432,112
CHEMICALS – 1.2%
Dow Chemical Co., Sr. Unsecured, 7.60%, 5/15/14		1,000,000		1,100,101
Dow Chemical Co., Sr. Unsecured, 2.50%, 2/15/16		1,251,000		1,310,778
Dow Chemical Co., Sr. Unsecured, 4.13%, 11/15/21		500,000		546,979
TOTAL CHEMICALS			$	2,957,858
COAL – 0.3%
Consol Energy, Inc., Company Guaranteed, 8.00%, 4/01/17		625,000		662,500
COMMERCIAL BANKS – 7.0%
Bank of Montreal, Sr. Unsecured, MTN, 2.50%, 1/11/17		1,500,000		1,580,008
Bank of Nova Scotia, Sr. Notes, 1.85%, 1/12/15		1,500,000		1,540,326
Bank of Nova Scotia, Sr. Unsecured, 0.75%, 10/09/15		1,125,000		1,125,064

Description	Par Value		Value
1BB&T Corp., Sr. Unsecured, 1.01%, 4/28/14	$	1,000,000	$	1,007,480
BB&T Corp., Sr. Unsecured, MTN, 3.20%, 3/15/16		1,000,000		1,068,279
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		2,000,000		2,119,035
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,175,000		1,241,945
KeyCorp, Sr. Unsecured, MTN, 3.75%, 8/13/15		750,000		807,785
Royal Bank of Canada, Sr. Notes, MTN, 2.30%, 7/20/16		2,000,000		2,094,480
Toronto-Dominion Bank, Sr. Unsecured, 2.50%, 7/14/16		1,000,000		1,056,129
U.S. Bancorp, Sr. Unsecured, MTN, 2.20%, 11/15/16		500,000		523,167
U.S. Bank N.A., Subordinated, BKNT, 6.30%, 2/04/14		305,000		326,475
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		640,000		646,791
Wells Fargo & Co., Sr. Unsecured, MTN, 3.50%, 3/08/22		750,000		795,814
Westpac Banking Corp., Sr. Unsecured, 2.00%, 8/14/17		825,000		847,428
Westpac Banking Corp., Sr. Unsecured, 4.88%, 11/19/19		750,000		867,533
TOTAL COMMERCIAL BANKS			$	17,647,739
COMMERCIAL FINANCE – 1.9%
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.88%, 1/15/15		1,500,000		1,569,527
Ford Motor Credit Co., LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		294,586
Ford Motor Credit Co., LLC, Sr. Unsecured, 5.88%, 8/02/21		1,000,000		1,157,320
1,12General Electric Capital Corp., Series A, Sr. Unsecured, MTN, 0.54%, 10/06/15		1,000,000		986,087
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17		750,000		776,330
TOTAL COMMERCIAL FINANCE			$	4,783,850
COMPUTERS – 0.5%
12Hewlett-Packard Co., Sr. Unsecured, 2.60%, 9/15/17		500,000		488,417
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16		725,000		757,367
TOTAL COMPUTERS			$	1,245,784
CONSUMER FINANCE – 1.9%
American Express Co., Sr. Unsecured, 6.15%, 8/28/17		750,000		908,527
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		1,655,000		1,703,629
6,7General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		250,000		257,500
6,7Hyundai Capital America, Company Guaranteed, 1.63%, 10/02/15		825,000		827,005
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17		1,040,000		1,062,373
TOTAL CONSUMER FINANCE			$	4,759,034
DIVERSIFIED FINANCIAL SERVICES – 1.8%
Bear Stearns Cos. LLC, Sr. Unsecured, 5.70%, 11/15/14		1,155,000		1,262,914

(Wilmington Intermediate-Term Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 15

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
1Citigroup, Inc., Sr. Unsecured, 0.53%, 3/07/14	$	500,000	$	495,497
Citigroup, Inc., Sr. Unsecured, 5.50%, 10/15/14		500,000		541,095
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		750,000		896,108
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		250,000		296,052
JPMorgan Chase & Co., Sr. Notes, 4.63%, 5/10/21		300,000		339,056
1JPMorgan Chase Capital XXIII, Limited Guarantee, 1.43%, 5/15/47		1,000,000		742,500
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,573,222
ELECTRIC – 6.2%
Ameren Illinois Co., Sr. Secured, 9.75%, 11/15/18		2,775,000		3,889,095
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		625,000		741,406
Commonwealth Edison Co., 1st Mortgage, 1.95%, 9/01/16		1,000,000		1,039,737
Detroit Edison Co., Series G, Sr. Secured, 5.60%, 6/15/18		950,000		1,153,254
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15		500,000		520,627
Duke Energy Corp., Sr. Unsecured, 1.63%, 8/15/17		1,225,000		1,234,363
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17		1,950,000		2,132,414
Exelon Generation Co., LLC, Sr. Unsecured, 6.20%, 10/01/17		1,000,000		1,193,084
Florida Power & Light Co., 1st Mortgage, 5.55%, 11/01/17		500,000		611,400
Florida Power Corp., 1st Mortgage, 3.10%, 8/15/21		500,000		534,906
Oklahoma Gas & Electric Co., Sr. Secured, 6.65%, 7/15/27		440,000		612,841
Southern California Edison Co., Series 05-A, 1st Mortgage, 5.00%, 1/15/16		654,000		741,008
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20		1,250,000		1,358,643
TOTAL ELECTRIC			$	15,762,778
ELECTRONICS – 0.9%
FLIR Systems, Inc., Sr. Unsecured, 3.75%, 9/01/16		650,000		666,325
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.25%, 8/15/16		1,500,000		1,565,939
TOTAL ELECTRONICS			$	2,232,264
FOOD PRODUCTS – 0.9%
Mondelez International, Inc., Sr. Unsecured, 4.13%, 2/09/16		2,000,000		2,209,172
FOOD RETAILING – 0.1%
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		250,000		272,351

Description	Par Value		Value
HEALTHCARE PROVIDERS & SERVICES – 0.6%
6,7Express Scripts Holding Co., Company Guaranteed, 2.10%, 2/12/15	$	900,000	$	921,580
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17		500,000		604,299
TOTAL HEALTHCARE PROVIDERS & SERVICES			$	1,525,879
HOME FURNISHINGS – 0.4%
Whirlpool Corp., Sr. Unsecured, 6.50%, 6/15/16		1,000,000		1,145,863
HOUSEHOLD PRODUCTS – 0.4%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21		1,000,000		1,082,072
INSURANCE – 1.4%
MetLife, Inc., Sr. Unsecured, 5.00%, 6/15/15		730,000		808,311
Prudential Financial, Inc., Sr. Unsecured, MTN, 3.88%, 1/14/15		1,700,000		1,808,441
WR Berkley Corp., Sr. Unsecured, 7.38%, 9/15/19		710,000		861,254
TOTAL INSURANCE			$	3,478,006
IRON/STEEL – 0.4%
ArcelorMittal, Sr. Unsecured, 4.00%, 3/01/16		250,000		248,445
12 Cliffs Natural Resources, Inc., Sr. Unsecured, 4.88%, 4/01/21		700,000		694,888
TOTAL IRON/STEEL			$	943,333
LEISURE TIME – 0.5%
Royal Caribbean Cruises Ltd., Sr. Unsecured, 7.00%, 6/15/13		1,200,000		1,242,000
MEDIA – 3.4%
Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13		1,765,000		1,816,454
Comcast Corp., Company Guaranteed, 5.70%, 7/01/19		500,000		615,549
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 3.50%, 3/01/16		2,000,000		2,140,914
Discovery Communications LLC, Company Guaranteed, 3.30%, 5/15/22		875,000		920,873
NBCUniversal Media LLC, Sr. Unsecured, 3.65%, 4/30/15		1,000,000		1,072,978
Time Warner Entertainment Co., LP, Company Guaranteed, 8.38%, 3/15/23		175,000		251,749
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14		1,555,000		1,660,215
TOTAL MEDIA			$	8,478,732
METALS & MINING – 1.0%
Alcoa, Inc., Sr. Unsecured, 6.00%, 7/15/13		1,251,000		1,297,967
Alcoa, Inc., Sr. Unsecured, 5.72%, 2/23/19		1,100,000		1,210,120
TOTAL METALS & MINING			$	2,508,087

(Wilmington Intermediate-Term Bond Fund continued next page)

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16 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
MISCELLANEOUS MANUFACTURING – 3.0%
Eaton Corp., Sr. Unsecured, 5.95%, 3/20/14	$	750,000	$	804,453
General Electric Co., Sr. Unsecured, 0.85%, 10/09/15		1,330,000		1,333,845
Ingersoll-Rand Co., Series B, Company Guaranteed, MTN, 6.02%, 2/15/28		2,015,000		2,421,286
Ingersoll-Rand Global Holding Co., Ltd., Company Guaranteed, 6.00%, 8/15/13		1,000,000		1,043,792
Textron, Inc., Sr. Unsecured, 6.20%, 3/15/15		1,900,000		2,089,016
TOTAL MISCELLANEOUS MANUFACTURING			$	7,692,392
OIL & GAS – 3.2%
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17		695,000		846,564
BP Capital Markets PLC, Company Guaranteed, 1.85%, 5/05/17		525,000		541,004
BP Capital Markets PLC, Company Guaranteed, 3.25%, 5/06/22		525,000		563,743
Marathon Oil Corp., Sr. Unsecured, 0.90%, 11/01/15		750,000		753,044
Marathon Oil Corp., Sr. Unsecured, 6.00%, 10/01/17		1,000,000		1,216,067
Occidental Petroleum Corp., Sr. Unsecured, 1.50%, 2/15/18		500,000		511,695
6,7Phillips 66, Company Guaranteed, 2.95%, 5/01/17		250,000		266,605
Sempra Energy, Sr. Unsecured, 2.30%, 4/01/17		800,000		838,822
Shell International Finance BV, Company Guaranteed, 4.00%, 3/21/14		1,000,000		1,050,121
Sunoco, Inc., Sr. Unsecured, 9.63%, 4/15/15		1,200,000		1,398,841
Weatherford International Ltd., Company Guaranteed, 5.15%, 3/15/13		10,000		10,165
TOTAL OIL & GAS			$	7,996,671
PHARMACEUTICALS – 0.5%
AstraZeneca PLC, Sr. Unsecured, 5.90%, 9/15/17		1,000,000		1,226,636
PIPELINES – 1.3%
Enterprise Products Operating LLC, Company Guaranteed, 3.70%, 6/01/15		1,000,000		1,072,728
Enterprise Products Operating LLC, Company Guaranteed, 4.05%, 2/15/22		500,000		558,755
Kinder Morgan Energy Partners LP, Sr. Unsecured, 3.95%, 9/01/22		1,000,000		1,096,666
Plains All American Pipeline LP / PAA Finance Corp., Company Guaranteed, 5.00%, 2/01/21		500,000		591,324
TOTAL PIPELINES			$	3,319,473
REAL ESTATE INVESTMENT TRUSTS (REIT) – 1.4%
Boston Properties LP, Sr. Unsecured, 5.00%, 6/01/15		890,000		971,936
HCP, Inc., Sr. Unsecured, MTN, 6.30%, 9/15/16		1,000,000		1,152,869
ProLogis LP, Company Guaranteed, 4.50%, 8/15/17		750,000		822,103

Description	Par Value		Value
Vornado Realty LP, Sr. Unsecured, 4.25%, 4/01/15	$	500,000	$	529,171
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	3,476,079
RETAIL – 0.3%
Walgreen Co., Sr. Unsecured, 1.00%, 3/13/15		630,000		634,263
SEMICONDUCTORS - 0.4%
6,7Broadcom Corp., Sr. Unsecured, 2.50%, 8/15/22		1,000,000		1,001,322
SOFTWARE – 0.4%
Microsoft Corp., Sr. Unsecured, 3.00%, 10/01/20		150,000		165,348
1Oracle Corp., Sr. Unsecured, 1.20%, 10/15/17		875,000		880,029
TOTAL SOFTWARE			$	1,045,377
TELECOMMUNICATIONS – 2.6%
AT&T, Inc., Sr. Unsecured, 2.95%, 5/15/16		750,000		806,038
AT&T, Inc., Sr. Unsecured, 5.63%, 6/15/16		2,000,000		2,336,503
AT&T, Inc., Sr. Unsecured, 3.88%, 8/15/21		500,000		570,296
Telefonica Emisiones Sau, Company Guaranteed, 2.58%, 4/26/13		1,225,000		1,228,063
Verizon Communications, Inc., Sr. Unsecured, 1.25%, 11/03/14		760,000		772,537
Verizon Communications, Inc., Sr. Unsecured, 5.50%, 2/15/18		750,000		917,164
TOTAL TELECOMMUNICATIONS			$	6,630,601
TRANSPORTATION – 2.0%
CSX Corp., Sr. Unsecured, 7.90%, 5/01/17		685,000		870,470
CSX Corp., Sr. Unsecured, 4.25%, 6/01/21		500,000		564,667
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		1,850,000		1,885,898
Union Pacific Corp., Sr. Unsecured, 5.75%, 11/15/17		1,500,000		1,809,678
TOTAL TRANSPORTATION			$	5,130,713
TRUCKING AND LEASING – 0.5%
GATX Corp., Sr. Unsecured, 8.75%, 5/15/14		1,250,000		1,392,997
TOTAL CORPORATE BONDS (COST $126,309,634)			$	134,302,286
GOVERNMENT AGENCIES – 14.4%
FEDERAL HOME LOAN BANK (FHLB) – 1.7%
121.00%, 6/21/17		2,000,000		2,025,174
5.50%, 8/13/14		2,000,000		2,185,724
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	4,210,898

(Wilmington Intermediate-Term Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 17

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.7%
0.63%, 12/29/14	$	2,000,000	$	2,013,498
121.75%, 5/30/19		4,000,000		4,141,078
2.38%, 1/13/22		4,000,000		4,202,929
122.50%, 5/27/16		2,500,000		2,671,333
4.38%, 7/17/15		1,315,000		1,456,572
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	14,485,410
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 7.0%
120.50%, 5/27/15		2,500,000		2,508,108
120.63%, 10/30/14		2,000,000		2,012,348
0.88%, 10/26/17		2,000,000		2,003,424
1.25%, 9/28/16		2,000,000		2,049,268
121.38%, 11/15/16		2,500,000		2,574,887
1.63%, 10/26/15		2,000,000		2,071,252
12.66%, 6/10/20		1,000,000		1,132,000
3.00%, 9/16/14		1,500,000		1,575,756
5.00%, 5/11/17		1,500,000		1,784,007
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	17,711,050
TOTAL GOVERNMENT AGENCIES (COST $35,299,468)			$	36,407,358
MORTGAGE-BACKED SECURITIES – 6.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.9%
Pool A18401, 6.00%, 2/01/34		146,108		162,921
Pool A93415, 4.00%, 8/01/40		3,930,772		4,198,699
Pool B19228, 4.50%, 4/01/20		82,292		88,260
Pool C90293, 7.50%, 9/01/19		215,987		247,857
Pool C90504, 6.50%, 12/01/21		77,949		88,068
Pool E00530, 6.00%, 1/01/13		729		762
Pool E76204, 5.50%, 4/01/14		400		414
Pool E83022, 6.00%, 4/01/16		27,369		29,288
Pool E92817, 5.00%, 12/01/17		253,832		273,801
Pool G01625, 5.00%, 11/01/33		161,941		176,610
Pool G02390, 6.00%, 9/01/36		81,546		90,062
Pool G08097, 6.50%, 11/01/35		90,098		102,414
Pool G08193, 6.00%, 4/01/37		207,879		229,590
Pool G11311, 5.00%, 10/01/17		156,343		168,642
Pool G12709, 5.00%, 7/01/22		1,585,037		1,716,661
Pool G13077, 5.50%, 4/01/23		2,163,265		2,324,743
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	9,898,792

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.4%
Pool 254240, 7.00%, 3/01/32	$	134,933	$	154,469
Pool 254833, 4.50%, 8/01/18		53,629		57,461
Pool 256639, 5.00%, 2/01/27		146,869		161,298
Pool 256752, 6.00%, 6/01/27		123,148		136,837
Pool 257007, 6.00%, 12/01/27		229,199		254,677
Pool 424286, 6.50%, 6/01/13		1,110		1,126
Pool 526062, 7.50%, 12/01/29		15,207		17,560
1Pool 612514, 2.72%, 5/01/33		101,146		108,310
Pool 619054, 5.50%, 2/01/17		108,961		117,734
Pool 629603, 5.50%, 2/01/17		48,711		52,633
Pool 688996, 8.00%, 11/01/24		15,780		17,465
Pool 745412, 5.50%, 12/01/35		117,236		129,673
Pool 832365, 5.50%, 8/01/20		1,382,220		1,500,239
Pool 838741, 5.00%, 9/01/20		1,096,419		1,196,959
Pool 839291, 5.00%, 9/01/20		16,521		18,036
Pool AE2520, 3.00%, 1/01/26		2,137,183		2,256,598
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	6,181,075
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 2616, 7.00%, 7/20/28		92,746		106,865
Pool 2701, 6.50%, 1/20/29		174,035		203,833
Pool 426727, 7.00%, 2/15/29		17,447		20,243
Pool 780825, 6.50%, 7/15/28		167,573		193,725
Pool 781231, 7.00%, 12/15/30		82,459		95,778
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	620,444
TOTAL MORTGAGE-BACKED SECURITIES (COST $15,685,378)			$	16,700,311
MUNICIPAL BOND – 0.6%
BUILD AMERICA BONDS – 0.6%
1New Jersey State, EDA, Revenue Bonds, 1.39%, 6/15/13		1,500,000		1,503,690
TOTAL MUNICIPAL BOND (COST $1,500,000)			$	1,503,690
U.S. TREASURY – 22.1%
INFLATION INDEXED NOTES – 1.2%
0.13%, 4/15/16		1,500,000		1,649,959
1.25%, 7/15/20		500,000		629,283
1.63%, 1/15/15		500,000		642,189
TOTAL INFLATION INDEXED NOTES			$	2,921,431

(Wilmington Intermediate-Term Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

18 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value/ Shares		Value
U.S. TREASURY NOTES – 20.9%
0.25%, 12/15/14	$	2,000,000	$	1,997,500
0.38%, 4/15/15		2,500,000		2,502,345
10.63%, 7/15/14		2,000,000		2,011,719
0.88%, 1/31/17		3,000,000		3,034,219
121.00%, 9/30/19		2,250,000		2,231,367
1.25%, 1/31/19		1,500,000		1,523,906
1.50%, 8/31/18		2,500,000		2,584,375
121.63%, 8/15/22		880,000		874,363
2.00%, 1/31/16		1,000,000		1,050,469
2.00%, 4/30/16		1,600,000		1,684,500
2.00%, 11/15/21		1,000,000		1,037,813
2.13%, 8/15/21		1,500,000		1,576,875
2.63%, 4/30/16		485,000		521,223
2.63%, 8/15/20		1,000,000		1,098,281
122.63%, 11/15/20		1,500,000		1,646,250
2.75%, 2/15/19		1,500,000		1,661,719
3.50%, 2/15/18		1,500,000		1,710,000
3.63%, 2/15/20		1,500,000		1,755,234
124.00%, 8/15/18		2,000,000		2,354,687
4.13%, 5/15/15		1,125,000		1,232,402
4.25%, 11/15/14		2,500,000		2,700,000
124.25%, 8/15/15		2,000,000		2,214,375
4.25%, 11/15/17		2,500,000		2,934,375
4.50%, 2/15/16		2,000,000		2,265,000
4.75%, 8/15/17		7,250,000		8,638,828
TOTAL U.S. TREASURY NOTES			$	52,841,825
TOTAL U.S. TREASURY (COST $53,086,297)			$	55,763,256
MONEY MARKET FUND – 0.0%**
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		969		969
TOTAL MONEY MARKET FUND (COST $969)			$	969
REPURCHASE AGREEMENT – 0.3%
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $693,005, collateralized by a U.S. Treasury Security 0.25%, maturing 1/31/14; total market value of $710,562.	$	693,000		693,000
TOTAL REPURCHASE AGREEMENT (COST $693,000)			$	693,000
TOTAL INVESTMENTS IN SECURITIES – 100.2% (COST $240,261,792)			$	253,252,989

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 9.9%
REPURCHASE AGREEMENTS – 9.9%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $5,958,735, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $6,077,856.	$	5,958,682	$	5,958,682
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $5,958,740, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $6,077,856.		5,958,682		5,958,682
HSBC Securities, Inc., 0.27%, dated 10/31/12, due 11/01/12, repurchase price $5,958,727, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 11/15/12 to 7/15/36; total market value of $6,077,856.		5,958,682		5,958,682
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $5,958,745, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $6,077,856.		5,958,682		5,958,682
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $1,254,468, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $1,279,551.		1,254,458		1,254,458
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $25,089,186)			$	25,089,186
TOTAL INVESTMENTS – 110.1% (COST $265,350,978)			$	278,342,175
COLLATERAL FOR SECURITIES ON LOAN – (9.9%)				(25,089,186	)
OTHER LIABILITIES LESS ASSETS – (0.2%)				(385,041	)
TOTAL NET ASSETS – 100.0%			$	252,867,948

(Wilmington Intermediate-Term Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 19

Wilmington Intermediate-Term Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $265,354,722. The net unrealized appreciation/(depreciation) of investments was $12,987,453. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $13,349,812 and net unrealized depreciation from investments for those securities having an excess of cost over value of $362,359.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Securities	$	—	$	558,938	$	—	$	558,938
Collateralized Mortgage Obligations		—		7,323,181		—		7,323,181
Corporate Bonds		—		134,302,286		—		134,302,286
Government Agencies		—		36,407,358		—		36,407,358
Mortgage-Backed Securities		—		16,700,311		—		16,700,311
Municipal Bond		—		1,503,690		—		1,503,690
U.S. Treasury		—		55,763,256		—		55,763,256
Money Market Fund		969		—		—		969
Repurchase Agreements		—		25,782,186		—		25,782,186
Total	$	969	$	278,341,206	$	—	$	278,342,175

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

20

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Corporate Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Commercial Banks		10.3	%
Oil & Gas		7.6	%
Insurance		6.0	%
Media		6.0	%
Consumer Finance		5.8	%
Real Estate Investment Trusts (REIT)		5.7	%
Food Products		5.1	%
Electric		5.0	%
Capital Markets		4.8	%
Diversified Financial Services		3.6	%
Beverages		3.4	%
Healthcare Providers & Services		3.2	%
Commercial Finance		2.9	%
Retail		2.9	%
Chemicals		2.7	%
Biotechnology		2.3	%
Telecommunications		2.1	%
Internet Software & Services		2.0	%
Electronics		1.8	%
Software		1.7	%
Commercial Mortgage-Backed Securities (CMBS)		1.4	%
Federal Home Loan Mortgage Corporation (FHLMC)		1.3	%
Computers		1.2	%
Cosmetics/Personal Care		1.1	%
Home Furnishings		1.1	%
Transportation		1.0	%
Food Retailing		0.9	%
Auto Manufacturers		0.7	%
Pipelines		0.6	%
Auto Parts & Equipment		0.5	%
Building Materials		0.5	%
Commercial Services		0.5	%
Metals & Mining		0.5	%
Semiconductors		0.5	%
Pharmaceuticals		0.4	%
Whole Loan		0.4	%
Miscellaneous Manufacturing		0.2	%
U.S. Treasury Notes		0.2	%
Office/Business Equipment		0.1	%
Federal National Mortgage Association (FNMA)		0.0	%4
Financial Services		0.0	%4
Cash Equivalents1		1.1	%
Other Assets and Liabilities – Net2		0.9	%
TOTAL		100.0	%

(1) Cash Equivalents include investments in money market mutual fund and repurchase agreements.

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

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

(4) Represents less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		1.8	%
AA		12.4	%
A		24.9	%
BBB		56.2	%
BB		1.2	%
Not Rated		1.1	%
U.S. Government Agency Securities		1.3	%
U.S. Treasuries		0.2	%
Other Assets and Liabilities – Net2		0.9	%
TOTAL		100.0	%

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 21

Wilmington Short-Term Corporate Bond Fund (continued)

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
1Pool 399251, 2.19%, 9/01/27	$	63	$	66
TOTAL ADJUSTABLE RATE MORTGAGE (COST $63)			$	66
ASSET-BACKED SECURITIES – 0.4%
FINANCIAL SERVICES – 0.0%**
Volkswagen Auto Loan Enhanced Trust, Series 2011-1, Class A2, 0.67%, 12/20/13		105,473		105,598
WHOLE LOAN – 0.4%
1,6,7SLM Student Loan Trust, Series 2011-A, Class A1, 1.21%, 10/24/24		742,161		745,251
TOTAL ASSET-BACKED SECURITIES (COST $847,633)			$	850,849
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) – 1.4%
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.64%, 5/12/39		671,734		686,637
Morgan Stanley Capital I, Series 2004-IQ7, Class A4, 5.40%, 6/15/38		1,988,177		2,085,629
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)			$	2,772,266
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.3%
Series 2003-2632, Class A, 4.00%, 1/15/18		329,960		337,109
Series 2003-2649, Class KA, 4.50%, 7/15/18		229,392		242,457
Series 2012-K019, Class A1, 1.46%, 9/25/21		1,984,032		2,024,838
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	2,604,404
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $5,434,002)			$	5,376,670
CORPORATE BONDS – 94.7%
AUTO MANUFACTURERS – 0.7%
6,7Daimler Finance North America LLC, Company Guaranteed, 2.63%, 9/15/16		1,000,000		1,041,274
6,7Hyundai Motor Manufacturing Czech s.r.o., Company Guaranteed, 4.50%, 4/15/15		250,000		267,380
TOTAL AUTO MANUFACTURERS			$	1,308,654
AUTO PARTS & EQUIPMENT – 0.5%
1Johnson Controls, Inc., Sr. Unsecured, 0.85%, 2/04/14		1,000,000		1,005,245

Description	Par Value		Value
BEVERAGES – 3.4%
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 2.50%, 3/26/13	$	1,000,000	$	1,008,657
1Anheuser-Busch InBev Worldwide, Inc., Series FRN, Company Guaranteed, 0.86%, 1/27/14		500,000		503,665
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 1.38%, 7/15/17		1,000,000		1,015,832
Diageo Finance BV, Company Guaranteed, 3.25%, 1/15/15		2,000,000		2,115,450
Dr Pepper Snapple Group, Inc., Company Guaranteed, 2.35%, 12/21/12		1,000,000		1,002,701
PepsiCo, Inc., Sr. Unsecured, 0.75%, 3/05/15		1,050,000		1,055,853
TOTAL BEVERAGES			$	6,702,158
BIOTECHNOLOGY – 2.3%
Amgen, Inc., Sr. Unsecured, 1.88%, 11/15/14		2,500,000		2,570,290
Gilead Sciences, Inc., Sr. Unsecured, 2.40%, 12/01/14		1,000,000		1,037,189
Gilead Sciences, Inc., Sr. Unsecured, 3.05%, 12/01/16		1,000,000		1,075,623
TOTAL BIOTECHNOLOGY			$	4,683,102
BUILDING MATERIALS – 0.5%
Masco Corp., Sr. Unsecured, 4.80%, 6/15/15		1,000,000		1,050,647
CAPITAL MARKETS – 4.8%
Bank of New York Mellon Corp., Sr. Unsecured, MTN, 2.30%, 7/28/16		1,000,000		1,053,145
1BlackRock, Inc., Sr. Unsecured, 0.73%, 5/24/13		1,000,000		1,001,969
BlackRock, Inc., Sr. Unsecured, 3.50%, 12/10/14		1,000,000		1,062,437
Charles Schwab Corp., Sr. Unsecured, 4.95%, 6/01/14		1,000,000		1,065,801
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		1,000,000		1,046,834
Morgan Stanley, Sr. Unsecured, 4.20%, 11/20/14		1,000,000		1,045,429
Raymond James Financial, Inc., Sr. Unsecured, 4.25%, 4/15/16		1,500,000		1,592,972
TD Ameritrade Holding Corp., Company Guaranteed, 4.15%, 12/01/14		1,586,000		1,699,634
TOTAL CAPITAL MARKETS			$	9,568,221
CHEMICALS – 2.7%
Dow Chemical Co., Sr. Unsecured, 7.60%, 5/15/14		250,000		275,025
Dow Chemical Co., Sr. Unsecured, 5.90%, 2/15/15		1,000,000		1,112,916

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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

22 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
1EI du Pont de Nemours & Co., Sr. Unsecured, 0.79%, 3/25/14	$	2,000,000	$	2,013,724
Potash Corp. of Saskatchewan, Inc., Sr. Unsecured, 4.88%, 3/01/13		2,000,000		2,027,548
TOTAL CHEMICALS			$	5,429,213
COMMERCIAL BANKS – 10.3%
Bank of Nova Scotia, Sr. Unsecured, 2.05%, 10/07/15		2,000,000		2,083,402
Bank of Nova Scotia, Sr. Unsecured, 0.75%, 10/09/15		2,000,000		2,000,114
1BB&T Corp., Sr. Unsecured, 1.01%, 4/28/14		1,000,000		1,007,480
BB&T Corp., Sr. Unsecured, 5.70%, 4/30/14		1,000,000		1,075,020
Canadian Imperial Bank of Commerce, Sr. Unsecured, 0.90%, 10/01/15		500,000		503,764
Comerica, Inc., Sr. Unsecured, 3.00%, 9/16/15		2,000,000		2,119,035
Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		850,000		874,021
Fifth Third Bank, Subordinated, BKNT, 4.75%, 2/01/15		250,000		269,665
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13		1,000,000		1,031,443
KeyCorp, Sr. Unsecured, MTN, 3.75%, 8/13/15		1,000,000		1,077,047
National City Corp., Sr. Unsecured, 4.90%, 1/15/15		1,000,000		1,089,490
PNC Funding Corp., Bank Guaranteed, 3.63%, 2/08/15		1,000,000		1,068,223
Royal Bank of Canada, Sr. Unsecured, 1.45%, 10/30/14		2,000,000		2,033,512
Royal Bank of Canada, Sr. Unsecured, MTN, 1.15%, 3/13/15		1,000,000		1,016,382
U.S. Bancorp, Sr. Unsecured, 4.20%, 5/15/14		2,000,000		2,113,385
Wells Fargo & Co., Sr. Unsecured, MTN, 1.25%, 2/13/15		1,000,000		1,010,610
Wells Fargo & Co., Sr. Unsecured, 3.63%, 4/15/15		250,000		266,852
TOTAL COMMERCIAL BANKS			$	20,639,445
COMMERCIAL FINANCE – 2.9%
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.88%, 1/15/15		400,000		418,541
Ford Motor Credit Co., LLC, Notes, 2.50%, 1/15/16		2,000,000		2,035,449
Ford Motor Credit Co., LLC, Sr. Unsecured, 3.00%, 6/12/17		800,000		818,714
General Electric Capital Corp., Sr. Unsecured, 2.10%, 1/07/14		1,000,000		1,018,578
1General Electric Capital Corp., Sr. Unsecured, MTN, 0.98%, 4/07/14		1,000,000		1,006,134
General Electric Capital Corp., Sr. Unsecured, 2.90%, 1/09/17		500,000		530,442
TOTAL COMMERCIAL FINANCE			$	5,827,858
COMMERCIAL SERVICES – 0.5%
Ecolab, Inc., Sr. Unsecured, 1.00%, 8/09/15		500,000		503,306
1Western Union Co., Sr. Unsecured, 0.99%, 3/07/13		500,000		501,252
TOTAL COMMERCIAL SERVICES			$	1,004,558

Description	Par Value		Value
COMPUTERS – 1.2%
International Business Machines Corp., Sr. Unsecured, 2.10%, 5/06/13	$	500,000	$	505,198
International Business Machines Corp., Sr. Unsecured, 1.00%, 8/05/13		800,000		805,961
International Business Machines Corp., Sr. Unsecured, 1.95%, 7/22/16		1,000,000		1,044,644
TOTAL COMPUTERS			$	2,355,803
CONSUMER FINANCE – 5.8%
American Express Co., Sr. Unsecured, 7.25%, 5/20/14		1,000,000		1,101,683
American Express Credit Corp., Sr. Unsecured, MTN, 5.13%, 8/25/14		1,000,000		1,080,416
Capital One Bank USA NA, Subordinated, 6.50%, 6/13/13		1,000,000		1,034,412
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		250,000		274,439
Capital One Financial Corp., Sr. Unsecured, 2.13%, 7/15/14		675,000		688,707
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		1,000,000		1,029,383
6,7General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		200,000		206,000
6,7Harley-Davidson Financial Services, Inc., Company Guaranteed, 3.88%, 3/15/16		1,000,000		1,080,441
6,7Hyundai Capital America, Company Guaranteed, 1.63%, 10/02/15		250,000		250,608
John Deere Capital Corp., Sr. Unsecured, MTN, 4.90%, 9/09/13		500,000		519,515
John Deere Capital Corp., Sr. Unsecured, 0.88%, 4/17/15		750,000		754,975
SLM Corp., Series A, Sr. Unsecured, MTN, 5.00%, 10/01/13		1,000,000		1,032,820
Toyota Motor Credit Corp., Sr. Unsecured, 0.88%, 7/17/15		1,500,000		1,509,558
Toyota Motor Credit Corp., Sr. Unsecured, MTN, 1.25%, 10/05/17		1,000,000		999,058
TOTAL CONSUMER FINANCE			$	11,562,015
COSMETICS/PERSONAL CARE – 1.1%
Procter & Gamble Co., Sr. Unsecured, 3.50%, 2/15/15		2,000,000		2,138,535
DIVERSIFIED FINANCIAL SERVICES – 3.6%
1Bank of America Corp., Sr. Unsecured, MTN, 1.73%, 1/30/14		1,000,000		1,009,327
1Citigroup, Inc., Sr. Unsecured, 1.28%, 2/15/13		1,300,000		1,301,287
Citigroup, Inc., Sr. Unsecured, 2.65%, 3/02/15		1,000,000		1,032,452
Citigroup, Inc., Sr. Unsecured, 4.59%, 12/15/15		250,000		273,480
JPMorgan Chase & Co., Series G, Sr. Unsecured, GMTN, 1.10%, 10/15/15		1,000,000		998,850
JPMorgan Chase & Co., Sr. Unsecured, 3.15%, 7/05/16		1,000,000		1,059,064

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
JPMorgan Chase & Co., Sr. Unsecured, 2.00%, 8/15/17	$	730,000	$	736,370
1JPMorgan Chase Capital XXIII, Limited Guarantee, 1.43%, 5/15/47		1,000,000		742,500
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	7,153,330
ELECTRIC – 5.0%
Consolidated Edison Co. of New York, Inc., Series 03-B, Sr. Unsecured, 3.85%, 6/15/13		400,000		408,611
Consolidated Edison Co. of New York, Inc., Series 05-C, Sr. Unsecured, 5.38%, 12/15/15		110,000		125,330
Dominion Resources, Inc., Sr. Unsecured, 2.25%, 9/01/15		2,000,000		2,082,508
1DTE Energy Co., Sr. Unsecured, 1.12%, 6/03/13		1,000,000		1,003,068
Duke Energy Corp., Sr. Unsecured, 1.63%, 8/15/17		1,000,000		1,007,643
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17		2,000,000		2,187,091
Exelon Generation Co., LLC, Sr. Unsecured, 5.35%, 1/15/14		2,000,000		2,109,902
Georgia Power Co., Sr. Unsecured, 1.30%, 9/15/13		1,000,000		1,009,036
TOTAL ELECTRIC			$	9,933,189
ELECTRONICS – 1.8%
Agilent Technologies, Inc., Sr. Unsecured, 5.50%, 9/14/15		1,000,000		1,124,315
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.05%, 2/21/14		1,900,000		1,937,123
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.20%, 5/01/15		100,000		105,183
Thermo Fisher Scientific, Inc., Sr. Unsecured, 1.85%, 1/15/18		400,000		408,540
TOTAL ELECTRONICS			$	3,575,161
FOOD PRODUCTS – 5.1%
Kellogg Co., Sr. Unsecured, 4.25%, 3/06/13		3,000,000		3,039,946
McCormick & Co., Inc., Sr. Unsecured, 5.20%, 12/15/15		2,000,000		2,275,290
Mondelez International, Inc., Unsecured, 5.25%, 10/01/13		1,000,000		1,041,974
Mondelez International, Inc., Sr. Unsecured, 4.13%, 2/09/16		2,000,000		2,209,172
6,7WM Wrigley Jr. Co., Sr. Secured, 3.70%, 6/30/14		1,500,000		1,549,577
TOTAL FOOD PRODUCTS			$	10,115,959
FOOD RETAILING – 0.9%
Kroger Co., Company Guaranteed, 5.50%, 2/01/13		250,000		253,086
Kroger Co., Company Guaranteed, 5.00%, 4/15/13		1,580,000		1,612,511
TOTAL FOOD RETAILING			$	1,865,597
HEALTHCARE PROVIDERS & SERVICES – 3.2%
McKesson Corp., Sr. Unsecured, 3.25%, 3/01/16		2,000,000		2,161,309

Description	Par Value		Value
1,12Quest Diagnostics, Inc., Company Guaranteed, 1.22%, 3/24/14	$	2,000,000	$	2,016,074
WellPoint, Inc., Sr. Unsecured, 5.00%, 12/15/14		2,000,000		2,178,817
TOTAL HEALTHCARE PROVIDERS & SERVICES			$	6,356,200
HOME FURNISHINGS – 1.1%
Whirlpool Corp., Unsecured, MTN, 8.60%, 5/01/14		2,000,000		2,211,404
INSURANCE – 6.0%
AON Corp., Company Guaranteed, 3.50%, 9/30/15		2,730,000		2,883,857
1,6,7MassMutual Global Funding II, Sr. Secured, 0.72%, 1/14/14		1,000,000		997,438
MetLife, Inc., Sr. Unsecured, 2.38%, 2/06/14		1,750,000		1,790,218
6,7Metropolitan Life Global Funding I, Sr. Secured, 2.50%, 1/11/13		1,000,000		1,004,697
Principal Financial Group, Inc., Company Guaranteed, 7.88%, 5/15/14		1,850,000		2,048,574
Prudential Financial, Inc., Sr. Unsecured, MTN, 2.75%, 1/14/13		1,000,000		1,004,693
Prudential Financial, Inc., Sr. Unsecured, 5.50%, 3/15/16		1,000,000		1,121,303
WR Berkley Corp., Sr. Unsecured, 5.60%, 5/15/15		1,000,000		1,089,728
TOTAL INSURANCE			$	11,940,508
INTERNET SOFTWARE & SERVICES – 2.0%
eBay, Inc., Sr. Unsecured, 0.88%, 10/15/13		1,000,000		1,006,413
Google, Inc., Sr. Unsecured, 1.25%, 5/19/14		3,000,000		3,042,766
TOTAL INTERNET SOFTWARE & SERVICES			$	4,049,179
MEDIA – 6.0%
Comcast Cable Communications Holdings, Inc., Company Guaranteed, 8.38%, 3/15/13		2,000,000		2,058,305
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., Company Guaranteed, 3.55%, 3/15/15		2,000,000		2,124,908
NBCUniversal Media LLC, Sr. Unsecured, 2.88%, 4/01/16		2,000,000		2,129,675
News America, Inc., Company Guaranteed, 5.30%, 12/15/14		2,000,000		2,197,564
Time Warner Cable, Inc., Company Guaranteed, 7.50%, 4/01/14		1,000,000		1,094,801
Viacom, Inc., Sr. Unsecured, 4.38%, 9/15/14		2,001,000		2,136,392
Viacom, Inc., Sr. Unsecured, 1.25%, 2/27/15		300,000		303,852
TOTAL MEDIA			$	12,045,497
METALS & MINING – 0.5%
Barrick Gold Corp., Sr. Unsecured, 2.90%, 5/30/16		834,000		880,420

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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

24 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Corporate Bond Fund (continued)

Description	Par Value		Value
MISCELLANEOUS MANUFACTURING – 0.2%
General Electric Co., Sr. Unsecured, 0.85%, 10/09/15	$	465,000	$	466,344
OFFICE/BUSINESS EQUIPMENT – 0.1%
1Xerox Corp., Sr. Unsecured, 1.26%, 5/16/14		250,000		250,061
OIL & GAS – 7.6%
Anadarko Petroleum Corp., Sr. Unsecured, 5.75%, 6/15/14		1,000,000		1,071,980
Devon Energy Corp., Sr. Unsecured, 5.63%, 1/15/14		2,000,000		2,124,863
Devon Energy Corp., Sr. Unsecured, 1.88%, 5/15/17		375,000		384,300
Diamond Offshore Drilling, Inc., Sr. Unsecured, 4.88%, 7/01/15		1,000,000		1,110,249
Hess Corp., Sr. Unsecured, 7.00%, 2/15/14		1,390,000		1,500,167
Marathon Oil Corp., Sr. Unsecured, 0.90%, 11/01/15		1,110,000		1,114,506
National Fuel Gas Co., Sr. Unsecured, 5.25%, 3/01/13		1,000,000		1,016,106
6,7Phillips 66, Company Guaranteed, 1.95%, 3/05/15		1,000,000		1,026,532
6,7Phillips 66, Company Guaranteed, 2.95%, 5/01/17		1,000,000		1,066,418
1Sempra Energy, Sr. Unsecured, 1.15%, 3/15/14		500,000		502,483
Valero Energy Corp., Company Guaranteed, 4.75%, 6/15/13		2,000,000		2,052,943
Valero Energy Corp., Company Guaranteed, 4.50%, 2/01/15		2,000,000		2,157,852
TOTAL OIL & GAS			$	15,128,399
PHARMACEUTICALS – 0.4%
Abbott Laboratories, Sr. Unsecured, 2.70%, 5/27/15		257,000		271,130
GlaxoSmithKline Capital PLC, Company Guaranteed, 1.50%, 5/08/17		500,000		511,684
TOTAL PHARMACEUTICALS			$	782,814
PIPELINES – 0.6%
Enterprise Products Operating LLC, Series G, Company Guaranteed, 5.60%, 10/15/14		1,000,000		1,093,027
REAL ESTATE INVESTMENT TRUSTS (REIT) – 5.7%
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 5.70%, 3/15/17		1,000,000		1,181,333
Boston Properties LP, Sr. Unsecured, 5.63%, 4/15/15		1,000,000		1,106,421
CommonWealth REIT, Sr. Unsecured, 5.75%, 2/15/14		1,000,000		1,030,076
Digital Realty Trust LP, Company Guaranteed, 4.50%, 7/15/15		315,000		339,617
HCP, Inc., Sr. Unsecured, 2.70%, 2/01/14		2,000,000		2,043,715
Health Care REIT, Inc., Sr. Unsecured, 6.00%, 11/15/13		2,000,000		2,107,249

Description	Par Value/ Shares		Value
Simon Property Group LP, Sr. Unsecured, 5.10%, 6/15/15	$	1,325,000	$	1,472,371
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 3.13%, 11/30/15		2,000,000		2,120,964
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	11,401,746
RETAIL – 2.9%
CVS Caremark Corp., Sr. Unsecured, 4.88%, 9/15/14		2,000,000		2,165,037
Home Depot, Inc., Sr. Unsecured, 5.25%, 12/16/13		2,000,000		2,108,225
Walgreen Co., Sr. Unsecured, 1.80%, 9/15/17		1,000,000		1,017,801
Wal-Mart Stores Pass-Through Trust 1994, Series A-2, Pass-Through Certificates, 8.85%, 1/02/15		363,392		391,327
TOTAL RETAIL			$	5,682,390
SEMICONDUCTORS – 0.5%
Broadcom Corp., Sr. Unsecured, 1.50%, 11/01/13		1,000,000		1,011,659
SOFTWARE – 1.7%
Oracle Corp., Sr. Unsecured, 3.75%, 7/08/14		1,500,000		1,581,342
Symantec Corp., Sr. Unsecured, 2.75%, 9/15/15		1,415,000		1,462,003
Symantec Corp., Sr. Unsecured, 2.75%, 6/15/17		410,000		425,910
TOTAL SOFTWARE			$	3,469,255
TELECOMMUNICATIONS – 2.1%
AT&T, Inc., Sr. Unsecured, 0.88%, 2/13/15		1,000,000		1,008,506
Cisco Systems, Inc., Sr. Unsecured, 2.90%, 11/17/14		2,000,000		2,098,609
1Verizon Communications, Inc., Series FRN, Sr. Unsecured, 0.97%, 3/28/14		1,000,000		1,008,576
TOTAL TELECOMMUNICATIONS			$	4,115,691
TRANSPORTATION – 1.0%
Ryder System, Inc., Sr. Unsecured, MTN, 3.15%, 3/02/15		2,000,000		2,076,051
TOTAL CORPORATE BONDS (COST $185,849,873)			$	188,879,335
U.S. TREASURY – 0.2%
U.S. TREASURY NOTES – 0.2%
1.25%, 2/15/14		300,000		303,867
TOTAL U.S. TREASURY (COST $300,154)			$	303,867
MONEY MARKET FUND – 0.0%**
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		14,500		14,500
TOTAL MONEY MARKET FUND (COST $14,500)			$	14,500

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

Wilmington Short-Term Corporate Bond Fund (concluded)

Description	Par Value		Value
REPURCHASE AGREEMENT – 0.7%
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $1,471,798, collateralized by a U.S. Treasury Security 0.25%, maturing 1/31/14; total market value of $1,506,192.	$	1,471,788	$	1,471,788
TOTAL REPURCHASE AGREEMENT (COST $1,471,788)			$	1,471,788
TOTAL INVESTMENTS IN SECURITIES – 98.7% (COST $193,918,013)			$	196,897,075

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.4%
REPURCHASE AGREEMENT – 0.4%
RBC Capital Markets LLC, 0.23%, dated 10/25/12, due 11/01/12, repurchase price $721,004, collateralized by U.S. Government Securities 2.00% to 6.02%, maturing 4/01/21 to 11/01/42; total market value of $735,419.	$	720,999	$	720,999
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $720,999)			$	720,999
TOTAL INVESTMENTS – 99.1% (COST $194,639,012)			$	197,618,074
COLLATERAL FOR SECURITIES ON LOAN – (0.4%)				(720,999	)
OTHER ASSETS LESS LIABILITIES – 1.3%				2,625,881
TOTAL NET ASSETS – 100.0%			$	199,522,956

Cost of investments for Federal income tax purposes is $194,639,012. The net unrealized appreciation/(depreciation) of investments was $2,979,062. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,167,011 and net unrealized depreciation from investments for those securities having an excess of cost over value of $187,949.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	66	$	—	$	66
Asset-Backed Securities		—		850,849		—		850,849
Collateralized Mortgage Obligations		—		5,376,670		—		5,376,670
Corporate Bonds		—		188,879,335		—		188,879,335
U.S. Treasury		—		303,867		—		303,867
Money Market Fund		14,500		—		—		14,500
Repurchase Agreements		—		2,192,787		—		2,192,787
Total	$	14,500	$	197,603,574	$	—	$	197,618,074

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

26

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short Duration Government Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Federal Home Loan Mortgage Corporation (FHLMC)		24.7	%
Federal National Mortgage Association (FNMA)		23.4	%
U.S. Treasury Notes		20.0	%
Government National Mortgage Association (GNMA)		11.4	%
Banks		3.3	%
Federal Home Loan Bank (FHLB)		2.9	%
Student Loan Marketing Association		2.9	%
Inflation Indexed Notes		2.6	%
Whole Loan		1.4	%
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		4.7	%
Other Assets and Liabilities – Net2		1.4	%
TOTAL		100.0	%

(1) Cash Equivalents include investments in repurchase agreements.

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

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

(4) Represents less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		24.7	%
AA		0.2	%
BB		1.4	%
U.S. Government Agency Securities		45.0	%
U.S. Treasuries		22.6	%
Not Rated		4.7	%
Other Assets and Liabilities – Net2		1.4	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 31.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 10.4%
Series 1988-6, Class C, 9.05%, 6/15/19	$	15,316	$	17,002
Series 1989-112, Class I, 6.50%, 1/15/21		3,063		3,307
Series 1990-136, Class E, 6.00%, 4/15/21		8,387		9,059
Series 1990-141, Class D, 5.00%, 5/15/21		2,876		3,058
Series 1993-1577, Class PK, 6.50%, 9/15/23		114,734		128,604
Series 1993-1644, Class K, 6.75%, 12/15/23		100,662		112,924
Series 1994-1686, Class PJ, 5.00%, 2/15/24		19,518		20,814
Series 2004-2773, Class JD, 5.00%, 3/15/18		551,111		562,128
Series 2004-2786, Class PD, 4.50%, 1/15/18		481,480		488,120

Description	Par Value		Value
Series 2004-2844, Class PV, 5.00%, 8/15/15	$	385,780	$	405,711
Series 2005-2931, Class QC, 4.50%, 1/15/19		741,107		758,032
Series 2005-2966, Class NC, 5.00%, 4/15/31		156,448		156,539
Series 2005-3062, Class LU, 5.50%, 10/15/16		3,583,769		3,870,495
Series 2005-3074, Class BG, 5.00%, 9/15/33		1,354,018		1,416,535
Series 2007-3289, Class NC, 5.50%, 6/15/35		809,624		814,793
Series 2008-3481, Class BA, 5.00%, 8/15/34		218,285		219,501
Series 2009-3610, Class AB, 1.40%, 12/15/14		809,733		816,441
Series 2011-3871, Class PA, 4.00%, 1/15/41		3,020,740		3,037,393
Series 2012-K710, Class A1, 1.44%, 1/25/19		2,976,277		3,042,322
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	15,882,778

(Wilmington Short Duration Government Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 27

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 8.3%
Series 1993-113, Class PK, 6.50%, 7/25/23	$	76,023	$	83,765
Series 1993-127, Class H, 6.50%, 7/25/23		73,750		81,134
Series 1993-202, Class J, 6.50%, 11/25/23		40,006		44,225
Series 1994-3, Class PL, 5.50%, 1/25/24		72,716		78,969
Series 1994-55, Class H, 7.00%, 3/25/24		83,831		93,533
Series 2002-52, Class QA, 6.00%, 7/18/32		41,870		46,018
Series 2003-113, Class PD, 4.00%, 2/25/17		115,663		116,004
Series 2003-122, Class OK, 4.00%, 6/25/17		124,518		125,046
Series 2003-45, Class AB, 3.75%, 5/25/33		33,526		34,356
Series 2003-64, Class BD, 5.00%, 3/25/30		43,638		43,900
Series 2003-74, Class VA, 5.50%, 7/25/14		1,544,137		1,591,624
Series 2003-80, Class BA, 5.00%, 5/25/31		115,759		117,587
Series 2003-80, Class CD, 5.00%, 4/25/30		103,687		105,028
Series 2003-84, Class GD, 4.50%, 3/25/17		45,026		45,220
Series 2004-96, Class QB, 5.00%, 2/25/32		205,408		208,286
Series 2007-26, Class C, 5.50%, 3/25/33		881,885		904,150
Series 2011-66, Class QE, 2.00%, 7/25/21		1,643,186		1,684,735
Series 2011-71, Class DJ, 3.00%, 3/25/25		2,514,282		2,611,623
Series 2011-81, Class PA, 3.50%, 8/25/26		4,355,790		4,614,861
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	12,630,064
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 10.9%
Series 2003-10, Class PV, 5.50%, 1/20/14		1,673,199		1,716,252
14Series 2005-20, Class VA, 5.00%, 6/16/16		1,802,496		1,809,796
Series 2005-44, Class PC, 5.00%, 12/20/33		2,011,999		2,135,954
Series 2010-17, Class K, 4.00%, 3/16/22		7,031,020		7,356,123
Series 2010-91, Class PA, 3.00%, 8/20/31		2,841,218		2,866,337
Series 2012-17, Class NA, 3.50%, 2/20/20		665,127		667,461
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	16,551,923
WHOLE LOAN – 1.4%
1Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.96%, 2/25/34		385,440		364,678
1Banc of America Mortgage Securities, Inc., Series 2004-B, Class 2A1, 3.04%, 3/25/34		328,796		325,338
1Indymac INDA Mortgage Loan Trust Series 2005-AR1, Class 2A1, 3.52%, 11/25/35		1,826,546		1,466,080
TOTAL WHOLE LOAN			$	2,156,096
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $47,570,555)			$	47,220,861
CORPORATE BONDS – 3.6%
BANKS – 3.3%
Ally Financial, Inc., FDIC Guaranteed, 2.20%, 12/19/12		5,000,000		5,011,931

Description	Par Value		Value
HEALTHCARE PROVIDERS & SERVICES – 0.3%
Howard Hughes Medical Institute, Sr. Unsecured, 3.45%, 9/01/14	$	500,000	$	527,398
TOTAL CORPORATE BONDS (COST $5,548,171)			$	5,539,329
GOVERNMENT AGENCIES – 21.7%
FEDERAL HOME LOAN BANK (FHLB) – 2.9%
0.50%, 11/20/15		2,000,000		2,005,232
Series 656, 5.38%, 5/18/16		2,000,000		2,342,821
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	4,348,053
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 11.5%
0.63%, 12/29/14		3,000,000		3,020,247
1.00%, 3/08/17		3,000,000		3,040,973
1.25%, 10/02/19		2,200,000		2,195,357
2.00%, 8/25/16		1,000,000		1,053,347
4.75%, 1/19/16		1,000,000		1,137,864
4.88%, 6/13/18		2,000,000		2,423,017
5.13%, 10/18/16		2,000,000		2,352,401
5.25%, 4/18/16		2,000,000		2,324,845
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	17,548,051
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.7%
12.66%, 6/10/20		5,000,000		5,660,000
HOUSING – 0.0%**
10Federal Housing Administration, Project Pass-Through Certificate, 7.43%, 4/01/22		33,672		33,756
U.S. Department of Housing and Urban Development, U.S. Government Guaranteed, Series 96-A, 7.66%, 8/01/15		3,455		3,476
TOTAL HOUSING			$	37,232
SMALL BUSINESS ADMINISTRATION – 0.3%
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-C, 6.70%, 3/01/16		28,471		30,599
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16		107,352		114,021
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16		219,330		240,198
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		5,614		6,123
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19		8,846		9,788
TOTAL SMALL BUSINESS ADMINISTRATION			$	400,729

(Wilmington Short Duration Government Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

28 PORTFOLIOS OF INVESTMENTS

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
STUDENT LOAN MARKETING ASSOCIATION – 2.9%
2Sallie Mae, Inc., Sr. Unsecured, 4.34%, 10/03/22	$	5,595,000	$	4,368,520
TRANSPORTATION – 0.4%
Vessel Management Services, Inc., U.S. Government Guaranteed, 6.75%, 7/15/25		534,000		649,227
TOTAL GOVERNMENT AGENCIES (COST $29,802,706)			$	33,011,812
MORTGAGE-BACKED SECURITIES – 14.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.8%
Pool 287773, 7.50%, 3/01/17		910		961
Pool 538733, 9.00%, 9/01/19		314		363
Pool A18401, 6.00%, 2/01/34		1,204,106		1,342,660
Pool C78010, 5.50%, 4/01/33		1,744,580		1,916,893
Pool C80328, 7.50%, 7/01/25		59,172		68,310
Pool E00540, 6.00%, 3/01/13		13,536		13,676
Pool G01425, 7.50%, 5/01/32		133,699		154,513
Pool G01831, 6.00%, 5/01/35		390,713		435,672
Pool G12709, 5.00%, 7/01/22		371,658		402,521
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	4,335,569
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 11.4%
Pool 202957, 8.00%, 8/01/21		4,623		5,230
Pool 252439, 6.50%, 5/01/29		60,324		68,947
Pool 255933, 5.50%, 11/01/35		453,607		499,606
Pool 323419, 6.00%, 12/01/28		107,798		120,809
Pool 334593, 7.00%, 5/01/24		90,834		103,883
Pool 39862, 9.75%, 9/01/17		7,263		8,325
Pool 436746, 6.50%, 8/01/28		70,053		79,848
Pool 440401, 6.50%, 8/01/28		245,712		280,068
Pool 485678, 6.50%, 3/01/29		117,775		134,243
Pool 494375, 6.50%, 4/01/29		29,693		33,938
Pool 545051, 6.00%, 9/01/29		193,244		216,446
Pool 604867, 7.00%, 1/01/25		16,757		17,852
Pool 625596, 7.00%, 2/01/32		40,319		46,157
Pool 725418, 6.50%, 5/01/34		301,957		345,121
Pool 763704, 5.00%, 4/01/34		739,709		813,996
Pool 833143, 5.50%, 9/01/35		1,808,006		1,990,696
Pool 843323, 5.50%, 10/01/35		231,040		254,469
Pool AB1796, 3.50%, 11/01/40		787,620		839,579
Pool AB3417, 4.00%, 8/01/41		1,803,996		1,939,483
Pool AE2520, 3.00%, 1/01/26		712,394		752,199
Pool MA0921, 3.00%, 12/01/21		8,237,836		8,783,077
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	17,333,972

Description	Par Value		Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.5%
Pool 1061, 9.00%, 4/20/23	$	18,730	$	22,088
Pool 146927, 9.00%, 9/15/16		680		692
Pool 1886, 9.00%, 10/20/24		1,673		1,954
Pool 188603, 9.00%, 11/15/16		6,909		7,999
Pool 208196, 9.00%, 2/15/17		10,535		12,198
Pool 306066, 8.50%, 7/15/21		6,189		7,223
Pool 307983, 8.50%, 7/15/21		18,765		21,980
Pool 341948, 8.50%, 1/15/23		12,777		14,695
Pool 346572, 7.00%, 5/15/23		13,622		15,672
Pool 484269, 7.00%, 9/15/28		50,232		58,282
Pool 581522, 6.00%, 5/15/33		251,724		288,125
Pool 592505, 6.00%, 4/15/33		212,805		242,248
Pool 780440, 8.50%, 11/15/17		2,084		2,386
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	695,542
TOTAL MORTGAGE-BACKED SECURITIES (COST $21,175,142)			$	22,365,083
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		163,849
FACILITIES – 0.2%
Tacoma City, WA, Lease Revenue Bonds, (Lease payments guaranteed by U.S. Government), 8.20%, 9/15/13		205,000		211,132
TOTAL MUNICIPAL BONDS (COST $356,651)			$	374,981
U.S. TREASURY – 22.6%
INFLATION INDEXED NOTES – 2.6%
1.13%, 1/15/21		1,100,000		1,368,799
2.00%, 1/15/14		2,000,000		2,586,157
TOTAL INFLATION INDEXED NOTES			$	3,954,956
U.S. TREASURY NOTES – 20.0%
0.25%, 10/31/13		2,300,000		2,300,898
0.25%, 4/30/14		9,000,000		9,000,351
0.50%, 10/15/13		6,700,000		6,718,059
1.75%, 10/31/18		2,000,000		2,094,687
2.13%, 8/15/21		2,000,000		2,102,500
2.25%, 7/31/18		1,000,000		1,076,406
3.13%, 8/31/13		7,000,000		7,168,711
TOTAL U.S. TREASURY NOTES			$	30,461,612
TOTAL U.S. TREASURY (COST $33,906,267)			$	34,416,568

(Wilmington Short Duration Government Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 29

Wilmington Short Duration Government Bond Fund (continued)

Description	Par Value		Value
REPURCHASE AGREEMENT – 4.7%
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $7,111,486, collateralized by a U.S. Treasury Security 0.25%, maturing 1/31/14; total market value of $7,255,740.	$	7,111,437	$	7,111,437
TOTAL REPURCHASE AGREEMENT (COST $7,111,437)			$	7,111,437
TOTAL INVESTMENTS – 98.6% (COST $145,470,929)			$	150,040,071
OTHER ASSETS LESS LIABILITIES – 1.4%				2,124,335
TOTAL NET ASSETS – 100.0%			$	152,164,406

Cost of investments for Federal income tax purposes is $145,515,236. The net unrealized appreciation/(depreciation) of investments was $4,524,835. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,486,995 and net unrealized depreciation from investments for those securities having an excess of cost over value of $962,160.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	47,220,861	$	—	$	47,220,861
Corporate Bonds		—		5,539,329		—		5,539,329
Government Agencies		—		32,978,056		33,756		33,011,812
Mortgage-Backed Securities		—		22,365,083		—		22,365,083
Municipal Bonds		—		374,981		—		374,981
U.S. Treasury		—		34,416,568		—		34,416,568
Repurchase Agreement		—		7,111,437		—		7,111,437
Total	$	—	$	150,006,315	$	33,756	$	150,040,071

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 October 31, 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, 2012 annual report for this security.

The following table summarizes the valuation techniques used and unobservable inputs developed to determine the fair value of Level 3 investments:

	Fair Value at October 31, 2012		Valuation Technique		Unobservable Input		Value of Unobservable Input
Investment in Securities:
Government Agencies	$	33,756		Broker quoted price		Broker estimated value	$	1.00

The significant unobservable inputs used in the fair value measurement of the Fund’s government agency securities are broker estimated value. Significant increases (decreases) in the broker estimated value in isolation would result in a significantly higher (lower) fair value measurement.

(Wilmington Short Duration Government Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

30 PORTFOLIOS OF INVESTMENTS

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 4/30/2012	$	34,986
Realized gain (loss)		195
Change in unrealized appreciation (depreciation)		242
Purchases		—
Sales		(1,667	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 10/31/2012	$	33,756
Net change in unrealized appreciation/(depreciation) for investments still held as of 10/31/2012	$	242

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

31

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Dedicated Tax		16.1	%
Lease		15.7	%
School District		14.4	%
Medical		13.6	%
General Obligations		11.7	%
Higher Education		10.8	%
Water		7.1	%
Water & Sewer		3.7	%
Power		3.4	%
Airport		1.6	%
Transportation		0.8	%
Cash Equivalents1		0.3	%
Other Assets and Liabilities – Net2		0.8	%
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		24.1	%
AA		56.0	%
A		18.2	%
BBB		0.6	%
Not Rated		0.3	%
Other Assets and Liabilities – Net2		0.8	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 98.9%
ALABAMA – 0.7%
MEDICAL – 0.7%
University of Alabama, Hospital Revenue, Refunding Bonds, (Series A), 5.75%, 9/01/22	$	1,000,000	$	1,157,240
TOTAL ALABAMA			$	1,157,240
ARIZONA – 3.8%
DEDICATED TAX – 0.7%
Mesa, AZ, Highway Revenue Bonds, (Series A), 5.00%, 7/01/19		1,000,000		1,113,120
LEASE – 0.7%
Tucson, AZ, Certificate Participation Bonds, (Series A), (National Reinsurance), 5.00%, 7/01/21		1,000,000		1,105,340
WATER – 2.4%
Arizona State, Water Infrastructure Finance Authority, Revenue Bonds, (Series A), 5.00%, 10/01/23		3,000,000		3,597,780
TOTAL ARIZONA			$	5,816,240

Description	Par Value		Value
CALIFORNIA – 9.8%
GENERAL OBLIGATIONS – 0.4%
California State, GO Unlimited Bonds, 5.00%, 9/01/19	$	500,000	$	613,065
LEASE – 3.0%
Sacramento, CA, City Financing Authority, Refunding Revenue Bonds, (Series B), 5.40%, 11/01/20		4,000,000		4,654,800
MEDICAL – 2.0%
California State, Health Facilities Financing Authority, Revenue Bonds, (Series H), (Catholic Healthcare West, OBG), 5.13%, 7/01/22		685,000		742,554
California State, Statewide Communities Development Authority, Revenue Bonds, (Series E-1), 5.00%, 5/01/17		2,000,000		2,315,700
TOTAL MEDICAL			$	3,058,254

(Wilmington Municipal Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

32 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
POWER – 3.4%
Southern California Public Power Authority, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/17	$	4,500,000	$	5,375,385
WATER & SEWER – 1.0%
San Diego County Water Authority, CA, Refunding Revenue Bonds, (Series A), 5.00%, 5/01/23		1,240,000		1,520,984
TOTAL CALIFORNIA			$	15,222,488
COLORADO – 5.0%
AIRPORT – 1.6%
Denver County, CO, Airport System Revenue, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/25		2,000,000		2,407,780
DEDICATED TAX – 0.7%
Grand Junction, CO, Refunding Revenue Bonds, 5.00%, 3/01/16		1,000,000		1,143,130
WATER – 2.7%
Colorado State, Water Resources & Power Development Authority, Refunding Revenue Bonds, (Series A), 5.00%, 9/01/22		3,910,000		4,216,309
TOTAL COLORADO			$	7,767,219
GEORGIA – 3.0%
GENERAL OBLIGATIONS – 1.5%
Georgia State, GO Unlimited, Refunding Revenue Bonds, (Series C), 5.00%, 7/01/21		2,000,000		2,362,040
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		2,310,683
TOTAL GEORGIA			$	4,672,723
ILLINOIS – 5.3%
DEDICATED TAX – 3.1%
Illinois State, Sales Tax Revenue Bonds, 5.00%, 6/15/19		1,195,000		1,277,192
Illinois State, Sales Tax Revenue Bonds, (National Reinsurance FGIC), 6.00%, 6/15/26		2,500,000		3,456,125
TOTAL DEDICATED TAX			$	4,733,317
SCHOOL DISTRICT – 2.2%
Chicago Board of Education, IL, GO Unlimited Bonds, (Series D), (AGM), 5.00%, 12/01/21		3,000,000		3,466,680
TOTAL ILLINOIS			$	8,199,997
INDIANA – 1.5%
MEDICAL – 1.5%
Indiana State, Finance Authority Health System, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21		2,000,000		2,279,380
TOTAL INDIANA			$	2,279,380

Description	Par Value		Value
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	$	1,199,090
TOTAL LOUISIANA			$	1,199,090
MARYLAND – 2.4%
LEASE – 1.6%
Baltimore County, MD, Revenue Bonds, 5.00%, 10/01/21		2,000,000		2,511,900
TRANSPORTATION – 0.8%
Maryland State Department of Transportation, Refunding Revenue Bonds, 5.00%, 5/01/17		1,000,000		1,193,340
TOTAL MARYLAND			$	3,705,240
MASSACHUSETTS – 4.7%
DEDICATED TAX – 2.5%
Massachusetts Bay, MA, Transportation Authority, Sales Tax Refunding Revenue Bonds, (Series C), 5.50%, 7/01/23		2,000,000		2,658,020
School Building Authority, MA, Sales Tax Revenue, Refunding Revenue Bonds, (Series B), 5.00%, 8/15/19		1,000,000		1,252,050
TOTAL DEDICATED TAX			$	3,910,070
LEASE – 0.2%
Massachusetts State, Development Finance Agency, Lease Revenue Bonds, (Visual & Performing Arts Project), 6.00%, 8/01/16		310,000		365,949
WATER – 2.0%
Massachusetts State, Water Resources Authority, Revenue Bonds, (Series B), (AGM), 5.25%, 8/01/27		2,325,000		3,073,045
TOTAL MASSACHUSETTS			$	7,349,064
MICHIGAN – 4.9%
LEASE – 2.0%
Michigan State, Finance Authority, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/18		2,500,000		3,058,025
SCHOOL DISTRICT – 2.9%
Ann Arbor School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/17		1,000,000		1,182,600
Dexter Community Schools, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 5.00%, 5/01/15		1,000,000		1,103,100
Lansing School District, MI, GO Unlimited, Refunding Revenue Bonds, (Q-SBLF), 4.00%, 5/01/16		2,000,000		2,203,100
TOTAL SCHOOL DISTRICT			$	4,488,800
TOTAL MICHIGAN			$	7,546,825

(Wilmington Municipal Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
NEVADA – 4.5%
DEDICATED TAX – 1.6%
Clark County, NV, Highway Improvement, Motor Vehicle Fuel Tax, Refunding Revenue Bonds, 5.00%, 7/01/18	$	2,000,000	$	2,413,280
GENERAL OBLIGATIONS – 2.2%
Clark County, NV, GO Limited Bonds, (AMBAC), 5.00%, 11/01/25		1,000,000		1,141,710
Las Vegas Valley, NV, Water District, GO Limited Bonds, (Series A), (AGM), 5.00%, 6/01/20		2,000,000		2,272,780
TOTAL GENERAL OBLIGATIONS			$	3,414,490
SCHOOL DISTRICT – 0.7%
Washoe County, NV, School District, GO Limited, Refunding Revenue Bonds, (Series A), 4.00%, 6/01/18		1,000,000		1,146,400
TOTAL NEVADA			$	6,974,170
NEW JERSEY – 4.7%
HIGHER EDUCATION – 0.5%
New Jersey State, Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Stevens Institution of Technology, OBG), 5.00%, 7/01/19		775,000		862,529
LEASE – 4.2%
New Jersey Economic Development Authority, Refunding Revenue Bonds, (Series W), (School Facilities Construction), (AGM), 5.00%, 3/01/18		3,000,000		3,579,660
New Jersey Economic Development Authority, Revenue Bonds, (Series N-1), (School Facilities Construction), (AGM), 5.50%, 9/01/25		2,250,000		2,880,022
TOTAL LEASE			$	6,459,682
TOTAL NEW JERSEY			$	7,322,211
NEW YORK – 8.4%
DEDICATED TAX – 4.8%
New York City, NY, Transitional Finance Authority, Future Tax Secured Revenue, Refunding Revenue Bonds, (Subseries E), 5.00%, 11/01/22		4,125,000		5,105,347
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds, (Series B), (AMBAC), 5.50%, 3/15/25		1,750,000		2,325,698
TOTAL DEDICATED TAX			$	7,431,045
GENERAL OBLIGATIONS – 1.4%
New York City, NY, GO Unlimited Bonds, (Series D1), 5.00%, 12/01/21		1,000,000		1,193,650
New York City, NY, GO Unlimited Bonds, (Series E-1), 6.00%, 10/15/23		750,000		945,637
TOTAL GENERAL OBLIGATIONS			$	2,139,287

Description	Par Value		Value
LEASE – 2.2%
Erie County, NY, IDA, School Facility, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 5/01/18	$	1,000,000	$	1,198,430
New York State Environmental Facilities Corp., Personal Income Tax, Revenue Bonds, (Series A), 5.00%, 12/15/21		2,000,000		2,269,580
TOTAL LEASE			$	3,468,010
TOTAL NEW YORK			$	13,038,342
NORTH CAROLINA – 1.9%
GENERAL OBLIGATIONS – 0.9%
City of Charlotte, NC, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/22		1,000,000		1,295,580
WATER & SEWER – 1.0%
Charlotte, NC, Water & Sewer System, Refunding Revenue Bonds, 5.00%, 12/01/19		1,250,000		1,582,000
TOTAL NORTH CAROLINA			$	2,877,580
OHIO – 5.3%
DEDICATED TAX – 1.1%
Hamilton County, OH, Sales Tax Revenue Bonds, (Series A), (AMBAC), 5.00%, 12/01/17		1,500,000		1,742,340
GENERAL OBLIGATIONS – 2.5%
Akron, OH, GO Limited, (AMBAC), 5.00%, 12/01/24		1,275,000		1,424,876
Akron-Summit County, OH, Public Library, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20		1,960,000		2,436,006
TOTAL GENERAL OBLIGATIONS			$	3,860,882
WATER & SEWER – 1.7%
Ohio State, Water Development Authority, Refunding Revenue Bonds, (Series C), (Water Pollution Center), 5.00%, 12/01/20		2,000,000		2,544,420
TOTAL OHIO			$	8,147,642
PENNSYLVANIA – 4.5%
GENERAL OBLIGATIONS – 0.7%
Philadelphia, PA, GO Unlimited Bonds, (CIFG), 5.00%, 8/01/23		1,000,000		1,058,000
MEDICAL – 1.1%
Allegheny County, PA, Hospital Development Authority, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,430,000		1,733,503
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		2,966,616
Hempfield, PA, Area School District, Westmoreland County, GO Limited Bonds, (AGM State Aid Withholding), 5.25%, 3/15/25		1,000,000		1,192,300
TOTAL SCHOOL DISTRICT			$	4,158,916
TOTAL PENNSYLVANIA			$	6,950,419

(Wilmington Municipal Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

34 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
SOUTH CAROLINA – 0.8%
GENERAL OBLIGATIONS – 0.8%
South Carolina State, GO Unlimited, Refunding Revenue Bonds, (Series A), (SCSDE), 5.00%, 4/01/22	$	1,000,000	$	1,281,510
TOTAL SOUTH CAROLINA			$	1,281,510
TENNESSEE – 2.1%
GENERAL OBLIGATIONS – 1.3%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/17		1,610,000		1,921,970
HIGHER EDUCATION – 0.8%
Tennessee State, School Bond Authority, Higher Educational Facilities, Refunding Revenue Bonds, (Series A), 5.00%, 5/01/19		1,035,000		1,269,986
TOTAL TENNESSEE			$	3,191,956
TEXAS – 15.1%
HIGHER EDUCATION – 2.4%
Texas State A&M University, Permanent University Fund, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/24		3,000,000		3,770,910
MEDICAL – 6.8%
Harris County, TX, Cultural Education Facilities Finance Corp., Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG), 5.00%, 11/15/19		3,105,000		3,637,663
North Central Texas, Health Facility Development Corp., Refunding Revenue Bonds, (Children’s Medical Center, OBG), 5.00%, 8/15/18		1,000,000		1,189,680
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		5,696,050
TOTAL MEDICAL			$	10,523,393
SCHOOL DISTRICT – 5.9%
Lewisville, TX, Independent School District, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/17		1,000,000		1,164,900
San Antonio Independent School District, TX, GO Unlimited Bonds, (PSF-GTD), 5.00%, 8/15/21		5,000,000		5,608,100
Spring Independent School District, TX, GO Unlimited Bonds, (Series A), (PSF-GTD), 5.00%, 8/15/16		2,000,000		2,334,320
TOTAL SCHOOL DISTRICT			$	9,107,320
TOTAL TEXAS			$	23,401,623

Description	Par Value/ Shares		Value
UTAH – 1.5%
MEDICAL – 1.5%
Utah County, UT, Hospital Revenue Bonds, (IHC Health Services Inc., OBG) 5.00%, 5/15/25	$	1,025,000	$	1,218,756
5.00%, 5/15/26		1,000,000		1,181,950
TOTAL MEDICAL			$	2,400,706
TOTAL UTAH			$	2,400,706
VIRGINIA – 4.8%
HIGHER EDUCATION – 4.8%
Virginia State, College Building Authority, Educational Facilities Revenue Bonds, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19		6,000,000		7,470,060
TOTAL VIRGINIA			$	7,470,060
WASHINGTON – 3.4%
DEDICATED TAX – 1.6%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (National Reinsurance FGIC), 5.25%, 2/01/21		1,950,000		2,474,862
LEASE – 1.8%
Washington State, Economic Development Finance Authority, Lease Revenue Bonds, (National Reinsurance)/(Washington Biomedical, OBG) 5.00%, 6/01/23		1,510,000		1,710,815
5.25%, 6/01/21		1,000,000		1,130,310
TOTAL LEASE			$	2,841,125
TOTAL WASHINGTON			$	5,315,987
TOTAL MUNICIPAL BONDS (COST $144,657,033)			$	153,287,712
MONEY MARKET FUND – 0.3%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%		445,815		445,815
TOTAL MONEY MARKET FUND (COST $445,815)			$	445,815
TOTAL INVESTMENTS – 99.2% (COST $145,102,848)			$	153,733,527
OTHER ASSETS LESS LIABILITIES – 0.8%				1,251,072
TOTAL NET ASSETS – 100.0%			$	154,984,599

(Wilmington Municipal Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $145,102,848. The net unrealized appreciation/(depreciation) of investments was $8,630,679. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $8,630,679 and net unrealized depreciation from investments for those securities having an excess of cost over value of $–.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	153,287,712	$	—	$	153,287,712
Money Market Fund		445,815		—		—		445,815
Total	$	445,815	$	153,287,712	$	—	$	153,733,527

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

36

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Maryland Municipal Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
General Obligations		35.6	%
Transportation		19.9	%
Medical		19.0	%
Pre-Refunded/Escrow		8.9	%
Lease		5.7	%
Higher Education		4.2	%
Water & Sewer		1.8	%
Continuing Care		1.1	%
Dedicated Tax		0.6	%
Education		0.4	%
Cash Equivalents1		1.4	%
Other Assets and Liabilities – Net2		1.4	%
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		21.9	%
AA		55.8	%
A		6.9	%
BBB		8.1	%
Not Rated		5.9	%
Other Assets and Liabilities – Net2		1.4	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 97.2%
MARYLAND – 95.5%
CONTINUING CARE – 1.1%
Baltimore County, MD, Revenue Bonds, (Series A), (Oak Crest Village, Inc.), 5.00%, 1/01/22	$	1,200,000	$	1,276,116
DEDICATED TAX – 0.6%
Montgomery County, MD, Revenue Bonds, (Series A), (Department of Liquor Controls), 5.00%, 4/01/29		555,000		637,307
EDUCATION – 0.4%
11,13Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Series 2006), (Washington Christian Academy), 5.50%, 7/01/38		1,000,000		399,950
GENERAL OBLIGATIONS – 35.6%
Anne Arundel County, MD, General Improvements, GO Limited, Refunding Notes, 5.00%, 4/01/15		775,000		861,350

Description	Par Value		Value
Anne Arundel County, MD, GO Limited Bonds, General Improvements, 4.50%, 3/01/25	$	2,000,000	$	2,202,140
Anne Arundel County, MD, GO Limited, Refunding Bonds, 5.00%, 3/01/16		495,000		502,821
Anne Arundel County, MD, Refunding Revenue Bonds, (National Business Park Project)/(County Guaranty), 5.13%, 7/01/28		2,200,000		2,352,812
Baltimore County, MD, GO Unlimited, Refunding Revenue Notes, 5.00%, 11/01/18		1,000,000		1,244,640
Cecil County, MD, GO Unlimited, Refunding Revenue Bonds, 5.00%, 11/01/23		2,590,000		3,303,752
Cecil County, MD, GO Unlimited, Revenue Bonds, (AGM), 4.00%, 12/01/16		1,000,000		1,138,030
Charles County, MD, GO Unlimited, Refunding Revenue Bonds, 5.00%, 3/01/20		4,020,000		5,063,512
Frederick County, MD, GO Unlimited Bonds, 5.25%, 11/01/19		1,500,000		1,912,260
Harford County, MD, Public Improvements, GO Unlimited Bonds, 4.00%, 7/01/20		2,000,000		2,361,940
Howard County, MD, GO Unlimited Bonds, (Series A), 4.00%, 2/15/24		1,475,000		1,659,537

(Wilmington Maryland Municipal Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Maryland Municipal Bond Fund (continued)

Description	Par Value		Value
Howard County, MD, GO Unlimited, Refunding Bonds, (Series B), 5.00%, 8/15/18	$	2,500,000	$	3,093,425
Maryland State, GO Unlimited Bonds, 5.00%, 7/15/17		2,725,000		3,274,987
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series A), 5.00%, 7/01/22		2,000,000		2,479,720
Montgomery County, MD, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 8/01/19		2,315,000		2,916,715
Prince Georges County, MD, GO Limited Bonds, (Series A), 5.00%, 9/15/27		2,570,000		3,181,634
Queen Anne’s County, MD, (National Reinsurance), 5.00%, 11/15/16		1,000,000		1,131,910
Washington Suburban Sanitation District, MD, GO Unlimited Bonds, 6.00%, 6/01/18		1,000,000		1,281,560
TOTAL GENERAL OBLIGATIONS			$	39,962,745
HIGHER EDUCATION – 4.2%
Maryland State, Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Johns Hopkins University, OBG), 5.00%, 7/01/24		2,000,000		2,507,960
University System, MD, Auxiliary Facility & Tuition Revenue Bonds, (Series A), 4.00%, 4/01/16		2,000,000		2,239,000
TOTAL HIGHER EDUCATION			$	4,746,960
LEASE – 5.7%
Maryland State Economic Development Corp., Lease Refunding Revenue Bonds, (Dept. Transaction Headquarters), 4.00%, 6/01/21		2,570,000		3,017,566
Maryland State, Economic Development Corp., Lease Revenue Bonds, 5.00%, 6/01/19		1,000,000		1,231,080
Prince Georges County, MD, Certificate Participation, 4.00%, 10/15/15		2,000,000		2,203,440
TOTAL LEASE			$	6,452,086
MEDICAL – 19.0%
Maryland State Health & Higher Educational Facilities Authority, (Frederick Memorial Hospital), 5.00%, 7/01/22		3,000,000		3,004,260
Maryland State Health & Higher Educational Facilities Authority, (Series A), (Suburban Hospital), 5.50%, 7/01/16		600,000		638,778
Maryland State Health & Higher Educational Facilities Authority, (Series B), (University of Maryland Medical System)/(AMBAC INS), 5.00%, 7/01/15		1,740,000		1,789,312
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Anne Arundel Health System), 5.00%, 7/01/27		500,000		583,810
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Baltimore Medical Center), 5.00%, 7/01/25		1,015,000		1,205,292
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (John Hopkins University, OBG), 5.00%, 7/01/26		3,000,000		3,723,360

Description	Par Value		Value
Maryland State Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series C), (Upper Chesapeake Medical Center), 5.50%, 1/01/28	$	2,500,000	$	2,795,075
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Johns Hopkins Health System, OBG) 5.00%, 7/01/19		1,000,000		1,222,300
5.00%, 7/01/22		1,000,000		1,240,630
Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds, (Peninsula Regional Medical Center) 5.00%, 7/01/17		1,745,000		1,955,098
5.00%, 7/01/26		1,000,000		1,063,730
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		2,078,577
TOTAL MEDICAL			$	21,300,222
PRE-REFUNDED/ESCROW – 7.2%
Baltimore County, MD, Wastewater Project Revenue Bonds, (Series B), (National Reinsurance)/(PRF 7/01/15 @ 100), 5.00%, 7/01/22		1,290,000		1,449,625
Baltimore County, MD, Water Projects Revenue Bonds, ETM, (Series A), (FGIC INS), 5.38%, 7/01/15		775,000		837,573
Maryland State Health & Higher Educational Facilities Authority, ETM, (AMBAC INS)/(Helix Health Systems, Inc.), 5.00%, 7/01/27		3,630,000		4,575,542
Montgomery County, MD, GO Unlimited Bonds, (Series A), (PRF 5/1/17 @ 100), 5.00%, 5/01/19		1,000,000		1,197,280
TOTAL PRE-REFUNDED/ESCROW			$	8,060,020
TRANSPORTATION – 19.9%
Baltimore City, MD, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.25%, 7/01/17		1,000,000		1,120,250
Maryland State Department of Transportation, County Transportation, Revenue Bonds, 5.50%, 2/01/17		1,785,000		2,151,050
Maryland State Department of Transportation, Refunding Revenue Bonds 5.00%, 5/01/17		2,000,000		2,386,680
5.00%, 5/01/18		825,000		1,010,831
Maryland State Department of Transportation, Revenue Bonds 5.00%, 2/15/17		1,590,000		1,885,024
5.50%, 2/01/16		1,000,000		1,162,390
Maryland State Transportation Authority, Facilities Project Revenue, Refunding Bonds, 5.00%, 7/01/18		2,500,000		3,064,225
Maryland State Transportation Authority, Grant & Revenue Anticipation, Revenue Bonds, 5.25%, 3/01/18		3,370,000		4,162,557
Montgomery County, MD, Parking System Revenue, Refunding Revenue Bonds 4.00%, 6/01/15		1,385,000		1,508,888
4.00%, 6/01/16		1,440,000		1,612,210
5.00%, 6/01/21		1,820,000		2,295,930
TOTAL TRANSPORTATION			$	22,360,035

(Wilmington Maryland Municipal Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

38 PORTFOLIOS OF INVESTMENTS

Wilmington Maryland Municipal Bond Fund (concluded)

Description	Par Value		Value
WATER & SEWER – 1.8%
Baltimore County, MD, Wastewater Project Revenue Bonds, (National Reinsurance FGIC), 6.00%, 7/01/15	$	545,000	$	584,867
Baltimore, MD, Wastewater Project Revenue Bonds, (Series A), 5.00%, 7/01/22		1,135,000		1,421,599
TOTAL WATER & SEWER			$	2,006,466
TOTAL MARYLAND			$	107,201,907
PUERTO RICO – 1.7%
PRE-REFUNDED/ESCROW – 1.7%
Puerto Rico Public Finance Corp., (Series A), (AMBAC INS), 5.38%, 6/01/19	$	1,500,000	$	1,896,240
TOTAL PUERTO RICO			$	1,896,240
TOTAL MUNICIPAL BONDS (COST $103,773,585)			$	109,098,147

Description	Shares		Value
MONEY MARKET FUND – 1.4%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%		1,605,388	$	1,605,388
TOTAL MONEY MARKET FUND (COST $1,605,388)			$	1,605,388
TOTAL INVESTMENTS – 98.6% (COST $105,378,973)			$	110,703,535
OTHER ASSETS LESS LIABILITIES – 1.4%				1,522,706
TOTAL NET ASSETS – 100.0%			$	112,226,241

Cost of investments for Federal income tax purposes is $105,287,990. The net unrealized appreciation/(depreciation) of investments was $5,415,545. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,015,595 and net unrealized depreciation from investments for those securities having an excess of cost over value of $600,050.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	109,098,147	$	—	$	109,098,147
Money Market Fund		1,605,388		—		—		1,605,388
Total	$	1,605,388	$	109,098,147	$	—	$	110,703,535

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

39

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Lease		26.5	%
School District		17.3	%
General Obligations		15.1	%
Water & Sewer		12.4	%
Dedicated Tax		8.5	%
Pre-Refunded/Escrow		4.3	%
Medical		4.3	%
Higher Education		3.9	%
Transportation		3.3	%
Bond Bank		1.1	%
Not-For-Profit		1.0	%
Cash Equivalents1		1.2	%
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.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA		17.1	%
AA		65.5	%
A		10.1	%
BBB		4.3	%
Not Rated		1.9	%
Other Assets and Liabilities – Net2		1.1	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 97.7%
NEW YORK – 97.7%
BOND BANK – 1.1%
New York Municipal Bond Bank Agency, NY, Special School Purpose, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/01/16	$	1,000,000	$	1,169,310
DEDICATED TAX – 8.5%
Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Refunding Revenue Bonds, (Subseries B-2), 5.00%, 11/01/16		1,000,000		1,170,920
New York State Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,772,230
New York State Thruway Authority, State Personal Income Tax Revenue, (Series A) 5.00%, 3/15/27		1,000,000		1,194,460
5.25%, 3/15/23		2,500,000		2,996,500
TOTAL DEDICATED TAX			$	9,134,110

Description	Par Value		Value
GENERAL OBLIGATIONS – 15.1%
Arlington Central School District, NY, GO Unlimited, Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 12/15/25	$	1,295,000	$	1,615,344
New York City, NY, GO Unlimited Bonds, (Subseries G-1), 5.00%, 4/01/19		3,000,000		3,677,070
New York City, NY, GO Unlimited, Refunding Bonds, (Series B), 5.75%, 8/01/14		115,000		115,391
New York City, NY, GO Unlimited, Refunding Revenue Bonds, (Series E), 5.00%, 8/01/17		1,215,000		1,447,976
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		3,557,670
New York State, GO Unlimited Bonds, (Series E), 5.00%, 12/15/21		2,090,000		2,680,655
Southampton Town, NY, Public Improvement, GO Limited, Refunding Revenue Bonds, 4.00%, 10/01/15		1,385,000		1,527,946

(Wilmington New York Municipal Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

40 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
Westchester County, NY, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 10/15/17	$	1,425,000	$	1,730,378
TOTAL GENERAL OBLIGATIONS			$	16,352,430
HIGHER EDUCATION – 3.9%
New York State Dormitory Authority, Non-State Supported Debt, Refunding Revenue Bonds, (Yeshiva University, OBG), 5.00%, 9/01/26		1,000,000		1,146,300
New York State Dormitory Authority, State University Educational Facilities, Refunding Revenue Bonds, (Series A), 7.50%, 5/15/13		3,000,000		3,117,510
TOTAL HIGHER EDUCATION			$	4,263,810
LEASE – 26.5%
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		3,619,320
Erie County, NY, IDA, School Faculty Revenue Bonds, (Series A), (AGM), 5.75%, 5/01/21		1,000,000		1,198,550
Erie County, NY, IDA, School Faculty Revenue, Refunding Bonds, (State Aid Withholding), 5.00%, 5/01/17		1,300,000		1,525,056
Monroe County, NY, IDA, Rochester School Modernization Project, School Facility Revenue Bonds, (Series A), 5.00%, 5/01/16		2,000,000		2,281,300
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		2,372,200
New York State Dormitory Authority Lease Revenue, Refunding Bonds, (Series A), (Mental Health Services Facilities), 5.00%, 8/15/24		2,000,000		2,381,440
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		2,183,380
New York State Dormitory Authority, State Supported Debt, Revenue Bonds, (AGM), 5.00%, 7/01/18		1,000,000		1,184,180
New York State Local Government Assistance Corp., Refunding Revenue Bonds, (Series A), 5.00%, 4/01/16		2,000,000		2,308,400
New York State Urban Development Corp., Service Contract Obligation, Refunding Revenue Bonds, (Series B), 5.25%, 1/01/23		5,500,000		6,486,865
Tobacco Settlement Financing Corp., NY, Asset-Backed Series, (Series A-1), 5.50%, 6/01/19		3,075,000		3,165,805
TOTAL LEASE			$	28,706,496
MEDICAL – 4.3%
Monroe County, NY, IDA, (Highland Hospital Rochester Project), 5.00%, 8/01/22		1,000,000		1,051,860
New York State Dormitory Authority, Health, Hospital, Nursing Home Improvement Revenue Bonds, (AMBAC FHA INS), 5.10%, 2/01/19		715,000		717,324

Description	Par Value		Value
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	$	1,135,100
5.00%, 5/01/17		1,300,000		1,510,132
Tompkins, NY, Healthcare Corp., (FHA INS), 10.80%, 2/01/28		205,000		215,143
TOTAL MEDICAL			$	4,629,559
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		1,109,620
PRE-REFUNDED/ESCROW – 4.3%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, ETM, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21		3,500,000		4,668,300
SCHOOL DISTRICT – 17.3%
Greece, NY, Central School District, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 6/15/18		1,000,000		1,194,330
New Rochelle City School District, NY, GO Limited, Refunding Revenue Bonds, (State Aid Withholding) 4.00%, 9/01/15		1,195,000		1,312,552
4.00%, 9/01/16		1,000,000		1,128,160
5.00%, 9/01/17		1,530,000		1,830,676
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		3,800,850
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		2,430,880
New York State Dormitory Authority, School Districts Financing Program, (Series D), (National Reinsurance State Aid Withholding), 5.50%, 10/01/17		895,000		898,276
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		2,954,000
Pittsford Central School District, NY, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 12/15/24		1,390,000		1,733,983
Rye City School District, NY, GO Unlimited, Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 8/15/15		1,280,000		1,408,601
TOTAL SCHOOL DISTRICT			$	18,692,308
TRANSPORTATION – 3.3%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series B), 5.00%, 11/15/22		1,000,000		1,161,800

(Wilmington New York Municipal Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington New York Municipal Bond Fund (concluded)

Description	Par Value		Value
New York State Thruway Authority, Local Highway & Bridge, Refunding Revenue Bonds, 5.00%, 4/01/18	$	1,035,000	$	1,248,075
New York State Thruway Authority, Local Highway & Bridge, Refunding Revenue Bonds, 5.00%, 4/01/16		1,000,000		1,146,490
TOTAL TRANSPORTATION			$	3,556,365
WATER & SEWER – 12.4%
New York City, NY, Municipal Water Finance Authority, Water & Sewer System, Refunding Revenue Bonds, (Series BB), 5.00%, 6/15/27		5,000,000		6,033,350
New York State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, Pooled Financing Program, (Series B), 5.00%, 11/15/18		1,450,000		1,553,835
New York State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, Refunding Revenue Bonds, 5.00%, 6/15/17		1,020,000		1,216,564
New York State Environmental Facilities Corp., State Clean Water & Drinking, Refunding Revenue Bonds, (Subseries A), 5.00%, 6/15/24		2,500,000		3,145,475

Description	Par Value/ Shares		Value
New York State Environmental Facilities Corp., State Revolving Funds, Refunding Revenue Bonds, (Series B), 5.00%, 8/15/16	$	1,235,000	$	1,441,492
TOTAL WATER & SEWER			$	13,390,716
TOTAL NEW YORK			$	105,673,024
TOTAL MUNICIPAL BONDS (COST $98,996,000)			$	105,673,024
MONEY MARKET FUND – 1.2%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%		1,328,817		1,328,817
TOTAL MONEY MARKET FUND (COST $1,328,817)			$	1,328,817
TOTAL INVESTMENTS – 98.9% (COST $100,324,817)			$	107,001,841
OTHER ASSETS LESS LIABILITIES – 1.1%				1,163,846
TOTAL NET ASSETS – 100.0%			$	108,165,687

Cost of investments for Federal income tax purposes is $100,259,286. The net unrealized appreciation/(depreciation) of investments was $6,742,555. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,753,655 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,100.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	105,673,024	$	—	$	105,673,024
Money Market Fund		1,328,817		—		—		1,328,817
Total	$	1,328,817	$	105,673,024	$	—	$	107,001,841

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

42

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Pennsylvania Municipal Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Higher Education		25.4	%
General Obligations		17.1	%
School District		13.6	%
Pre-Refunded/Escrow		10.7	%
Transportation		10.4	%
Medical		10.1	%
Lease		6.9	%
Water & Sewer		2.2	%
Dedicated Tax		1.2	%
Cash Equivalents1		2.7	%
Other Assets and Liabilities – Net2		(0.3	)%
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		4.8	%
AA		39.1	%
A		37.7	%
BBB		8.5	%
Not Rated		10.2	%
Other Assets and Liabilities – Net2		(0.3	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 97.6%
PENNSYLVANIA – 97.6%
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	$	1,168,810
GENERAL OBLIGATIONS – 17.1%
Commonwealth of Pennsylvania, GO Unlimited, Refunding Revenue Bonds, 5.00%, 7/01/18		2,500,000		3,061,125
Lower Merion Township, PA, GO Unlimited, Refunding Revenue Bonds, (Series A) 5.00%, 1/01/17		1,470,000		1,729,440
5.00%, 1/01/18		1,445,000		1,750,329
Northampton County, PA, GO Unlimited, Refunding Revenue Bonds, (Series B), 5.00%, 10/01/24		2,000,000		2,501,520
Pennsylvania State, GO Unlimited Bonds 5.00%, 10/01/15		1,375,000		1,556,294
5.00%, 11/15/23		2,000,000		2,489,000

Description	Par Value		Value
Philadelphia, PA, GO Unlimited, Refunding Revenue Bonds, (Series A) 5.00%, 9/15/19	$	1,000,000	$	1,198,310
5.00%, 9/15/21		2,040,000		2,442,798
TOTAL GENERAL OBLIGATIONS			$	16,728,816
HIGHER EDUCATION – 25.4%
Huntingdon County, PA, General Authority Refunding Revenue Bonds, (Series A), (Juniata College), 5.00%, 5/01/27		1,765,000		1,985,696
Lancaster, PA, Higher Education Authority, College Revenue, Refunding Bonds, (Franklin & Marshall College), 5.00%, 4/15/18		2,350,000		2,642,105
Montgomery County, PA, Higher Education & Health Authority Hospital, (Series FF1), (Dickinson College)/(CIFG INS) 5.00%, 5/01/19		1,420,000		1,567,467
5.00%, 5/01/20		1,490,000		1,633,442
Pennsylvania State Higher Education Facilities Authority, (Series EE 1), (York College of PA)/(XLCA), 5.00%, 11/01/18		1,020,000		1,114,748

(Wilmington Pennsylvania Municipal Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 43

Wilmington Pennsylvania Municipal Bond Fund (continued)

Description	Par Value		Value
Pennsylvania State Higher Educational Facilities Authority, Refunding Revenue Bonds, (Drexel University, OBG), 5.00%, 5/01/18	$	1,000,000	$	1,191,390
Pennsylvania State Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania, OBG), 5.00%, 9/01/19		1,000,000		1,249,470
Pennsylvania State Higher Educational Revenue, (National Reinsurance FGIC)/(Drexel University), 5.00%, 5/01/27		1,250,000		1,357,112
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Bryn Mawr College), 5.00%, 12/01/17		4,500,000		5,420,925
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (Ursinus College, OBG) 5.00%, 1/01/23		1,620,000		1,887,365
5.00%, 1/01/25		1,000,000		1,143,260
State Public School Building Authority, PA, College Revenue Bonds, (Harrisburg Area Community College, OBG), 5.00%, 10/01/19		2,150,000		2,492,388
Swarthmore Borough Authority, PA, Refunding Revenue Bonds, (Swarthmore College, OBG), 5.00%, 9/15/18		1,000,000		1,233,540
TOTAL HIGHER EDUCATION			$	24,918,908
LEASE – 6.9%
Berks County, PA, Vocational Technical School Authority, Refunding Revenue Bonds, (National-Reinsurance), 5.00%, 6/01/14		1,655,000		1,751,817
Philadelphia Redevelopment Authority, PA, Transportation Initiative, Refunding Revenue Bonds, 5.00%, 4/15/24		3,000,000		3,483,240
Philadelphia, PA, Redevelopment Authority, (Series C), (National Reinsurance FGIC), 5.00%, 4/15/27		1,500,000		1,557,105
TOTAL LEASE			$	6,792,162
MEDICAL – 10.1%
Central Bradford Progress Authority, PA, Refunding Revenue Bonds, (Guthrie Healthcare System, OBG), 5.00%, 12/01/26		2,000,000		2,294,680
Lancaster County, PA, Hospital Authority, (Series B), (Lancaster General Hospital), 5.00%, 3/15/23		1,770,000		2,011,729
Lancaster County, PA, Hospital Authority, Refunding Revenue Bonds, (Series B), (Lancaster General Hospital, OBG), 5.00%, 3/15/19		1,485,000		1,693,182
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/24		2,000,000		2,405,700
Pennsylvania State, Higher Educational Facilities Authority, Refunding Revenue Bonds, (Series A), (University of Pennsylvania Health System, OBG), 5.00%, 8/15/18		1,200,000		1,435,692
TOTAL MEDICAL			$	9,840,983

Description	Par Value		Value
PRE-REFUNDED/ESCROW – 10.7%
Bucks County, PA, IDA, Refunding Revenue Bonds, ETM, (Series A), (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19	$	4,775,000	$	7,408,031
Pennsylvania Convention Center Authority, Revenue Bonds, ETM, (Series A), (FGIC INS), 6.00%, 9/01/19		2,410,000		3,103,116
TOTAL PRE-REFUNDED/ESCROW			$	10,511,147
SCHOOL DISTRICT – 13.6%
Eastern York, PA, School District, GO Unlimited Bonds, (Series A), (FSA State Aid Withholding), 5.00%, 9/01/24		1,200,000		1,369,548
Hempfield, PA, School District, GO Unlimited Bonds, (Series B), (National Reinsurance FGIC State Aid Withholding), 5.00%, 10/15/18		2,650,000		2,891,653
Mifflin County, PA, School District, GO Unlimited, (National-IBC XLCA State Aid Withholding), 7.50%, 9/01/26		2,000,000		2,493,320
Muhlenberg, PA, School District, GO Unlimited, Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 9/01/16		1,000,000		1,149,440
Philadelphia, PA, School District, GO Unlimited, (Series D), (FSA State Aid Withholding), 5.50%, 6/01/17		1,300,000		1,530,048
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 9/01/16		1,500,000		1,724,955
Pittsburgh School District, PA, GO Unlimited Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,152,383
TOTAL SCHOOL DISTRICT			$	13,311,347
TRANSPORTATION – 10.4%
Allegheny County Port Authority, PA, Special Refunding Revenue Bonds, 5.00%, 3/01/16		1,000,000		1,126,690
Delaware River Joint Toll Bridge Commission, PA, Refunding Revenue Bonds, 5.25%, 7/01/18		1,500,000		1,549,455
Delaware River Joint Toll Bridge Commission, PA, Refunding Revenue Bonds, (Series A), 5.00%, 7/01/26		1,000,000		1,191,690
Pennsylvania State Turnpike Commission, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21		2,400,000		2,858,784
Pittsburgh, PA, Public Parking Authority, Refunding Revenue Bonds, (Series A), (National Reinsurance FGIC), 5.00%, 12/01/20		2,565,000		2,712,154
Southeastern Pennsylvania Transportation Authority, Refunding Revenue Bonds, 5.00%, 3/01/28		650,000		745,810
TOTAL TRANSPORTATION			$	10,184,583
WATER & SEWER – 2.2%
Erie Sewer Authority, PA, Revenue Bonds, 4.63%, 12/01/24		2,000,000		2,188,460
TOTAL PENNSYLVANIA			$	95,645,216
TOTAL MUNICIPAL BONDS (COST $89,874,432)			$	95,645,216

(Wilmington Pennsylvania Municipal Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

44 PORTFOLIOS OF INVESTMENTS

Wilmington Pennsylvania Municipal Bond Fund (concluded)

Description	Shares		Value
MONEY MARKET FUND – 2.7%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%		2,607,146	$	2,607,146
TOTAL MONEY MARKET FUND (COST $2,607,146)			$	2,607,146
TOTAL INVESTMENTS – 100.3% (COST $92,481,578)			$	98,252,362
OTHER LIABILITIES LESS ASSETS – (0.3%)				(255,601	)
TOTAL NET ASSETS – 100.0%			$	97,996,761

Cost of investments for Federal income tax purposes is $92,315,115. The net unrealized appreciation/(depreciation) of investments was $5,937,247. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $5,937,247 and net unrealized depreciation from investments for those securities having an excess of cost over value of $—.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	95,645,216	$	—	$	95,645,216
Money Market Fund		2,607,146		—		—		2,607,146
Total	$	2,607,146	$	95,645,216	$	—	$	98,252,362

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

45

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Virginia Municipal Bond Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
General Obligations		45.7	%
Lease		20.7	%
Water & Sewer		6.8	%
School District		5.9	%
Medical		5.1	%
Pre-Refunded/Escrow		5.0	%
Transportation		2.8	%
Higher Education		2.8	%
Cash Equivalents1		4.4	%
Other Assets and Liabilities – Net2		0.8	%
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		30.8	%
AA		61.0	%
A		3.0	%
Not Rated		4.4	%
Other Assets and Liabilities – Net2		0.8	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 94.8%
PUERTO RICO – 0.3%
PRE-REFUNDED/ESCROW – 0.3%
Puerto Rico Highway and Transportation Authority, (Series W), 5.50%, 7/01/13	$	60,000	$	62,119
TOTAL PUERTO RICO			$	62,119
VIRGINIA – 94.5%
GENERAL OBLIGATIONS – 45.7%
Alexandria, VA, GO Unlimited Bonds, (Series B), (State Aid Withholding), 5.00%, 6/15/18		500,000		616,645
Chesterfield County, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 1/01/24		850,000		1,072,734
Hampton, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), (State Aid Withholding), 5.00%, 4/01/24		1,000,000		1,246,110
Hanover County, VA, Public Improvements, GO Unlimited, Refunding Bonds, 5.00%, 7/15/19		110,000		137,738
Henrico County, VA, GO Unlimited, Refunding Bonds, 5.00%, 7/15/19		600,000		755,274
Leesburg, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 1/15/24		500,000		611,415

Description	Par Value		Value
Loudoun County, VA, GO Unlimited Bonds, (Series A), 5.00%, 7/01/25	$	400,000	$	489,488
Newport News, VA, GO Unlimited Bonds, Refunding Notes, (Series 2007A), 5.00%, 3/01/19		100,000		118,821
Norfolk, VA, GO Unlimited, Revenue Bonds, (Series C), 5.00%, 4/01/16		1,405,000		1,616,846
Poquoson, VA, GO Unlimited, Refunding Revenue Bonds, 5.00%, 2/15/18		500,000		603,630
Prince William County, VA, GO Unlimited, Refunding Revenue Bonds, (Series A), 5.00%, 8/01/27		620,000		829,473
Virginia Beach, Public Improvement, GO Unlimited Bonds, (Series B), 5.00%, 5/01/20		400,000		463,980
Virginia Beach, VA, GO Unlimited, Refunding Revenue Bonds, (Series B), (State Aid Withholding), 5.00%, 4/01/24		500,000		625,380
TOTAL GENERAL OBLIGATIONS			$	9,187,534
HIGHER EDUCATION – 2.8%
Virginia College Building Authority, Educational Facilities, Refunding Revenue Bonds, (Series B), (University of Richmond, OBG), 5.00%, 3/01/21		250,000		313,558

(Wilmington Virginia Municipal Bond Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

46 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	$	239,572
TOTAL HIGHER EDUCATION			$	553,130
LEASE – 20.7%
Fairfax County, VA, EDA, Refunding Revenue Bonds, (Series A), (Laurel Hill Public Facilities Projects), 5.00%, 6/01/17		750,000		886,837
Frederick County, VA, IDA, Revenue Bonds, (AMBAC INS), 5.00%, 12/01/14		455,000		494,690
Henrico County, VA, EDA, Refunding Revenue Bonds, (Series B), 4.50%, 8/01/21		325,000		386,032
Virginia State, Public Building Authority, Public Facility Revenue Bonds, (Series B)
5.00%, 8/01/16		135,000		156,758
5.00%, 8/01/23		500,000		574,820
Virginia State, Public School Authority, Revenue Bonds, (Series B), (School Financing-1997 Resolution)/(National-Reinsurance), 5.00%, 8/01/26		400,000		466,244
Virginia State, Resources Authority Infrastructure, Refunding Revenue Bonds, (Series A), (VA Pooled Funding Program), 5.00%, 11/01/17		1,000,000		1,207,140
TOTAL LEASE			$	4,172,521
MEDICAL – 5.1%
Fairfax County, VA, IDA, Refunding Revenue Bonds, (Inova Health System), 5.25%, 8/15/19		500,000		582,800
Fairfax County, VA, IDA, Revenue Bonds, (Inova Health System), 5.00%, 8/15/23		250,000		307,390
Virginia Beach, Development Authority, (Virginia Beach, VA General Hospital)/(AMBAC INS), 5.13%, 2/15/18		110,000		129,098
TOTAL MEDICAL			$	1,019,288
PRE-REFUNDED/ESCROW – 4.7%
Fairfax County, VA, Water Authority Revenue Bonds, ETM, (Escrowed in U.S. Treasuries, COL), 5.80%, 1/01/16		375,000		405,664
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		5,010
Southeastern Public Service Authority, VA, Prerefunded Revenue Bonds, ETM, (AMBAC), 5.00%, 7/01/15		255,000		278,766
Southeastern Public Service Authority, VA, Refunding Revenue Bonds, ETM, (AMBAC), 5.00%, 7/01/15		245,000		267,065
TOTAL PRE-REFUNDED/ESCROW			$	956,505

Description	Par Value/ Shares		Value
SCHOOL DISTRICT – 5.9%
Fauquier County, VA, GO Unlimited, Refunding Revenue Bonds, (State Aid Withholding), 4.00%, 7/15/20	$	1,000,000	$	1,186,380
TRANSPORTATION – 2.8%
Virginia Commonwealth Transportation Board, Federal Highway Reimbursement, Revenue Bonds, Anticipation Notes, 5.00%, 9/28/15		500,000		564,185
WATER & SEWER – 6.8%
Henrico County, VA, Water & Sewer Revenue, Refunding Bonds, 5.00%, 5/01/24		550,000		671,539
Upper Occoquan Sewage Authority, VA, (Series A), (National Reinsurance), 5.15%, 7/01/20		575,000		695,945
TOTAL WATER & SEWER			$	1,367,484
TOTAL VIRGINIA			$	19,007,027
TOTAL MUNICIPAL BONDS (COST $17,989,948)			$	19,069,146
MONEY MARKET FUND – 4.4%
8Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%		890,365		890,365
TOTAL MONEY MARKET FUND (COST $890,365)			$	890,365
TOTAL INVESTMENTS – 99.2% (COST $18,880,313)			$	19,959,511
OTHER ASSETS LESS LIABILITIES – 0.8%				150,337
TOTAL NET ASSETS – 100.0%			$	20,109,848

(Wilmington Virginia Municipal Bond Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 47

Wilmington Virginia Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $18,855,403. The net unrealized appreciation/(depreciation) of investments was $1,104,108. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,104,108 and net unrealized depreciation from investments for those securities having an excess of cost over value of $—.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	19,069,146	$	—	$	19,069,146
Money Market Fund		890,365		—		—		890,365
Total	$	890,365	$	19,069,146	$	—	$	19,959,511

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

48

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Prime Money Market Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Banks		13.1	%
Diversified Financial Services		7.9	%
Federal Home Loan Bank (FHLB)		7.5	%
Federal Home Loan Mortgage Corporation (FHLMC)		4.6	%
Pharmaceuticals		4.6	%
Higher Education		4.2	%
Development		3.6	%
Asset-Backed Securities		3.5	%
Regional(State/Province)		3.3	%
General Obligation		2.7	%
Federal National Mortgage Association (FNMA)		2.7	%
Oil & Gas		2.7	%
Auto Manufacturers		2.6	%
Beverages		2.6	%
Chemicals		2.6	%
Mining		2.6	%
U.S. Treasury Notes		2.6	%
Food		2.5	%
Commercial Services		1.5	%
Federal Farm Credit Bank (FFCB)		1.3	%
Oil & Gas Services		1.3	%
Pollution Control		1.2	%
Municipal		1.1	%
School District		0.5	%
Electronics		0.4	%
Cash Equivalents1		16.8	%
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) Represents less than 0.05%.

(Wilmington Prime Money Market Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

Wilmington Prime Money Market Fund (continued)

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
4ASSET BACKED COMMERCIAL PAPER – 8.8%
MetLife Short Term Funding LLC
6,70.18%, 1/7/2013	$	40,104,000	$	40,090,565
6,70.19%, 12/11/2012		24,500,000		24,494,828
6,70.21%, 11/19/2012		35,000,000		34,996,325
Old Line Funding LLC
6,70.31%, 4/8/2013		50,000,000		49,931,972
6,70.36%, 1/7/2013		50,000,000		49,966,500
Straight-A Funding LLC
6,70.18%, 12/11/2012		27,016,000		27,010,597
6,70.18%, 1/14/2013		20,044,000		20,036,584
6,70.18%, 1/28/2013		37,170,000		37,153,645
6,70.18%, 1/28/2013		50,000,000		49,978,000
TOTAL ASSET BACKED COMMERCIAL PAPER (COST $333,659,016)			$	333,659,016
CERTIFICATE OF DEPOSIT – 5.2%
Bank of Nova Scotia, 0.20%, 1/16/2013		50,000,000		50,000,000
Bank of Nova Scotia, HOU, 0.34%, 12/10/2012		50,000,000		50,000,000
Toronto Dominion Bank, 0.21%, 2/11/2013		100,000,000		100,000,000
TOTAL CERTIFICATE OF DEPOSIT (COST $200,000,000)			$	200,000,000
CORPORATE NOTES & BONDS – 0.7%
1,6,7American Honda Finance Corp., 0.58%, 1/17/2013		25,000,000		25,000,000
TOTAL CORPORATE NOTES & BONDS (COST $25,000,000)			$	25,000,000
4FINANCIAL COMPANY COMMERCIAL PAPER – 12.4%
American Honda Finance Corp., 0.19%, 1/11/2013		75,000,000		74,971,896
Australia & New Zealand Banking Group Ltd.
6,70.20%, 11/8/2012		50,000,000		49,998,104
6,70.20%, 11/9/2012		50,000,000		49,997,833
Commonwealth Bank of Australia
6,70.20%, 11/13/2012		61,000,000		60,995,933
6,70.20%, 12/4/2012		39,000,000		38,993,029
JP Morgan Chase & Co., 0.20%, 1/3/2013		100,000,000		99,965,000
Toyota Motor Credit Corp.
0.23%, 11/28/2012		50,000,000		49,991,375
0.27%, 12/24/2012		50,000,000		49,980,125
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (COST $474,893,295)			$	474,893,295

Description	Par Value		Value
4MUNICIPAL COMMERCIAL PAPER – 5.8%
County of Montgomery, MD, (Series 09-B), 0.19%, 11/15/2012	$	42,300,000	$	42,300,000
Emory University, 0.20%, 1/17/2013		31,000,000		31,000,000
Illinois Educational Facilities Authority, Pooled Financing Program, (Series 95), (Northern Trust, LOC)
0.20%, 1/8/2013		35,000,000		35,000,000
0.20%, 1/14/2013		46,200,000		46,200,000
University Of California Revenue, 0.20%, 11/6/2012		42,000,000		41,998,833
University of Michigan, 0.23%, 1/8/2013		24,995,000		24,995,000
TOTAL MUNICIPAL COMMERCIAL PAPER (COST $221,493,833)			$	221,493,833
MUNICIPAL NOTES & BONDS – 12.3%
Chicago Board of Education, IL, GO Unlimited Bonds, (Series B) Weekly VRDNs, (Wells Fargo Bank N.A., LOC), 0.22%, 11/1/2012		20,000,000		20,000,000
East Baton Rouge Parish Industrial Development Board Inc., LA, Revenue Bonds, (Series B) Daily VRDNs, (ExxonMobil, OBG), 0.22%, 11/1/2012		53,900,000		53,900,000
Massachusetts State, GO Limited, Revenue Bonds, (Series B) Daily VRDNs, (U.S. Bank, SPA), 0.24%, 11/1/2012		24,610,000		24,610,000
Massachusetts State, Health & Educational Facilities Authority, Refunding Revenue Bonds, (Series J-1) Weekly VRDNs, (Amherst College, OBG), 0.22%, 11/1/2012		29,700,000		29,700,000
Michigan State, Strategic Fund Ltd., Revenue Bonds, Daily VRDNs, (Air Products & Chemicals, OBG), 0.25%, 11/1/2012		46,280,000		46,280,000
Mississippi State, Business Finance Commission Corp., Gulf Opportunity Revenue Bonds, (Series I) Daily VRDNs, (Chevron Corp., OBG), 0.21%, 11/1/2012		39,380,000		39,380,000
Mississippi State, Business Finance Commission Gulf Opportunity, Revenue Bonds, (Series B) Weekly VRDNs, (Chevron Corp., OBG), 0.20%, 11/7/2012		25,000,000		25,000,000
Permanent University Fund, TX, Refunding Revenue Bonds, (Series A) Weekly VRDNs, (University of Texas Investment Management Faculty, LIQ), 0.19%, 11/1/2012		70,000,000		70,000,000
Philadelphia, PA, Authority For Industrial Development City Service Agreement, Taxable Revenue Bonds, 0.50%, 4/1/2013		20,000,000		20,000,000
Private Colleges & Universities Authority, GA, Refunding Revenue Bonds, (Series C2) Weekly VRDNs, (Emory University, OBG), 0.20%, 11/1/2012		43,125,000		43,125,000

(Wilmington Prime Money Market Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

50 PORTFOLIOS OF INVESTMENTS

Wilmington Prime Money Market Fund (continued)

Description	Par Value		Value
Texas Transportation Commission, GO Unlimited Bonds, (Series B) Weekly VRDNs, (State Street/Calpers, SPA), 0.20%, 11/7/2012	$	79,775,000	$	79,774,960
University of Michigan, MI, Refunding Revenue Bonds, (Series B) Daily VRDNs, (Northern Trust Company, SPA), 0.20%, 11/1/2012		18,200,000		18,200,000
TOTAL MUNICIPAL NOTES & BONDS (COST $469,969,960)			$	469,969,960
4OTHER COMMERCIAL PAPER – 19.3%
Baker Hughes, Inc.
6,70.20%, 12/28/2012		25,000,000		24,992,083
6,70.22%, 1/28/2013		25,000,000		24,986,556
BHP Billiton Finance USA Ltd.
6,70.20%, 11/1/2012		50,000,000		50,000,000
6,70.20%, 11/5/2012		50,000,000		49,998,889
1,6,7BP Capital Markets PLC, 0.64%, 2/8/2013		25,000,000		25,000,000
6,7Bristol-Myers Squibb Co., 0.20%, 11/14/2012		75,000,000		74,994,583
Coca Cola Enterprises, Inc.
6,70.24%, 3/8/2013		50,000,000		49,957,667
6,70.26%, 2/1/2013		50,000,000		49,966,778
6,7ConocoPhillips, 0.35%, 11/5/2012		25,000,000		24,999,028
6,7EI Du Pont de Nemours & Co., 0.17%, 11/26/2012		100,000,000		99,988,194
6,7Honeywell International, Inc., 0.30%, 12/28/2012		14,500,000		14,493,117
Motiva Enterprises LLC, 0.19%, 11/5/2012		52,650,000		52,648,888
Nestle Finance International Ltd., 0.25%, 4/22/2013		96,460,000		96,344,784
6,7Sanofi, 0.18%, 12/20/2012		100,000,000		99,975,500
TOTAL OTHER COMMERCIAL PAPER (COST $738,346,067)			$	738,346,067
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 18.7%
1Federal Farm Credit Bank, 0.31%, 4/22/2013		50,000,000		50,045,010
Federal Home Loan Bank
0.13%, 2/14/2013		50,000,000		49,995,389
20.14%, 12/12/2012		50,000,000		49,992,028
0.15%, 2/6/2013		63,000,000		62,992,602
10.16%, 11/23/2012		47,000,000		46,999,436
0.19%, 2/12/2013		50,000,000		50,005,116
0.22%, 9/4/2013		25,000,000		25,000,000
Federal Home Loan Mortgage Corporation
0.15%, 9/13/2013		75,000,000		74,989,587
10.16%, 6/17/2013		50,000,000		50,006,405
4.50%, 1/15/2013		50,000,000		50,445,000
Federal National Mortgage Association
20.13%, 12/19/2012		40,422,000		40,414,994
10.19%, 11/8/2013		60,200,000		60,187,956
U.S. Treasury Note, 1.00%, 7/15/2013		100,000,000		100,571,906
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $711,645,429)			$	711,645,429

Description	Par Value		Value
REPURCHASE AGREEMENTS – 16.8%
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $146,001,014, collateralized by a U.S. Treasury Security 0.25%, maturing 9/30/14; total market value of $148,921,647.	$	146,000,000	$	146,000,000
Deutsche Bank Securities, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $220,001,956, collateralized by U.S. Government Securities 0.60% to 1.25%, maturing 12/06/13 to 1/11/17; total market value of $224,400,278.		220,000,000		220,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.25%, dated 10/31/12, due 11/01/12, repurchase price $275,001,910, collateralized by U.S. Treasury Securities 0.00% to 0.38%, maturing 1/10/13 to 8/15/15; total market value of $280,500,021.		275,000,000		275,000,000
TOTAL REPURCHASE AGREEMENTS (COST $641,000,000)			$	641,000,000
TOTAL INVESTMENTS – 100.0% (COST $3,816,007,600)			$	3,816,007,600
OTHER ASSETS LESS LIABILITIES – 0.0%**				1,142,905
TOTAL NET ASSETS – 100.0%			$	3,817,150,505

(Wilmington Prime Money Market Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 51

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 October 31, 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	$	—	$	333,659,016	$	—	$	333,659,016
Certificate of Deposit		—		200,000,000		—		200,000,000
Corporate Notes & Bonds		—		25,000,000		—		25,000,000
Financial Company Commercial Paper		—		474,893,295		—		474,893,295
Municipal Commercial Paper		—		221,493,833		—		221,493,833
Municipal Notes & Bonds		—		469,969,960		—		469,969,960
Other Commercial Paper		—		738,346,067		—		738,346,067
Repurchase Agreements		—		641,000,000		—		641,000,000
U.S. Government Agency & Obligations		—		711,645,429		—		711,645,429
Total	$	—	$	3,816,007,600	$	—	$	3,816,007,600

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

52

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
U.S. Government Agency & Obligations		63.9	%
Cash Equivalents1		36.0	%
Other Assets and Liabilities – Net2		0.1	%
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

October 31, 2012 (unaudited)

Description	Par Value		Value
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 63.9%
FEDERAL FARM CREDIT BANK (FFCB) – 2.1%
10.20%, 2/22/13	$	13,845,000	$	13,848,253
10.23%, 8/22/13		16,750,000		16,759,054
10.31%, 4/22/13		50,000,000		50,045,010
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	80,652,317
FEDERAL HOME LOAN BANK (FHLB) – 26.3%
0.13%, 2/14/13		70,000,000		69,993,544
20.14%, 11/23/12		100,000,000		99,991,750
20.14%, 12/12/12		100,000,000		99,984,055
0.15%, 11/26/12		50,000,000		49,999,559
20.16%, 11/14/12		50,000,000		49,997,111
20.16%, 11/16/12		50,000,000		49,996,667
20.16%, 2/22/13		65,000,000		64,967,356
10.16%, 11/23/12		48,000,000		47,999,424
20.17%, 1/16/13		125,000,000		124,955,139
20.17%, 2/13/13		49,200,000		49,176,548
0.19%, 2/12/13		70,000,000		70,007,162
10.22%, 9/04/13		25,000,000		25,000,000
0.28%, 3/06/13		50,000,000		50,015,161
10.38%, 2/25/13		100,000,000		100,000,000
1.75%, 12/14/12		50,000,000		50,093,638
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,002,177,114

Description	Par Value		Value
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 17.2%
20.13%, 1/03/13	$	35,000,000	$	34,992,037
20.14%, 12/10/12		25,000,000		24,996,208
20.15%, 3/19/13		100,000,000		99,942,500
10.15%, 9/13/13		75,000,000		74,989,587
2 0.16%, 11/13/12		61,544,000		61,540,718
20.16%, 3/25/13		50,000,000		49,969,000
20.16%, 4/01/13		98,150,000		98,085,140
10.16%, 6/17/13		50,000,000		50,006,404
20.17%, 2/11/13		28,363,000		28,349,740
10.17%, 3/21/13		50,238,000		50,246,974
0.52%, 11/26/12		13,999,000		14,001,957
4.50%, 1/15/13		70,000,000		70,623,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	657,743,265
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 13.7%
20.13%, 1/16/13		50,000,000		49,986,278
20.15%, 12/19/12		150,000,000		149,970,000
10.19%, 11/08/13		45,000,000		44,990,997
0.38%, 12/28/12		25,000,000		25,008,895
1.00%, 12/27/12		100,000,000		100,125,300
1.75%, 2/22/13		50,000,000		50,242,060
4.75%, 11/19/12		100,096,000		100,318,773
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	520,642,303

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 53

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

Description	Par Value		Value
U.S. TREASURY BILL – 1.3%
20.13%, 12/06/12	$	50,000,000	$	49,993,681
U.S. TREASURY NOTES – 3.3%
1.00%, 7/15/13		25,000,000		25,142,977
1.38%, 2/15/13		100,000,000		100,352,397
TOTAL U.S. TREASURY NOTES			$	125,495,374
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $2,436,704,054)			$	2,436,704,054
REPURCHASE AGREEMENTS – 36.0%
Barclays Capital, Inc., 0.30%, dated 10/31/12, due 11/01/12, repurchase price $190,001,583, collateralized by U.S. Treasury Securities 3.38% to 6.13%, maturing 11/15/19 to 11/15/27; total market value of $193,800,124.		190,000,000		190,000,000
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $281,001,951, collateralized by U.S. Treasury Securities 1.38% to 1.88%, maturing 6/30/15 to 11/30/15; total market value of $286,620,879.		281,000,000		281,000,000

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $520,004,622, collateralized by U.S. Government Securities 0.00% to 7.13%, maturing 2/21/13 to 2/27/32; total market value of $530,400,813.	$	520,000,000	$	520,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.25%, dated 10/31/12, due 11/01/12, repurchase price $380,002,639, collateralized by U.S. Treasury Securities 0.00% to 1.38%, maturing 1/10/13 to 2/28/19; total market value of $387,600,091.		380,000,000		380,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,371,000,000)			$	1,371,000,000
TOTAL INVESTMENTS – 99.9% (COST $3,807,704,054)			$	3,807,704,054
OTHER ASSETS LESS LIABILITIES – 0.1%				4,441,408
TOTAL NET ASSETS – 100.0%			$	3,812,145,462

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Government Agency & Obligations	$	—	$	2,436,704,054	$	—	$	2,436,704,054
Repurchase Agreements		—		1,371,000,000		—		1,371,000,000
Total	$	—	$	3,807,704,054	$	—	$	3,807,704,054

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

54

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
U.S. Government Agency & Obligations		41.9	%
Cash Equivalents1		60.2	%
Other Assets and Liabilities – Net2		(2.1	)%
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

October 31, 2012 (unaudited)

Description	Par Value		Value
U.S. GOVERNMENT AGENCY & OBLIGATIONS – 41.9%
U.S. TREASURY BILLS – 9.3%
20.13%, 12/06/12	$	25,000,000	$	24,996,840
20.15%, 11/15/12		50,000,000		49,997,181
20.15%, 4/25/13		25,000,000		24,981,771
TOTAL U.S. TREASURY BILLS			$	99,975,792
U.S. TREASURY NOTES – 32.6%
1.38%, 1/15/13		100,000,000		100,251,311
1.38%, 2/15/13		125,000,000		125,436,129
1.38%, 5/15/13		25,000,000		25,162,109
1.75%, 4/15/13		25,000,000		25,176,447
2.50%, 3/31/13		50,000,000		50,483,168
3.63%, 5/15/13		25,000,000		25,462,863
TOTAL U.S. TREASURY NOTES			$	351,972,027
TOTAL U.S. GOVERNMENT AGENCY & OBLIGATIONS (COST $451,947,819)			$	451,947,819
REPURCHASE AGREEMENTS – 60.2%
Barclays Capital, Inc., 0.30%, dated 10/31/12, due 11/01/12, repurchase price $115,000,958, collateralized by a U.S. Treasury Security 2.25%, maturing 1/31/15; total market value of $117,300,082.		115,000,000		115,000,000
Credit Suisse First Boston LLC, 0.25%, dated 10/31/12, due 11/01/12, repurchase price $250,001,736, collateralized by U.S. Treasury Securities 0.38% to 0.63%, maturing 7/31/13 to 5/31/17; total market value of $255,003,834.		250,000,000		250,000,000

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.28%, dated 10/31/12, due 11/01/12, repurchase price $210,001,633, collateralized by U.S. Treasury Securities 0.00%, maturing 11/15/13; total market value of $214,200,083.	$	210,000,000	$	210,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.25%, dated 10/31/12, due 11/01/12, repurchase price $75,000,521, collateralized by a U.S. Treasury Security 2.13%, maturing 12/31/15; total market value of $76,500,051.		75,000,000		75,000,000
TOTAL REPURCHASE AGREEMENTS (COST $650,000,000)			$	650,000,000
TOTAL INVESTMENTS – 102.1% (COST $1,101,947,819)			$	1,101,947,819
OTHER LIABILITIES LESS ASSETS – (2.1%)				(23,155,637	)
TOTAL NET ASSETS – 100.0%			$	1,078,792,182

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

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

See Notes to Portfolios of Investments

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Repurchase Agreements	$	—	$	650,000,000	$	—	$	650,000,000
U.S. Government Agency & Obligations		—		451,947,819		—		451,947,819
Total	$	—	$	1,101,947,819	$	—	$	1,101,947,819

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

56

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Tax-Exempt Money Market Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Commercial Services		21.0	%
Municipal		17.4	%
Medical		14.8	%
Regional(State/Province)		11.8	%
General Obligation		7.7	%
Electric		6.3	%
Higher Education		4.9	%
Water & Sewer		4.9	%
General Revenue		3.2	%
Development		3.0	%
Diversified Financial Services		1.9	%
Transportation		1.8	%
Multi-Family Housing		0.8	%
Pollution Control		0.2	%
Other Assets and Liabilities – Net1		0.3	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
COMMERCIAL PAPER – 58.5%
ARIZONA – 1.5%
Salt River Project Agricultural Improvement & Power District, (Series C), (U.S. Bank NA), 0.20%, 2/06/13	$	7,150,000	$	7,150,000
TOTAL ARIZONA			$	7,150,000
CALIFORNIA – 4.2%
University of California
0.15%, 11/06/12		6,000,000		6,000,000
0.17%, 11/02/12		14,000,000		14,000,000
TOTAL CALIFORNIA			$	20,000,000
CONNECTICUT – 1.2%
Connecticut State Health & Educational Facility Authority, (Yale University), 0.15%, 11/07/12		5,800,000		5,800,000
TOTAL CONNECTICUT			$	5,800,000
FLORIDA – 4.1%
JEA, (Series 01-C), 0.19%, 1/10/13		19,300,000		19,300,000
TOTAL FLORIDA			$	19,300,000

Description	Par Value		Value
ILLINOIS – 1.5%
Illinois Educational Facilities Authority, Pooled Financing Program, (Series 95), (Northern Trust, LOC), 0.20%, 1/09/13	$	7,083,000	$	7,083,000
TOTAL ILLINOIS			$	7,083,000
MARYLAND – 6.2%
Howard County, MD, (Series 2011), (State Street Bank, LIQ), 0.18%, 12/06/12		9,266,000		9,266,000
Johns Hopkins University, 0.18%, 1/10/13		20,000,000		20,000,000
TOTAL MARYLAND			$	29,266,000
MICHIGAN – 2.6%
University of Michigan, (Series I), 0.17%, 12/04/12		12,500,000		12,500,000
TOTAL MICHIGAN			$	12,500,000
MINNESOTA – 2.2%
City of Rochester, MN, 0.19%, 1/09/13		10,200,000		10,200,000
TOTAL MINNESOTA			$	10,200,000

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 57

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value		Value
MISSOURI – 4.2%
Curators of University of Missouri, (Series A)
0.17%, 11/01/12	$	4,500,000	$	4,500,000
0.18%, 11/15/12		15,500,000		15,500,000
TOTAL MISSOURI			$	20,000,000
NEVADA – 2.8%
Las Vegas Valley Water District, (Series 04-A),(JP Morgan Chase)
0.18%, 12/05/12		5,000,000		5,000,000
0.20%, 1/10/13		8,000,000		8,000,000
TOTAL NEVADA			$	13,000,000
NORTH CAROLINA – 0.7%
Charlotte, NC, Water and Sewer System, Revenue Bonds, 0.24%, 3/14/13		3,479,000		3,479,000
TOTAL NORTH CAROLINA			$	3,479,000
OHIO – 2.0%
Ohio Higher Educational Facility Commission, (Bank One NA)
0.20%, 11/06/12		6,500,000		6,500,000
0.20%, 1/08/13		2,700,000		2,700,000
TOTAL OHIO			$	9,200,000
SOUTH CAROLINA – 0.7%
South Carolina Public Service Authority, (Series B), (Wells Fargo Bank, NA), 0.20%, 11/06/12		3,360,000		3,360,000
TOTAL SOUTH CAROLINA			$	3,360,000
TENNESSEE – 3.8%
Metropolitan Government of Nashville & Davidson County, TN, (Series A), (SSB/CALSTR/CALPR,LIQ), 0.19%, 1/08/13		9,000,000		9,000,000
State of Tennessee, (Series 00-A), 0.19%, 2/06/13		8,750,000		8,750,000
TOTAL TENNESSEE			$	17,750,000
TEXAS – 14.7%
City of Houston, TX, (Series E-1), 0.19%, 12/05/12		10,000,000		10,000,000
City of San Antonio, TX, (Series B), 0.20%, 2/06/13		11,750,000		11,750,000
Texas A&M University, (Series B), 0.17%, 11/05/12		10,300,000		10,300,000
Texas Tech University, (Series A)
0.17%, 11/07/12		3,252,000		3,252,000
0.17%, 11/08/12		13,350,000		13,350,000
University of Texas System, 0.16%, 11/07/12		20,683,000		20,683,000
TOTAL TEXAS			$	69,335,000
VIRGINIA – 4.2%
University of Virginia Rector & Visitors, (Series 03-A), 0.17%, 11/08/12		20,000,000		20,000,000
TOTAL VIRGINIA			$	20,000,000

Description	Par Value		Value
WISCONSIN – 1.9%
State of Wisconsin, (Series 05-A), 0.16%, 11/05/12	$	9,101,000	$	9,101,000
TOTAL WISCONSIN			$	9,101,000
TOTAL COMMERCIAL PAPER (COST $276,524,000)			$	276,524,000
MUNICIPAL BONDS – 7.7%
CALIFORNIA – 3.6%
Los Angeles, CA, GO Unlimited Notes, (Series A), TRANs, 2.00%, 2/28/13		9,675,000		9,731,875
Los Angeles, CA, GO Unlimited Notes, (Series C), TRANs, 2.00%, 4/25/13		7,000,000		7,060,275
TOTAL CALIFORNIA			$	16,792,150
IDAHO – 0.4%
Idaho State, GO Unlimited Notes, TRANs, 2.00%, 6/28/13		2,000,000		2,023,516
TOTAL IDAHO			$	2,023,516
MISSISSIPPI – 0.5%
Business Finance Commission Gulf Opportunity, MS, Revenue Bonds, (Series D), 0.21%, 11/01/12		2,500,000		2,500,000
TOTAL MISSISSIPPI			$	2,500,000
TEXAS – 3.2%
Texas State, Revenue Notes, TRANs, 2.50%, 8/30/13		15,000,000		15,282,225
TOTAL TEXAS			$	15,282,225
TOTAL MUNICIPAL BONDS (COST $36,597,891)			$	36,597,891
3SHORT-TERM MUNICIPAL BONDS – 33.5%
DELAWARE – 7.7%
Delaware State Health Facilities Authority, Revenue Bonds, (Series A) Daily VRDNs, (Christiana Care Health Services, OBG), 0.23%, 11/01/12		16,700,000		16,700,000
University of Delaware, DE, Refunding Revenue Bonds, Daily VRDNs, (TD Bank N.A., SPA), 0.26%, 11/01/12		19,675,000		19,675,000
TOTAL DELAWARE			$	36,375,000
FLORIDA – 0.8%
Orange County Housing Finance Authority, FL, Refunding Revenue Bonds, Weekly VRDNs, (Walk Apartments LLC, OBG)/(Fannie Mae, LIQ & Guarantor), 0.24%, 11/07/12		3,835,000		3,835,000
TOTAL FLORIDA			$	3,835,000
ILLINOIS – 2.9%
Illinois State Finance Authority, Revenue Bonds, (Series D-2) Daily VRDNs, (PNC Bank N.A., LOC)/(University of Chicago Medical Center, OBG), 0.21%, 11/01/12		13,700,000		13,700,000
TOTAL ILLINOIS			$	13,700,000

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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

58 PORTFOLIOS OF INVESTMENTS

Wilmington Tax-Exempt Money Market Fund (continued)

Description	Par Value		Value
KENTUCKY – 1.0%
Shelby County, KY, Lease Revenue Bonds, (Series A) Daily VRDNs, (U.S Bank NA, LOC), 0.23%, 11/01/12	$	4,670,000	$	4,670,000
TOTAL KENTUCKY			$	4,670,000
MARYLAND – 1.4%
Montgomery County, MD, GO Unlimited, Refunding Notes, (Series B) Daily VRDNs, (Wells Fargo Bank N.A., SPA), 0.22%, 11/01/12		6,700,000		6,700,000
TOTAL MARYLAND			$	6,700,000
MASSACHUSETTS – 1.9%
Massachusetts State, GO Limited, Revenue Bonds, (Series A) Daily VRDNs, (Wells Fargo Bank N.A., SPA), 0.24%, 11/01/12		600,000		600,000
Massachusetts State, GO Limited, Revenue Bonds, (Series B) Daily VRDNs, (U.S. Bank, SPA), 0.24%, 11/01/12		8,600,000		8,600,000
TOTAL MASSACHUSETTS			$	9,200,000
MICHIGAN – 0.9%
University of Michigan, MI, Refunding Revenue Bonds, (Series A-1) Daily VRDNs, 0.24%, 11/01/12		2,800,000		2,800,000
University of Michigan, MI, Revenue Bonds, (Series A) Daily VRDNs, 0.24%, 11/01/12		1,300,000		1,300,000
TOTAL MICHIGAN			$	4,100,000
MINNESOTA – 1.9%
Rochester, MN, Health Care Facilities, Refunding Revenue Bonds, (Series A) Weekly VRDNs, (Mayo Clinic, OBG), 0.19%, 11/07/12		8,900,000		8,900,000
TOTAL MINNESOTA			$	8,900,000
MISSISSIPPI – 0.8%
Mississippi State Business Finance Commission Corp., Gulf Opportunity Revenue Bonds, (Series F) Daily VRDNs, (Chevron Corp.)/(Chevron U.S.A. Inc., OBG), 0.23%, 11/01/12		4,000,000		4,000,000
TOTAL MISSISSIPPI			$	4,000,000
NEW HAMPSHIRE – 0.7%
New Hampshire, HEFA, Refunding Revenue Bonds, Weekly VRDNs, (Dartmouth College)/(U.S. Bank), 0.20%, 11/07/12		3,400,000		3,400,000
TOTAL NEW HAMPSHIRE			$	3,400,000
OHIO – 1.8%
Ohio State, Higher Educational Facility Commission, Refunding Revenue Bonds, (Series B-4) Daily VRDNs, (Cleveland Clinic, OBG), 0.23%, 11/01/12		8,265,000		8,265,000
TOTAL OHIO			$	8,265,000

Description	Par Value		Value
OKLAHOMA – 1.8%
Oklahoma State Turnpike Authority, Revenue Bonds, (Series E) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.23%, 11/01/12	$	4,720,000	$	4,720,000
Oklahoma State Turnpike Authority, Revenue Bonds, (Series F) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.23%, 11/01/12		4,000,000		4,000,000
TOTAL OKLAHOMA			$	8,720,000
PENNSYLVANIA – 1.9%
Delaware County, PA, IDA, (Series G) Weekly VRDNs, (General Electric Capital Co.(GTD)), 0.21%, 11/07/12		1,075,000		1,075,000
Delaware County, PA, IDA, Refunding Revenue Bonds, (Series G) Weekly VRDNs, (General Electric Capital Corp.), 0.21%, 11/07/12		1,000,000		1,000,000
Delaware County, PA, IDA, Refunding Revenue Bonds, (Series G) Weekly, VRDNs, (General Electric Capital Corp., OBG), 0.21%, 11/07/12		4,100,000		4,100,000
Delaware County, PA, IDA, Revenue Bonds, (Series G) Weekly VRDNs, (Resource Recovery Facility)/(General Electric Capital Corp.), 0.21%, 11/07/12		2,580,000		2,580,000
TOTAL PENNSYLVANIA			$	8,755,000
TEXAS – 8.0%
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, (Series B) Daily VRDNs, (JP Morgan Chase/Northern Trust/Bank of America, SPA)/(St. Luke’s Episcopal Hospital, OBG), 0.25%, 11/01/12		18,200,000		18,200,000
Texas Transportation Commission, GO Unlimited Bonds, (Series B) Weekly VRDNs, (State Street/Calpers, SPA), 0.20%, 11/07/12		1,480,000		1,480,000
Water Development Board, TX, Revenue Bonds, (Series A) Daily VRDNs, (JP Morgan Chase Bank NA, SPA), 0.26%, 11/01/12		18,270,000		18,270,000
TOTAL TEXAS			$	37,950,000
TOTAL SHORT-TERM MUNICIPAL BONDS (COST $158,570,000)			$	158,570,000
TOTAL INVESTMENTS – 99.7% (COST $471,691,891)			$	471,691,891
OTHER ASSETS LESS LIABILITIES – 0.3%				1,201,823
TOTAL NET ASSETS – 100.0%			$	472,893,714

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

Wilmington Tax-Exempt Money Market Fund (concluded)

Cost of investments for Federal income tax purposes is the same as for financial statement purposes.

Various inputs are used in determining the value of the 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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Commercial Paper	$	—	$	276,524,000	$	—	$	276,524,000
Municipal Bonds		—		36,597,891		—		36,597,891
Short-Term Municipal Bonds		—		158,570,000		—		158,570,000
Total	$	—	$	471,691,891	$	—	$	471,691,891

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

60 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.

(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 October 31, 2012, these liquid restricted securities were as follows:

Fund	Amount		Percentage of Total Net Assets
Wilmington Broad Market Bond Fund		$17,064,845		5.6%
Wilmington Intermediate-Term Bond Fund		4,892,102		1.9%
Wilmington Short-Term Corporate Bond Fund		9,235,616		4.6%
Wilmington Prime Money Market Fund		1,147,996,310		30.1%

(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 October 31, 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		$508,865
American Tower Trust		04/30/2007		1,000,000		1,059,153
ASIF Global Financing XIX		01/08/2003		1,172,807		1,182,498
BNY Institutional Capital Trust A		11/25/1996		1,500,000		1,531,875
Broadcom Corp.		08/13/2012		992,550		1,001,322
Caterpillar, Inc.		08/28/2012		542,399		551,118
Crown Castle Towers LLC		08/04/2010		1,003,370		1,103,750
Crown Castle Towers LLC		07/29/2010		1,000,000		1,103,750
Daimler Finance North America LLC		09/07/2011		247,588		270,758
FMR LLC		10/28/2009		997,720		1,226,952
General Motors Financial Co., Inc.		08/13/2012		300,000		309,000
Harley-Davidson Financial Services, Inc.		01/26/2012		499,890		516,763
Harley-Davidson Funding Corp.		11/19/2009		499,195		546,353
Hyundai Capital America		09/24/2012		249,855		250,608
Hyundai Capital America		12/01/2011		248,878		270,962
Hyundai Capital Services, Inc.		03/06/2012		249,073		264,423
LA Arena Funding LLC		04/23/1999		1,273,714		1,408,144
Metropolitan Life Global Funding I		01/06/2010		498,755		502,349
Phillips 66		08/15/2012		1,042,910		1,066,418
Phillips 66		03/07/2012		249,955		266,605
Phillips 66		03/07/2012		498,815		562,715
Rockies Express Pipeline LLC		03/17/2010		499,555		485,000
SLM Student Loan Trust		04/14/2011		556,621		558,938
WM Wrigley Jr. Co.		06/21/2010		499,485		516,526
						$17,064,845		5.6%
Wilmington Intermediate-Term Bond Fund
American Tower Trust		04/30/2007		1,000,000		1,059,152
Broadcom Corp.		08/13/2012		248,138		250,330
Broadcom Corp.		08/14/2012		742,590		750,992
Express Scripts Holding Co.		07/18/2012		764,010		767,983
Express Scripts Holding Co.		02/06/2012		149,281		153,597

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 61

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
General Motors Financial Co., Inc.		08/13/2012		$250,000		$257,500
Hyundai Capital America		09/25/2012		496,015		496,203
Hyundai Capital America		09/24/2012		329,809		330,802
Phillips 66		03/07/2012		249,955		266,605
SLM Student Loan Trust		04/14/2011		556,621		558,938
						$4,892,102		1.9%
Wilmington Short-Term Corporate Bond Fund
Daimler Finance North America LLC		09/07/2011		993,500		1,041,274
General Motors Financial Co., Inc.		08/13/2012		200,000		206,000
Harley-Davidson Financial Services, Inc.		04/27/2011		503,510		540,220
Harley-Davidson Financial Services, Inc.		03/01/2011		499,700		540,221
Hyundai Capital America		09/24/2012		249,855		250,608
Hyundai Motor Manufacturing Czech s.r.o.		04/15/2010		249,248		267,380
MassMutual Global Funding II		04/07/2011		1,000,000		997,438
Metropolitan Life Global Funding I		01/06/2010		997,510		1,004,697
Phillips 66		06/06/2012		505,880		513,266
Phillips 66		03/07/2012		499,770		513,266
Phillips 66		08/15/2012		1,042,910		1,066,418
SLM Student Loan Trust		04/14/2011		742,161		745,251
WM Wrigley Jr. Co.		04/20/2011		1,553,175		1,549,577
						$9,235,616		4.6%
Wilmington Prime Money Market Fund
American Honda Finance Corp.		01/11/2012		25,000,000		25,000,000
Australia & New Zealand Banking Group Ltd.		08/09/2012		49,975,084		49,997,833
Australia & New Zealand Banking Group Ltd.		08/07/2012		49,975,083		49,998,104
Baker Hughes, Inc.		09/28/2012		24,987,361		24,992,083
Baker Hughes, Inc.		10/31/2012		24,986,403		24,986,556
BHP Billiton Finance USA Ltd.		08/03/2012		49,975,000		50,000,000
BHP Billiton Finance USA Ltd.		08/03/2012		49,973,889		49,998,889
BP Capital Markets PLC		02/13/2012		25,000,000		25,000,000
Bristol-Myers Squibb Co.		10/31/2012		74,994,167		74,994,583
Coca Cola Enterprises, Inc.		10/17/2012		49,952,667		49,957,667
Coca Cola Enterprises, Inc.		09/07/2012		49,946,917		49,966,778
Commonwealth Bank of Australia		09/05/2012		38,980,988		38,993,029
Commonwealth Bank of Australia		08/20/2012		60,971,194		60,995,933
ConocoPhillips		10/29/2012		24,998,299		24,999,028
EI du Pont de Nemours & Co.		09/10/2012		79,970,911		79,990,555
EI du Pont de Nemours & Co.		09/10/2012		19,992,728		19,997,639
Honeywell International, Inc.		02/27/2012		14,463,170		14,493,117
MetLife Short Term Funding LLC		10/10/2012		40,086,154		40,090,565
MetLife Short Term Funding LLC		09/12/2012		24,488,363		24,494,828
MetLife Short Term Funding LLC		08/22/2012		34,981,829		34,996,325
Old Line Funding LLC		10/02/2012		49,919,056		49,931,972
Old Line Funding LLC		06/26/2012		49,902,500		49,966,500
Sanofi		10/03/2012		99,961,500		99,975,500
Straight – A Funding LLC		09/12/2012		27,003,843		27,010,597
Straight – A Funding LLC		10/16/2012		20,034,980		20,036,584
Straight – A Funding LLC		10/31/2012		37,153,459		37,153,645
Straight – A Funding LLC		10/31/2012		49,977,750		49,978,000
						$1,147,996,310		30.1%

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

62 NOTES TO PORTFOLIOS OF INVESTMENTS

(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 October 31, 2012, the value of   these securities amounted to:

Fund	Amount		Percentage of Total Net Assets
Wilmington Short Duration Government Bond Fund		$33,756		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.

** Represents less than 0.05%.

The following acronyms are used throughout this report:

AMBAC – American Bond Assurance Corporation

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

HEFA – Health & Education Facility Authority

IDA – Industrial Development Authority/Agency

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

TRANs – Tax & Revenue 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.

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 63

October 31, 2012 (unaudited)	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	$	312,281,139		$	265,350,978		$	194,639,012		$	145,470,929		$	145,102,848
Investments in repurchase agreements, at value	$	28,624,701		$	25,782,186		$	2,192,787		$	7,111,437		$	—
Investments in securities, at value (Including securities on loan) (Note 2)		301,148,772			252,559,989			195,425,287			142,928,634			153,733,527
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		329,773,473			278,342,175			197,618,074			150,040,071			153,733,527
Income receivable		2,392,021			2,039,644			1,698,290			500,314			1,813,576
Receivable for shares sold		694,261			457,220			272,017			2,135,843			205,734
Receivable for investments sold		14,739,090			633,946			1,015,100			26			—
Other assets		14,738			11,208			17,039			4,733			15,006
TOTAL ASSETS		347,613,583			281,484,193			200,620,520			152,680,987			155,767,843
LIABILITIES:
Payable for investments purchased		28,965,638			2,119,016			—			—			—
Collateral for securities on loan		14,452,501			25,089,186			720,999			—			—
Income distribution payable		702,689			452,844			199,123			223,944			260,992
Payable for shares redeemed		261,748			847,274			88,897			233,756			441,525
Payable for distribution services fee		2,225			4,175			1,095			5,996			267
Payable for shareholder services fee		638			1,111			—			—			—
Other accrued expenses		115,470			102,639			87,450			52,885			80,460
TOTAL LIABILITIES		44,500,909			28,616,245			1,097,564			516,581			783,244
NET ASSETS	$	303,112,674		$	252,867,948		$	199,522,956		$	152,164,406		$	154,984,599
NET ASSETS CONSIST OF:
Paid-in capital	$	279,919,310		$	236,257,349		$	196,071,860		$	149,884,306		$	142,954,535
Undistributed (distributions in excess of) net investment income		(141,287	)		(15,932	)		(12,820	)		(326,347	)		20,751
Accumulated net realized gain (loss) on investments		5,842,317			3,635,334			484,854			(1,962,695	)		3,378,634
Net unrealized appreciation (depreciation) of investments		17,492,334			12,991,197			2,979,062			4,569,142			8,630,679
TOTAL NET ASSETS	$	303,112,674		$	252,867,948		$	199,522,956		$	152,164,406		$	154,984,599
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	7,507,716		$	12,116,563		$	3,045,386		$	21,393,924		$	1,259,725
Shares outstanding (unlimited shares authorized)		720,545			1,125,103			294,409			2,189,272			89,914
Net Asset Value per share	$	10.42		$	10.77		$	10.34		$	9.77		$	14.01
Offering price per share*	$	10.91	***	$	11.28	***	$	10.52	**	$	9.94	**	$	14.67	***
Class C
Net Assets	$	—		$	1,074,890		$	315,981		$	662,402		$	—
Shares outstanding (unlimited shares authorized)		—			99,600			30,510			67,640			—
Net Asset Value per share	$	—		$	10.79		$	10.36		$	9.79		$	—
Class I
Net Assets	$	295,604,958		$	239,676,495		$	196,161,589		$	130,108,080		$	153,724,874
Shares outstanding (unlimited shares authorized)		28,832,341			22,243,448			18,957,801			13,288,311			10,968,891
Net Asset Value per share	$	10.25		$	10.78		$	10.35		$	9.79		$	14.01

* 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)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

64 STATEMENTS OF ASSETS AND LIABILITIES (continued)

October 31, 2012 (unaudited)	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	$	105,378,973		$	100,324,817		$	92,481,578		$	18,880,313		$	3,816,007,600
Investments in repurchase agreements, at value	$	—		$	—		$	—		$	—		$	641,000,000
Investments in securities, at value (Including securities on loan) (Note 2)		110,703,535			107,001,841			98,252,362			19,959,511			3,175,007,600
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		110,703,535			107,001,841			98,252,362			19,959,511			3,816,007,600
Cash		27,500			—			—			—			863,649
Income receivable		1,455,265			1,248,176			1,217,016			214,621			1,282,955
Receivable for shares sold		56,710			257,088			64,370			12,057			—
Receivable for investments sold		806,875			—			—			—			—
Other assets		8,402			4,608			464			454			47,987
TOTAL ASSETS		113,058,287			108,511,713			99,534,212			20,186,643			3,818,202,191
LIABILITIES:
Payable for investments purchased		582,440			—			1,189,340			—			—
Income distribution payable		164,047			194,180			182,298			23,295			95,786
Payable for shares redeemed		15,554			85,961			115,496			16,578			—
Payable for distribution services fee		8,284			16,470			1,826			5,903			3,074
Payable for shareholder services fee		911			—			—			—			19,980
Other accrued expenses		60,810			49,415			48,491			31,019			932,846
TOTAL LIABILITIES		832,046			346,026			1,537,451			76,795			1,051,686
NET ASSETS	$	112,226,241		$	108,165,687		$	97,996,761		$	20,109,848		$	3,817,150,505
NET ASSETS CONSIST OF:
Paid-in capital	$	106,383,979		$	103,937,480		$	90,448,444		$	18,528,117		$	3,817,132,216
Undistributed (distributions in excess of) net investment income		23,568			17,783			39,141			3,428			10,611
Accumulated net realized gain (loss) on investments		494,132			(2,466,600	)		1,738,392			499,105			7,678
Net unrealized appreciation (depreciation) of investments		5,324,562			6,677,024			5,770,784			1,079,198			—
TOTAL NET ASSETS	$	112,226,241		$	108,165,687		$	97,996,761		$	20,109,848		$	3,817,150,505
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	35,670,457		$	32,498,340		$	9,128,338		$	20,109,848		$	—
Shares outstanding (unlimited shares authorized)		3,462,191			3,029,517			859,509			1,782,795			—
Net Asset Value per share	$	10.30		$	10.73		$	10.62		$	11.28		$	—
Offering price per share*	$	10.79	***	$	11.24	***	$	11.12	***	$	11.81	***	$	—
Administrative Class
Net Assets	$	—		$	—		$	—		$	—		$	440,593,251
Shares outstanding (unlimited shares authorized)		—			—			—			—			440,696,750
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00
Class I
Net Assets	$	76,555,784		$	75,667,347		$	88,868,423		$	—		$	—
Shares outstanding (unlimited shares authorized)		7,418,802			7,050,095			8,364,727			—			—
Net Asset Value per share	$	10.32		$	10.73		$	10.62		$	—		$	—
Institutional Class
Net Assets	$	—		$	—		$	—		$	—		$	39,173,239
Shares outstanding (unlimited shares authorized)		—			—			—			—			39,173,328
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00
Select Class
Net Assets	$	—		$	—		$	—		$	—		$	2,476,356,760
Shares outstanding (unlimited shares authorized)		—			—			—			—			2,476,625,120
Net Asset Value per share	$	—		$	—		$	—		$	—		$	1.00
Service Class
Net Assets	$	—		$	—		$	—		$	—		$	861,027,255
Shares outstanding (unlimited shares authorized)		—			—			—			—			861,066,761
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)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 65

October 31, 2012 (unaudited)	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	$	3,807,704,054		$	1,101,947,819	$	471,691,891
Investments in repurchase agreements, at value	$	1,371,000,000		$	650,000,000	$	—
Investments in securities, at value (Including securities on loan) (Note 2)		2,436,704,054			451,947,819		471,691,891
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		3,807,704,054			1,101,947,819		471,691,891
Cash		695,976			972,395		1,059,784
Income receivable		4,599,409			1,325,389		267,781
Other assets		43,214			8,765		12,299
TOTAL ASSETS		3,813,042,653			1,104,254,368		473,031,755
LIABILITIES:
Payable for investments purchased		—			25,162,109		—
Income distribution payable		32,570			9,098		4,079
Other accrued expenses		864,621			290,979		133,962
TOTAL LIABILITIES		897,191			25,462,186		138,041
NET ASSETS	$	3,812,145,462		$	1,078,792,182	$	472,893,714
NET ASSETS CONSIST OF:
Paid-in capital	$	3,812,148,728		$	1,078,783,816	$	472,961,328
Undistributed (distributions in excess of) net investment income		(21,730	)		8,366		4,444
Accumulated net realized gain (loss) on investments		18,464			—		(72,058	)
TOTAL NET ASSETS	$	3,812,145,462		$	1,078,792,182	$	472,893,714
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,637,327,271		$	821,597,030	$	40,414,718
Shares outstanding (unlimited shares authorized)		1,637,517,405			821,626,187		40,417,171
Net Asset Value per share	$	1.00		$	1.00	$	1.00
Institutional Class
Net Assets	$	70,952,981		$	—	$	—
Shares outstanding (unlimited shares authorized)		70,955,221			—		—
Net Asset Value per share	$	1.00		$	—	$	—
Select Class
Net Assets	$	1,185,108,919		$	247,671,178	$	371,542,552
Shares outstanding (unlimited shares authorized)		1,185,236,350			247,688,304		371,586,140
Net Asset Value per share	$	1.00		$	1.00	$	1.00
Service Class
Net Assets	$	918,756,291		$	9,523,974	$	60,936,444
Shares outstanding (unlimited shares authorized)		918,746,246			9,524,207		60,983,073
Net Asset Value per share	$	1.00		$	1.00	$	1.00

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

66 STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2012 (unaudited)	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
INVESTMENT INCOME:
Dividends	$	4,938		$	29		$	90		$	40		$	14
Interest		5,017,011			3,578,702			1,802,716			1,808,004			2,066,818
Securities lending income		7,448			10,569			756			—			—
TOTAL INVESTMENT INCOME		5,029,397			3,589,300			1,803,562			1,808,044			2,066,832
EXPENSES:
Investment advisory fee		753,240			658,054			491,607			418,139			383,672
Administrative personnel and services fee		34,586			30,190			22,810			19,405			17,802
Portfolio accounting, administration and custodian fees		56,957			48,591			44,790			29,388			28,443
Transfer and dividend disbursing agent fees and expenses		33,273			15,205			33,523			14,918			12,195
Trustees’ fees		15,028			15,017			15,008			15,102			14,737
Professional fees		23,265			21,859			21,144			21,877			22,375
Distribution services fee—Class A		9,736			15,841			5,843			28,110			1,168
Distribution services fee—Class C		—			5,875			1,641			4,130			—
Shareholder services fee—Class A		9,736			15,841			5,843			28,110			1,168
Shareholder services fee—Class C		—			1,469			410			1,033			—
Shareholder services fee—Class I		366,884			311,717			239,550			179,927			190,668
Share registration costs		13,973			16,155			15,054			15,313			13,669
Printing and postage		8,027			5,916			8,423			4,947			9,273
Miscellaneous		14,161			10,461			13,199			9,782			12,085
TOTAL EXPENSES		1,338,866			1,172,191			918,845			790,181			707,255
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		—			(31,946	)		(65,796	)		(13,654	)		(46,171	)
Waiver of distribution services fee—Class A		—			—			—			(6	)		—
Waiver of shareholder services fee—Class A		(5,842	)		(9,504	)		(5,843	)		(28,110	)		(1,168	)
Waiver of shareholder services fee—Class C		—			(999	)		(410	)		(950	)		—
Waiver of shareholder services fee—Class I		(366,884	)		(311,717	)		(239,550	)		(179,927	)		(190,668	)
TOTAL WAIVERS AND REIMBURSEMENTS		(372,726	)		(354,166	)		(311,599	)		(222,647	)		(238,007	)
Net expenses		966,140			818,025			607,246			567,534			469,248
Net investment income (loss)		4,063,257			2,771,275			1,196,316			1,240,510			1,597,584
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		3,900,025			2,312,964			424,402			39,631			1,203,782
Net change in unrealized appreciation (depreciation) of investments		1,880,383			779,658			897,381			(11,983	)		1,241,671
Net realized and unrealized gain (loss) on investments		5,780,408			3,092,622			1,321,783			27,648			2,445,453
Change in net assets resulting from operations	$	9,843,665		$	5,863,897		$	2,518,099		$	1,268,158		$	4,043,037

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS (continued) 67

Six Months Ended October 31, 2012 (unaudited)	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
INVESTMENT INCOME:
Dividends	$	6		$	9		$	7		$	1		$	—
Interest		1,492,066			1,598,847			1,534,391			258,186			3,823,163
TOTAL INVESTMENT INCOME		1,492,072			1,598,856			1,534,398			258,187			3,823,163
EXPENSES:
Investment advisory fee		281,664			275,186			249,807			51,754			7,381,031
Administrative personnel and services fee		13,069			12,769			11,591			2,402			428,226
Portfolio accounting, administration and custodian fees		26,193			24,051			23,716			10,420			558,121
Transfer and dividend disbursing agent fees and expenses		6,540			8,243			3,777			3,222			102,642
Trustees’ fees		15,069			13,829			13,307			13,915			15,176
Professional fees		20,774			20,774			20,419			20,457			25,034
Distribution services fee—Class A		45,228			43,195			11,327			25,877			—
Distribution services fee—Administrative Class		—			—			—			—			539,573
Distribution services fee—Service Class		—			—			—			—			1,016,605
Shareholder services fee—Class A		45,228			43,195			11,327			25,877			—
Shareholder services fee—Administrative Class		—			—			—			—			539,573
Shareholder services fee—Class I		95,604			94,398			113,576			—			—
Shareholder services fee—Select Class		—			—			—			—			3,016,685
Shareholder services fee—Service Class		—			—			—			—			1,016,605
Share registration costs		6,935			3,874			4,096			3,932			18,005
Printing and postage		3,109			3,860			2,689			1,748			44,286
Miscellaneous		8,592			8,167			7,026			3,896			74,068
TOTAL EXPENSES		568,005			551,541			472,658			163,500			14,775,630
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(4,517	)		(46,035	)		—			(38,254	)		(5,446,001	)
Waiver of distribution services fee—Class A		(12	)		—			(3	)		(26	)		—
Waiver of distribution services fee—Administrative Class		—			—			—			—			(539,573	)
Waiver of distribution services fee—Service Class		—			—			—			—			(1,016,605	)
Waiver of shareholder services fee—Class A		(39,800	)		(43,195	)		(11,327	)		(25,877	)		—
Waiver of shareholder services fee—Administrative Class		—			—			—			—			(539,573	)
Waiver of shareholder services fee—Class I		(95,604	)		(94,398	)		(113,576	)		—			—
Waiver of shareholder services fee—Select Class		—			—			—			—			(3,016,685	)
Waiver of shareholder services fee—Service Class		—			—			—			—			(919,483	)
TOTAL WAIVERS AND REIMBURSEMENTS		(139,933	)		(183,628	)		(124,906	)		(64,157	)		(11,477,920	)
Net expenses		428,072			367,913			347,752			99,343			3,297,710
Net investment income (loss)		1,064,000			1,230,943			1,186,646			158,844			525,453
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		976,981			819,078			1,257,219			224,435			6,006
Net change in unrealized appreciation (depreciation) of investments		492,873			550,288			(156,883	)		(92,107	)		—
Net realized and unrealized gain (loss) on investments		1,469,854			1,369,366			1,100,336			132,328			6,006
Change in net assets resulting from operations	$	2,533,854		$	2,600,309		$	2,286,982		$	291,172		$	531,459

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

68 STATEMENTS OF OPERATIONS (concluded)

Six Months Ended October 31, 2012 (unaudited)	Wilmington U.S. Government Money  Market Fund			Wilmington U.S. Treasury Money  Market Fund			Wilmington Tax-Exempt Money  Market Fund
INVESTMENT INCOME:
Interest	$	3,178,873		$	841,504		$	452,571
TOTAL INVESTMENT INCOME		3,178,873			841,504			452,571
EXPENSES:
Investment advisory fee		7,848,778			2,235,634			993,047
Administrative personnel and services fee		454,804			129,618			57,610
Portfolio accounting, administration and custodian fees		612,128			174,325			80,027
Transfer and dividend disbursing agent fees and expenses		3,333			4,439			8,522
Trustees’ fees		14,761			15,189			14,968
Professional fees		23,859			24,530			27,374
Distribution services fee—Administrative Class		2,263,925			1,120,098			54,632
Distribution services fee—Service Class		1,043,252			11,552			81,932
Shareholder services fee—Administrative Class		2,263,925			1,120,098			54,632
Shareholder services fee—Select Class		1,489,519			265,620			484,064
Shareholder services fee—Service Class		1,043,252			11,552			81,932
Share registration costs		18,472			15,561			16,267
Printing and postage		9,372			12,211			6,432
Miscellaneous		85,337			31,276			7,340
TOTAL EXPENSES		17,174,717			5,171,703			1,968,779
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(6,081,173	)		(1,857,403	)		(787,183	)
Waiver of distribution services fee—Administrative Class		(2,263,925	)		(1,120,098	)		(54,632	)
Waiver of distribution services fee—Service Class		(1,043,252	)		(11,552	)		(81,932	)
Waiver of shareholder services fee—Administrative Class		(2,263,925	)		(1,120,098	)		(54,632	)
Waiver of shareholder services fee—Select Class		(1,489,519	)		(265,620	)		(484,064	)
Waiver of shareholder services fee—Service Class		(1,043,252	)		(11,552	)		(81,500	)
TOTAL WAIVERS AND REIMBURSEMENTS		(14,185,046	)		(4,386,323	)		(1,543,943	)
Net expenses		2,989,671			785,380			424,836
Net investment income (loss)		189,202			56,124			27,735
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		—			—			—
Net realized and unrealized gain (loss) on investments		—			—			—
Change in net assets resulting from operations	$	189,202		$	56,124		$	27,735

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 69

	Wilmington Broad Market Bond Fund						Wilmington Intermediate-Term Bond Fund
	Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	4,063,257		$	8,096,058		$	2,771,275		$	3,406,061
Net realized gain (loss) on investments		3,900,025			6,123,925			2,312,964			4,066,312
Net change in unrealized appreciation (depreciation) of investments		1,880,383			1,282,204			779,658			(693,946	)
Change in net assets resulting from operations		9,843,665			15,502,187			5,863,897			6,778,427
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(97,956	)		(219,962	)		(115,686	)		(183,231	)
Class C		—			—			(6,462	)		(21,044	)
Class I		(4,202,447	)		(8,190,147	)		(2,712,696	)		(3,258,611	)
Distributions from net realized gain on investments
Class A		—			(155,794	)		—			(277,193	)
Class C		—			—			—			(46,621	)
Class I		—			(5,189,617	)		—			(3,682,030	)
Change in net assets resulting from distributions to shareholders		(4,300,403	)		(13,755,520	)		(2,834,844	)		(7,468,730	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		970,092			338,445			667,691			2,574,273
Class C		—			—			59,908			619,511
Class I		31,606,592			65,940,446			10,654,729			27,033,293
Proceeds from shares issued in connection with Reorganization (Note 8)		—			58,782,175						147,980,426
Distributions reinvested
Class A		69,496			337,682			94,904			392,754
Class C		—			—			5,466			56,008
Class I		2,068,408			9,693,413			1,324,244			4,689,799
Cost of shares redeemed
Class A		(2,107,892	)		(767,544	)		(1,752,311	)		(1,127,972	)
Class C		—			—			(369,403	)		(623,521	)
Class I		(35,444,097	)		(51,652,201	)		(28,591,909	)		(28,850,257	)
Change in net assets resulting from share transactions		(2,837,401	)		82,672,416			(17,906,681	)		152,744,314
Change in net assets		2,705,861			84,419,083			(14,877,628	)		152,054,011
NET ASSETS:
Beginning of period		300,406,813			215,987,730			267,745,576			115,691,565
End of period	$	303,112,674		$	300,406,813		$	252,867,948		$	267,745,576
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(141,287	)	$	95,859		$	(15,932	)	$	47,637
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		94,238			31,833			62,553			240,914
Class C		—			—			5,577			57,791
Class I		3,106,219			6,573,305			994,292			2,537,108
Shares issued in connection with Reorganization (Note 8)					5,858,174						13,946,072
Distributions reinvested
Class A		6,711			33,350			8,850			37,284
Class C		—			—			509			5,324
Class I		202,956			974,780			123,416			445,485
Shares redeemed
Class A		(204,588	)		(73,823	)		(163,907	)		(105,708	)
Class C		—			—			(34,482	)		(57,861	)
Class I		(3,482,823	)		(5,138,452	)		(2,668,680	)		(2,711,555	)
Net change resulting from share transactions		(277,287	)		8,259,167			(1,671,872	)		14,394,854

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

70 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Short-Term Corporate Bond Fund						Wilmington Short Duration Government Bond Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	1,196,316		$	2,709,526		$	1,240,510		$	2,204,554
Net realized gain (loss) on investments		424,402			378,568			39,631			1,826,640
Net change in unrealized appreciation (depreciation) of investments		897,381			63,770			(11,983	)		(1,991,670	)
Change in net assets resulting from operations		2,518,099			3,151,864			1,268,158			2,039,524
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(23,646	)		(127,699	)		(179,730	)		(384,724	)
Class C		(430	)		(1,852	)		(3,452	)		(15,881	)
Class I		(1,208,925	)		(2,645,212	)		(1,332,118	)		(2,532,776	)
Distributions from net realized gain on investments
Class A		—			(36,859	)		—			—
Class C		—			(1,477	)		—			—
Class I		—			(646,562	)		—			—
Change in net assets resulting from distributions to shareholders		(1,233,001	)		(3,459,661	)		(1,515,300	)		(2,933,381	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		374,976			6,816,943			539,177			3,592,852
Class C		26,550			197,370			335			355,365
Class I		31,264,495			63,222,247			10,998,050			61,490,495
Proceeds from shares issued in connection with Reorganization (Note 8)		—			—			—			63,847,406
Distributions reinvested
Class A		16,869			152,669			99,116			290,578
Class C		153			1,417			1,963			9,954
Class I		658,293			2,099,699			546,028			1,066,256
Cost of shares redeemed
Class A		(6,277,680	)		(9,920,311	)		(2,082,686	)		(3,585,926	)
Class C		(63,039	)		(240,015	)		(243,918	)		(681,389	)
Class I		(26,201,032	)		(52,413,258	)		(32,625,370	)		(51,428,411	)
Change in net assets resulting from share transactions		(200,415	)		9,916,761			(22,767,305	)		74,957,180
Change in net assets		1,084,683			9,608,964			(23,014,447	)		74,063,323
NET ASSETS:
Beginning of period		198,438,273			188,829,309			175,178,853			101,115,530
End of period	$	199,522,956		$	198,438,273		$	152,164,406		$	175,178,853
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(12,820	)	$	23,865		$	(326,347	)	$	(51,557	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		36,448			663,009			55,085			366,327
Class C		2,565			19,230			34			36,087
Class I		3,034,850			6,160,045			1,122,262			6,256,075
Shares issued in connection with Reorganization (Note 8)		—			—			—			6,515,306
Distributions reinvested
Class A		1,640			14,899			10,124			29,600
Class C		15			138			200			1,011
Class I		63,878			204,972			55,667			108,485
Shares redeemed
Class A		(610,763	)		(967,743	)		(212,988	)		(365,307	)
Class C		(6,112	)		(23,452	)		(24,882	)		(69,313	)
Class I		(2,545,459	)		(5,113,279	)		(3,327,868	)		(5,240,005	)
Net change resulting from share transactions		(22,938	)		957,819			(2,322,366	)		7,638,266

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 71

	Wilmington Municipal Bond Fund									Wilmington Maryland Municipal Bond Fund
	Six Months Ended October  31, 2012 (unaudited)			Ten Months Ended April 30, 2012 (a)			Year Ended June 30, 2011			Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	1,597,584		$	3,352,458		$	5,463,723		$	1,064,000		$	4,069,265
Net realized gain (loss) on investments		1,203,782			3,265,303			654,624			976,981			(421,195	)
Net change in unrealized appreciation (depreciation) of investments		1,241,671			5,001,572			(273,365	)		492,873			4,937,390
Change in net assets resulting from operations		4,043,037			11,619,333			5,844,982			2,533,854			8,585,460
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(8,432	)		(16,766	)		(20,833	)		(306,707	)		(1,221,463	)
Class I		(1,568,200	)		(3,335,788	)		(5,442,890	)		(755,144	)		(2,860,460	)
Distributions from net realized gain on investments
Class A		—			(10,129	)		(3,181	)		—			—
Class I		—			(1,733,845	)		(999,078	)		—			—
Change in net assets resulting from distributions to shareholders		(1,576,632	)		(5,096,528	)		(6,465,982	)		(1,061,851	)		(4,081,923	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		579,050			68,090			409,604			509,652			1,613,461
Class I		19,449,139			31,325,608			34,655,128			3,503,763			5,357,945
Distributions reinvested
Class A		5,418			22,813			16,031			226,357			990,695
Class I		366,713			2,373,765			2,386,205			90,314			335,735
Cost of shares redeemed
Class A		(49,699	)		(176,393	)		(247,382	)		(1,615,481	)		(2,486,938	)
Class I		(14,549,134	)		(35,697,116	)		(61,153,482	)		(3,462,674	)		(12,273,784	)
Change in net assets resulting from share transactions		5,801,487			2,083,233			(23,933,896	)		(748,069	)		(6,462,886	)
Change in net assets		8,267,892			4,439,572			(24,554,896	)		723,934			(1,959,349	)
NET ASSETS:
Beginning of period		146,716,707			142,277,135			166,832,031			111,502,307			113,461,656
End of period	$	154,984,599		$	146,716,707		$	142,277,135		$	112,226,241		$	111,502,307
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	20,751		$	(201	)	$	(105	)	$	23,568		$	21,419
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		41,764			5,004			31,504			49,579			161,476
Class I		1,399,201			2,307,549			2,623,517			341,669			533,219
Distributions reinvested
Class A		389			1,687			1,218			22,071			98,962
Class I		26,329			175,583			181,311			8,794			33,491
Shares redeemed
Class A		(3,580	)		(12,840	)		(19,039	)		(157,597	)		(248,089	)
Class I		(1,043,869	)		(2,627,310	)		(4,648,399	)		(337,277	)		(1,223,458	)
Net change resulting from share transactions		420,234			(150,327	)		(1,829,888	)		(72,761	)		(644,399	)

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

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

72 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington New York Municipal Bond Fund						Wilmington Pennsylvania Municipal Bond Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	1,230,943		$	3,084,645		$	1,186,646		$	3,464,568
Net realized gain (loss) on investments		819,078			1,125,425			1,257,219			1,084,003
Net change in unrealized appreciation (depreciation) of investments		550,288			4,137,027			(156,883	)		3,614,827
Change in net assets resulting from operations		2,600,309			8,347,097			2,286,982			8,163,398
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(358,931	)		(948,523	)		(97,114	)		(273,645	)
Class I		(878,798	)		(2,122,485	)		(1,087,480	)		(3,261,367	)
Change in net assets resulting from distributions to shareholders		(1,237,729	)		(3,071,008	)		(1,184,594	)		(3,535,012	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		131,694			1,396,095			657,884			746,960
Class I		7,996,614			14,491,388			2,085,726			8,778,763
Distributions reinvested
Class A		257,247			782,863			61,001			191,056
Class I		431,569			1,075,560			259,903			740,423
Cost of shares redeemed
Class A		(3,419,000	)		(2,935,575	)		(366,844	)		(394,669	)
Class I		(8,607,288	)		(13,100,538	)		(6,748,577	)		(15,281,446	)
Change in net assets resulting from share transactions		(3,209,164	)		1,709,793			(4,050,907	)		(5,218,913	)
Change in net assets		(1,846,584	)		6,985,882			(2,948,519	)		(590,527	)
NET ASSETS:
Beginning of period		110,012,271			103,026,389			100,945,280			101,535,807
End of period	$	108,165,687		$	110,012,271		$	97,996,761		$	100,945,280
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	17,783		$	24,569		$	39,141		$	37,089
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		12,373			134,466			62,153			72,848
Class I		749,009			1,394,887			197,298			844,582
Distributions reinvested
Class A		24,092			75,819			5,761			18,561
Class I		40,372			104,094			24,542			71,896
Shares redeemed
Class A		(319,856	)		(281,345	)		(34,585	)		(38,305	)
Class I		(806,410	)		(1,266,350	)		(638,586	)		(1,486,652	)
Net change resulting from share transactions		(300,420	)		161,571			(383,417	)		(517,070	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 73

	Wilmington Virginia Municipal Bond Fund						Wilmington Prime Money Market Fund
	Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	158,844		$	575,852		$	525,453		$	465,205
Net realized gain (loss) on investments		224,435			274,828			6,006			5,879
Net change in unrealized appreciation (depreciation) of investments		(92,107	)		594,440			—			—
Change in net assets resulting from operations		291,172			1,445,120			531,459			471,084
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(155,754	)		(573,992	)		—			—
Administrative Class		—			—			(73,125	)		(97,456	)
Institutional I Class		—			—			—			(96,235	)
Institutional Class		—			—			(5,822	)		(2,187	)
Class S		—			—			—			(511	)
Select Class		—			—			(408,300	)		(204,449	)
Service Class		—			—			(40,696	)		(30,012	)
Distributions from net realized gain on investments
Class A		—			(61,136	)		—			—
Administrative Class		—			—			—			(1,010	)
Institutional I Class		—			—			—			(1,762	)
Class S		—			—			—			(17	)
Select Class		—			—			—			(863	)
Service Class		—			—			—			(555	)
Change in net assets resulting from distributions to shareholders		(155,754	)		(635,128	)		(527,943	)		(435,057	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		345,600			1,309,355			—			—
Administrative Class		—			—			725,574,108			854,721,908
Institutional I Class		—			—			—			976,613,959
Institutional Class		—			—			112,546,848			42,909,072
Class S		—			—			—			53,086,901
Select Class		—			—			2,335,832,639			2,657,192,587
Service Class		—			—			1,517,323,497			474,230,548
Proceeds from shares issued in connection with Reorganization (Note 8)											2,179,476,547
Distributions reinvested
Class A		82,762			390,348			—			—
Administrative Class		—			—			—			5
Institutional I Class		—			—			—			6,058
Institutional Class		—			—			1,840			497
Class S		—			—			—			17
Select Class		—			—			71,622			59,435
Service Class		—			—			17,884			23,172
Cost of shares redeemed
Class A		(828,314	)		(2,938,549	)		—			—
Administrative Class		—			—			(749,702,289	)		(806,384,915	)
Institutional I Class		—			—			—			(1,488,987,356	)
Institutional Class		—			—			(115,447,940	)		(47,746,474	)
Class S		—			—			—			(58,957,563	)
Select Class		—			—			(2,284,332,364	)		(2,071,526,559	)
Service Class		—			—			(1,435,857,983	)		(552,021,749	)
Change in net assets resulting from share transactions		(399,952	)		(1,238,846	)		106,027,862			2,212,696,090
Change in net assets		(264,534	)		(428,854	)		106,031,378			2,212,732,117
NET ASSETS:
Beginning of period		20,374,382			20,803,236			3,711,119,127			1,498,387,010
End of period	$	20,109,848		$	20,374,382		$	3,817,150,505		$	3,711,119,127
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	3,428		$	338		$	10,611		$	13,101

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

74 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Virginia Municipal Bond Fund						Wilmington Prime Money Market Fund
	Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		30,861			118,674			—			—
Administrative Class		—			—			725,574,108			854,721,908
Institutional I Class		—			—			—			976,450,856
Institutional Class		—			—			112,546,848			42,909,072
Class S		—			—			—			53,081,909
Select Class		—			—			2,335,832,639			2,657,355,690
Service Class		—			—			1,517,323,497			474,235,600
Shares issued in connection with Reorganization (Note 8)		—			—			—			2,179,479,827
Distributions reinvested
Class A		7,353			35,467			—			—
Administrative Class		—			—			—			5
Institutional I Class		—			—			—			6,058
Institutional Class		—			—			1,840			497
Class S		—			—			—			17
Select Class		—			—			71,622			59,435
Service Class		—			—			17,884			23,172
Shares redeemed
Class A		(73,463	)		(266,033	)		—			—
Administrative Class		—			—			(749,702,289	)		(806,384,915	)
Institutional I Class		—			—			—			(1,488,987,356	)
Institutional Class		—			—			(115,447,940	)		(47,746,474	)
Class S		—			—			—			(58,957,563	)
Select Class		—			—			(2,284,332,364	)		(2,071,526,559	)
Service Class		—			—			(1,435,857,983	)		(552,021,749	)
Net change resulting from share transactions		(35,249	)		(111,892	)		106,027,862			2,212,699,430

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 75

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	189,202		$	262,741		$	56,124		$	128,116
Net realized gain (loss) on investments		—			31,971			—			13,750
Change in net assets resulting from operations		189,202			294,712			56,124			141,866
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(90,614	)		(203,073	)		(44,712	)		(100,268	)
Institutional Class		(4,172	)		(1,276	)		—			—
Select Class		(59,647	)		(49,244	)		(10,666	)		(24,945	)
Service Class		(41,681	)		(8,510	)		(463	)		(1,116	)
Distributions from net realized gain on investments
Administrative Class		—			(11,203	)		—			(15,067	)
Select Class		—			(2,131	)		—			(3,840	)
Service Class		—			(173	)		—			(143	)
Change in net assets resulting from distributions to shareholders		(196,114	)		(275,610	)		(55,841	)		(145,379	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		1,307,906,664			3,841,287,817			897,277,904			3,301,935,173
Institutional Class		10,626,446			97			—			—
Select Class		1,048,489,733			1,434,890,575			618,471,735			1,322,087,786
Service Class		946,512,326			379,016,399			6,781,020			23,723,341
Proceeds from shares issued in connection with Reorganization (Note 8)		—			1,785,990,941			—			—
Distributions reinvested
Administrative Class		591			5,148			28			5
Institutional Class		167			1			—			—
Select Class		1,125			1,523			2,812			7,776
Service Class		2,346			3,299			—			14
Cost of shares redeemed
Administrative Class		(1,471,692,023	)		(3,533,335,430	)		(984,987,463	)		(3,068,693,891	)
Institutional Class		(24,995,880	)		(14,039,669	)		—			—
Select Class		(1,076,525,290	)		(1,525,934,420	)		(581,034,262	)		(1,349,589,815	)
Service Class		(901,034,827	)		(279,249,973	)		(6,165,895	)		(25,441,891	)
Change in net assets resulting from share transactions		(160,708,622	)		2,088,636,308			(49,654,121	)		204,028,498
Change in net assets		(160,715,534	)		2,088,655,410			(49,653,838	)		204,024,985
NET ASSETS:
Beginning of period		3,972,860,996			1,884,205,586			1,128,446,020			924,421,035
End of period	$	3,812,145,462		$	3,972,860,996		$	1,078,792,182		$	1,128,446,020
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(21,730	)	$	(14,818	)	$	8,366		$	8,083
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		1,307,906,664			3,841,287,817			897,277,904			3,301,935,173
Institutional Class		10,626,446			97			—			—
Select Class		1,048,489,733			1,434,890,575			618,471,735			1,322,087,786
Service Class		946,512,326			379,016,421			6,781,020			23,723,341
Shares issued in connection with Reorganization (Note 8)		—			1,785,986,774			—			—
Distributions reinvested
Administrative Class		591			5,148			28			5
Institutional Class		167			1			—			—
Select Class		1,125			1,523			2,812			7,776
Service Class		2,346			3,299			—			14
Shares redeemed
Administrative Class		(1,471,692,023	)		(3,533,335,430	)		(984,987,463	)		(3,068,693,891	)
Institutional Class		(24,995,880	)		(14,039,669	)		—			—
Select Class		(1,076,525,290	)		(1,525,934,420	)		(581,034,262	)		(1,349,589,815	)
Service Class		(901,034,827	)		(279,249,973	)		(6,165,895	)		(25,441,891	)
Net change resulting from share transactions		(160,708,622	)		2,088,632,163			(49,654,121	)		204,028,498

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

76 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Tax-Exempt Money Market Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	27,735		$	23,126
Net realized gain (loss) on investments		—			46
Change in net assets resulting from operations		27,735			23,172
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(2,504	)		(4,780	)
Select Class		(21,957	)		(16,128	)
Service Class		(3,260	)		(1,848	)
Distributions from net realized gain on investments
Administrative Class		—			(23	)
Select Class		—			(54	)
Service Class		—			(4	)
Change in net assets resulting from distributions to shareholders		(27,721	)		(22,837	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		23,091,535			51,092,331
Select Class		390,204,844			181,390,336
Service Class		74,483,743			44,887,670
Proceeds from shares issued in connection with Reorganization (Note 8)		—			369,618,689
Distributions reinvested
Administrative Class		—			—
Select Class		439			493
Service Class		3,124			2,982
Cost of shares redeemed
Administrative Class		(24,189,481	)		(44,650,435	)
Select Class		(381,213,620	)		(242,756,850	)
Service Class		(70,929,708	)		(52,046,105	)
Change in net assets resulting from share transactions		11,450,876			307,539,111
Change in net assets		11,450,890			307,539,446
NET ASSETS:
Beginning of period		461,442,824			153,903,378
End of period	$	472,893,714		$	461,442,824
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	4,444		$	4,430
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		23,091,535			51,092,331
Select Class		390,204,844			181,390,336
Service Class		74,483,743			44,887,670
Shares issued in connection with Reorganization (Note 8)					369,702,380
Distributions reinvested
Administrative Class		—			—
Select Class		439			493
Service Class		3,124			2,982
Shares redeemed
Administrative Class		(24,189,481	)		(44,650,435	)
Select Class		(381,213,620	)		(242,756,850	)
Service Class		(70,929,708	)		(52,046,105	)
Net change resulting from share transactions		11,450,876			307,622,802

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 77

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

WILMINGTON BROAD MARKET BOND FUND
CLASS A	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.23			$10.16			$ 10.05			$  9.24			$ 9.77			$ 9.84
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.12			0.32			0.38			0.39			0.45			0.46
Net Realized and Unrealized Gain (Loss) on Investments		0.20			0.33			0.26			0.81			(0.54	)		(0.08	)
Total Income (Loss) From Operations		0.32			0.65			0.64			1.20			(0.09	)		0.38
Less Distributions From:
Net Investment Income		(0.13	)		(0.33	)		(0.38	)		(0.39	)		(0.44	)		(0.45	)
Net Realized Gains		—			(0.25	)		(0.15	)		—			—			—
Total Distributions		(0.13	)		(0.58	)		(0.53	)		(0.39	)		(0.44	)		(0.45	)
Net Asset Value, End of Period		$10.42			$10.23			$10.16			$10.05			$ 9.24			$9.77
Total Return(a)		3.15	%		6.54	%		6.50	%		13.13	%		(0.84	)%		3.93	%
Net Assets, End of Period (000’s)		$7,508			$8,431			$6,602			$6,289			$5,681			$5,572
Ratios to Average Net Assets
Gross Expense		1.13	%(f)		1.25	%		1.28	%		1.26	%		1.32	%		1.29	%
Net Expenses(b)		0.98	%(f)		1.00	%		1.00	%		0.84	%		0.78	%		0.88	%
Net Investment Income (Loss)		2.36	%(f)		3.12	%		3.76	%		4.00	%		4.75	%		4.66	%
Portfolio Turnover Rate		55	%		93	%		128	%		142	%		93	%		152	%
CLASS I(d)	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.07			$10.01			$ 9.90			$ 9.10			$ 9.63			$ 9.71
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.14			0.35			0.41			0.40			0.43			0.48
Net Realized and Unrealized Gain (Loss) on Investments		0.19			0.32			0.26			0.80			(0.50	)		(0.10	)
Total Income (Loss) From Operations		0.33			0.67			0.67			1.20			(0.07	)		0.38
Less Distributions From:
Net Investment Income		(0.15	)		(0.36	)		(0.41	)		(0.40	)		(0.46	)		(0.46	)
Net Realized Gains		—			(0.25	)		(0.15	)		—			—			—
Total Distributions		(0.15	)		(0.61	)		(0.56	)		(0.40	)		(0.46	)		(0.46	)
Net Asset Value, End of Period		$10.25			$10.07			$10.01			$ 9.90			$ 9.10			$ 9.63
Total Return(a)		3.26	%		6.90	%		6.93	%		13.39	%		(0.71	)%		4.03	%
Net Assets, End of Period (000’s)		$295,605			$291,976			$209,386			$205,794			$159,120			$91,416
Ratios to Average Net Assets
Gross Expense		0.88	%(f)		1.00	%		1.03	%		1.01	%		1.06	%		1.04	%
Net Expenses(b)		0.63	%(f)		0.66	%		0.66	%		0.64	%		0.64	%		0.73	%
Net Investment Income (Loss)		2.71	%(f)		3.47	%		4.12	%		4.21	%		4.83	%		4.80	%
Portfolio Turnover Rate		55	%		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 Institutional I Shares.

(e) Six months ended October 31, 2012 (unaudited).

(f) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

78 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON INTERMEDIATE-TERM BOND FUND
CLASS A	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.64			$10.76			$10.63			$  9.96			$ 9.97			$ 9.81
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.10			0.24			0.34			0.43			0.41			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.13			0.28			0.24			0.68			(0.00	)(d)		0.16
Total Income (Loss) From Operations		0.23			0.52			0.58			1.11			0.41			0.56
Less Distributions From:
Net Investment Income		(0.10	)		(0.25	)		(0.35	)		(0.44	)		(0.42	)		(0.40	)
Net Realized Gains		—			(0.39	)		(0.10	)		—			—			—
Total Distributions		(0.10	)		(0.64	)		(0.45	)		(0.44	)		(0.42	)		(0.40	)
Net Asset Value, End of Period		$10.77			$10.64			$10.76			$10.63			$ 9.96			$ 9.97
Total Return(a)		2.15	%		4.96	%		5.51	%		11.33	%		4.20	%		5.85	%
Net Assets, End of Period (000’s)		$12,117			$12,961			$6,744			$5,777			$2,619			$1,495
Ratios to Average Net Assets
Gross Expense		1.12	%(f)		1.35	%		1.43	%		1.41	%		1.35	%		1.36	%
Net Expenses(b)		0.95	%(f)		1.00	%		1.01	%		0.87	%		0.78	%		0.85	%
Net Investment Income (Loss)		1.78	%(f)		2.22	%		3.18	%		4.23	%		4.22	%		4.12	%
Portfolio Turnover Rate		25	%		253	%		485	%		164	%		191	%		279	%
CLASS C	2012(i)			2012			2011			2010(e)
Net Asset Value, Beginning of Period		$10.67			$10.78			$10.65			$10.55
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.06			0.16			0.25			0.02
Net Realized and Unrealized Gain (Loss) on Investments		0.12			0.32			0.25			0.10
Total Income (Loss) From Operations		0.18			0.48			0.50			0.12
Less Distributions From:
Net Investment Income		(0.06	)		(0.20	)		(0.27	)		(0.02	)
Net Realized Gains		—			(0.39	)		(0.10	)		—
Total Distributions		(0.06	)		(0.59	)		(0.37	)		(0.02	)
Net Asset Value, End of Period		$10.79			$10.67			$10.78			$10.65
Total Return(a)		1.68	%		4.28	%		4.79	%		1.10	%
Net Assets, End of Period (000’s)		$1,075			$1,366			$1,323			$48
Ratios to Average Net Assets
Gross Expense		1.87	%(f)		2.13	%		2.19	%		2.30	%(f)
Net Expenses(b)		1.68	%(f)		1.72	%		1.74	%		1.81	%(f)
Net Investment Income (Loss)		1.05	%(f)		1.52	%		2.39	%		3.30	%(f)
Portfolio Turnover Rate		25	%		253	%		485	%		164	%(g)

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 79

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

WILMINGTON INTERMEDIATE-TERM BOND FUND – (continued)
CLASS I(h)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.65			$10.77			$10.64			$  9.96			$ 9.97			$ 9.81
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.11			0.28			0.38			0.47			0.43			0.42
Net Realized and Unrealized Gain (Loss) on Investments		0.14			0.27			0.24			0.67			(0.01	)		0.16
Total Income (Loss) From Operations		0.25			0.55			0.62			1.14			0.42			0.58
Less Distributions From:
Net Investment Income		(0.12	)		(0.28	)		(0.39	)		(0.46	)		(0.43	)		(0.42	)
Net Realized Gains		—			(0.39	)		(0.10	)		—			—			—
Total Distributions		(0.12	)		(0.67	)		(0.49	)		(0.46	)		(0.43	)		(0.42	)
Net Asset Value, End of Period		$10.78			$10.65			$10.77			$10.64			$ 9.96			$ 9.97
Total Return(a)		2.33	%		5.33	%		5.96	%		11.62	%		4.35	%		6.01	%
Net Assets, End of Period (000’s)		$239,676			$253,419			$107,625			$122,553			$126,742			$178,343
Ratios to Average Net Assets
Gross Expense		0.87	%(f)		1.09	%		1.17	%		1.15	%		1.09	%		1.11	%
Net Expenses(b)		0.60	%(f)		0.64	%		0.66	%		0.63	%		0.63	%		0.70	%
Net Investment Income (Loss)		2.13	%(f)		2.58	%		3.54	%		4.49	%		4.31	%		4.27	%
Portfolio Turnover Rate		25	%		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) Represents less than $0.01.

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

(f) Annualized for periods less than one year.

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

(h) Formerly Institutional I Shares.

(i) Six months ended October 31, 2012 (unaudited).

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

80 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON SHORT-TERM CORPORATE BOND FUND
CLASS A	2012(h)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.28			$10.29			$  10.21			$  9.89			$ 9.87			$ 9.83
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.05			0.12			0.16			0.21			0.27			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.06			0.03			0.10			0.33			0.08			0.03
Total Income (Loss) From Operations		0.11			0.15			0.26			0.54			0.35			0.43
Less Distributions From:
Net Investment Income		(0.05	)		(0.12	)		(0.17	)		(0.22	)		(0.33	)		(0.39	)
Net Realized Gains		—			(0.04	)		(0.01	)		—			—			—
Total Distributions		(0.05	)		(0.16	)		(0.18	)		(0.22	)		(0.33	)		(0.39	)
Net Asset Value, End of Period		$10.34			$10.28			$10.29			$10.21			$ 9.89			$ 9.87
Total Return(a)		1.10	%		1.48	%		2.57	%		5.47	%		3.59	%		4.48	%
Net Assets, End of Period (000’s)		$3,045			$8,912			$11,905			$5,461			$453			$63
Ratios to Average Net Assets
Gross Expense		1.17	%(e)		1.37	%		1.45	%		1.49	%		1.48	%		1.49	%
Net Expenses(b)		0.86	%(e)		0.86	%		0.86	%		0.92	%		0.89	%		0.89	%
Net Investment Income (Loss)		0.97	%(e)		1.16	%		1.57	%		2.04	%		3.21	%		4.01	%
Portfolio Turnover Rate		33	%		73	%		142	%		81	%		94	%		80	%
CLASS C	2012(h)			2012			2011			2010(d)
Net Asset Value, Beginning of Period		$10.29			$10.30			$10.21			$10.18
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.01			0.04			0.08			0.01
Net Realized and Unrealized Gain (Loss) on Investments		0.07			0.04			0.11			0.03
Total Income (Loss) From Operations		0.08			0.08			0.19			0.04
Less Distributions From:
Net Investment Income		(0.01	)		(0.05	)		(0.09	)		(0.01	)
Net Realized Gains		—			(0.04	)		(0.01	)		—
Total Distributions		(0.01	)		(0.09	)		(0.10	)		(0.01	)
Net Asset Value, End of Period		$10.36			$10.29			$10.30			$10.21
Total Return(a)		0.81	%		0.71	%		1.89	%		0.35	%
Net Assets, End of Period (000’s)		$316			$350			$393			$130
Ratios to Average Net Assets
Gross Expense		1.93	%(e)		2.12	%		2.20	%		2.65	%(e)
Net Expenses(b)		1.61	%(e)		1.61	%		1.61	%		1.70	%(e)
Net Investment Income (Loss)		0.23	%(e)		0.42	%		0.79	%		1.57	%(e)
Portfolio Turnover Rate		33	%		73	%		142	%		81	%(f)

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 81

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

WILMINGTON SHORT-TERM CORPORATE BOND FUND – (continued)
CLASS I(g)	2012(h)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.28			$10.29			$10.21			$  9.89			$ 9.88			$ 9.83
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.06			0.15			0.18			0.23			0.33			0.41
Net Realized and Unrealized Gain (Loss) on Investments		0.08			0.03			0.10			0.32			0.02			0.05
Total Income (Loss) From Operations		0.14			0.18			0.28			0.55			0.35			0.46
Less Distributions From:
Net Investment Income		(0.07	)		(0.15	)		(0.19	)		(0.23	)		(0.34	)		(0.41	)
Net Realized Gains		—			(0.04	)		(0.01	)		—			—			—
Total Distributions		(0.07	)		(0.19	)		(0.20	)		(0.23	)		(0.34	)		(0.41	)
Net Asset Value, End of Period		$10.35			$10.28			$10.29			$10.21			$ 9.89			$ 9.88
Total Return(a)		1.32	%		1.74	%		2.83	%		5.66	%		3.64	%		4.74	%
Net Assets, End of Period (000’s)		$196,162			$189,176			$176,531			$108,636			$61,655			$54,417
Ratios to Average Net Assets
Gross Expense		0.93	%(e)		1.11	%		1.20	%		1.22	%		1.23	%		1.24	%
Net Expenses(b)		0.61	%(e)		0.61	%		0.61	%		0.71	%		0.73	%		0.74	%
Net Investment Income (Loss)		1.22	%(e)		1.42	%		1.81	%		2.32	%		3.42	%		4.17	%
Portfolio Turnover Rate		33	%		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 Institutional I Shares.

(h) Six months ended October 31, 2012 (unaudited).

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

82 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND
CLASS A	2012(j)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$9.79			$9.87			$9.90			$ 9.90			$ 9.78			$ 9.61
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.06			0.16			0.21	(h)		0.30			0.32			0.36
Net Realized and Unrealized Gain (Loss) on Investments		0.00	(i)		(0.02	)		0.00	(h)(i)		0.01			0.12			0.17
Total Income (Loss) From Operations		0.06			0.14			0.21			0.31			0.44			0.53
Less Distributions From:
Net Investment Income		(0.08	)		(0.22	)		(0.24	)		(0.31	)		(0.32	)		(0.36	)
Net Realized Gains		—			—			—			—			—			—
Total Distributions		(0.08	)		(0.22	)		(0.24	)		(0.31	)		(0.32	)		(0.36	)
Net Asset Value, End of Period		$9.77			$9.79			$9.87			$ 9.90			$ 9.90			$ 9.78
Total Return(a)		0.60	%		1.40	%		2.10	%		3.15	%		4.59	%		5.65	%
Net Assets, End of Period (000’s)		$21,394			$22,874			$16,848			$10,680			$5,209			$3,005
Ratios to Average Net Assets
Gross Expense		1.16	%(e)		1.27	%		1.36	%		1.36	%		1.25	%		1.26	%
Net Expenses(b)		0.89	%(e)		0.88	%		0.89	%		0.86	%		0.80	%		0.81	%
Net Investment Income (Loss)		1.27	%(e)		1.65	%		2.09	%(h)		3.04	%		3.27	%		3.76	%
Portfolio Turnover Rate		15	%		131	%		255	%		164	%		84	%		67	%
CLASS C	2012(j)			2012			2011			2010(d)
Net Asset Value, Beginning of Period		$9.81			$9.89			$9.92			$ 9.90
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.03			0.10			0.13	(h)		0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.01	)		(0.04	)		0.00	(h)(i)		0.02
Total Income (Loss) From Operations		0.02			0.06			0.13			0.03
Less Distributions From:
Net Investment Income		(0.04	)		(0.14	)		(0.16	)		(0.01	)
Net Realized Gains		—			—			—			—
Total Distributions		(0.04	)		(0.14	)		(0.16	)		(0.01	)
Net Asset Value, End of Period		$9.79			$9.81			$9.89			$ 9.92
Total Return(a)		0.21	%		0.61	%		1.29	%		0.30	%
Net Assets, End of Period (000’s)		$662			$905			$1,231			$210
Ratios to Average Net Assets
Gross Expense		1.91	%(e)		2.03	%		2.12	%		2.08	%(e)
Net Expenses(b)		1.66	%(e)		1.65	%		1.66	%		1.72	%(e)
Net Investment Income (Loss)		0.51	%(e)		1.00	%		1.28	%(h)		2.32	%(e)
Portfolio Turnover Rate		15	%		131	%		255	%		164	%(f)

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 83

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

WILMINGTON SHORT DURATION GOVERNMENT BOND FUND – (continued)
CLASS I(g)	2012(j)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$9.81			$9.89			$9.92			$ 9.92			$ 9.78			$ 9.61
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.08			0.18			0.23	(h)		0.32			0.35			0.38
Net Realized and Unrealized Gain (Loss) on Investments		(0.01	)		(0.02	)		0.00	(h)(i)		0.00	(i)		0.13			0.17
Total Income (Loss) From Operations		0.07			0.16			0.23			0.32			0.48			0.55
Less Distributions From:
Net Investment Income		(0.09	)		(0.24	)		(0.26	)		(0.32	)		(0.34	)		(0.38	)
Net Realized Gains		—			—			—			—			—			—
Total Distributions		(0.09	)		(0.24	)		(0.26	)		(0.32	)		(0.34	)		(0.38	)
Net Asset Value, End of Period		$9.79			$9.81			$9.89			$ 9.92			$ 9.92			$ 9.78
Total Return(a)		0.73	%		1.66	%		2.35	%		3.32	%		4.96	%		5.81	%
Net Assets, End of Period (000’s)		$130,108			$151,399			$83,037			$77,725			$69,442			$164,547
Ratios to Average Net Assets
Gross Expense		0.91	%(e)		1.01	%		1.11	%		1.11	%		0.99	%		1.01	%
Net Expenses(b)		0.64	%(e)		0.63	%		0.64	%		0.65	%		0.65	%		0.66	%
Net Investment Income (Loss)		1.52	%(e)		1.85	%		2.34	%(h)		3.25	%		3.45	%		3.91	%
Portfolio Turnover Rate		15	%		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 Institutional I Shares.

(h) 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%.

(i) Represent less than $0.01.

(j) Six months ended October 31, 2012 (unaudited).

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

84 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON MUNICIPAL BOND FUND†
CLASS A	Six Months Ended October  31, 2012 (unaudited)			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		$13.79			$13.18			$13.22			$12.64			$12.79			$12.75			$12.66
Income (Loss) From Operations:
Net Investment Income (Loss)		0.13			0.29			0.42			0.46			0.47			0.45			0.40
Net Realized and Unrealized Gain (Loss) on Investments		0.22			0.78			0.04			0.61			(0.10	)		0.04			0.09
Total Income (Loss) From Operations		0.35			1.07			0.46			1.07			0.37			0.49			0.49
Less Distributions From:
Net Investment Income		(0.13	)		(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		(0.13	)		(0.46	)		(0.50	)		(0.49	)		(0.52	)		(0.45	)		(0.40	)
Net Asset Value, End of Period		$14.01			$13.79			$13.18			$13.22			$12.64			$12.79			$12.75
Total Return(a)		2.53	%		8.18	%		3.56	%		8.57	%		3.04	%		3.86	%		3.92	%
Net Assets, End of Period (000’s)		$1,260			$708			$758			$579			$164			$11			$10
Ratios to Average Net Assets
Gross Expense		1.18	%(c)		0.92	%(c)		0.86	%		0.85	%		0.87	%		0.86	%		0.90	%
Net Expenses(b)		0.86	%(c)		0.87	%(c)		0.86	%		0.85	%		0.87	%		0.86	%		0.90	%
Net Investment Income (Loss)		1.83	%(c)		2.56	%(c)		3.20	%		3.55	%		3.50	%		3.48	%		3.15	%
Portfolio Turnover Rate		18	%		52	%		30	%		44	%		19	%		37	%		56	%
CLASS I	Six Months Ended October  31, 2012 (unaudited)			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		$13.79			$13.19			$13.22			$12.64			$12.79			$12.75			$12.66
Income (Loss) From Operations:
Net Investment Income (Loss)		0.14			0.32			0.45			0.49			0.50			0.48			0.43
Net Realized and Unrealized Gain (Loss) on Investments		0.22			0.77			0.05			0.61			(0.10	)		0.04			0.09
Total Income (Loss) From Operations		0.36			1.09			0.50			1.10			0.40			0.52			0.52
Less Distributions From:
Net Investment Income		(0.14	)		(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		(0.14	)		(0.49	)		(0.53	)		(0.52	)		(0.55	)		(0.48	)		(0.43	)
Net Asset Value, End of Period		$14.01			$13.79			$13.19			$13.22			$12.64			$12.79			$12.75
Total Return(a)		2.65	%		8.33	%		3.90	%		8.84	%		3.27	%		4.09	%		4.15	%
Net Assets, End of Period (000’s)		$153,725			$146,009			$141,519			$166,253			$135,073			$134,272			$113,118
Ratios to Average Net Assets
Gross Expense		0.92	%(c)		0.68	%(c)		0.61	%		0.60	%		0.62	%		0.61	%		0.65	%
Net Expenses(b)		0.61	%(c)		0.62	%(c)		0.61	%		0.60	%		0.62	%		0.61	%		0.65	%
Net Investment Income (Loss)		2.08	%(c)		2.80	%(c)		3.44	%		3.79	%		3.99	%		3.70	%		3.37	%
Portfolio Turnover Rate		18	%		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) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(c) Annualized for periods less than one year.

† Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Municipal Bond Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* 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)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 85

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

WILMINGTON MARYLAND MUNICIPAL BOND FUND
CLASS A	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  10.17			$  9.77			$  9.98			$ 9.50			$ 9.82			$10.10
Income (Loss) From Operations:
Net Investment Income (Loss)		0.09			0.34	(c)		0.36	(c)		0.38	(c)		0.40	(c)		0.39	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.13			0.40			(0.21	)		0.49			(0.30	)		(0.26	)
Total Income (Loss) From Operations		0.22			0.74			0.15			0.87			0.10			0.13
Less Distributions From:
Net Investment Income		(0.09	)		(0.34	)		(0.36	)		(0.39	)		(0.40	)		(0.39	)
Net Realized Gains		—			—			—			—			(0.02	)		(0.02	)
Total Distributions		(0.09	)		(0.34	)		(0.36	)		(0.39	)		(0.42	)		(0.41	)
Net Asset Value, End of Period		$10.30			$10.17			$9.77			$ 9.98			$ 9.50			$  9.82
Total Return(a)		2.15	%		7.71	%		1.54	%		9.24	%		1.10	%		1.30	%
Net Assets, End of Period (000’s)		$35,670			$36,079			$34,550			$42,303			$38,627			$41,846
Ratios to Average Net Assets
Gross Expense		1.18	%(f)		1.36	%		1.38	%		1.38	%		1.38	%		1.39	%
Net Expenses(b)		0.95	%(f)		0.94	%		0.94	%		0.82	%		0.79	%		0.81	%
Net Investment Income (Loss)		1.70	%(f)		3.41	%		3.62	%		3.90	%		4.21	%		3.95	%
Portfolio Turnover Rate		26	%		34	%		6	%		8	%		6	%		3	%
CLASS I(d)	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  10.18			$  9.79			$  9.99			$ 9.51			$ 9.83			$10.11
Income (Loss) From Operations:
Net Investment Income (Loss)		0.10			0.37	(c)		0.39	(c)		0.40	(c)		0.41	(c)		0.40	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.14			0.39			(0.20	)		0.48			(0.30	)		(0.26	)
Total Income (Loss) From Operations		0.24			0.76			0.19			0.88			0.11			0.14
Less Distributions From:
Net Investment Income		(0.10	)		(0.37	)		(0.39	)		(0.40	)		(0.41	)		(0.40	)
Net Realized Gains		—			—			—			—			(0.02	)		(0.02	)
Total Distributions		(0.10	)		(0.37	)		(0.39	)		(0.40	)		(0.43	)		(0.42	)
Net Asset Value, End of Period		$10.32			$10.18			$9.79			$ 9.99			$ 9.51			$  9.83
Total Return(a)		2.39	%		7.89	%		1.90	%		9.33	%		1.20	%		1.40	%
Net Assets, End of Period (000’s)		$76,556			$75,423			$78,912			$85,039			$79,494			$86,933
Ratios to Average Net Assets
Gross Expense		0.93	%(f)		1.11	%		1.13	%		1.13	%		1.13	%		1.14	%
Net Expenses(b)		0.67	%(f)		0.66	%		0.67	%		0.70	%		0.70	%		0.72	%
Net Investment Income (Loss)		1.98	%(f)		3.69	%		3.90	%		4.02	%		4.30	%		4.05	%
Portfolio Turnover Rate		26	%		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 Institutional I Shares.

(e) Six months ended October 31, 2012 (unaudited).

(f) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

86 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON NEW YORK MUNICIPAL BOND FUND
CLASS A	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  10.59			$  10.08			$  10.25			$  9.89			$10.25			$10.51
Income (Loss) From Operations:
Net Investment Income (Loss)		0.11			0.28	(c)		0.35	(c)		0.35	(c)		0.38	(c)		0.39	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.14			0.51			(0.16	)		0.36			(0.34	)		(0.27	)
Total Income (Loss) From Operations		0.25			0.79			0.19			0.71			0.04			0.12
Less Distributions From:
Net Investment Income		(0.11	)		(0.28	)		(0.36	)		(0.35	)		(0.40	)		(0.38	)
Net Realized Gains		—			—			—			—			—			—
Total Distributions		(0.11	)		(0.28	)		(0.36	)		(0.35	)		(0.40	)		(0.38	)
Net Asset Value, End of Period		$10.73			$10.59			$10.08			$10.25			$  9.89			$10.25
Total Return(a)		2.39	%		7.99	%		1.83	%		7.28	%		0.44	%		1.21	%
Net Assets, End of Period (000’s)		$32,498			$35,099			$34,107			$40,748			$33,904			$60,836
Ratios to Average Net Assets
Gross Expense		1.17	%(f)		1.36	%		1.40	%		1.40	%		1.40	%		1.39	%
Net Expenses(b)		0.84	%(f)		0.84	%		0.84	%		0.80	%		0.75	%		0.79	%
Net Investment Income (Loss)		2.07	%(f)		2.73	%		3.47	%		3.42	%		3.96	%		3.70	%
Portfolio Turnover Rate		21	%		87	%		67	%		64	%		102	%		119	%
CLASS I(d)	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  10.60			$  10.08			$  10.26			$  9.89			$10.25			$10.51
Income (Loss) From Operations:
Net Investment Income (Loss)		0.13			0.31	(c)		0.38	(c)		0.36	(c)		0.41	(c)		0.40	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.13			0.52			(0.18	)		0.37			(0.36	)		(0.27	)
Total Income (Loss) From Operations		0.26			0.83			0.20			0.73			0.05			0.13
Less Distributions From:
Net Investment Income		(0.13	)		(0.31	)		(0.38	)		(0.36	)		(0.41	)		(0.39	)
Net Realized Gains		—			—			—			—			—			—
Total Distributions		(0.13	)		(0.31	)		(0.38	)		(0.36	)		(0.41	)		(0.39	)
Net Asset Value, End of Period		$10.73			$10.60			$10.08			$10.26			$  9.89			$10.25
Total Return(a)		2.42	%		8.33	%		1.97	%		7.54	%		0.54	%		1.31	%
Net Assets, End of Period (000’s)		$75,668			$74,913			$68,919			$67,239			$57,173			$42,737
Ratios to Average Net Assets
Gross Expense		0.92	%(f)		1.11	%		1.15	%		1.15	%		1.15	%		1.16	%
Net Expenses(b)		0.59	%(f)		0.59	%		0.59	%		0.64	%		0.65	%		0.66	%
Net Investment Income (Loss)		2.31	%(f)		2.99	%		3.71	%		3.58	%		4.11	%		3.83	%
Portfolio Turnover Rate		21	%		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 Institutional I Shares.

(e) Six months ended October 31, 2012 (unaudited).

(f) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 87

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

WILMINGTON PENNSYLVANIA MUNICIPAL BOND FUND
CLASS A	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.50			$10.02			$  10.13			$  9.87			$10.02			$10.09
Income (Loss) From Operations:
Net Investment Income (Loss)		0.11			0.34	(c)		0.33	(c)		0.37	(c)		0.37	(c)		0.35	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.12			0.48			(0.11	)		0.26			(0.14	)		(0.07	)
Total Income (Loss) From Operations		0.23			0.82			0.22			0.63			0.23			0.28
Less Distributions From:
Net Investment Income		(0.11	)		(0.34	)		(0.33	)		(0.37	)		(0.37	)		(0.35	)
Net Realized Gains		—			—			—			—			(0.01	)		—
Total Distributions		(0.11	)		(0.34	)		(0.33	)		(0.37	)		(0.38	)		(0.35	)
Net Asset Value, End of Period		$10.62			$10.50			$10.02			$10.13			$  9.87			$10.02
Total Return(a)		2.24	%		8.37	%		2.33	%		6.51	%		2.39	%		2.87	%
Net Assets, End of Period (000’s)		$9,128			$8,678			$7,750			$6,727			$4,731			$5,344
Ratios to Average Net Assets
Gross Expense		1.17	%(f)		1.35	%		1.40	%		1.38	%		1.37	%		1.38	%
Net Expenses(b)		0.92	%(f)		0.94	%		0.95	%		0.95	%		0.95	%		0.95	%
Net Investment Income (Loss)		2.15	%(f)		3.23	%		3.30	%		3.69	%		3.77	%		3.54	%
Portfolio Turnover Rate		15	%		37	%		19	%		8	%		21	%		14	%
CLASS I(d)	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.51			$10.03			$  10.13			$  9.87			$10.02			$10.09
Income (Loss) From Operations:
Net Investment Income (Loss)		0.13			0.35	(c)		0.36	(c)		0.38	(c)		0.38	(c)		0.37	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.11			0.50			(0.10	)		0.26			(0.14	)		(0.08	)
Total Income (Loss) From Operations		0.24			0.85			0.26			0.64			0.24			0.29
Less Distributions From:
Net Investment Income		(0.13	)		(0.37	)		(0.36	)		(0.38	)		(0.38	)		(0.36	)
Net Realized Gains		—			—			—			—			(0.01	)		—
Total Distributions		(0.13	)		(0.37	)		(0.36	)		(0.38	)		(0.39	)		(0.36	)
Net Asset Value, End of Period		$10.62			$10.51			$10.03			$10.13			$  9.87			$10.02
Total Return(a)		2.27	%		8.57	%		2.57	%		6.62	%		2.49	%		2.97	%
Net Assets, End of Period (000’s)		$88,869			$92,268			$93,786			$98,299			$106,029			$117,723
Ratios to Average Net Assets
Gross Expense		0.92	%(f)		1.10	%		1.15	%		1.13	%		1.12	%		1.13	%
Net Expenses(b)		0.67	%(f)		0.69	%		0.70	%		0.83	%		0.85	%		0.85	%
Net Investment Income (Loss)		2.40	%(f)		3.48	%		3.54	%		3.82	%		3.87	%		3.64	%
Portfolio Turnover Rate		15	%		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 Institutional I Shares.

(e) Six months ended October 31, 2012 (unaudited).

(f) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

88 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON VIRGINIA MUNICIPAL BOND FUND
CLASS A	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$11.21			$10.78			$10.86			$10.67			$10.67			$10.90
Income (Loss) From Operations:
Net Investment Income (Loss)		0.09			0.31	(c)		0.35	(c)		0.37	(c)		0.38	(c)		0.40	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.07			0.45			(0.08	)		0.19			0.00	(d)		(0.14	)
Total Income (Loss) From Operations		0.16			0.76			0.27			0.56			0.38			0.26
Less Distributions From:
Net Investment Income		(0.09	)		(0.30	)		(0.35	)		(0.37	)		(0.38	)		(0.39	)
Net Realized Gains		—			(0.03	)		—			—			(0.00	)(d)		(0.10	)
Total Distributions		(0.09	)		(0.33	)		(0.35	)		(0.37	)		(0.38	)		(0.49	)
Net Asset Value, End of Period		$11.28			$11.21			$10.78			$10.86			$10.67			$10.67
Total Return(a)		1.39	%		7.22	%		2.48	%		5.28	%		3.73	%		2.47	%
Net Assets, End of Period (000’s)		$20,110			$20,374			$20,803			$21,238			$20,085			$16,570
Ratios to Average Net Assets
Gross Expense		1.58	%(f)		1.73	%		1.79	%		1.81	%		1.88	%		1.77	%
Net Expenses(b)		0.96	%(f)		0.96	%		0.94	%		0.82	%		0.84	%		0.88	%
Net Investment Income (Loss)		1.53	%(f)		2.78	%		3.21	%		3.40	%		3.62	%		3.67	%
Portfolio Turnover Rate		26	%		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) Six months ended October 31, 2012 (unaudited).

(f) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 89

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

WILMINGTON PRIME MONEY MARKET FUND
ADMINISTRATIVE CLASS(d)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.012			0.042
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.012			0.042
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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	)		(0.000	)		(0.012	)		(0.042	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.02	%		0.03	%		0.04	%		0.04	%		1.25	%		4.29	%
Net Assets, End of Period (000’s)		$440,593			$464,721			$416,387			$425,103			$447,219			$1,104,416
Ratios to Average Net Assets
Gross Expense		0.97	%(h)		0.80	%		0.75	%		0.77	%		0.74	%		0.74	%
Net Expenses(b)		0.17	%(h)		0.16	%		0.25	%		0.26	%		0.53	%		0.52	%
Net Investment Income (Loss)		0.03	%(h)		0.02	%		0.04	%		0.04	%		1.55	%		3.93	%
INSTITUTIONAL CLASS	2012(i)			2012(e)
Net Asset Value, Beginning of Period		$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		0.000	(c)
Total Income (Loss) From Operations		0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)
Return of Capital		—			—
Total Distributions		(0.000	)		(0.000	)
Net Asset Value, End of Period		$1.000			$1.000
Total Return(a)		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$39,173			$42,072
Ratios to Average Net Assets
Gross Expense		0.47	%(h)		0.46	%(h)
Net Expenses(b)		0.17	%(h)		0.16	%(h)
Net Investment Income (Loss)		0.03	%(h)		0.04	%(h)
SELECT CLASS(f)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.011			0.041
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.011			0.041
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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	)		(0.000	)		(0.011	)		(0.041	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.02	%		0.02	%		0.01	%		0.02	%		1.13	%		4.14	%
Net Assets, End of Period (000’s)		$2,476,357			$2,424,783			$345,931			$459,497			$630,429			$837,674
Ratios to Average Net Assets
Gross Expense		0.72	%(h)		0.73	%		0.75	%		0.77	%		0.76	%		0.75	%
Net Expenses(b)		0.17	%(h)		0.16	%		0.28	%		0.29	%		0.67	%		0.67	%
Net Investment Income (Loss)		0.03	%(h)		0.03	%		0.01	%		0.02	%		1.20	%		3.97	%

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

90 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON PRIME MONEY MARKET FUND – (continued)
SERVICE CLASS(g)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.013			0.043
Net Realized and Unrealized Gain (Loss) on Investments		0.000	(c)		0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.013			0.043
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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	)		(0.000	)		(0.013	)		(0.043	)
Net Asset Value, End of Period		$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.03	%		1.30	%		4.35	%
Net Assets, End of Period (000’s)		$861,028			$779,543			$217,836			$244,661			$320,238			$459,544
Ratios to Average Net Assets
Gross Expense		0.97	%(h)		0.98	%		1.00	%		1.02	%		1.00	%		0.99	%
Net Expenses(b)		0.20	%(h)		0.18	%		0.28	%		0.28	%		0.49	%		0.47	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.03	%		1.42	%		3.98	%

(a) Total returns for periods of less than one year, if any, 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) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.

(f) Formerly Class A Shares.

(g) Formerly Class A2 Shares.

(h) Annualized for periods less the one year.

(i) Six months ended October 31, 2012 (unaudited).

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 91

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

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
ADMINISTRATIVE CLASS(d)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		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			0.000			0.012			0.040
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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	)		(0.000	)		(0.012	)		(0.040	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.02	%		1.23	%		4.09	%
Net Assets, End of Period (000’s)		$1,637,327			$1,801,115			$1,493,139			$1,582,317			$1,642,160			$1,417,435
Ratios to Average Net Assets
Gross Expense		0.96	%(h)		0.79	%		0.73	%		0.74	%		0.73	%		0.73	%
Net Expenses(b)		0.15	%(h)		0.12	%		0.25	%		0.29	%		0.58	%		0.55	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.02	%		1.17	%		3.88	%
INSTITUTIONAL CLASS	2012(i)			2012(e)
Net Asset Value, Beginning of Period		$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)
Total Income (Loss) From Operations		0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(c)		(0.000	)(c)
Return of Capital		—			—
Total Distributions		(0.000	)		(0.000	)
Net Asset Value, End of Period		$1.000			$1.000
Total Return(a)		0.01	%		0.00	%
Net Assets, End of Period (000’s)		$70,953			$85,322
Ratios to Average Net Assets
Gross Expense		0.46	%(h)		0.46	%(h)
Net Expenses(b)		0.15	%(h)		0.13	%(h)
Net Investment Income (Loss)		0.01	%(h)		0.01	%(h)
SELECT CLASS(f)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		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			0.000			0.013			0.041
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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	)		(0.000	)		(0.000	)		(0.000	)		(0.013	)		(0.041	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.02	%		1.34	%		4.20	%
Net Assets, End of Period (000’s)		$1,185,109			$1,213,146			$355,506			$496,004			$1,394,758			$2,196,947
Ratios to Average Net Assets
Gross Expense		0.71	%(h)		0.72	%		0.74	%		0.75	%		0.73	%		0.73	%
Net Expenses(b)		0.15	%(h)		0.12	%		0.26	%		0.32	%		0.48	%		0.45	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.02	%		1.38	%		3.97	%

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

92 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND – (continued)
SERVICE CLASS(g)	2012(i)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		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			0.000			0.011			0.038
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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	)		(0.000	)		(0.011	)		(0.038	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.02	%		1.14	%		3.97	%
Net Assets, End of Period (000’s)		$918,756			$873,278			$35,561			$35,502			$42,427			$26,789
Ratios to Average Net Assets
Gross Expense		0.96	%(h)		0.97	%		0.98	%		1.00	%		0.99	%		0.99	%
Net Expenses(b)		0.15	%(h)		0.13	%		0.25	%		0.30	%		0.73	%		0.70	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.02	%		0.97	%		3.77	%

(a) Total returns for periods of less than one year, if any, 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) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.

(f) Formerly Institutional I Shares.

(g) Formerly Class A Shares.

(h) Annualized for periods less the one year.

(i) Six months ended October 31, 2012 (unaudited).

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 93

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

WILMINGTON U.S. TREASURY MONEY MARKET FUND
ADMINISTRATIVE CLASS(d)	2012(g)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.006			0.035
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			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)		(0.000	)(c)		(0.006	)		(0.035	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.02	%		0.58	%		3.51	%
Net Assets, End of Period (000’s)		$821,597			$909,306			$676,070			$654,530			$752,284			$447,430
Ratios to Average Net Assets
Gross Expense		0.97	%(h)		0.80	%		0.74	%		0.73	%		0.74	%		0.75	%
Net Expenses(b)		0.14	%(h)		0.06	%		0.16	%		0.22	%		0.54	%		0.64	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.03	%		0.39	%		3.22	%
SELECT CLASS(e)	2012(g)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.005			0.033
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			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)		(0.000	)(c)		(0.005	)		(0.033	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.02	%		0.54	%		3.40	%
Net Assets, End of Period (000’s)		$247,671			$210,231			$71,929			$141,648			$133,754			$103,488
Ratios to Average Net Assets
Gross Expense		0.73	%(h)		0.73	%		0.74	%		0.74	%		0.74	%		0.76	%
Net Expenses(b)		0.14	%(h)		0.06	%		0.17	%		0.20	%		0.60	%		0.74	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.02	%		0.48	%		3.32	%
SERVICE CLASS(f)	2012(g)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.004			0.031
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)		—			—			—			—
Total Income (Loss) From Operations		0.000			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)		(0.000	)(c)		(0.004	)		(0.031	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.02	%		0.43	%		3.14	%
Net Assets, End of Period (000’s)		$9,524			$8,909			$10,627			$10,755			$10,271			$21,153
Ratios to Average Net Assets
Gross Expense		0.97	%(h)		0.99	%		0.99	%		0.98	%		0.99	%		1.01	%
Net Expenses(b)		0.14	%(h)		0.06	%		0.16	%		0.20	%		0.74	%		0.99	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.02	%		0.45	%		3.27	%

(a) Total returns for periods of less than one year, if any, 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 S Shares.

(g) Six months ended October 31, 2012 (unaudited).

(h) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

94 FINANCIAL HIGHLIGHTS (concluded)

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

WILMINGTON TAX-EXEMPT MONEY MARKET FUND
ADMINISTRATIVE CLASS(d)	2012(g)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.001			0.012			0.026
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)		—			—			—			0.001
Total Income (Loss) From Operations		0.000			0.000			0.000			0.001			0.012			0.027
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.03	%		0.06	%		1.25	%		2.74	%
Net Assets, End of Period (000’s)		$40,415			$41,513			$33,322			$36,870			$49,143			$39,081
Ratios to Average Net Assets
Gross Expense		0.99	%(h)		0.87	%		0.83	%		0.78	%		0.78	%		0.82	%
Net Expenses(b)		0.17	%(h)		0.23	%		0.39	%		0.45	%		0.56	%		0.54	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.03	%		0.06	%		1.21	%		2.64	%
SELECT CLASS(e)	2012(g)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.001			0.014			0.028
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)		—			—			—			0.001
Total Income (Loss) From Operations		0.000			0.000			0.000			0.001			0.014			0.029
Less Distributions From:
Net Investment Income		(0.000	)(c)		(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			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.03	%		0.09	%		1.40	%		2.88	%
Net Assets, End of Period (000’s)		$371,543			$362,551			$108,802			$83,916			$180,584			$70,133
Ratios to Average Net Assets
Gross Expense		0.74	%(h)		0.77	%		0.83	%		0.78	%		0.78	%		0.90	%
Net Expenses(b)		0.17	%(h)		0.23	%		0.39	%		0.41	%		0.42	%		0.39	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.03	%		0.10	%		1.14	%		2.75	%
SERVICE CLASS(f)	2012(g)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income (Loss)		0.000	(c)		0.000	(c)		0.000	(c)		0.000	(c)		0.010			0.024
Net Realized and Unrealized Gain (Loss) on Investments		—			0.000	(c)		—			—			—			0.001
Total Income (Loss) From Operations		0.000			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)		(0.000	)(c)		(0.010	)		(0.025	)
Net Asset Value, End of Period		$1.000			$1.000			$ 1.000			$ 1.000			$ 1.000			$ 1.000
Total Return(a)		0.01	%		0.01	%		0.01	%		0.03	%		1.00	%		2.49	%
Net Assets, End of Period (000’s)		$60,936			$57,379			$11,779			$18,949			$21,338			$22,194
Ratios to Average Net Assets
Gross Expense		0.99	%(h)		1.02	%		1.08	%		1.04	%		1.03	%		1.08	%
Net Expenses(b)		0.17	%(h)		0.23	%		0.41	%		0.47	%		0.80	%		0.79	%
Net Investment Income (Loss)		0.01	%(h)		0.01	%		0.01	%		0.04	%		0.99	%		2.44	%

(a) Total returns for periods of less than one year, if any, 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) Six months ended October 31, 2012 (unaudited).

(h) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 95

Wilmington Funds

October 31, 2012 (unaudited)

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 25 portfolios, 13 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 12 funds 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: Class A, Class C, Service Class, Select Class, Administrative Class, Class I and Institutional Class. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

Effective January 23, 2012, shares of the MTB Money Market Fund, MTB New York Tax-Free Money Market Fund, MTB Pennsylvania Tax-Free Money Market 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 Class, Class I Shares were converted to Select Class and Class I2 Shares were converted to Administrative Class. In addition, for the MTB Money Market Fund, Class A2 Shares and Class S Shares were combined and converted to Service Class and Class I Shares and Class A Shares were combined and converted to Select Class. Class A

(continued on next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

96 NOTES TO FINANCIAL STATEMENTS

Shares, Class C Shares, and Institutional I Shares were renamed Class A, Class C and Class I, 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 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 October 31, 2012, there were no transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value 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.

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Inflation/deflation adjustments on Treasury Inflation-Protected Securities are included in interest income. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

All Funds, except Virginia Municipal Bond Fund, 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 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.

(continued on next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 97

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 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.

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 six months ended October 31, 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.”

As of October 31, 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	$	14,123,530	$	14,452,501
Intermediate-Term Bond Fund		24,478,497		25,089,186
Short-Term Corporate Bond Fund		705,626		720,999

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.

(continued on next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

98 NOTES TO FINANCIAL STATEMENTS

3. FEDERAL TAX INFORMATION

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 fiscal years or periods ended 2011, 2010 and 2009, remain subject to examination by the Internal Revenue Service.

The tax character of distributions for the corresponding fiscal 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.

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.

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October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 99

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

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

Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) (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. 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	%
U.S. Government Money Market Fund		0.40	%
U.S. Treasury Money Market Fund		0.40	%
Tax-Exempt Money Market Fund		0.40	%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.

	Contractual Expense Limitations
	Class A			Class C			Class I
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

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.

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

100 NOTES TO FINANCIAL STATEMENTS

Administrative Fee – The Bank of New York 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.

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	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 six months ended October 31, 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’ Class A, Administrative Class and Service Class shares, and up to 1.00% of the average daily net assets of the Funds’ Class 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 six months ended October 31, 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
Broad Market Bond Fund	$	7,307
Intermediate-Term Bond Fund		10,022
Short-Term Corporate Bond Fund		2,883
Short Duration Government Bond Fund		21,372
Municipal Bond Fund		301
Maryland Municipal Bond Fund		40,191
New York Municipal Bond Fund		40,494
Pennsylvania Municipal Bond Fund		11,246
Virginia Municipal Bond Fund		23,345

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 six months ended October 31, 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 Class A		CDSC Charges from Class C
Broad Market Bond Fund	$	2,528	$	—
Intermediate-Term Bond Fund		7,614		9
Short-Term Corporate Bond Fund		4		—
Short Duration Government Bond Fund		219		—
Municipal Bond Fund		1,235		—
Maryland Municipal Bond Fund		3,972		—
New York Municipal Bond Fund		3,382		—
Pennsylvania Municipal Bond Fund		16,081		—

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A, Class C, Class I, Administrative Class, Select Class and Service Class 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 six months ended October 31, 2012, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services Fee
Broad Market Bond Fund	$	2,315
Intermediate-Term Bond Fund		2,900
Short Duration Government Bond Fund		24
Maryland Municipal Bond Fund		4,703
Prime Money Market Fund		68,839
Tax-Exempt Money Market Fund		111

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.

BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.

General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.

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October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 101

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the six months ended October 31, 2012 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund	$	146,723,458	$	152,964,130
Intermediate-Term Bond Fund		50,798,241		53,753,712
Short-Term Corporate Bond Fund		57,172,039		53,411,344
Short Duration Government Bond Fund		15,715,083		53,835,648
Municipal Bond Fund		38,482,720		26,796,762
Maryland Municipal Bond Fund		30,717,772		28,336,270
New York Municipal Bond Fund		22,490,340		24,597,380
Pennsylvania Municipal Bond Fund		14,810,157		20,097,450
Virginia Municipal Bond Fund		5,245,350		6,070,151

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2012 as follows:

Fund	U.S. Government Securities
	Purchases		Sales
Broad Market Bond Fund	$	18,701,070	$	12,745,565
Intermediate-Term Bond Fund		11,638,186		8,841,056
Short-Term Corporate Bond Fund		6,577,210		11,386,769
Short Duration Government Bond Fund		8,995,273		1,462,461

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 October 31, 2012, 32.2% for Municipal Bond Fund, 17.8% for Maryland Municipal Bond Fund, 47.8% for New York Municipal Bond Fund, 29.8% for Pennsylvania Municipal Bond Fund and 38.5% 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 10.3% for Municipal Bond Fund, 7.5% for Maryland Municipal Bond Fund, 23.5% for New York Municipal Bond Fund, 13.5% for Pennsylvania Municipal Bond Fund and 26.8% 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 BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the

Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is February 8, 2012 however this was extended to March 11, 2013. The Funds did not utilize the LOC for the six months ended October 31, 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.

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

102 NOTES TO FINANCIAL STATEMENTS

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
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 Class A	$	1,867,478		183,086		183,257
Institutional Shares in exchange for Class I		56,914,697		5,582,079		5,674,917
							$	292,788,066

The net assets of the Acquired Fund included net unrealized appreciation on investments of $5,205,025 and accumulated net realized gains of $2,566.

The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $9,552,266, $8,006,754 and $18,927,561

Wilmington Intermediate-Term Bond Fund	Value of Shares		Acquired Fund Shares Prior to Reorganization		Shares Issued by  Acquiring Fund		Net Assets
Acquiring Fund
MTB Intermediate-Term Bond Fund							$	114,500,229
Acquired Funds
Wilmington Short/Intermediate-Term Bond Fund								147,980,426
Class A Shares in exchange for Class A	$	4,443,745		422,307		418,433
Institutional Shares in exchange for Class I		143,536,681		13,503,815		13,527,639
							$	262,480,655

The net assets of the Acquired Fund included net unrealized appreciation on investments of $9,114,247 and accumulated net realized gains of $8,512.

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

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October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 103

Wilmington Short Duration Government Bond Fund	Value of Shares		Acquired Fund Shares Prior to Reorganization		Shares Issued by  Acquiring Fund		Net Assets
Acquiring Fund
MTB Short Duration Government Bond Fund							$	123,764,502
Acquired Funds
MTB U.S. Government Bond Fund								63,847,406
Class A	$	5,861,284		585,561		599,123
Class I		57,986,122		5,791,381		5,916,183
							$	187,611,908

The net assets of the Acquired Fund included net unrealized depreciation on investments of $4,641,551 and accumulated net realized losses of $2,927,170.

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 Class	$	1,208,345,372		1,208,360,799		1,208,360,799
Service Shares in exchange for Service Class		639,474,385		639,458,864		639,458,864
Institutional Shares in exchange for Institutional Class		46,909,309		46,909,485		46,909,485
MTB Prime Money Market Fund								284,747,481
Corporate Shares in exchange for Select Class		284,747,481		284,750,679		284,750,679
							$	3,728,031,341

The net assets of the Acquired Fund(s) included accumulated net realized gains/(losses) of $738 for the Wilmington Prime Money Market Fund and ($728) for the MTB Prime Money Market Fund.

The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $688,854, $8,792 and $697,646, respectively.

Wilmington U.S. Government Money Market Fund	Value of Shares		Acquired Fund Shares Prior to Reorganization		Shares Issued by  Acquiring Fund		Net Assets
Acquiring Fund
MTB U.S. Government Money Market Fund							$	2,199,868,466
Acquired Funds
Wilmington U.S. Government Money Market Fund								1,785,990,941
W Shares in exchange for Select Class	$	737,947,983		737,931,587		737,931,587
Service Shares in exchange for Service Class		948,680,846		948,691,128		948,691,128
Institutional Shares in exchange for Institutional Class		99,362,112		99,364,059		99,364,059
							$	3,985,859,407

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

104 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 Class	$	260,019,317		260,026,244		260,026,244
Institutional Shares in exchange for Select Class		145,662		145,667		145,667
MTB New York Tax-Free Money Market Fund								87,841,224
Service Class		46,004,012		46,049,092		46,049,092
Select Class		41,837,212		41,868,889		41,868,889
MTB Pennsylvania Tax-Free Money Market Fund								21,612,486
Service Class		6,751,848		6,752,580		6,752,580
Select Class		13,112,355		13,111,398		13,111,398
Administrative Class		1,748,283		1,748,510		1,748,510
							$	498,858,200

The financial statements of the Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on May 1, 2011, the pro forma net investment income, net gain on investments and net increase in net assets from operations for the fiscal year ended April 30, 2012 would have been $53,382, $77 and $53,459, respectively.

In exchange for their shares (A Shares and Institutional Shares), shareholders of the WT Municipal Bond Fund received an identical number of shares of the corresponding class (Class A and Class I) of the Municipal Bond Fund, with an aggregate net asset value equal to the aggregate net asset value of their shares immediately prior to the Reorganization. The Municipal Bond Fund had no operations prior to March 9, 2012. The Wilmington Municipal Bond Fund investment objectives, policies and limitations were identical to those of the Municipal Bond Fund. Accordingly, for financial reporting purposes, the operating history of the WT Municipal Bond Fund prior to the Reorganization is reflected in the financial statements and financial highlights.

9. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.

10. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that the following event requires disclosure in the Funds’ financial statements through this date.

On June 22, 2012, the Board approved an Agreement and Plans of Reorganization (the “Plans”) which provided for the transfer of all the assets of the Pennsylvania Municipal Bond Fund and the Virginia Municipal Bond Fund (the “Target Funds”) for shares of the Municipal Bond Fund (the “Acquiring Fund”). Shareholders approved the Plan at a meeting held on November 15, 2012 and the reorganization closed on December 3, 2012 based on net asset values determined as of the close of business on November 30, 2012. The acquisition was accomplished by through tax-free exchange of assets and shares.

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October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 105

The purpose of this transaction was to combine the three Funds with the same Investment Manager and with substantially similar investment objectives, policies, and restrictions. Due to the small size of the 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 Municipal Bond Fund was deemed to be the accounting survivor.

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

106

Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

107

PRIVACY POLICY AND NOTICE OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

The Funds collect nonpublic personal information about you from the following sources:

• We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income.

• We may receive information from you, or from your financial representative, through transactions with us or others, correspondence and other communications. Examples of this information include specific investments and your account balances.

• We may obtain other personal information from you in connection with providing you a financial product or service. Examples of this information include depository, debit or credit account numbers.

Information Sharing Policy

The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:

• We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders.

• We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney.

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Information Security:

When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.

The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.

Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.

Employee Access to Information:

Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.

Visiting The Funds’ Website:

The Funds’ website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.

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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

108

• 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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

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-SAR-MM/FI-1012

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.

October 31, 2012

PRESIDENT’S MESSAGE AND

Semi-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”)

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”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	3
Notes to Portfolios of Investments	57
Statements of Assets and Liabilities	58
Statements of Operations	60
Statements of Changes in Net Assets	62
Financial Highlights	65
Notes to Financial Statements	72
Board Approval of Investment Advisory Agreements	79

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”). This report covers the first half of the Trust’s fiscal year, which is the six-month reporting period from May 1, 2012 through October 31, 2012. Inside, you will find a complete listing of each Fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond, and stock markets over the six-month reporting period.

The Economy

The U.S. economic expansion continued in 2012, though its pace remained tepid. The production of goods and services grew 2.0%, 1.3%, and 3.1% faster than the rate of inflation during the year’s first three quarters, respectively. U.S. consumer spending propelled the gains, though consumers were still cautious amid the long, slow recovery from the Great Recession of 2007–2009. Retail and food sales, for example, amounted to $1.06 trillion during our fiscal half-year, up 2.6% in real (inflation-adjusted) terms over the same period in 2011. The housing market showed signs of rebounding, and inflation averaged about 2.0%.

If consumers were feeling somewhat better, business managers remained wary. During the first, second, and third quarters of 2012, investments in U.S. plants, property, and equipment expected to last three years or more were made at lower rates than they had been made in the corresponding quarters in 2008. Employers likewise remained cautious in hiring. The number of U.S. private sector workers grew in all six months of our fiscal half-year, but the rate of private-sector job growth remained the slowest of any post-World War II recovery. At the end of October there were still 3.9 million fewer private-sector workers than there had been at the labor market’s January 2008 peak. Much of the blame for soft business enthusiasm was laid at the doorsteps of Congress and the White House. Many business leaders said lawmakers needed to make meaningful changes in U.S. tax and spending policies to shore up the nation’s finances and to clarify the legal and regulatory environment.

Despite the modest rate of expansion, the U.S. recovery in 2012 looked solid in relation to economic conditions in Europe, where a recession appeared to be worsening. Greece appeared likely to remain at least a near-term participant in the continent’s common currency experiment, but Spain, Portugal, Italy all joined Greece in struggling under heavy sovereign debts. There was much debate about the possibility of developing common fiscal policies and banking regulations. In China, growth appeared to slow, though it remained strong in absolute terms. On balance, the global economy appeared to be expanding at a modest rate.

The Bond Markets

The good times rolled on in the U.S. bond market during the first half of our fiscal year. The Barclays Capital U.S. Aggregate Bond Index returned 2.8%. The index tracks the overall market for taxable, investment-grade U.S. bonds and includes U.S. Treasury and agency securities, corporate bonds, and mortgage-backed securities (MBS). The gain was propelled by strong results among corporate and MBS issues, into which investors piled as the search for investment opportunities with meaningful yields continued.

The yield of the 10-year U.S. Treasury note, against which many other interest rates are set, declined from 1.95% at the end of April to a low of 1.43% in late July before climbing to 1.72% at the end of October. The net decrease of nearly a quarter of a percentage point boosted the prices of bonds across the market.

The S&P Municipal Bond Index¹ returned 3.7%. Demand for shares of municipal bond mutual funds, which account for much of the total demand for municipal bonds, rebounded as investors appeared to conclude that fears of widespread municipal bankruptcies were overblown. As the second half of our fiscal year got under way, however, there were fears that some or all of the federal income tax exemption on most municipal bond interest income could be stripped as part of efforts in Washington to raise tax revenues. As of this writing, no changes had been made, and we would caution investors not to allow potential changes in tax policy to drive their investment decisions.

PRESIDENT’S MESSAGE  /  October 31, 2012

ii

For the six-month reporting period May 1, 2012 through October 31, 2012, certain Barclays Capital indices performed as follows²:

Barclays Capital U.S. Aggregate Bond Index3	Barclays Capital U.S. Treasury Bond Index4		Barclays Capital U.S. Mortgage- Backed Securities Index5		Barclays Capital U.S. Credit Bond Index6		Barclays Capital Municipal Bond Index7
2.75%		1.76%		1.39%		5.86%		3.34%

The Stock Markets

Stocks generally coasted during the six months ended October 31, 2012. Six broad stock market indices, which together offer a rough portrait of the world’s equity securities, returned between -1.3% and 2.5% in U.S. dollars during the period. The only negative return was that of the MSCI Emerging Markets (Net) Index⁸. The strongest return was recorded by the Russell Top 200 Index⁹, which tracks mega-capitalization U.S. stocks. In between were the returns of the Russell Midcap Index¹⁰ of U.S. stocks (+0.3%), the Russell 2000 Index¹¹ of small-cap U.S. stocks (+1.0%), the MSCI EAFE (Net) Index¹² of developed international stock markets (+2.1%), and the S&P 500 Index¹³, a widely watched gauge consistently mainly of large-cap U.S. stocks (+2.2%).

After-tax U.S. profits—a significant driver of share prices—grew rapidly in 2012. During the first three quarters of the year, they jumped 19%, 15%, and 18% on a year-over-year basis. Investors look ahead, however, not just back, and many of them appeared concerned about the ability of companies to continue to deliver strong profit growth in 2013. Analysts’ estimates of future profits fell more or less steadily in the second half of 2012, a pessimism that might account for some of equity investors’ caution. Conditions in Europe, the slowdown in China, and the “fiscal cliff” of scheduled U.S. tax hikes and spending cuts that loomed over the latter part of 2012 likely also played roles. The Congressional Budget Office estimated that the tax increases and spending cuts had a net value of $560 billion annually. We and a great many other investment managers believed that if lawmakers allowed the U.S. economy to sail off the cliff—that is, if they made no adjustments to the planned tax hikes and spending reductions—a new recession would ensue. As we write this letter, President Obama and House Speaker Boehner were said to be negotiating over potential policy changes, and we were confident that a relatively small portion of the tax increases and spending cuts would take effect in 2013 as scheduled.

For the six-month reporting period May 1, 2012 through October 31, 2012, certain stock market indices performed as follows:

S&P 500 Index13	Dow Jones Industrial Average14		NASDAQ Composite Index15		MSCI All Country World ex-US  (Net) Index16
2.16%		0.46%		-1.61%		1.21%

The Trust, with assets of $12.6 billion as of October 31, 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 income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds can provide you with the diversification, flexibility, and professional management you need.¹⁸

Sincerely,

Sam Guerrieri

President

December 20, 2012

October 31, 2012   /  PRESIDENT’S MESSAGE

iii

For more complete information, please download the Trust’s prospectus, which is available on 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 Trust’s 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.

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. 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.

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

3. Barclays Capital U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index.

4. Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

5. Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

6. Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

7. Barclays Capital Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

8. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

9. Russell Top 200 Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200 Index is a subset of the Russell 3000 Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market.

10. Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.

11. Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

12. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

13. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

14. Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

15. NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

16. MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices.

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

18. Diversification does not assure a profit nor protect against loss.

Sector allocation percentages are based on total net assets at period 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. Cash Equivalents are defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents.

PRESIDENT’S MESSAGE  /  October 31, 2012

1

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 May 1, 2012 to October 31, 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 5/1/12		Ending Account Value 10/31/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON LARGE-CAP GROWTH FUND
Actual
Class A	$	1,000.00	$	949.80	$	6.98		1.42	%
Class I	$	1,000.00	$	951.20	$	5.11		1.04	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,018.05	$	7.22		1.42	%
Class I	$	1,000.00	$	1,019.96	$	5.30		1.04	%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class A	$	1,000.00	$	1,010.30	$	2.53		0.50	%
Class I	$	1,000.00	$	1,011.50	$	1.27		0.25	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class I	$	1,000.00	$	1,023.95	$	1.28		0.25	%
WILMINGTON LARGE-CAP VALUE FUND
Actual
Class A	$	1,000.00	$	989.00	$	6.62		1.32	%
Class I	$	1,000.00	$	991.40	$	5.22		1.04	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class I	$	1,000.00	$	1,019.96	$	5.30		1.04	%
WILMINGTON MID-CAP GROWTH FUND
Actual
Class A	$	1,000.00	$	945.40	$	6.08		1.24	%
Class I	$	1,000.00	$	946.10	$	5.30		1.08	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,018.95	$	6.31		1.24	%
Class I	$	1,000.00	$	1,019.76	$	5.50		1.08	%

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

2

	Beginning Account Value 5/1/12		Ending Account Value 10/31/12		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON SMALL-CAP GROWTH FUND
Actual
Class A	$	1,000.00	$	969.30	$	7.30		1.47	%
Class C	$	1,000.00	$	969.40	$	7.55		1.52	%
Class I	$	1,000.00	$	970.30	$	6.21		1.25	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,017.80	$	7.48		1.47	%
Class C	$	1,000.00	$	1,017.54	$	7.73		1.52	%
Class I	$	1,000.00	$	1,018.90	$	6.36		1.25	%
WILMINGTON SMALL-CAP STRATEGY FUND
Actual
Class I	$	1,000.00	$	1,010.70	$	1.27		0.25	%
Hypothetical (assuming a 5% return before expense)
Class I	$	1,000.00	$	1,023.95	$	1.28		0.25	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

3

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Growth Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks
Information Technology		33.2	%
Consumer Discretionary		16.0	%
Health Care		13.6	%
Industrials		11.3	%
Consumer Staples		11.1	%
Energy		5.5	%
Financials		4.8	%
Materials		2.4	%
Telecommunication Services		1.6	%
Cash Equivalents1		4.0	%
Other Assets and Liabilities – Net2		(3.5	)%
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

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.5%
CONSUMER DISCRETIONARY – 16.0%
AUTO COMPONENTS – 0.5%
*BorgWarner, Inc.		7,250	$	477,195
DISTRIBUTORS – 0.7%
*LKQ Corp.		28,600		597,454
HOTELS RESTAURANTS & LEISURE – 1.0%
*DineEquity, Inc.		6,800		426,360
*Panera Bread Co.		2,330		392,931
			$	819,291
INTERNET & CATALOG RETAIL – 2.0%
*Amazon.com, Inc.		7,500		1,746,150
MEDIA – 3.7%
CBS Corp., Non-Voting		74,200		2,404,080
Comcast Corp.		20,000		750,200
			$	3,154,280

Description	Number of Shares		Value
MULTILINE RETAIL – 2.1%
Nordstrom, Inc.		8,550	$	485,384
Target Corp.		21,000		1,338,750
			$	1,824,134
SPECIALTY RETAIL – 2.2%
*Bed Bath & Beyond, Inc.		12,000		692,160
12GameStop Corp.		14,900		340,167
Ltd. Brands, Inc.		9,200		440,588
*Vitamin Shoppe, Inc.		6,970		398,963
			$	1,871,878
TEXTILES, APPAREL & LUXURY GOODS – 3.8%
Coach, Inc.		8,270		463,533
*Lululemon Athletica, Inc.		5,780		398,878
*Michael Kors Holdings Ltd.		12,000		656,280
NIKE, Inc.		11,000		1,005,180
PVH Corp.		6,500		714,935
			$	3,238,806
TOTAL CONSUMER DISCRETIONARY			$	13,729,188

(Wilmington Large-Cap Growth Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

4 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Growth Fund (continued)

Description	Number of Shares		Value
CONSUMER STAPLES – 11.1%
BEVERAGES – 4.9%
Coca-Cola Co.		48,000	$	1,784,640
PepsiCo, Inc.		35,000		2,423,400
			$	4,208,040
FOOD & STAPLES RETAILING – 2.4%
Costco Wholesale Corp.		11,000		1,082,730
Whole Foods Market, Inc.		10,000		947,300
			$	2,030,030
FOOD PRODUCTS – 0.3%
*,12Green Mountain Coffee Roasters, Inc.		9,650		233,144
HOUSEHOLD PRODUCTS – 0.4%
Church & Dwight Co., Inc.		6,550		332,478
PERSONAL PRODUCTS – 1.2%
Estee Lauder Cos., Inc.		10,000		616,200
12Herbalife Ltd.		8,030		412,341
			$	1,028,541
TOBACCO – 1.9%
Philip Morris International, Inc.		19,000		1,682,640
TOTAL CONSUMER STAPLES			$	9,514,873
ENERGY – 5.5%
ENERGY EQUIPMENT & SERVICES – 3.9%
*Cameron International Corp.		7,750		392,460
Core Laboratories NV		3,705		384,060
*FMC Technologies, Inc.		4,300		175,870
Lufkin Industries, Inc.		4,350		217,543
National Oilwell Varco, Inc.		10,000		737,000
Schlumberger Ltd.		20,000		1,390,600
			$	3,297,533
OIL, GAS & CONSUMABLE FUELS – 1.6%
Cabot Oil & Gas Corp.		7,750		364,095
Noble Energy, Inc.		3,770		358,188
Peabody Energy Corp.		9,200		256,680
*Whiting Petroleum Corp.		9,980		419,360
			$	1,398,323
TOTAL ENERGY			$	4,695,856
FINANCIALS – 4.8%
CAPITAL MARKETS – 1.1%
Raymond James Financial, Inc.		14,600		556,844
T Rowe Price Group, Inc.		5,930		385,094
			$	941,938

Description	Number of Shares		Value
COMMERCIAL BANKS – 0.6%
*SVB Financial Group		4,720	$	267,105
*Texas Capital Bancshares, Inc.		5,220		247,793
			$	514,898
CONSUMER FINANCE – 0.8%
American Express Co.		13,000		727,610
DIVERSIFIED FINANCIAL SERVICES – 0.5%
*IntercontinentalExchange, Inc.		3,175		415,925
INSURANCE – 0.4%
Brown & Brown, Inc.		14,450		369,198
REAL ESTATE INVESTMENT TRUSTS – 0.9%
American Tower Corp.		10,000		752,900
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%
*CBRE Group, Inc.		22,800		410,856
TOTAL FINANCIALS			$	4,133,325
HEALTH CARE – 13.6%
BIOTECHNOLOGY – 3.9%
*Biogen Idec, Inc.		5,000		691,100
*Celgene Corp.		11,000		806,520
*Gilead Sciences, Inc.		24,000		1,611,840
*Regeneron Pharmaceuticals, Inc.		1,700		241,910
			$	3,351,370
HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%
*Alere, Inc.		14,850		285,120
*Intuitive Surgical, Inc.		812		440,283
12ResMed, Inc.		9,100		363,454
Stryker Corp.		18,000		946,800
			$	2,035,657
HEALTH CARE PROVIDERS & SERVICES – 3.9%
*Express Scripts Holding Co.		36,300		2,233,902
UnitedHealth Group, Inc.		19,800		1,108,800
			$	3,342,702
HEALTH CARE TECHNOLOGY – 0.6%
*Allscripts Healthcare Solutions, Inc.		15,700		202,844
*Cerner Corp.		4,100		312,379
			$	515,223
LIFE SCIENCES TOOLS & SERVICES – 0.3%
*Life Technologies Corp.		5,400		264,114

(Wilmington Large-Cap Growth Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 5

Wilmington Large-Cap Growth Fund (continued)

Description	Number of Shares		Value
PHARMACEUTICALS – 2.5%
Allergan, Inc.		4,000	$	359,680
*Auxilium Pharmaceuticals, Inc.		8,200		167,936
Bristol-Myers Squibb Co.		27,000		897,750
*,12MAP Pharmaceuticals, Inc.		16,900		260,598
Perrigo Co.		4,350		500,293
			$	2,186,257
TOTAL HEALTH CARE			$	11,695,323
INDUSTRIALS – 11.3%
AEROSPACE & DEFENSE – 4.7%
Boeing Co.		22,000		1,549,680
HEICO Corp.		8,487		258,684
Precision Castparts Corp.		1,810		313,257
United Technologies Corp.		25,000		1,954,000
			$	4,075,621
AIR FREIGHT & LOGISTICS – 1.5%
CH Robinson Worldwide, Inc.		6,100		368,013
Expeditors International of Washington, Inc.		6,750		247,117
United Parcel Service, Inc.		9,000		659,250
			$	1,274,380
COMMERCIAL SERVICES & SUPPLIES – 0.4%
12Waste Connections, Inc.		9,450		310,244
ELECTRICAL EQUIPMENT – 1.1%
AMETEK, Inc.		5,300		188,415
*Babcock & Wilcox Co.		15,400		396,858
Rockwell Automation, Inc.		5,550		394,383
			$	979,656
INDUSTRIAL CONGLOMERATES – 1.6%
Danaher Corp.		26,000		1,344,980
MACHINERY – 1.6%
Cummins, Inc.		3,700		346,246
Graco, Inc.		10,140		487,328
Joy Global, Inc.		5,300		330,985
Pall Corp.		4,105		258,451
			$	1,423,010
TRADING COMPANIES & DISTRIBUTORS – 0.4%
Fastenal Co.		7,600		339,720
TOTAL INDUSTRIALS			$	9,747,611
INFORMATION TECHNOLOGY – 33.2%
COMMUNICATIONS EQUIPMENT – 3.7%
12ADTRAN, Inc.		17,450		294,730
*Aruba Networks, Inc.		17,275		313,887

Description	Number of Shares		Value
*F5 Networks, Inc.		3,290	$	271,359
QUALCOMM, Inc.		40,000		2,343,000
			$	3,222,976
COMPUTERS & PERIPHERALS – 11.9%
Apple, Inc.		14,000		8,331,400
*EMC Corp.		65,000		1,587,300
*,12Stratasys, Inc.		4,250		283,348
			$	10,202,048
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.7%
*,12IPG Photonics Corp.		6,640		352,451
National Instruments Corp.		10,175		239,723
			$	592,174
INTERNET SOFTWARE & SERVICES – 2.1%
*Google, Inc.		2,700		1,835,379
IT SERVICES – 6.5%
Global Payments, Inc.		7,150		305,662
International Business Machines Corp.		20,000		3,890,600
Mastercard, Inc.		3,000		1,382,790
			$	5,579,052
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.2%
Altera Corp.		13,550		413,004
*Lam Research Corp.		10,200		361,080
MKS Instruments, Inc.		11,000		259,930
			$	1,034,014
SOFTWARE – 7.1%
*ANSYS, Inc.		6,960		493,325
*Autodesk, Inc.		14,420		459,133
*Citrix Systems, Inc.		6,470		399,911
Microsoft Corp.		95,000		2,710,825
Oracle Corp.		55,000		1,707,750
*Sourcefire, Inc.		6,860		293,539
			$	6,064,483
TOTAL INFORMATION TECHNOLOGY			$	28,530,126
MATERIALS – 2.4%
CHEMICALS – 1.6%
Ashland, Inc.		5,660		402,709
EI du Pont de Nemours & Co.		12,000		534,240
*WR Grace & Co.		6,700		429,872
			$	1,366,821
CONTAINERS & PACKAGING – 0.6%
*Crown Holdings, Inc.		13,300		508,725

(Wilmington Large-Cap Growth Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

6 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Growth Fund (concluded)

Description	Number of Shares		Value
METALS & MINING – 0.2%
Walter Industries, Inc.		4,850	$	169,556
TOTAL MATERIALS			$	2,045,102
TELECOMMUNICATION SERVICES – 1.6%
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.6%
Verizon Communications, Inc.		30,000		1,339,200
TOTAL COMMON STOCKS (COST $68,541,689)			$	85,430,604
MONEY MARKET FUND – 0.6%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		512,189		512,189
TOTAL MONEY MARKET FUND (COST $512,189)			$	512,189
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $69,053,878)			$	85,942,793
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.4%
REPURCHASE AGREEMENTS – 3.4%
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.33%, dated 10/31/12, due 11/01/12, repurchase price $1,000,009, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 1/01/27 to 10/20/42; total market value of $1,020,000.	$	1,000,000		1,000,000

Description	Par Value		Value
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $1,000,011, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $1,020,000.	$	1,000,000	$	1,000,000
Morgan Stanley & Co., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $945,411, collateralized by U.S. Government Securities 2.50% to 5.00%, maturing 12/01/25 to 10/01/42; total market value of $964,310.		945,402		945,402
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,945,402)			$	2,945,402
TOTAL INVESTMENTS – 103.5% (COST $71,999,280)			$	88,888,195
COLLATERAL FOR SECURITIES ON LOAN – (3.4%)				(2,945,402	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(97,812	)
TOTAL NET ASSETS – 100.0%			$	85,844,981

Cost of investments for Federal income tax purposes is $72,479,023. The net unrealized appreciation/(depreciation) of investments was $16,409,172. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $17,974,974 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,565,802.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	85,430,604	$	—	$	—	$	85,430,604
Money Market Fund		512,189		—		—		512,189
Repurchase Agreements		—		2,945,402		—		2,945,402
Total	$	85,942,793	$	2,945,402	$	—	$	88,888,195

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

7

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks
Information Technology		18.2	%
Financials		15.9	%
Consumer Discretionary		12.3	%
Health Care		11.9	%
Industrials		10.6	%
Energy		10.4	%
Consumer Staples		9.9	%
Materials		4.0	%
Utilities		3.6	%
Telecommunication Services		3.0	%
Investment Company		0.1	%
Preferred Stock		0.0	%3
Rights		0.0	%3
Warrants		0.0	%3
Cash Equivalents1		2.6	%
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.

(3) Represents less than 0.05%

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.8%
CONSUMER DISCRETIONARY – 12.3%
AUTO COMPONENTS – 0.4%
*BorgWarner, Inc.		3,440	$	226,421
*Delphi Automotive PLC		9,700		304,968
12Gentex Corp.		2,390		41,156
*Goodyear Tire & Rubber Co.		4,660		53,171
Johnson Controls, Inc.		16,730		430,797
Lear Corp.		2,400		102,240
*TRW Automotive Holdings Corp.		1,010		46,975
*Visteon Corp.		1,500		66,150
			$	1,271,878

Description	Number of Shares		Value
AUTOMOBILES – 0.5%
Ford Motor Co.		88,120	$	983,419
*General Motors Co.		18,400		469,200
Harley-Davidson, Inc.		7,950		371,742
*,12Tesla Motors, Inc.		1,500		42,195
Thor Industries, Inc.		280		10,648
			$	1,877,204
DISTRIBUTORS – 0.2%
Genuine Parts Co.		4,960		310,397
*LKQ Corp.		12,480		260,707
			$	571,104

(Wilmington Large-Cap Strategy Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

8 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
DIVERSIFIED CONSUMER SERVICES – 0.1%
*Apollo Group, Inc.		2,487	$	49,939
12DeVry, Inc.		2,020		53,045
H&R Block, Inc.		6,160		109,032
Service Corp. International		10,870		152,615
12Weight Watchers International, Inc.		1,560		78,390
			$	443,021
HOTELS RESTAURANTS & LEISURE – 1.9%
*Bally Technologies, Inc.		700		34,944
Brinker International, Inc.		4,020		123,816
Carnival Corp.		10,120		383,346
*Chipotle Mexican Grill, Inc.		350		89,085
12Choice Hotels International, Inc.		60		1,877
Darden Restaurants, Inc.		2,540		133,655
12Dunkin’ Brands Group, Inc.		900		27,900
International Game Technology		7,000		89,880
Las Vegas Sands Corp.		12,120		562,853
Marriott International, Inc.		7,072		257,987
McDonald’s Corp.		23,599		2,048,393
*MGM Resorts International		9,410		97,017
*Panera Bread Co.		845		142,501
*Penn National Gaming, Inc.		2,480		100,266
Royal Caribbean Cruises Ltd.		4,080		137,374
Starbucks Corp.		19,760		906,984
Starwood Hotels & Resorts Worldwide, Inc.		4,330		224,510
Wendy’s Co.		1,200		5,124
Wyndham Worldwide Corp.		3,460		174,384
Wynn Resorts Ltd.		2,320		280,859
Yum! Brands, Inc.		12,150		851,837
			$	6,674,592
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		7,070		148,187
12Garmin Ltd.		1,290		49,007
Harman International Industries, Inc.		1,180		49,477
*Jarden Corp.		1,560		77,688
12Leggett & Platt, Inc.		3,670		97,365
12Lennar Corp.		2,710		101,544
*Mohawk Industries, Inc.		1,650		137,725
Newell Rubbermaid, Inc.		3,120		64,397
*NVR, Inc.		130		117,486
*PulteGroup, Inc.		10,640		184,498
*,12Tempur-Pedic International, Inc.		600		15,864
*Toll Brothers, Inc.		4,050		133,691
Tupperware Brands Corp.		2,700		159,570
Whirlpool Corp.		2,450		239,316
			$	1,575,815

Description	Number of Shares		Value
INTERNET & CATALOG RETAIL – 1.0%
*Amazon.com, Inc.		9,430	$	2,195,493
12Expedia, Inc.		3,120		184,548
*Liberty Interactive Corp.		18,350		367,000
*Liberty Ventures		1,223		69,601
*,12Netflix, Inc.		1,180		93,326
*priceline.com, Inc.		1,330		763,114
*TripAdvisor, Inc.		3,120		94,505
			$	3,767,587
LEISURE EQUIPMENT & PRODUCTS – 0.2%
12Hasbro, Inc.		3,490		125,605
Mattel, Inc.		10,650		391,707
Polaris Industries, Inc.		2,000		169,000
			$	686,312
MEDIA – 3.8%
*AMC Networks, Inc.		1,685		78,723
Cablevision Systems Corp.		6,540		113,927
CBS Corp., Non-Voting		16,530		535,572
*Charter Communications, Inc.		1,700		131,597
*Clear Channel Outdoor Holdings, Inc.		500		3,330
Comcast Corp.		68,080		2,553,681
*DIRECTV		16,890		863,248
* Discovery Communications, Inc.		6,500		383,630
DISH Network Corp.		4,680		166,748
*,12DreamWorks Animation SKG, Inc.		2,290		46,647
Gannett Co., Inc.		2,190		37,011
12Interpublic Group of Cos., Inc.		8,720		88,072
John Wiley & Sons, Inc.		2,100		91,098
*,12Lamar Advertising Co.		2,400		94,200
*Liberty Global, Inc.		7,220		433,417
*Liberty Media Corp. – Liberty Capital		2,943		328,645
*Madison Square Garden Co.		87		3,581
McGraw-Hill Cos., Inc.		7,440		411,283
Morningstar, Inc.		1,100		69,278
*,12News Corp.		49,230		1,177,582
Omnicom Group, Inc.		8,090		387,592
12Regal Entertainment Group		770		11,827
Scripps Networks Interactive, Inc.		2,280		138,442
*Sirius XM Radio, Inc.		123,100		344,680
Thomson Reuters Corp.		5,800		163,908
Time Warner Cable, Inc.		8,524		844,814
Time Warner, Inc.		23,696		1,029,591
Viacom, Inc.		14,020		718,805
12Virgin Media, Inc.		10,170		332,966
Walt Disney Co.		45,446		2,230,035
12Washington Post Co.		140		46,691
			$	13,860,621

(Wilmington Large-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 9

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MULTILINE RETAIL – 0.7%
*Big Lots, Inc.		1,324	$	38,568
Dillard’s, Inc.		1,400		107,800
*Dollar General Corp.		1,600		77,792
*Dollar Tree, Inc.		6,562		261,627
Family Dollar Stores, Inc.		2,356		155,402
12JC Penney Co., Inc.		2,330		55,943
Kohl’s Corp.		3,810		202,997
Macy’s, Inc.		9,280		353,290
Nordstrom, Inc.		5,880		333,808
*Sears Canada, Inc.		30		348
*,12Sears Holdings Corp.		70		4,387
Target Corp.		13,660		870,825
			$	2,462,787
SPECIALTY RETAIL – 2.4%
Aaron’s, Inc.		4,300		132,569
Abercrombie & Fitch Co.		2,400		73,392
Advance Auto Parts, Inc.		2,150		152,521
American Eagle Outfitters, Inc.		3,150		65,740
*Ascena Retail Group, Inc.		4,500		89,100
*,12AutoNation, Inc.		580		25,752
*AutoZone, Inc.		560		210,000
*Bed Bath & Beyond, Inc.		4,790		276,287
12Best Buy Co., Inc.		4,980		75,746
*CarMax, Inc.		4,300		145,125
Chico’s FAS, Inc.		4,890		90,954
Dick’s Sporting Goods, Inc.		2,300		115,000
Foot Locker, Inc.		4,930		165,155
12GameStop Corp.		5,720		130,588
Gap, Inc.		7,190		256,827
GNC Holdings, Inc.		1,800		69,606
Guess?, Inc.		1,160		28,745
Home Depot, Inc.		39,040		2,396,275
Lowe’s Cos., Inc.		29,400		951,972
Ltd. Brands, Inc.		8,250		395,092
*O’Reilly Automotive, Inc.		3,600		308,448
PetSmart, Inc.		3,860		256,265
Ross Stores, Inc.		5,880		358,386
*Sally Beauty Holdings, Inc.		4,100		98,728
Signet Jewelers Ltd.		1,420		73,499
12Staples, Inc.		610		7,024
Tiffany & Co.		3,090		195,350
TJX Cos., Inc.		19,240		800,961
Tractor Supply Co.		2,800		269,472
Ulta Salon Cosmetics & Fragrance, Inc.		1,500		138,330
*Urban Outfitters, Inc.		4,060		145,186
Williams-Sonoma, Inc.		3,640		168,277
			$	8,666,372

Description	Number of Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
*Carter’s, Inc.		1,400	$	75,684
Coach, Inc.		6,650		372,732
*Fossil, Inc.		1,600		139,360
*Hanesbrands, Inc.		3,700		123,839
*Michael Kors Holdings Ltd.		1,800		98,442
NIKE, Inc.		9,060		827,903
PVH Corp.		1,580		173,784
Ralph Lauren Corp.		1,900		292,011
*,12Under Armour, Inc.		2,200		114,972
12VF Corp.		2,550		399,024
			$	2,617,751
TOTAL CONSUMER DISCRETIONARY			$	44,475,044
CONSUMER STAPLES – 9.9%
BEVERAGES – 2.1%
Beam, Inc.		4,760		264,466
Brown-Forman Corp.		5,097		326,514
Coca-Cola Co.		101,582		3,776,819
Coca-Cola Enterprises, Inc.		8,840		277,930
*Constellation Brands, Inc.		4,630		163,624
Dr Pepper Snapple Group, Inc.		3,250		139,262
Molson Coors Brewing Co.		250		10,785
*,12Monster Beverage Corp.		1,168		52,175
PepsiCo, Inc.		38,299		2,651,823
			$	7,663,398
FOOD & STAPLES RETAILING – 2.1%
Costco Wholesale Corp.		11,360		1,118,165
CVS Caremark Corp.		30,800		1,429,120
Kroger Co.		12,336		311,114
12Safeway, Inc.		6,550		106,830
Sysco Corp.		13,490		419,134
Walgreen Co.		17,120		603,138
Wal-Mart Stores, Inc.		43,133		3,235,838
Whole Foods Market, Inc.		5,570		527,646
			$	7,750,985
FOOD PRODUCTS – 1.7%
Archer-Daniels-Midland Co.		16,640		446,618
Bunge Ltd.		3,070		218,062
12Campbell Soup Co.		1,056		37,245
ConAgra Foods, Inc.		9,330		259,747
*Dean Foods Co.		3,360		56,582
Flowers Foods, Inc.		6,225		122,570
General Mills, Inc.		16,184		648,655
*,12Green Mountain Coffee Roasters, Inc.		3,940		95,190
Hershey Co.		4,640		319,464
Hillshire Brands Co.		7,300		189,873
HJ Heinz Co.		7,380		424,424

(Wilmington Large-Cap Strategy Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

10 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Hormel Foods Corp.		3,460	$	102,174
Ingredion, Inc.		2,270		139,514
JM Smucker Co.		2,799		239,706
Kellogg Co.		4,340		227,069
*Kraft Foods Group, Inc.		11,762		534,936
McCormick & Co., Inc.		5,030		309,949
Mead Johnson Nutrition Co.		3,950		243,557
Mondelez International, Inc.		40,187		1,066,563
*Ralcorp Holdings, Inc.		1,250		90,237
*,12Smithfield Foods, Inc.		4,810		98,461
Tyson Foods, Inc.		6,100		102,541
			$	5,973,137
HOUSEHOLD PRODUCTS – 2.0%
12Church & Dwight Co., Inc.		4,792		243,242
Clorox Co.		2,068		149,516
Colgate-Palmolive Co.		12,588		1,321,236
*Energizer Holdings, Inc.		2,290		167,101
Kimberly-Clark Corp.		9,440		787,768
Procter & Gamble Co.		67,606		4,681,039
			$	7,349,902
PERSONAL PRODUCTS – 0.2%
Avon Products, Inc.		570		8,829
Estee Lauder Cos., Inc.		7,580		467,080
12Herbalife Ltd.		3,960		203,346
12Nu Skin Enterprises, Inc.		1,600		75,728
			$	754,983
TOBACCO – 1.8%
Altria Group, Inc.		55,850		1,776,030
Lorillard, Inc.		2,340		271,463
Philip Morris International, Inc.		43,460		3,848,818
Reynolds American, Inc.		10,040		418,066
			$	6,314,377
TOTAL CONSUMER STAPLES			$	35,806,782
ENERGY – 10.4%
ENERGY EQUIPMENT & SERVICES – 1.7%
*Atwood Oceanics, Inc.		2,650		126,670
Baker Hughes, Inc.		11,400		478,458
*Cameron International Corp.		7,180		363,595
12CARBO Ceramics, Inc.		700		51,765
12Diamond Offshore Drilling, Inc.		1,440		99,706
*Dresser-Rand Group, Inc.		2,070		106,667
*FMC Technologies, Inc.		7,760		317,384
Halliburton Co.		21,630		698,433
Helmerich & Payne, Inc.		3,080		147,224
*McDermott International, Inc.		5,080		54,407

Description	Number of Shares		Value
*Nabors Industries Ltd.		7,430	$	100,231
National Oilwell Varco, Inc.		10,755		792,644
Oceaneering International, Inc.		3,480		182,108
*Oil States International, Inc.		1,360		99,416
12Patterson-UTI Energy, Inc.		4,330		70,059
*Rowan Cos. PLC		3,240		102,740
12RPC, Inc.		450		5,157
Schlumberger Ltd.		33,284		2,314,237
*SEACOR Holdings, Inc.		660		57,889
*uperior Energy Services, Inc.		2,740		55,704
Tidewater, Inc.		1,660		78,867
*Unit Corp.		220		8,877
			$	6,312,238
OIL, GAS & CONSUMABLE FUELS – 8.7%
*,12Alpha Natural Resources, Inc.		7,134		61,138
Anadarko Petroleum Corp.		11,850		815,398
Apache Corp.		9,373		775,616
Cabot Oil & Gas Corp.		6,240		293,155
*,12Cheniere Energy, Inc.		5,400		86,886
12Chesapeake Energy Corp.		17,500		354,550
Chevron Corp.		49,100		5,411,311
Cimarex Energy Co.		2,050		117,219
*Cobalt International Energy, Inc.		3,900		81,159
*Concho Resources, Inc.		1,980		170,518
ConocoPhillips		31,860		1,843,101
CONSOL Energy, Inc.		6,250		219,750
*Continental Resources, Inc.		1,360		97,730
*Denbury Resources, Inc.		11,615		178,058
Devon Energy Corp.		9,400		547,174
Energen Corp.		830		38,719
Energy Transfer Partners LP		1,184		50,675
EOG Resources, Inc.		6,800		792,132
EQT Corp		3,450		209,173
12EXCO Resources, Inc.		2,470		20,007
Exxon Mobil Corp.		116,883		10,656,223
Hess Corp.		7,890		412,331
HollyFrontier Corp		5,240		202,421
Kinder Morgan, Inc.		10,605		368,100
*Lone Pine Resources, Inc.		2,204		3,306
Marathon Oil Corp.		18,430		554,006
Marathon Petroleum Corp.		7,765		426,531
Murphy Oil Corp.		5,550		333,000
*Newfield Exploration Co.		2,560		69,427
Noble Energy, Inc.		4,360		414,244
Occidental Petroleum Corp.		20,000		1,579,200
Peabody Energy Corp.		8,370		233,523
*Phillips 66		14,730		694,667

(Wilmington Large-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 11

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Pioneer Natural Resources Co.		3,720	$	393,018
*Plains Exploration & Production Co.		2,591		92,395
QEP Resources, Inc.		6,100		176,900
Range Resources Corp.		5,550		362,748
*,12Sandridge Energy, Inc.		21,730		135,161
SM Energy Co.		1,570		84,654
*Southwestern Energy Co.		6,928		240,402
Spectra Energy Corp.		13,700		395,519
Teekay Corp.		520		15,917
*Tesoro Corp.		2,340		88,241
*,12Ultra Petroleum Corp.		4,800		109,488
Valero Energy Corp.		15,370		447,267
*Whiting Petroleum Corp.		1,800		75,636
Williams Cos., Inc.		15,850		554,592
*,12WPX Energy, Inc.		5,116		86,665
			$	31,369,051
TOTAL ENERGY			$	37,681,289
FINANCIALS – 15.9%
CAPITAL MARKETS – 2.0%
*Affiliated Managers Group, Inc.		1,470		185,955
*American Capital Ltd.		11,200		132,048
Ameriprise Financial, Inc.		5,240		305,859
Ares Capital Corp.		7,500		130,950
Bank of New York Mellon Corp.		30,670		757,856
BlackRock, Inc.		3,160		599,389
Charles Schwab Corp.		28,070		381,191
*E*TRADE Financial Corp.		4,900		40,964
Eaton Vance Corp.		4,670		131,414
12Federated Investors, Inc.		470		10,923
Franklin Resources, Inc.		2,780		355,284
Goldman Sachs Group, Inc.		12,790		1,565,368
Invesco Ltd.		8,870		215,718
*,12Janus Capital Group, Inc.		6,350		53,975
Jefferies Group, Inc.		3,260		46,422
Lazard Ltd.		450		13,257
Legg Mason, Inc.		3,910		99,627
LPL Financial Holdings, Inc.		1,100		32,120
Morgan Stanley		40,296		700,344
Northern Trust Corp.		5,780		276,168
Raymond James Financial, Inc.		2,010		76,661
SEI Investments Co.		1,940		42,447
State Street Corp.		12,520		558,016
T Rowe Price Group, Inc.		8,280		537,703
TD Ameritrade Holding Corp.		5,650		88,649
Waddell & Reed Financial, Inc.		2,740		91,324
			$	7,429,632

Description	Number of Shares		Value
COMMERCIAL BANKS – 2.7%
Associated Banc-Corp.		5,285	$	68,124
Bank of Hawaii Corp.		770		34,003
BB&T Corp.		17,690		512,125
BOK Financial Corp.		320		18,768
CapitalSource, Inc.		18,920		149,657
*CIT Group, Inc.		3,600		133,992
12City National Corp.		940		48,034
Comerica, Inc.		3,630		108,210
Commerce Bancshares, Inc.		464		17,669
Cullen/Frost Bankers, Inc.		1,440		79,632
East West Bancorp, Inc.		2,500		53,225
Fifth Third Bancorp		19,900		289,147
First Citizens Bancshares, Inc.		50		8,438
12First Horizon National Corp.		6,384		59,435
First Niagara Financial Group, Inc.		10,030		83,048
First Republic Bank		1,000		34,350
Fulton Financial Corp.		7,410		72,025
Huntington Bancshares, Inc.		21,541		137,647
KeyCorp		29,870		251,505
M&T Bank Corp.		3,410		354,981
PNC Financial Services Group, Inc.		13,160		765,780
*Popular, Inc.		300		5,799
Regions Financial Corp.		26,656		173,797
*Signature Bank		1,100		78,364
SunTrust Banks, Inc.		14,880		404,736
Synovus Financial Corp.		15,640		38,318
12TCF Financial Corp.		4,310		49,306
US Bancorp		46,720		1,551,571
12Valley National Bancorp		5,622		54,758
Wells Fargo & Co.		122,405		4,123,824
Zions Bancorporation		5,090		109,282
			$	9,869,550
CONSUMER FINANCE – 0.9%
American Express Co.		27,160		1,520,145
Capital One Financial Corp.		14,100		848,397
Discover Financial Services		12,480		511,680
SLM Corp.		11,460		201,467
			$	3,081,689
DIVERSIFIED FINANCIAL SERVICES – 3.0%
Bank of America Corp.		273,390		2,547,995
12CBOE Holdings, Inc.		500		14,745
Citigroup, Inc.		74,202		2,774,413
CME Group, Inc.		7,500		419,475
Interactive Brokers Group, Inc.		8,800		125,400
*IntercontinentalExchange, Inc.		2,100		275,100

(Wilmington Large-Cap Strategy Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

12 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
JPMorgan Chase & Co.		95,920	$	3,997,946
Leucadia National Corp.		5,070		115,089
Moody’s Corp.		7,840		377,574
*MSCI, Inc.		2,520		67,889
*,12NASDAQ Omx Group, Inc.		3,830		91,192
NYSE Euronext		7,120		176,291
			$	10,983,109
INSURANCE – 4.0%
ACE Ltd.		7,700		605,605
Aflac, Inc.		11,050		550,069
*Alleghany Corp.		256		88,986
Allied World Assurance Co. Holdings AG		930		74,679
Allstate Corp.		10,580		422,988
American Financial Group, Inc.		3,800		147,440
*American International Group, Inc.		16,150		564,119
American National Insurance Co.		2,560		187,034
Aon PLC		7,350		396,533
*Arch Capital Group Ltd.		3,540		156,291
Arthur J Gallagher & Co.		3,880		137,507
Aspen Insurance Holdings Ltd.		190		6,147
Assurant, Inc.		3,530		133,469
Assured Guaranty Ltd.		8,600		119,454
Axis Capital Holdings Ltd.		3,280		118,802
*Berkshire Hathaway, Inc.		44,206		3,817,188
Brown & Brown, Inc.		2,170		55,443
Chubb Corp.		6,650		511,917
Cincinnati Financial Corp.		4,606		183,503
CNA Financial Corp.		1,050		30,849
Endurance Specialty Holdings Ltd.		3,000		121,650
Erie Indemnity Co.		2,170		135,017
Everest Re Group Ltd.		1,770		196,559
Fidelity National Financial, Inc.		6,220		133,170
*Genworth Financial, Inc.		8,760		52,210
Hanover Insurance Group, Inc.		3,600		129,996
Hartford Financial Services Group, Inc.		18,890		410,102
HCC Insurance Holdings, Inc.		870		31,007
Kemper Corp.		370		11,470
Lincoln National Corp.		6,070		150,475
Loews Corp.		8,090		342,045
*Markel Corp.		180		84,949
Marsh & McLennan Cos., Inc.		14,040		477,781
*,12MBIA, Inc.		1,650		16,335
Mercury General Corp.		370		14,996
MetLife, Inc.		21,401		759,521
Old Republic International Corp.		6,600		65,208
PartnerRe Ltd.		870		70,470
Principal Financial Group, Inc.		4,690		129,163

Description	Number of Shares		Value
*,12Progressive Corp.		15,080	$	336,284
Protective Life Corp.		1,130		30,849
Prudential Financial, Inc.		11,530		657,787
Reinsurance Group of America, Inc.		1,690		89,435
RenaissanceRe Holdings Ltd.		1,320		107,395
StanCorp Financial Group, Inc.		2,140		73,509
Torchmark Corp.		2,730		138,111
Travelers Cos., Inc.		9,180		651,229
Unum Group		7,510		152,303
Validus Holdings Ltd.		3,370		120,646
White Mountains Insurance Group Ltd.		160		82,032
WR Berkley Corp.		3,580		139,226
XL Group PLC		6,420		158,831
			$	14,377,784
REAL ESTATE INVESTMENT TRUSTS – 3.1%
Alexandria Real Estate Equities, Inc.		440		30,989
American Capital Agency Corp.		9,400		310,388
*American Tower Corp.		12,110		911,762
Annaly Capital Management, Inc.		35,650		575,391
Apartment Investment & Management Co.		3,970		105,959
AvalonBay Communities, Inc.		2,622		355,438
Boston Properties, Inc.		4,150		441,145
Brandywine Realty Trust		1,130		13,108
BRE Properties, Inc.		1,100		53,185
Camden Property Trust		1,970		129,291
CBL & Associates Properties, Inc.		5,000		111,850
Chimera Investment Corp.		47,600		127,092
CommonWealth REIT		11,842		162,354
Corporate Office Properties Trust		1,820		45,409
12DDR Corp.		2,800		43,008
Digital Realty Trust, Inc.		4,660		286,264
Douglas Emmett, Inc.		4,410		103,415
Duke Realty Corp.		6,310		91,369
Equity Residential		7,350		421,964
12Essex Property Trust, Inc.		1,050		157,500
Extra Space Storage, Inc.		2,200		75,878
Federal Realty Investment Trust		1,170		126,161
General Growth Properties, Inc.		16,243		319,337
HCP, Inc.		10,670		472,681
Health Care REIT, Inc.		6,220		369,655
Hospitality Properties Trust		4,950		114,444
Host Hotels & Resorts, Inc.		12,540		181,328
Kilroy Realty Corp.		2,000		88,820
Kimco Realty Corp.		6,880		134,298
Liberty Property Trust		1,340		47,061
Macerich Co.		2,510		143,070
Mack-Cali Realty Corp.		2,630		68,354

(Wilmington Large-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 13

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MFA Financial, Inc.		13,500	$	110,295
National Retail Properties, Inc.		3,600		114,048
Piedmont Office Realty Trust, Inc.		3,300		58,740
Plum Creek Timber Co., Inc.		3,210		140,919
Prologis, Inc.		9,810		336,385
Public Storage		3,760		521,249
Rayonier, Inc.		3,915		191,874
12Realty Income Corp.		3,910		153,546
Regency Centers Corp.		2,060		98,921
Senior Housing Properties Trust		3,140		69,017
Simon Property Group, Inc.		8,433		1,283,587
SL Green Realty Corp.		1,990		149,847
Taubman Centers, Inc.		1,850		145,318
UDR, Inc.		8,480		205,810
Ventas, Inc.		6,866		434,412
Vornado Realty Trust		1,473		118,149
Weingarten Realty Investors		3,560		96,120
Weyerhaeuser Co.		14,010		387,937
			$	11,234,142
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
*Alexander & Baldwin, Inc.		260		7,522
*CBRE Group, Inc.		8,910		160,558
*Forest City Enterprises, Inc.		3,200		51,360
*Howard Hughes Corp.		658		46,060
Jones Lang LaSalle, Inc.		270		20,990
*,12St Joe Co.		2,820		55,836
			$	342,326
THRIFTS & MORTGAGE FINANCE – 0.1%
Hudson City Bancorp, Inc.		16,032		136,032
12New York Community Bancorp, Inc.		1,940		26,888
People’s United Financial, Inc.		7,600		91,428
*TFS Financial Corp.		250		2,238
Washington Federal, Inc.		270		4,531
			$	261,117
TOTAL FINANCIALS			$	57,579,349
HEALTH CARE – 11.9%
BIOTECHNOLOGY – 1.8%
*Alexion Pharmaceuticals, Inc.		5,540		500,705
Amgen, Inc.		19,984		1,729,515
*Ariad Pharmaceuticals, Inc.		3,900		84,045
*Biogen Idec, Inc.		6,400		884,608
*BioMarin Pharmaceutical, Inc.		3,000		111,120
*Celgene Corp.		11,183		819,938
*Gilead Sciences, Inc.		19,327		1,298,001
*,12Incyte Corp. Ltd.		800		12,768

Description	Number of Shares		Value
*Medivation, Inc.		1,800	$	92,016
*,12Myriad Genetics, Inc.		2,310		60,453
*Onyx Pharmaceuticals, Inc.		1,200		94,032
*Regeneron Pharmaceuticals, Inc.		2,400		341,520
*United Therapeutics Corp.		1,340		61,198
*Vertex Pharmaceuticals, Inc.		6,183		298,268
			$	6,388,187
HEALTH CARE EQUIPMENT & SUPPLIES – 1.9%
*Alere, Inc.		2,650		50,880
Baxter International, Inc.		16,150		1,011,475
Becton Dickinson & Co.		6,160		466,189
*Boston Scientific Corp.		42,300		217,422
*CareFusion Corp.		4,900		130,144
Cooper Cos., Inc.		2,050		196,759
Covidien PLC		10,700		587,965
CR Bard, Inc.		3,380		325,122
DENTSPLY International, Inc.		3,670		135,203
*Edwards Lifesciences Corp.		3,286		285,323
Hill-Rom Holdings, Inc.		2,260		63,483
*Hologic, Inc.		8,040		165,785
*IDEXX Laboratories, Inc.		1,790		172,198
*Intuitive Surgical, Inc.		1,000		542,220
Medtronic, Inc.		23,860		992,099
12ResMed, Inc.		4,620		184,523
St Jude Medical, Inc.		7,370		281,976
Stryker Corp.		9,400		494,440
Teleflex, Inc.		1,160		78,822
*Thoratec Corp.		100		3,570
*Varian Medical Systems, Inc.		2,750		183,590
Zimmer Holdings, Inc.		3,010		193,272
			$	6,762,460
HEALTH CARE PROVIDERS & SERVICES – 2.2%
Aetna, Inc.		9,220		402,914
*AMERIGROUP Corp.		1,900		173,546
AmerisourceBergen Corp.		10,570		416,881
*Brookdale Senior Living, Inc.		470		11,026
Cardinal Health, Inc.		11,200		460,656
*Catamaran Corp.		3,912		184,490
Cigna Corp.		7,890		402,390
*Community Health Systems, Inc.		290		7,952
Coventry Health Care, Inc.		3,890		169,760
*Davita Healthcare Partners, Inc.		2,294		258,121
*Express Scripts Holding Co.		19,862		1,222,307
HCA Holdings, Inc.		5,500		156,255
*,12Health Management Associates, Inc.		3,700		27,010

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14 PORTFOLIOS OF INVESTMENTS

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Description	Number of Shares		Value
*Health Net, Inc.		1,220	$	26,254
*Henry Schein, Inc.		3,760		277,413
Humana, Inc.		3,970		294,852
*Laboratory Corp. of America Holdings		3,110		263,510
*LifePoint Hospitals, Inc.		2,330		82,342
McKesson Corp.		6,300		587,853
*MEDNAX, Inc.		1,370		94,503
Omnicare, Inc.		1,959		67,644
Patterson Cos., Inc.		970		32,398
Quest Diagnostics, Inc.		2,850		164,502
*Tenet Healthcare Corp.		2,425		57,230
UnitedHealth Group, Inc.		24,720		1,384,320
Universal Health Services, Inc.		680		28,145
*VCA Antech, Inc.		70		1,371
WellPoint, Inc.		8,910		546,005
			$	7,801,650
HEALTH CARE TECHNOLOGY – 0.1%
*Allscripts Healthcare Solutions, Inc.		4,700		60,724
*Cerner Corp.		4,820		367,236
			$	427,960
LIFE SCIENCES TOOLS & SERVICES – 0.5%
Agilent Technologies, Inc.		9,890		355,941
*Bio-Rad Laboratories, Inc.		890		90,202
*Charles River Laboratories International, Inc.		1,920		71,654
*Covance, Inc.		240		11,690
*,12Illumina, Inc.		2,600		123,526
*Life Technologies Corp.		3,031		148,246
*Mettler-Toledo International, Inc.		920		155,820
PerkinElmer, Inc.		3,470		107,327
*,12QIAGEN NV		1,900		33,155
Techne Corp.		1,731		116,600
Thermo Fisher Scientific, Inc.		9,120		556,867
*Waters Corp.		2,810		229,886
			$	2,000,914
PHARMACEUTICALS – 5.4%
Abbott Laboratories		40,409		2,647,598
Allergan, Inc.		9,240		830,861
Bristol-Myers Squibb Co.		31,900		1,060,675
Eli Lilly & Co.		24,090		1,171,497
*Endo Pharmaceuticals Holdings, Inc.		3,410		97,731
*Forest Laboratories, Inc.		5,230		176,303
*Hospira, Inc.		2,070		63,528
Johnson & Johnson		64,520		4,569,306
Merck & Co., Inc.		75,446		3,442,601
*Mylan, Inc.		12,130		307,374

Description	Number of Shares		Value
Perrigo Co.		1,460	$	167,915
Pfizer, Inc.		186,207		4,630,968
*Salix Pharmaceuticals Ltd.		1,600		62,464
*Valeant Pharmaceuticals International, Inc.		2		112
*Warner Chilcott PLC		5,600		64,848
*Watson Pharmaceuticals, Inc.		3,920		336,924
			$	19,630,705
TOTAL HEALTH CARE			$	43,011,876
INDUSTRIALS – 10.6%
AEROSPACE & DEFENSE – 2.3%
Alliant Techsystems, Inc.		1,020		58,436
*BE Aerospace, Inc.		2,900		130,761
Boeing Co.		17,890		1,260,172
*Engility Holdings, Inc.		285		5,415
Exelis, Inc.		5,070		56,074
General Dynamics Corp.		7,310		497,665
Honeywell International, Inc.		20,470		1,253,583
*Huntington Ingalls Industries, Inc.		1,645		69,715
L-3 Communications Holdings, Inc.		3,310		244,278
Lockheed Martin Corp.		7,750		725,943
Northrop Grumman Corp.		5,470		375,734
Precision Castparts Corp.		4,290		742,470
Raytheon Co.		7,620		430,987
Rockwell Collins, Inc.		2,870		153,775
*Spirit Aerosystems Holdings, Inc.		1,940		30,322
Textron, Inc.		6,370		160,588
*TransDigm Group, Inc.		1,290		171,841
United Technologies Corp.		23,160		1,810,186
			$	8,177,945
AIR FREIGHT & LOGISTICS – 0.6%
CH Robinson Worldwide, Inc.		2,484		149,860
Expeditors International of Washington, Inc.		1,280		46,861
FedEx Corp.		7,660		704,643
United Parcel Service, Inc.		17,250		1,263,563
UTi Worldwide, Inc.		800		11,112
			$	2,176,039
AIRLINES – 0.1%
Copa Holdings SA		720		66,830
*Delta Air Lines, Inc.		20,020		192,793
Southwest Airlines Co.		2,530		22,315
*,12United Continental Holdings, Inc.		9,933		190,813
			$	472,751
BUILDING PRODUCTS – 0.1%
Armstrong World Industries, Inc.		40		2,072
*Fortune Brands Home & Security, Inc.		4,760		135,374

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Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Lennox International, Inc.		1,490	$	74,574
Masco Corp.		9,130		137,772
*Owens Corning		890		29,895
			$	379,687
COMMERCIAL SERVICES & SUPPLIES – 0.6%
*ACCO Brands Corp.		1,543		11,171
*ADT Corp.		8,850		367,363
Avery Dennison Corp.		510		16,514
*,12Cintas Corp.		3,520		147,171
*Clean Harbors, Inc.		1,300		75,855
*,12Copart, Inc.		1,880		54,125
Corrections Corp. of America		3,600		121,140
Iron Mountain, Inc.		3,680		127,328
*KAR Auction Services, Inc.		100		2,000
12Pitney Bowes, Inc.		2,430		34,895
Republic Services, Inc.		8,540		242,109
12RR Donnelley & Sons Co.		11,570		115,931
*Stericycle, Inc.		2,852		270,256
12Waste Connections, Inc.		5,175		169,895
Waste Management, Inc.		12,240		400,738
			$	2,156,491
CONSTRUCTION & ENGINEERING – 0.2%
*AECOM Technology Corp.		1,800		38,646
Chicago Bridge & Iron Co. NV		1,600		60,080
Fluor Corp.		5,270		294,329
*Jacobs Engineering Group, Inc.		1,550		59,814
KBR, Inc.		1,670		46,526
*Quanta Services, Inc.		5,010		129,909
*Shaw Group, Inc.		640		28,026
URS Corp.		2,220		74,326
			$	731,656
ELECTRICAL EQUIPMENT – 0.6%
AMETEK, Inc.		6,780		241,029
*Babcock & Wilcox Co.		2,940		75,764
Cooper Industries PLC		5,200		389,688
Emerson Electric Co.		15,290		740,495
*General Cable Corp.		960		27,389
*GrafTech International Ltd.		5,400		56,754
Hubbell, Inc.		1,590		133,115
*,12Polypore International, Inc.		1,700		59,976
Regal-Beloit Corp.		600		39,108
Rockwell Automation, Inc.		3,820		271,449
Roper Industries, Inc.		3,210		350,436
			$	2,385,203
INDUSTRIAL CONGLOMERATES – 2.3%
3M Co.		16,310		1,428,756
Carlisle Cos., Inc.		1,890		104,989
Danaher Corp.		15,480		800,780

Description	Number of Shares		Value
General Electric Co.		264,920	$	5,579,215
Tyco International Ltd.		17,700		475,599
			$	8,389,339
MACHINERY – 2.2%
*AGCO Corp.		2,760		125,608
Caterpillar, Inc.		16,400		1,390,884
*CNH Global NV		100		4,480
Crane Co.		50		2,099
Cummins, Inc.		5,420		507,204
Deere & Co.		10,350		884,304
Donaldson Co., Inc.		4,860		156,832
Dover Corp.		3,860		224,729
12Eaton Corp.		8,400		396,648
Flowserve Corp.		1,140		154,459
Gardner Denver, Inc.		1,030		71,410
Graco, Inc.		2,140		102,848
Harsco Corp.		1,810		36,182
12IDEX Corp.		2,120		90,164
Illinois Tool Works, Inc.		11,000		674,630
Ingersoll-Rand PLC		8,500		399,755
12ITT Corp.		2,535		52,728
Joy Global, Inc.		3,280		204,836
Kennametal, Inc.		2,650		93,863
Lincoln Electric Holdings, Inc.		2,600		112,762
Manitowoc Co., Inc.		3,910		55,718
*,12Navistar International Corp.		1,680		31,500
Nordson Corp.		2,000		118,060
*Oshkosh Corp.		190		5,696
12PACCAR, Inc.		7,890		341,953
Pall Corp.		3,170		199,583
Parker Hannifin Corp.		4,500		353,970
*Pentair Ltd.		4,766		201,316
Snap-On, Inc.		1,780		137,647
SPX Corp.		1,230		84,366
Stanley Black & Decker, Inc.		3,320		230,076
*Terex Corp.		2,030		45,777
Timken Co.		2,400		94,776
Toro Co.		3,140		132,571
Trinity Industries, Inc.		1,080		33,782
Valmont Industries, Inc.		1,060		143,206
*WABCO Holdings, Inc.		2,050		120,069
Wabtec Corp.		910		74,529
Xylem, Inc.		1,270		30,810
			$	8,121,830
MARINE – 0.1%
*Kirby Corp.		1,500		86,220
Matson, Inc.		5,660		120,275
			$	206,495

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Description	Number of Shares		Value
PROFESSIONAL SERVICES INDUSTRY – 0.3%
Dun & Bradstreet Corp.		930	$	75,367
Equifax, Inc.		4,060		203,162
*IHS, Inc.		2,140		180,595
Manpower, Inc.		1,860		70,568
*Nielsen Holdings NV		2,100		60,732
12Robert Half International, Inc.		4,810		129,341
Towers Watson & Co.		2,800		150,388
*Verisk Analytics, Inc.		4,200		214,200
			$	1,084,353
ROAD & RAIL – 0.9%
Con-way, Inc.		1,840		53,562
CSX Corp.		31,200		638,664
*Hertz Global Holdings, Inc.		8,050		106,823
JB Hunt Transport Services, Inc.		2,980		174,926
Kansas City Southern		2,800		225,288
Landstar System, Inc.		1,590		80,533
Norfolk Southern Corp.		6,860		420,861
Ryder System, Inc.		1,640		73,997
Union Pacific Corp.		11,660		1,434,530
			$	3,209,184
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Fastenal Co.		9,660		431,802
GATX Corp.		290		12,023
MSC Industrial Direct Co., Inc.		1,390		103,694
*United Rentals, Inc.		2,600		105,716
*,12WESCO International, Inc.		380		24,654
WW Grainger, Inc.		1,510		304,129
			$	982,018
TOTAL INDUSTRIALS			$	38,472,991
INFORMATION TECHNOLOGY – 18.2%
COMMUNICATIONS EQUIPMENT – 1.7%
*,12 Acme Packet, Inc.		1,600		26,464
*Brocade Communications Systems, Inc.		8,790		46,587
Cisco Systems, Inc.		131,120		2,247,397
* EchoStar Corp.		270		8,575
* F5 Networks, Inc.		1,210		99,801
Harris Corp.		4,040		184,951
*JDS Uniphase Corp.		5,850		56,687
*Juniper Networks, Inc.		15,940		264,126
Motorola Solutions, Inc.		7,790		402,587
*Polycom, Inc.		3,200		32,064
QUALCOMM, Inc.		44,100		2,583,158
*Riverbed Technology, Inc.		4,200		77,574
			$	6,029,971

Description	Number of Shares		Value
COMPUTERS & PERIPHERALS – 4.7%
Apple, Inc.		23,540	$	14,008,654
*Dell, Inc.		40,150		370,584
Diebold, Inc.		973		28,947
*EMC Corp.		52,570		1,283,759
*,12Fusion-IO, Inc.		300		7,080
Hewlett-Packard Co.		48,690		674,356
12Lexmark International, Inc.		2,230		47,410
*NCR Corp.		5,320		113,210
*NetApp, Inc.		943		25,367
*SanDisk Corp.		6,450		269,352
*Western Digital Corp.		4,680		160,196
			$	16,988,915
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.5%
Amphenol Corp.		5,350		321,695
*Arrow Electronics, Inc.		3,540		124,714
*Avnet, Inc.		6,360		182,214
AVX Corp.		200		1,968
Corning, Inc.		35,340		415,245
*,12Dolby Laboratories, Inc.		1,350		42,646
FLIR Systems, Inc.		3,390		65,868
*Ingram Micro, Inc.		4,200		63,840
*,12IPG Photonics Corp.		100		5,308
*Itron, Inc.		70		2,874
Jabil Circuit, Inc.		5,240		90,862
12Molex, Inc.		3,650		94,791
National Instruments Corp.		2,880		67,853
*Tech Data Corp.		1,700		75,327
*Trimble Navigation Ltd.		3,850		181,643
*Vishay Intertechnology, Inc.		2,370		19,624
			$	1,756,472
INTERNET SOFTWARE & SERVICES – 2.0%
*Akamai Technologies, Inc.		4,850		184,251
*AOL, Inc.		2,331		80,023
*eBay, Inc.		29,720		1,435,179
*Equinix, Inc.		1,290		232,729
*Facebook, Inc.		6,000		126,690
*Google, Inc.		6,485		4,408,308
IAC/InterActiveCorp		1,130		54,635
*Linkedin Corp.		900		96,237
*Rackspace Hosting, Inc.		2,800		178,332
*VeriSign, Inc.		3,950		146,427
*Yahoo!, Inc.		22,470		377,721
			$	7,320,532

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Description	Number of Shares		Value
IT SERVICES – 3.8%
Accenture PLC		17,600	$	1,186,416
*Alliance Data Systems Corp.		2,090		298,974
*Amdocs Ltd.		2,720		89,950
Automatic Data Processing, Inc.		14,230		822,352
Broadridge Financial Solutions, Inc.		3,630		83,308
*Cognizant Technology Solutions Corp.		8,870		591,185
Computer Sciences Corp.		3,600		109,620
*CoreLogic, Inc.		180		4,284
DST Systems, Inc.		170		9,697
Fidelity National Information Services, Inc.		7,543		247,938
*Fiserv, Inc.		3,830		287,020
*FleetCor Technologies, Inc.		600		28,446
*,12 Gartner, Inc.		1,700		78,897
Genpact Ltd.		400		7,044
Global Payments, Inc.		3,250		138,937
International Business Machines Corp.		28,300		5,505,199
Jack Henry & Associates, Inc.		1,900		72,200
Lender Processing Services, Inc.		770		18,565
Mastercard, Inc.		2,880		1,327,478
*NeuStar, Inc.		3,350		122,577
Paychex, Inc.		9,570		310,355
Saic, Inc.		8,800		96,712
*Teradata Corp.		5,770		394,149
Total System Services, Inc.		4,520		101,655
*VeriFone Systems, Inc.		2,600		77,064
Visa, Inc.		12,930		1,794,167
Western Union Co.		990		12,573
			$	13,816,762
OFFICE ELECTRONICS – 0.0%**
Xerox Corp.		960		6,182
*Zebra Technologies Corp.		350		12,576
			$	18,758
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.9%
*,12Advanced Micro Devices, Inc.		12,850		26,342
Altera Corp.		3,830		116,738
Analog Devices, Inc.		8,820		344,950
Applied Materials, Inc.		32,580		345,348
*Atmel Corp.		11,220		52,341
Avago Technologies Ltd.		2,500		82,575
*Broadcom Corp.		9,630		303,682
*,12Cree, Inc.		3,430		104,032
*Cypress Semiconductor Corp.		5,630		55,793
*Fairchild Semiconductor International, Inc.		1,810		21,286
Intel Corp.		111,370		2,408,376
KLA-Tencor Corp.		3,550		165,146

Description	Number of Shares		Value
*Lam Research Corp.		1,880	$	66,552
Linear Technology Corp.		6,470		202,252
*LSI Corp.		18,400		126,040
Marvell Technology Group Ltd.		11,030		87,027
Maxim Integrated Products, Inc.		11,920		328,098
Microchip Technology, Inc.		7,240		226,974
*Micron Technology, Inc.		35,770		194,052
*NVIDIA Corp.		3,380		40,459
*ON Semiconductor Corp.		28,070		172,631
*PMC – Sierra, Inc.		7,550		35,334
*Silicon Laboratories, Inc.		1,380		55,780
*Skyworks Solutions, Inc.		4,800		112,320
*Teradyne, Inc.		3,450		50,439
Texas Instruments, Inc.		29,750		835,678
Xilinx, Inc.		8,200		268,632
			$	6,828,877
SOFTWARE – 3.6%
Activision Blizzard, Inc.		8,770		95,505
*Adobe Systems, Inc.		14,080		478,720
*ANSYS, Inc.		2,280		161,606
*Autodesk, Inc.		5,030		160,155
*BMC Software, Inc.		2,550		103,785
CA, Inc.		7,980		179,710
*Cadence Design Systems, Inc.		12,310		155,845
*Citrix Systems, Inc.		4,330		267,637
*Compuware Corp.		1,080		9,353
*,12Concur Technologies, Inc.		1,100		72,853
* Electronic Arts, Inc.		12,760		157,586
12FactSet Research Systems, Inc.		1,540		139,447
*Fortinet, Inc.		4,000		77,480
*Informatica Corp.		3,500		94,990
Intuit, Inc.		9,040		537,157
*MICROS Systems, Inc.		3,020		137,078
Microsoft Corp.		188,440		5,377,135
*,12 Netsuite, Inc.		1,200		76,212
* Nuance Communications, Inc.		7,200		160,272
Oracle Corp.		96,300		2,990,115
*Red Hat, Inc.		6,330		311,246
*Rovi Corp.		1,650		22,325
*Salesforce.Com, Inc.		3,420		499,252
*Solarwinds, Inc.		1,300		65,767
Solera Holdings, Inc.		3,000		140,430
*Symantec Corp.		16,620		302,318
*Synopsys, Inc.		5,700		183,540
*,12Vmware, Inc.		2,310		195,819
			$	13,153,338
TOTAL INFORMATION TECHNOLOGY			$	65,913,625

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Description	Number of Shares		Value
MATERIALS – 4.0%
CHEMICALS – 2.5%
Air Products & Chemicals, Inc.		4,370	$	338,806
Airgas, Inc.		1,960		174,381
Albemarle Corp.		3,080		169,739
Ashland, Inc.		1,940		138,031
Cabot Corp.		2,560		91,546
Celanese Corp.		5,570		211,604
CF Industries Holdings, Inc.		1,623		333,023
Cytec Industries, Inc.		980		67,444
Dow Chemical Co.		28,850		845,305
Eastman Chemical Co.		4,388		259,945
Ecolab, Inc.		8,077		562,159
EI du Pont de Nemours & Co.		23,130		1,029,748
FMC Corp.		3,660		195,883
Huntsman Corp.		7,270		109,341
International Flavors & Fragrances, Inc.		1,600		103,392
*Intrepid Potash, Inc.		100		2,173
Lyondellbasell Industries NV		8,300		443,137
Monsanto Co.		13,750		1,183,462
Mosaic Co.		7,750		405,635
PPG Industries, Inc.		3,920		458,954
Praxair, Inc.		7,550		801,886
12Rockwood Holdings, Inc.		2,000		91,800
RPM International, Inc.		3,760		100,242
12Scotts Miracle-Gro Co.		1,470		62,931
Sherwin-Williams Co.		2,058		293,430
12Sigma-Aldrich Corp.		3,490		244,789
Valspar Corp.		2,720		152,402
*WR Grace & Co.		2,500		160,400
			$	9,031,588
CONSTRUCTION MATERIALS – 0.1%
12Martin Marietta Materials, Inc.		1,500		123,465
Vulcan Materials Co.		3,300		151,701
			$	275,166
CONTAINERS & PACKAGING – 0.3%
12Aptargroup, Inc.		580		29,742
Ball Corp.		7,000		299,810
Bemis Co., Inc.		440		14,542
*Crown Holdings, Inc.		4,340		166,005
12Greif, Inc.		270		11,329
*Owens-Illinois, Inc.		3,380		65,876
Packaging Corp. of America		2,850		100,520
Rock-Tenn Co.		2,000		146,380
Sealed Air Corp.		3,900		63,258
Silgan Holdings, Inc.		1,900		82,289
Sonoco Products Co.		510		15,876
			$	995,627

Description	Number of Shares		Value
METALS & MINING – 0.9%
Alcoa, Inc.		35,600	$	305,092
Allegheny Technologies, Inc.		2,650		69,827
*Allied Nevada Gold Corp.		1,600		59,072
12Carpenter Technology Corp.		3,080		149,719
12Cliffs Natural Resources, Inc.		5,540		200,936
Commercial Metals Co.		870		11,971
Compass Minerals International, Inc.		900		70,965
Freeport-McMoRan Copper & Gold, Inc.		22,160		861,581
*,12Molycorp, Inc.		1,900		19,760
Newmont Mining Corp.		11,570		631,143
Nucor Corp.		9,150		367,189
Reliance Steel & Aluminum Co.		750		40,755
Royal Gold, Inc.		2,400		211,392
Southern Copper Corp.		2,170		82,677
Steel Dynamics, Inc.		5,700		72,105
12Titanium Metals Corp.		3,351		39,240
12United States Steel Corp.		3,420		69,734
Walter Industries, Inc.		1,950		68,172
			$	3,331,330
PAPER & FOREST PRODUCTS – 0.2%
12Domtar Corp.		1,800		143,550
International Paper Co.		10,540		377,648
MeadWestvaco Corp.		4,680		138,949
			$	660,147
TOTAL MATERIALS			$	14,293,858
TELECOMMUNICATION SERVICES – 3.0%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.6%
AT&T, Inc.		146,457		5,065,948
Centurylink, Inc.		16,419		630,161
12Frontier Communications Corp.		21,600		101,952
*,12Level 3 Communications, Inc.		2,028		41,574
*tw telecom, Inc.		4,100		104,427
Verizon Communications, Inc.		71,720		3,201,581
12Windstream Corp.		28,500		271,890
			$	9,417,533
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
*Clearwire Corp.		8,700		17,400
*Crown Castle International Corp.		8,640		576,720
*MetroPCS Communications, Inc.		4,930		50,335
*,12 NII Holdings, Inc.		5,590		44,552
*SBA Communications Corp.		3,210		213,882
*Sprint Nextel Corp.		72,040		399,102
Telephone & Data Systems, Inc.		2,424		60,285
*United States Cellular Corp.		90		3,329
			$	1,365,605
TOTAL TELECOMMUNICATION SERVICES			$	10,783,138

(Wilmington Large-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 19

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
UTILITIES – 3.6%
ELECTRIC UTILITIES – 1.9%
American Electric Power Co., Inc.		10,690	$	475,064
Duke Energy Corp.		16,695		1,096,695
Edison International		8,620		404,623
Entergy Corp.		4,570		331,691
Exelon Corp.		21,599		772,812
FirstEnergy Corp.		10,326		472,105
Great Plains Energy, Inc.		6,220		139,577
Hawaiian Electric Industries, Inc.		2,710		70,135
ITC Holdings Corp.		1,320		105,098
NextEra Energy, Inc.		10,040		703,402
Northeast Utilities		5,713		224,521
12NV Energy, Inc.		5,880		111,779
12Pepco Holdings, Inc.		14,750		293,082
Pinnacle West Capital Corp.		3,200		169,504
PPL Corp.		20,600		609,348
Southern Co.		18,981		889,070
12Westar Energy, Inc.		2,960		87,912
			$	6,956,418
GAS UTILITIES – 0.2%
AGL Resources, Inc.		3,820		155,971
Atmos Energy Corp.		2,610		93,882
National Fuel Gas Co.		1,410		74,307
ONEOK, Inc.		5,160		244,068
Questar Corp.		6,500		131,560
UGI Corp.		1,890		61,028
			$	760,816
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.1%
*AES Corp.		19,910		208,059
*Calpine Corp.		8,450		148,720
*NRG Energy, Inc.		7,100		153,076
			$	509,855
MULTI-UTILITIES – 1.3%
Alliant Energy Corp.		2,000		89,400
Ameren Corp.		6,450		212,076
CenterPoint Energy, Inc.		5,060		109,650
CMS Energy Corp.		7,770		188,966
Consolidated Edison, Inc.		7,340		443,189
Dominion Resources, Inc.		12,270		647,611
DTE Energy Co.		3,900		242,190
Integrys Energy Group, Inc.		1,760		95,110
MDU Resources Group, Inc.		4,280		93,004
NiSource, Inc.		5,400		137,538
OGE Energy Corp.		3,110		179,074

Description	Number of Shares		Value
PG&E Corp.		11,120	$	472,822
Public Service Enterprise Group, Inc.		11,100		355,644
SCANA Corp.		740		36,319
Sempra Energy		5,350		373,162
TECO Energy, Inc.		8,530		152,431
Vectren Corp.		1,680		49,678
Wisconsin Energy Corp.		7,340		282,370
Xcel Energy, Inc.		11,770		332,503
			$	4,492,737
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		4,390		161,289
Aqua America, Inc.		1,500		38,085
			$	199,374
TOTAL UTILITIES			$	12,919,200
TOTAL COMMON STOCKS (COST $271,875,668)			$	360,937,152
INVESTMENT COMPANY – 0.1%
EQUITY FUND – 0.1%
*iShares Russell 1000 Index Fund		2,500		195,000
TOTAL INVESTMENT COMPANY (COST $196,305)			$	195,000
MONEY MARKET FUND – 0.1%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		292,252		292,252
TOTAL MONEY MARKET FUND (COST $292,252)			$	292,252
PREFERRED STOCK – 0.0%**
CONSUMER DISCRETIONARY – 0.0%**
SPECIALTY RETAIL – 0.0%**
*Orchard Supply Hardware Stores Corp.		57		117
TOTAL PREFERRED STOCK (COST $132)			$	117
RIGHTS – 0.0%**
*Celgene Corp.		89		265
*Fresenius Kabi Pharmaceuticals Holding, Inc.		132		0
*Sanofi Avanetis SA CVR		8,520		15,507
TOTAL RIGHTS (COST $20,874)			$	15,772
WARRANTS – 0.0%**
*American International Group, Inc. CW21		2,055		29,079
*Kinder Morgan, Inc.		16,345		62,928
TOTAL WARRANTS (COST $48,689)			$	92,007
TOTAL INVESTMENTS IN SECURITIES –100.0% (COST $272,433,920)			$	361,532,300

(Wilmington Large-Cap Strategy Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

20 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (concluded)

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.5%
REPURCHASE AGREEMENTS – 2.5%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $2,163,541, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $2,206,793.	$	2,163,522	$	2,163,522
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $2,163,543, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $2,206,792.		2,163,522		2,163,522
HSBC Securities USA, Inc., 0.27%, dated 10/31/12, due 11/01/12, repurchase price $2,163,538, collateralized by a U.S. Treasury Note 0.00% to 9.38%, maturing 11/15/12 to 7/15/36; total market value of $2,206,793.		2,163,522		2,163,522

Description	Par Value		Value
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $2,163,545, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $2,206,792.	$	2,163,522	$	2,163,522
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $455,479, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $464,586.		455,475		455,475
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $9,109,563)			$	9,109,563
TOTAL INVESTMENTS – 102.5% (COST $281,543,483)			$	370,641,863
COLLATERAL FOR SECURITIES ON LOAN – (2.5%)				(9,109,563	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				77,699
TOTAL NET ASSETS – 100.0%			$	361,609,999

Cost of investments for Federal income tax purposes is $287,192,175. The net unrealized appreciation/(depreciation) of investments was $83,449,688. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $88,026,456 and net unrealized depreciation from investments for those securities having an excess of cost over value of $4,576,768.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	360,937,152	$	—	$	—	$	360,937,152
Investment Company		195,000		—		—		195,000
Preferred Stock		117		—		—		117
Rights		15,772		—		—		15,772
Warrants		92,007		—		—		92,007
Money Market Fund		292,252		—		—		292,252
Repurchase Agreements		—		9,109,563		—		9,109,563
Total	$	361,532,300	$	9,109,563	$	—	$	370,641,863

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

21

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Value Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks
Financials		32.4	%
Energy		14.5	%
Health Care		12.8	%
Information Technology		11.8	%
Consumer Discretionary		8.4	%
Industrials		7.8	%
Materials		6.4	%
Consumer Staples		3.0	%
Utilities		1.1	%
Cash Equivalents1		4.5	%
Other Assets and Liabilities – Net2		(2.7	)%
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

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 98.2%
CONSUMER DISCRETIONARY – 8.4%
AUTOMOBILES – 2.7%
*General Motors Co.		134,300	$	3,424,650
MEDIA – 5.7%
Time Warner, Inc.		75,450		3,278,303
Viacom, Inc.		74,800		3,834,996
			$	7,113,299
TOTAL CONSUMER DISCRETIONARY			$	10,537,949
CONSUMER STAPLES – 3.0%
FOOD & STAPLES RETAILING – 1.9%
CVS Caremark Corp.		51,350		2,382,640
TOBACCO – 1.1%
Philip Morris International, Inc.		15,800		1,399,248
TOTAL CONSUMER STAPLES			$	3,781,888
ENERGY – 14.5%
ENERGY EQUIPMENT & SERVICES – 1.7%
Halliburton Co.		67,900		2,192,491

Description	Number of Shares		Value
OIL, GAS & CONSUMABLE FUELS – 12.8%
Apache Corp.		56,750	$	4,696,062
Canadian Natural Resources Ltd.		125,650		3,794,630
Noble Energy, Inc.		14,300		1,358,643
Occidental Petroleum Corp.		19,800		1,563,408
Talisman Energy, Inc.		413,600		4,715,040
			$	16,127,783
TOTAL ENERGY			$	18,320,274
FINANCIALS – 32.4%
CAPITAL MARKETS – 2.4%
Goldman Sachs Group, Inc.		25,150		3,078,108
COMMERCIAL BANKS – 2.5%
Wells Fargo & Co.		95,000		3,200,550
CONSUMER FINANCE – 2.0%
Capital One Financial Corp.		41,200		2,479,004
DIVERSIFIED FINANCIAL SERVICES – 6.1%
Citigroup, Inc.		134,630		5,033,816
JPMorgan Chase & Co.		63,950		2,665,436
			$	7,699,252

(Wilmington Large-Cap Value Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

22 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Value Fund (continued)

Description	Number of Shares		Value
INSURANCE – 19.4%
*American International Group, Inc.		111,800	$	3,905,174
Aon PLC		56,800		3,064,360
Hartford Financial Services Group, Inc.		237,500		5,156,125
Lincoln National Corp.		52,600		1,303,954
Loews Corp.		63,846		2,699,409
MetLife, Inc.		123,600		4,386,564
Unum Group		193,650		3,927,222
			$	24,442,808
TOTAL FINANCIALS			$	40,899,722
HEALTH CARE – 12.8%
PHARMACEUTICALS – 12.8%
Merck & Co., Inc.		54,300		2,477,709
Pfizer, Inc.		202,950		5,047,367
Sanofi-Aventis SA ADR		131,600		5,770,660
Teva Pharmaceutical Industries Ltd. ADR		69,600		2,813,232
			$	16,108,968
TOTAL HEALTH CARE			$	16,108,968
INDUSTRIALS – 7.8%
AEROSPACE & DEFENSE – 1.7%
Raytheon Co.		37,100		2,098,376
COMMERCIAL SERVICES & SUPPLIES – 0.8%
12Pitney Bowes, Inc.		69,210		993,856
MACHINERY – 3.6%
Ingersoll-Rand PLC		47,850		2,250,385
12PACCAR, Inc.		52,200		2,262,348
			$	4,512,733
ROAD & RAIL – 1.7%
Union Pacific Corp.		17,700		2,177,631
TOTAL INDUSTRIALS			$	9,782,596
INFORMATION TECHNOLOGY – 11.8%
COMMUNICATIONS EQUIPMENT – 3.1%
Cisco Systems, Inc.		228,900		3,923,346
COMPUTERS & PERIPHERALS – 2.0%
Hewlett-Packard Co.		182,400		2,526,240
SOFTWARE – 6.7%
CA, Inc.		240,000		5,404,800
Microsoft Corp.		105,500		3,010,442
			$	8,415,242
TOTAL INFORMATION TECHNOLOGY			$	14,864,828
MATERIALS – 6.4%
CHEMICALS – 1.7%
Mosaic Co.		41,800		2,187,812

Description	Number of Shares		Value
METALS & MINING – 4.7%
AngloGold Ashanti Ltd. ADR		135,599	$	4,607,654
Barrick Gold Corp.		31,100		1,259,550
			$	5,867,204
TOTAL MATERIALS			$	8,055,016
UTILITIES – 1.1%
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 1.1%
NRG Energy, Inc.		66,150		1,426,194
TOTAL COMMON STOCKS (COST $111,015,372)			$	123,777,435
MONEY MARKET FUND – 1.9%
8,9Wilmington Prime Money Market Fund, 0.03%		2,331,727		2,331,727
TOTAL MONEY MARKET FUND (COST $2,331,727)			$	2,331,727
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $113,347,099)			$	126,109,162
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.6%
REPURCHASE AGREEMENTS – 2.6%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $1,000,009, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $1,020,000.	$	1,000,000		1,000,000
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $1,000,010, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $1,020,000.		1,000,000		1,000,000
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $1,000,011, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $1,020,000.		1,000,000		1,000,000
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $330,859, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $337,474.		330,856		330,856
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,330,856)			$	3,330,856
TOTAL INVESTMENTS – 102.7% (COST $116,677,955)			$	129,440,018
COLLATERAL FOR SECURITIES ON LOAN – (2.6 %)				(3,330,856	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(90,025	)
TOTAL NET ASSETS – 100.0%			$	126,019,137

(Wilmington Large-Cap Value Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

Wilmington Large-Cap Value Fund (concluded)

Cost of investments for Federal income tax purposes is $120,411,253. The net unrealized appreciation/(depreciation) of investments was $9,028,765. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $15,579,557 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,550,792.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	123,777,435	$	—	$	—	$	123,777,435
Money Market Fund		2,331,727		—		—		2,331,727
Repurchase Agreements		—		3,330,856		—		3,330,856
Total	$	126,109,162	$	3,330,856	$	—	$	129,440,018

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

24

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Mid-Cap Growth Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks
Consumer Discretionary		22.2	%
Information Technology		18.2	%
Industrials		16.2	%
Health Care		13.2	%
Financials		10.3	%
Energy		9.8	%
Materials		5.8	%
Consumer Staples		3.7	%
Cash Equivalents1		9.1	%
Other Assets and Liabilities – Net2		(8.5	)%
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

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.4%
CONSUMER DISCRETIONARY – 22.2%
AUTO COMPONENTS – 1.8%
*BorgWarner, Inc.		75,600	$	4,975,992
DISTRIBUTORS – 2.3%
*LKQ Corp.		298,900		6,244,021
HOTELS RESTAURANTS & LEISURE – 3.1%
*DineEquity, Inc.		70,200		4,401,540
*Panera Bread Co.		24,400		4,114,816
			$	8,516,356
MEDIA – 2.4%
CBS Corp., Non-Voting		199,800		6,473,520
MULTILINE RETAIL – 1.9%
Nordstrom, Inc.		90,100		5,114,977
SPECIALTY RETAIL – 4.6%
12GameStop Corp.		154,900		3,536,367
Ltd. Brands, Inc.		96,100		4,602,229
*Vitamin Shoppe, Inc.		73,150		4,187,106
			$	12,325,702

Description	Number of Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – 6.1%
Coach, Inc.		86,400	$	4,842,720
*Lululemon Athletica, Inc.		60,000		4,140,600
PVH Corp.		68,500		7,534,315
			$	16,517,635
TOTAL CONSUMER DISCRETIONARY			$	60,168,203
CONSUMER STAPLES – 3.7%
FOOD PRODUCTS – 0.9%
*,12Green Mountain Coffee Roasters, Inc.		101,100		2,442,576
HOUSEHOLD PRODUCTS – 1.3%
Church & Dwight Co., Inc.		68,200		3,461,832
PERSONAL PRODUCTS – 1.5%
12Herbalife Ltd.		83,100		4,267,185
TOTAL CONSUMER STAPLES			$	10,171,593
ENERGY – 9.8%
ENERGY EQUIPMENT & SERVICES – 4.5%
*Cameron International Corp.		80,200		4,061,328
Core Laboratories NV		38,525		3,993,502

(Wilmington Mid-Cap Growth Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
*FMC Technologies, Inc.		44,700	$	1,828,230
Lufkin Industries, Inc.		46,500		2,325,465
			$	12,208,525
OIL, GAS & CONSUMABLE FUELS – 5.3%
Cabot Oil & Gas Corp.		80,000		3,758,400
Noble Energy, Inc.		39,100		3,714,891
Peabody Energy Corp.		95,900		2,675,610
*Whiting Petroleum Corp.		103,800		4,361,676
			$	14,510,577
TOTAL ENERGY			$	26,719,102
FINANCIALS – 10.3%
CAPITAL MARKETS – 3.6%
Raymond James Financial, Inc.		152,100		5,801,094
T Rowe Price Group, Inc.		61,500		3,993,810
			$	9,794,904
COMMERCIAL BANKS – 2.0%
*SVB Financial Group		49,400		2,795,546
*Texas Capital Bancshares, Inc.		54,800		2,601,356
			$	5,396,902
DIVERSIFIED FINANCIAL SERVICES – 1.6%
*IntercontinentalExchange, Inc.		33,700		4,414,700
INSURANCE – 1.5%
Brown & Brown, Inc.		153,600		3,924,480
REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.6%
*CBRE Group, Inc.		239,000		4,306,780
TOTAL FINANCIALS			$	27,837,766
HEALTH CARE – 13.2%
BIOTECHNOLOGY – 0.9%
*Regeneron Pharmaceuticals, Inc.		18,100		2,575,630
HEALTH CARE EQUIPMENT & SUPPLIES – 4.2%
*Alere, Inc.		157,100		3,016,320
*Intuitive Surgical, Inc.		8,420		4,565,492
ResMed, Inc.		93,900		3,750,366
			$	11,332,178
HEALTH CARE PROVIDERS & SERVICES – 1.5%
*Express Scripts Holding Co.		66,000		4,061,640
HEALTH CARE TECHNOLOGY – 2.0%
*Allscripts Healthcare Solutions, Inc.		164,600		2,126,632
*Cerner Corp.		43,200		3,291,408
			$	5,418,040

Description	Number of Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 1.0%
*Life Technologies Corp.		56,800	$	2,778,088
PHARMACEUTICALS – 3.6%
*Auxilium Pharmaceuticals, Inc.		85,200		1,744,896
*,12 MAP Pharmaceuticals, Inc.		176,400		2,720,088
Perrigo Co.		45,100		5,186,951
			$	9,651,935
TOTAL HEALTH CARE			$	35,817,511
INDUSTRIALS – 16.2%
AEROSPACE & DEFENSE – 2.2%
HEICO Corp.		88,275		2,690,622
Precision Castparts Corp.		18,900		3,271,023
			$	5,961,645
AIR FREIGHT & LOGISTICS – 2.3%
CH Robinson Worldwide, Inc.		63,900		3,855,087
Expeditors International of Washington, Inc.		69,400		2,540,734
			$	6,395,821
COMMERCIAL SERVICES & SUPPLIES – 1.2%
Waste Connections, Inc.		96,200		3,158,246
ELECTRICAL EQUIPMENT – 3.7%
AMETEK, Inc.		55,900		1,987,245
*Babcock & Wilcox Co.		159,800		4,118,046
Rockwell Automation, Inc.		57,400		4,078,844
			$	10,184,135
MACHINERY – 5.5%
Cummins, Inc.		38,200		3,574,756
Graco, Inc.		105,900		5,089,554
Joy Global, Inc.		55,900		3,490,955
Pall Corp.		43,200		2,719,872
			$	14,875,137
TRADING COMPANIES & DISTRIBUTORS – 1.3%
Fastenal Co.		79,100		3,535,770
TOTAL INDUSTRIALS			$	44,110,754
INFORMATION TECHNOLOGY – 18.2%
COMMUNICATIONS EQUIPMENT – 3.4%
12ADTRAN, Inc.		178,100		3,008,109
*,12Aruba Networks, Inc.		179,300		3,257,881
*F5 Networks, Inc.		35,100		2,895,048
			$	9,161,038

(Wilmington Mid-Cap Growth Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

26 PORTFOLIOS OF INVESTMENTS

Wilmington Mid-Cap Growth Fund (continued)

Description	Number of Shares		Value
COMPUTERS & PERIPHERALS – 1.1%
*,12Stratasys, Inc.		44,500	$	2,966,815
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 2.2%
*,12IPG Photonics Corp.		68,600		3,641,288
National Instruments Corp.		107,000		2,520,920
			$	6,162,208
IT SERVICES – 1.2%
Global Payments, Inc.		74,400		3,180,600
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.0%
Altera Corp.		140,000		4,267,200
*Lam Research Corp.		106,500		3,770,100
MKS Instruments, Inc.		115,600		2,731,628
			$	10,768,928
SOFTWARE – 6.3%
*ANSYS, Inc.		72,000		5,103,360
*Autodesk, Inc.		149,900		4,772,816
*Citrix Systems, Inc.		67,700		4,184,537
*Sourcefire, Inc.		72,000		3,080,880
			$	17,141,593
TOTAL INFORMATION TECHNOLOGY			$	49,381,182
MATERIALS – 5.8%
CHEMICALS – 3.2%
Ashland, Inc.		58,500		4,162,275
*WR Grace & Co.		70,400		4,516,864
			$	8,679,139
CONTAINERS & PACKAGING – 1.9%
*Crown Holdings, Inc.		137,100		5,244,075
METALS & MINING – 0.7%
Walter Industries, Inc.		50,150		1,753,244
TOTAL MATERIALS			$	15,676,458
TOTAL COMMON STOCKS (COST $216,919,323)			$	269,882,569

Description	Number of Shares		Value
MONEY MARKET FUND – 0.7%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		1,793,251	$	1,793,251
TOTAL MONEY MARKET FUND (COST $1,793,251)			$	1,793,251
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $218,712,574)			$	271,675,820
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 8.4%
REPURCHASE AGREEMENTS – 8.4%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $5,434,441, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $5,543,082.	$	5,434,393		5,434,393
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $5,434,446, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $5,543,081.		5,434,393		5,434,393
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, dated 10/31/12, due 11/01/12, repurchase price $5,434,435, collateralized by U.S. Government Securities 0.50% to 3.63%, maturing 4/15/15 to 4/15/28; total market value of $5,543,088.		5,434,393		5,434,393
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $5,434,450, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $5,543,081.		5,434,393		5,434,393
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $1,144,092, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $1,166,968.		1,144,083		1,144,083
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $22,881,655)			$	22,881,655
TOTAL INVESTMENTS – 108.5% (COST $241,594,229)			$	294,557,475
COLLATERAL FOR SECURITIES ON LOAN – (8.4%)				(22,881,655	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(164,563	)
TOTAL NET ASSETS – 100.0%			$	271,511,257

Cost of investments for Federal income tax purposes is $246,128,133. The net unrealized appreciation/(depreciation) of investments was $48,429,342. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $60,035,075 and net unrealized depreciation from investments for those securities having an excess of cost over value of $11,605,733.

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)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

(Wilmington Mid-Cap Growth Fund continued next page)

PORTFOLIOS OF INVESTMENTS 27

Wilmington Mid-Cap Growth Fund (concluded)

The following is a summary of the inputs used as of October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	269,882,569	$	—	$	—	$	269,882,569
Money Market Fund		1,793,251		—		—		1,793,251
Repurchase Agreements		—		22,881,655		—		22,881,655
Total	$	271,675,820	$	22,881,655	$	—	$	294,557,475

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

28

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Growth Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks
Industrials		22.9	%
Information Technology		19.7	%
Health Care		18.3	%
Consumer Discretionary		15.3	%
Financials		9.2	%
Consumer Staples		6.8	%
Materials		6.2	%
Energy		1.5	%
Utilities		0.2	%
Cash Equivalents1		10.4	%
Other Assets and Liabilities – Net2		(10.5	)%
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

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 100.1%
CONSUMER DISCRETIONARY – 15.3%
AUTO COMPONENTS – 0.1%
Cooper Tire & Rubber Co.		8,500	$	171,105
DISTRIBUTORS – 0.5%
Core-Mark Holding Co., Inc.		15,700		751,559
DIVERSIFIED CONSUMER SERVICES – 0.3%
*Steiner Leisure Ltd.		11,400		500,688
HOTELS RESTAURANTS & LEISURE – 3.4%
*AFC Enterprises, Inc.		6,210		157,237
*Bally Technologies, Inc.		5,400		269,568
*Carrols Restaurant Group, Inc.		27,590		177,128
12Cheesecake Factory, Inc.		16,000		528,960
*DineEquity, Inc.		2,400		150,480
*Life Time Fitness, Inc.		17,500		785,575
*Premier Exhibitions, Inc.		86,600		237,284
Six Flags Entertainment Corp.		28,370		1,620,211
*Sonic Corp.		35,050		349,448

Description	Number of Shares		Value
*Town Sports International Holdings, Inc.		42,400	$	534,240
Vail Resorts, Inc.		3,000		170,340
			$	4,980,471
HOUSEHOLD DURABLES – 0.7%
*Meritage Homes Corp.		10,900		403,082
Ryland Group, Inc.		19,580		663,175
			$	1,066,257
LEISURE EQUIPMENT & PRODUCTS – 0.9%
Brunswick Corp.		6,470		152,627
*LeapFrog Enterprises, Inc.		13,780		121,815
Polaris Industries, Inc.		6,350		536,575
*Smith & Wesson Holding Corp.		28,700		275,520
12Sturm Ruger & Co., Inc.		3,450		162,944
			$	1,249,481
MEDIA – 1.7%
Arbitron, Inc.		7,600		276,336
*Lions Gate Entertainment Corp.		16,600		276,888
National CineMedia, Inc.		6,600		102,036

(Wilmington Small-Cap Growth Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 29

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
Sinclair Broadcast Group, Inc.		101,670	$	1,281,042
*,12Valassis Communications, Inc.		18,300		476,166
			$	2,412,468
SPECIALTY RETAIL – 3.2%
*Aeropostale, Inc.		9,000		107,550
*Cabela’s, Inc.		3,360		150,562
*Hibbett Sports, Inc.		10,000		539,900
Hot Topic, Inc.		15,790		135,794
*,12Lumber Liquidators Holdings, Inc.		4,000		223,280
12Monro Muffler Brake, Inc.		53,900		1,828,288
*Select Comfort Corp.		7,300		203,159
Tractor Supply Co.		9,800		943,152
Winmark Corp.		5,800		309,024
*,12Zumiez, Inc.		5,130		129,840
			$	4,570,549
TEXTILES, APPAREL & LUXURY GOODS – 4.5%
12Columbia Sportswear Co.		2,900		163,560
*Crocs, Inc.		40,500		510,300
*,12Deckers Outdoor Corp.		4,170		119,387
*Steven Madden Ltd.		26,790		1,149,827
*,12Under Armour, Inc.		11,800		616,668
*Warnaco Group, Inc.		12,800		903,424
Wolverine World Wide, Inc.		72,500		3,035,575
			$	6,498,741
TOTAL CONSUMER DISCRETIONARY			$	22,201,319
CONSUMER STAPLES – 6.8%
BEVERAGES – 0.3%
*National Beverage Corp.		30,800		457,996
FOOD & STAPLES RETAILING – 2.1%
Andersons, Inc.		16,300		640,264
Nash Finch Co.		34,800		669,204
Pricesmart, Inc.		21,500		1,784,285
			$	3,093,753
FOOD PRODUCTS – 2.8%
*Darling International, Inc.		24,480		404,655
*Hain Celestial Group, Inc.		4,700		271,660
J&J Snack Foods Corp.		4,100		234,807
Lancaster Colony Corp.		43,300		3,151,374
			$	4,062,496
HOUSEHOLD PRODUCTS – 0.7%
WD-40 Co.		19,800		947,628
PERSONAL PRODUCTS – 0.9%
Nature’s Sunshine Products, Inc.		17,000		292,230
12Nu Skin Enterprises, Inc.		16,600		785,678

Description	Number of Shares		Value
*Prestige Brands Holdings, Inc.		10,260	$	178,421
			$	1,256,329
TOTAL CONSUMER STAPLES			$	9,818,202
ENERGY – 1.5%
ENERGY EQUIPMENT & SERVICES – 1.0%
*Dril-Quip, Inc.		14,200		983,492
*Mitcham Industries, Inc.		17,260		233,873
*TGC Industries, Inc.		23,160		170,458
			$	1,387,823
OIL, GAS & CONSUMABLE FUELS – 0.5%
Energy XXI Bermuda Ltd.		1,440		47,664
*Halcon Resources Corp.		18,940		122,542
*Kodiak Oil & Gas Corp.		40,140		370,893
*Oasis Petroleum, Inc.		10,040		294,875
			$	835,974
TOTAL ENERGY			$	2,223,797
FINANCIALS – 9.2%
CAPITAL MARKETS – 2.5%
12AllianceBernstein Holding LP		27,400		460,868
Duff & Phelps Corp.		25,200		313,236
12KBW, Inc.		20,600		334,750
Lazard Ltd.		13,600		400,656
Medallion Financial Corp.		130,420		1,631,554
*Virtus Investment Partners, Inc.		4,500		432,000
			$	3,573,064
COMMERCIAL BANKS – 0.1%
*,12FNB United Corp.		12,400		148,428
CONSUMER FINANCE – 0.8%
*First Cash Financial Services, Inc.		22,910		1,023,160
QC Holdings, Inc.		21,167		71,544
			$	1,094,704
INSURANCE – 1.0%
Montpelier Re Holdings Ltd.		64,480		1,474,658
REAL ESTATE INVESTMENT TRUSTS – 4.8%
Glimcher Realty Trust		289,970		3,093,980
Investors Real Estate Trust		175,810		1,480,320
National Health Investors, Inc.		15,300		817,173
Newcastle Investment Corp.		158,800		1,373,620
12Omega Healthcare Investors, Inc.		9,740		223,436
			$	6,988,529
TOTAL FINANCIALS			$	13,279,383

(Wilmington Small-Cap Growth Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

30 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
HEALTH CARE – 18.3%
BIOTECHNOLOGY – 4.9%
*Achillion Pharmaceuticals, Inc.		29,700	$	280,368
*Affymax, Inc.		15,580		355,068
*,12Arena Pharmaceuticals, Inc.		81,580		645,298
*Ariad Pharmaceuticals, Inc.		19,230		414,407
*Array BioPharma, Inc.		48,990		202,819
*Cubist Pharmaceuticals, Inc.		8,250		353,925
*,12Dendreon Corp.		64,310		244,378
*,12Idenix Pharmaceuticals, Inc.		26,200		93,272
*,12InterMune, Inc.		22,600		179,670
*Keryx Biopharmaceuticals, Inc.		1,470		3,660
*Novavax, Inc.		102,400		215,040
*NPS Pharmaceuticals, Inc.		30,100		278,124
*,12Orexigen Therapeutics, Inc.		37,200		198,276
12PDL BioPharma, Inc.		257,500		1,918,375
*,12Pharmacyclics, Inc.		15,632		954,646
*,12Seattle Genetics, Inc.		5,910		148,696
*,12Spectrum Pharmaceuticals, Inc.		24,450		272,862
*Synageva BioPharma Corp.		2,990		126,417
*United Therapeutics Corp.		700		31,969
*,12ZIOPHARM Oncology, Inc.		14,700		69,237
			$	6,986,507
HEALTH CARE EQUIPMENT & SUPPLIES – 5.8%
*Abaxis, Inc.		12,600		463,428
*Align Technology, Inc.		20,200		536,916
Cantel Medical Corp.		7,100		184,671
*,12Cardiovascular Systems, Inc.		36,300		423,984
*Cynosure, Inc.		23,800		626,892
*Endologix, Inc.		33,200		446,872
*Haemonetics Corp.		6,700		547,390
*ICU Medical, Inc.		3,000		177,990
*Masimo Corp.		7,300		160,381
*Neogen Corp.		26,390		1,129,228
*NuVasive, Inc.		7,180		103,536
*RTI Biologics, Inc.		153,000		621,180
*Sirona Dental Systems, Inc.		4,000		229,040
STERIS Corp.		15,900		566,199
Utah Medical Products, Inc.		14,500		493,290
West Pharmaceutical Services, Inc.		30,900		1,664,583
			$	8,375,580
HEALTH CARE PROVIDERS & SERVICES – 2.5%
*,12Accretive Health, Inc.		12,800		150,912
*Centene Corp.		3,740		142,045
*Corvel Corp.		18,400		782,552

Description	Number of Shares		Value
*HealthSouth Corp.		14,410	$	318,893
*Metropolitan Health Networks, Inc.		71,310		779,418
National Research Corp.		10,700		542,276
*Skilled Healthcare Group, Inc.		95,300		740,481
*Sunrise Senior Living, Inc.		10,390		149,512
			$	3,606,089
HEALTH CARE TECHNOLOGY – 0.6%
*athenahealth, Inc.		1,920		123,437
*Cerner Corp.		10,200		777,138
			$	900,575
LIFE SCIENCES TOOLS & SERVICES – 0.3%
*Luminex Corp.		4,500		72,360
*PAREXEL International Corp.		13,300		408,177
			$	480,537
PHARMACEUTICALS – 4.2%
*Akorn, Inc.		59,590		715,676
*,12Cadence Pharmaceuticals, Inc.		47,000		166,380
*,12Endocyte, Inc.		15,570		149,005
*Hi-Tech Pharmacal Co., Inc.		27,070		848,645
*Jazz Pharmaceuticals PLC		15,540		834,964
Medicis Pharmaceutical Corp.		14,290		620,329
*,12Nektar Therapeutics		17,900		161,100
*Obagi Medical Products, Inc.		56,310		694,302
*Omeros Corp.		15,840		148,896
12Questcor Pharmaceuticals, Inc.		18,700		476,476
*,12Repros Therapeutics, Inc.		19,620		282,920
*Salix Pharmaceuticals Ltd.		10,828		422,725
*,12Ventrus Biosciences, Inc.		46,180		145,005
*,12Vivus, Inc.		27,100		403,790
			$	6,070,213
TOTAL HEALTH CARE			$	26,419,501
INDUSTRIALS – 22.9%
AEROSPACE & DEFENSE – 1.8%
Curtiss-Wright Corp.		5,400		166,698
*DigitalGlobe, Inc.		7,190		186,509
HEICO Corp.		5,100		197,013
*Hexcel Corp.		68,000		1,738,080
Sypris Solutions, Inc.		21,920		138,096
*Teledyne Technologies, Inc.		3,100		198,493
			$	2,624,889
AIR FREIGHT & LOGISTICS – 0.7%
*Hub Group, Inc.		16,800		520,968
*Park-Ohio Holdings Corp.		23,800		526,456
			$	1,047,424

(Wilmington Small-Cap Growth Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 31

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
AIRLINES – 0.6%
*Republic Airways Holdings, Inc.		28,390	$	132,581
*,12US Airways Group, Inc.		59,740		727,633
			$	860,214
BUILDING PRODUCTS – 1.6%
*American Woodmark Corp.		8,800		202,400
Simpson Manufacturing Co., Inc.		12,000		365,520
*Trex Co., Inc.		21,580		754,005
*,12USG Corp.		36,760		981,860
			$	2,303,785
COMMERCIAL SERVICES & SUPPLIES – 4.0%
*Asset Acceptance Capital Corp.		8,316		53,056
Geo Group, Inc.		5,500		152,460
Healthcare Services Group, Inc.		23,600		564,040
Herman Miller, Inc.		800		15,512
*InnerWorkings, Inc.		75,600		1,090,152
Knoll, Inc.		7,000		100,730
*Mobile Mini, Inc.		10,000		174,200
*Portfolio Recovery Associates, Inc.		1,300		136,045
Rollins, Inc.		12,900		292,443
*Standard Parking Corp.		74,000		1,690,900
*Team, Inc.		44,800		1,468,544
			$	5,738,082
CONSTRUCTION & ENGINEERING – 3.0%
*Aegion Corp.		36,900		681,543
*Dycom Industries, Inc.		57,400		817,376
Great Lakes Dredge & Dock Corp.		95,800		761,610
Primoris Services Corp.		138,140		1,929,816
*Sterling Construction Co., Inc.		18,130		161,357
			$	4,351,702
ELECTRICAL EQUIPMENT – 2.0%
Acuity Brands, Inc.		14,700		951,090
AZZ, Inc.		8,000		315,520
Coleman Cable, Inc.		23,887		226,688
Encore Wire Corp.		19,600		604,856
Global Power Equipment Group, Inc.		29,400		496,860
*,12Polypore International, Inc.		8,840		311,875
			$	2,906,889
INDUSTRIAL CONGLOMERATES – 0.4%
Raven Industries, Inc.		21,600		589,464
MACHINERY – 1.3%
*Blount International, Inc.		43,900		580,797
CLARCOR, Inc.		1,790		80,980
Gorman-Rupp Co.		23,600		637,200
*Meritor, Inc.		27,390		121,064

Description	Number of Shares		Value
*Trimas Corp.		14,700	$	368,676
Valmont Industries, Inc.		700		94,570
			$	1,883,287
PROFESSIONAL SERVICES INDUSTRY – 3.6%
*Acacia Research Corp.		33,810		878,046
*Advisory Board Co.		21,100		1,002,250
*Exponent, Inc.		20,000		1,099,600
*GP Strategies Corp.		42,750		822,937
*Navigant Consulting, Inc.		45,700		474,823
*On Assignment, Inc.		9,430		179,924
Resources Connection, Inc.		45,300		559,002
*RPX Corp.		12,720		133,942
			$	5,150,524
ROAD & RAIL – 0.3%
*Quality Distribution, Inc.		25,100		215,860
*Swift Transportation Co.		19,810		193,147
			$	409,007
TRADING COMPANIES & DISTRIBUTORS – 3.6%
Aceto Corp.		112,740		1,129,655
*Beacon Roofing Supply, Inc.		11,450		370,293
*CAI International, Inc.		11,500		254,840
*DXP Enterprises, Inc.		10,160		500,177
Houston Wire & Cable Co.		800		8,856
Textainer Group Holdings Ltd.		35,680		1,077,536
*,12Titan Machinery, Inc.		22,330		528,104
*United Rentals, Inc.		15,870		645,274
Watsco, Inc.		10,220		698,537
			$	5,213,272
TOTAL INDUSTRIALS			$	33,078,539
INFORMATION TECHNOLOGY – 19.7%
COMMUNICATIONS EQUIPMENT – 1.6%
12ADTRAN, Inc.		31,740		536,089
*Arris Group, Inc.		30,100		413,574
Black Box Corp.		10,900		238,928
12InterDigital, Inc.		7,000		266,630
*Ixia		12,000		168,120
Loral Space & Communications, Inc.		6,900		542,754
Tessco Technologies, Inc.		10,260		213,408
			$	2,379,503
COMPUTERS & PERIPHERALS – 0.5%
*,123D Systems Corp.		3,680		160,080
*Cray, Inc.		22,020		267,983
*Immersion Corp.		50,600		218,592
			$	646,655

(Wilmington Small-Cap Growth Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

32 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Growth Fund (continued)

Description	Number of Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 0.6%
Anixter International, Inc.		6,840	$	400,961
*,12IPG Photonics Corp.		3,770		200,112
*,12RealD, Inc.		9,900		92,565
*,12Universal Display Corp.		4,600		150,788
			$	844,426
INTERNET SOFTWARE & SERVICES – 6.0%
*,12 Ancestry.com, Inc.		20,700		654,120
*comScore, Inc.		8,900		126,113
*CoStar Group, Inc.		5,790		479,991
EarthLink, Inc.		173,700		1,101,258
Keynote Systems, Inc.		28,500		407,265
*Liquidity Services, Inc.		19,550		806,046
*LivePerson, Inc.		9,040		141,838
*Market Leader, Inc.		88,310		600,508
*,12 MeetMe, Inc.		61,900		261,837
*,12 OpenTable, Inc.		4,900		230,153
*,12 Spark Networks, Inc.		41,550		272,568
*Stamps.com, Inc.		36,700		1,009,984
*support.com, Inc.		48,300		224,112
*TechTarget, Inc.		16,700		79,826
*ValueClick, Inc.		76,800		1,280,256
*Vocus, Inc.		38,300		679,825
*Web.com Group, Inc.		19,090		301,240
			$	8,656,940
IT SERVICES – 4.7%
*Cardtronics, Inc.		37,900		1,076,739
*Computer Task Group, Inc.		49,430		921,869
*CSG Systems International, Inc.		3,700		76,257
*Global Cash Access Holdings, Inc.		20,400		143,820
*Hackett Group, Inc.		71,200		276,968
*iGATE Corp.		41,500		666,075
Jack Henry & Associates, Inc.		15,000		570,000
Lender Processing Services, Inc.		12,700		306,197
Mantech International Corp.		11,700		268,749
MAXIMUS, Inc.		38,850		2,143,743
*TeleTech Holdings, Inc.		9,000		151,560
*WEX, Inc.		2,270		167,481
			$	6,769,458
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.4%
*Cirrus Logic, Inc.		12,970		528,657
*Microsemi Corp.		5,500		105,600
			$	634,257

Description	Number of Shares		Value
SOFTWARE – 5.9%
*ACI Worldwide, Inc.		4,400	$	172,040
American Software, Inc.		11,800		96,642
*ANSYS, Inc.		4,600		326,048
*Aspen Technology, Inc.		6,120		151,654
Blackbaud, Inc.		9,800		232,946
*CommVault Systems, Inc.		2,970		185,536
*Concur Technologies, Inc.		6,800		450,364
Digimarc Corp.		12,200		239,608
Ebix, Inc.		9,200		200,468
*Ellie Mae, Inc.		7,190		179,750
Fair Isaac Corp.		3,600		167,760
*Fortinet, Inc.		8,900		172,393
*,12Glu Mobile, Inc.		28,890		91,581
*Guidance Software, Inc.		35,960		437,993
*Manhattan Associates, Inc.		25,900		1,554,000
*Mentor Graphics Corp.		18,200		282,464
*MICROS Systems, Inc.		28,100		1,275,459
Opnet Technologies, Inc.		5,600		237,608
*Parametric Technology Corp.		12,800		258,304
Solera Holdings, Inc.		5,500		257,455
*Sourcefire, Inc.		2,880		123,235
*Symantec Corp.		23,900		434,741
*Ultimate Software Group, Inc.		5,270		534,167
*,12VirnetX Holding Corp.		15,880		477,194
			$	8,539,410
TOTAL INFORMATION TECHNOLOGY			$	28,470,649
MATERIALS – 6.2%
CHEMICALS – 4.4%
American Vanguard Corp.		5,150		184,010
Cabot Corp.		24,500		876,120
Hawkins, Inc.		18,300		715,530
HB Fuller Co.		22,700		690,080
KMG Chemicals, Inc.		36,600		625,128
Koppers Holdings, Inc.		19,400		692,580
*Landec Corp.		85,420		924,244
*OMNOVA Solutions, Inc.		63,110		494,782
Quaker Chemical Corp.		10,000		529,900
Sensient Technologies Corp.		18,500		673,030
			$	6,405,404
CONSTRUCTION MATERIALS – 0.8%
Eagle Materials, Inc.		20,900		1,107,073
CONTAINERS & PACKAGING – 0.2%
Myers Industries, Inc.		23,020		341,387

(Wilmington Small-Cap Growth Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Small-Cap Growth Fund (concluded)

Description	Number of Shares		Value
METALS & MINING – 0.4%
Haynes International, Inc.		7,000	$	354,760
Materion Corp.		3,300		69,135
*,12Midway Gold Corp.		102,500		174,250
			$	598,145
PAPER & FOREST PRODUCTS – 0.4%
Deltic Timber Corp.		8,200		556,452
TOTAL MATERIALS			$	9,008,461
UTILITIES – 0.2%
GAS UTILITIES – 0.2%
South Jersey Industries, Inc.		5,400		273,186
TOTAL COMMON STOCKS (COST $134,808,177)			$	144,773,037
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $134,808,177)			$	144,773,037
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 10.4%
REPURCHASE AGREEMENTS – 10.4%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $3,563,837, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $3,635,082.	$	3,563,805		3,563,805

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $3,563,840, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $3,635,081.	$	3,563,805	$	3,563,805
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.28%, dated 10/31/12, due 11/01/12, repurchase price $3,563,833, collateralized by U.S. Government Securities 0.50% to 3.63%, maturing 4/15/15 to 4/15/28; total market value of $3,635,086.		3,563,805		3,563,805
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $3,563,843, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $3,635,081.		3,563,805		3,563,805
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $750,281, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $765,283.		750,275		750,275
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $15,005,495)			$	15,005,495
TOTAL INVESTMENTS – 110.5% (COST $149,813,672)			$	159,778,532
COLLATERAL FOR SECURITIES ON LOAN – (10.4%)				(15,005,495	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(196,009	)
TOTAL NET ASSETS – 100.0%			$	144,577,028

Cost of investments for Federal income tax purposes is $150,245,991. The net unrealized appreciation/(depreciation) of investments was $9,532,541. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $14,764,428 and net unrealized depreciation from investments for those securities having an excess of cost over value of $5,231,887.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	144,773,037	$	—	$	—	$	144,773,037
Repurchase Agreements		—		15,005,495		—		15,005,495
Total	$	144,773,037	$	15,005,495	$	—	$	159,778,532

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

34

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Small-Cap Strategy Fund

At October 31, 2012, the Fund’s sector classifications were as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks
Financials		21.9	%
Information Technology		16.8	%
Industrials		15.8	%
Consumer Discretionary		14.0	%
Health Care		12.6	%
Energy		6.0	%
Materials		5.1	%
Consumer Staples		3.7	%
Utilities		3.4	%
Telecommunication Services		0.7	%
Investment Company		0.1	%
Right		—
Warrants		0.0	%3
Cash Equivalents1		17.5	%
Other Assets and Liabilities – Net2		(17.6	)%
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) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 100.0%
CONSUMER DISCRETIONARY – 14.0%
AUTO COMPONENTS – 0.9%
*American Axle & Manufacturing Holdings, Inc.		2,655	$	28,860
Cooper Tire & Rubber Co.		2,506		50,446
Dana Holding Corp.		5,460		71,854
*Dorman Products, Inc.		1,072		32,750
*Drew Industries, Inc.		744		23,562
*Exide Technologies		5,202		15,866
*Federal-Mogul Corp.		1,190		8,973
*Fuel Systems Solutions, Inc.		566		9,209
*Gentherm, Inc.		1,127		13,547
*,12Modine Manufacturing Co.		2,175		14,790
Spartan Motors, Inc.		2,409		11,322
Standard Motor Products, Inc.		810		15,212
*Stoneridge, Inc.		738		3,668

Description	Number of Shares		Value
Superior Industries International, Inc.		866	$	14,800
*Tenneco, Inc.		2,630		80,347
			$	395,206
AUTOMOBILES – 0.0%**
*Winnebago Industries, Inc.		1,365		17,199
DISTRIBUTORS – 0.3%
Core-Mark Holding Co., Inc.		573		27,430
Pool Corp.		2,025		85,293
*VOXX International Corp.		608		3,782
Weyco Group, Inc.		131		3,076
			$	119,581
DIVERSIFIED CONSUMER SERVICES – 1.0%
*,12American Public Education, Inc.		735		26,776
*Ascent Capital Group, Inc.		490		29,130

(Wilmington Small-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*,12Bridgepoint Education, Inc.		900	$	9,000
*Capella Education Co.		75		2,341
*Career Education Corp.		3,120		10,608
*,12Coinstar, Inc.		1,388		65,153
*Corinthian Colleges, Inc.		1,641		4,480
*Grand Canyon Education, Inc.		1,944		42,301
Hillenbrand, Inc.		1,610		32,957
*,12K12, Inc.		960		19,651
Lincoln Educational Services Corp.		1,680		6,233
Matthews International Corp.		852		24,512
Regis Corp.		2,098		34,953
Sotheby’s		2,692		83,802
*Steiner Leisure Ltd.		605		26,572
12Stewart Enterprises, Inc.		2,449		19,029
Strayer Education, Inc.		180		10,343
Universal Technical Institute, Inc.		901		11,551
			$	459,392
HOTELS RESTAURANTS & LEISURE – 3.2%
*AFC Enterprises, Inc.		1,045		26,459
Ameristar Casinos, Inc.		1,655		30,204
*Biglari Holdings, Inc.		40		14,144
*BJ’s Restaurants, Inc.		920		30,406
Bob Evans Farms, Inc.		1,056		40,202
Boyd Gaming Corp.		3,220		19,867
*,12Bravo Brio Restaurant Group, Inc.		1,030		13,596
*,12Buffalo Wild Wings, Inc.		722		54,836
*,12Caesars Entertainment Corp.		1,020		5,906
*Caribou Coffee Co., Inc.		640		7,661
*Carrols Restaurant Group, Inc.		1,060		6,805
CEC Entertainment, Inc.		928		28,768
12Cheesecake Factory, Inc.		2,356		77,889
Churchill Downs, Inc.		392		25,609
Cracker Barrel Old Country Store, Inc.		752		47,865
*,12Denny’s Corp.		3,860		17,756
*DineEquity, Inc.		682		42,761
Domino’s Pizza, Inc.		2,454		99,681
Einstein Noah Restaurant Group, Inc.		704		10,863
*Fiesta Restaurant Group, Inc.		1,060		14,013
International Speedway Corp.		640		16,320
12Interval Leisure Group, Inc.		1,520		28,971
*Isle of Capri Casinos, Inc.		321		1,952
*Jack In The Box, Inc.		1,786		46,454
*Jamba, Inc.		2,990		6,548
*Krispy Kreme Doughnuts, Inc.		2,440		18,129
*,12Life Time Fitness, Inc.		1,847		82,912
Marcus Corp.		487		5,308

Description	Number of Shares		Value
*Marriott Vacations Worldwide Corp.		980	$	38,553
*Monarch Casino & Resort, Inc.		928		8,463
*Morgans Hotel Group Co.		943		6,082
*Multimedia Games Holding Co., Inc.		1,530		24,327
*Orient-Express Hotels Ltd.		3,680		43,166
*Papa John’s International, Inc.		836		44,576
*Pinnacle Entertainment, Inc.		2,737		34,924
*Red Lion Hotels Corp.		520		3,427
*Red Robin Gourmet Burgers, Inc.		762		25,451
*Ruby Tuesday, Inc.		2,310		16,678
*Ruth’s Hospitality Group, Inc.		610		4,057
*Ryman Hospitality Properties		1,124		43,847
*Scientific Games Corp.		2,380		19,587
*SHFL Entertainment, Inc.		1,870		26,423
Six Flags Entertainment Corp.		1,690		96,516
*Sonic Corp.		2,295		22,881
Speedway Motorsports, Inc.		421		6,862
Texas Roadhouse, Inc.		2,635		42,898
*Town Sports International Holdings, Inc.		980		12,348
Vail Resorts, Inc.		1,440		81,763
*WMS Industries, Inc.		1,960		32,203
			$	1,456,917
HOUSEHOLD DURABLES – 1.1%
12American Greetings Corp.		1,367		23,471
*,12Beazer Homes USA, Inc.		728		12,005
12Blyth, Inc.		210		4,796
*Cavco Industries, Inc.		395		19,094
CSS Industries, Inc.		28		563
12Ethan Allen Interiors, Inc.		956		28,116
*Helen of Troy Ltd.		983		29,706
*,12Hovnanian Enterprises, Inc.		4,463		19,191
*iRobot Corp.		1,300		23,361
12KB Home		2,910		46,502
*La-Z-Boy, Inc.		1,836		29,780
*Libbey, Inc.		780		14,001
Lifetime Brands, Inc.		120		1,332
*M/I Homes, Inc.		864		19,224
MDC Holdings, Inc.		1,430		54,683
*Meritage Homes Corp.		1,202		44,450
Ryland Group, Inc.		1,661		56,258
*,12Skullcandy, Inc.		760		9,204
*,12Standard Pacific Corp.		4,730		32,637
*Universal Electronics, Inc.		648		11,120
*,12Zagg, Inc.		880		6,318
			$	485,812

(Wilmington Small-Cap Strategy Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

36 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
INTERNET & CATALOG RETAIL – 0.5%
*1-800-Flowers.com, Inc.		572	$	2,076
*Blue Nile, Inc.		662		25,004
*Geeknet, Inc.		300		5,451
HSN, Inc.		1,570		81,671
12Nutrisystem, Inc.		1,229		11,835
*Orbitz Worldwide, Inc.		2,949		7,284
*,12Overstock.com, Inc.		402		6,062
12PetMed Express, Inc.		947		10,322
*Shutterfly, Inc.		1,442		43,635
*US Auto Parts Network, Inc.		1,920		5,741
*Vitacost.com, Inc.		1,410		9,024
			$	208,105
LEISURE EQUIPMENT & PRODUCTS – 0.5%
*Arctic Cat, Inc.		430		15,596
*Black Diamond, Inc.		940		8,930
Brunswick Corp.		3,831		90,373
Callaway Golf Co.		2,811		15,348
JAKKS Pacific, Inc.		890		11,490
*Johnson Outdoors, Inc.		120		2,341
*LeapFrog Enterprises, Inc.		1,727		15,267
Marine Products Corp.		1,100		6,523
*Smith & Wesson Holding Corp.		2,887		27,715
*Steinway Musical Instruments, Inc.		68		1,642
12Sturm Ruger & Co., Inc.		690		32,589
			$	227,814
MEDIA – 1.2%
Arbitron, Inc.		1,214		44,141
Belo Corp.		4,120		30,818
*Carmike Cinemas, Inc.		680		9,262
*,12Central European Media Enterprises Ltd.		1,250		6,700
*Cumulus Media, Inc.		10		25
*Digital Domain Media Group, Inc.		1,470		96
*,12Digital Generation, Inc.		1,047		9,737
*,12Entercom Communications Corp.		1,600		10,416
Entravision Communications Corp.		540		729
*EW Scripps Co.		1,410		14,960
Fisher Communications, Inc.		177		4,467
*Global Sources Ltd.		619		3,541
Harte-Hanks, Inc.		1,636		9,113
*Journal Communications, Inc.		1,100		6,171
*LIN TV Corp.		290		1,627
*,12Lions Gate Entertainment Corp.		3,250		54,210
*Live Nation Entertainment, Inc.		5,176		47,360
Martha Stewart Living Omnimedia		1,683		4,864

Description	Number of Shares		Value
*McClatchy Co.		3,460	$	9,861
MDC Partners, Inc.		980		11,084
Meredith Corp.		1,320		44,180
National CineMedia, Inc.		2,182		33,734
*New York Times Co.		4,790		39,182
*Nexstar Broadcasting Group, Inc.		530		5,761
Outdoor Channel Holdings, Inc.		1,170		8,494
*ReachLocal, Inc.		260		3,208
*Reading International, Inc.		1,510		9,136
*Rentrak Corp.		280		4,757
12Scholastic Corp.		746		24,611
Sinclair Broadcast Group, Inc.		2,208		27,821
*,12Valassis Communications, Inc.		1,760		45,795
12World Wrestling Entertainment, Inc.		1,017		8,228
			$	534,089
MULTILINE RETAIL – 0.2%
Bon-Ton Stores, Inc.		340		4,175
Fred’s, Inc.		1,222		16,558
*Gordmans Stores, Inc.		160		2,410
*,12Saks, Inc.		3,860		39,681
*Tuesday Morning Corp.		1,800		10,746
			$	73,570
SPECIALTY RETAIL – 3.6%
*Aeropostale, Inc.		2,220		26,529
*America’s Car-Mart, Inc.		310		12,977
*ANN, Inc.		2,140		75,242
*Asbury Automotive Group, Inc.		1,274		40,411
*,12Barnes & Noble, Inc.		1,210		20,376
bebestores, Inc.		2,446		9,906
Big 5 Sporting Goods Corp.		472		4,215
*Body Central Corp.		510		5,095
Brown Shoe Co., Inc.		1,775		28,009
Buckle, Inc.		1,175		53,075
*Cabela’s, Inc.		1,804		80,837
*Casual Male Retail Group, Inc.		40		154
Cato Corp.		1,093		31,019
*Childrens Place Retail Stores, Inc.		878		51,302
*Citi Trends, Inc.		936		11,494
*,12Conn’s, Inc.		676		17,123
Destination Maternity Corp.		930		17,633
*Express, Inc.		2,800		31,164
Finish Line, Inc.		2,254		46,894
*,12Francesca’s Holdings Corp.		1,440		42,523
*Genesco, Inc.		881		50,481
12Group 1 Automotive, Inc.		844		52,336
Haverty Furniture Cos., Inc.		717		10,762

(Wilmington Small-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*,12hhgregg, Inc.		715	$	4,319
*Hibbett Sports, Inc.		1,084		58,525
Hot Topic, Inc.		1,461		12,565
*Jos A Bank Clothiers, Inc.		1,180		55,212
*Kirkland’s, Inc.		330		3,165
Lithia Motors, Inc.		820		28,044
*,12Lumber Liquidators Holdings, Inc.		1,101		61,458
*MarineMax, Inc.		800		6,584
*,12Mattress Firm Holding Corp.		550		17,605
Men’s Wearhouse, Inc.		2,009		65,875
12Monro Muffler Brake, Inc.		1,322		44,842
*,12New York & Co., Inc.		2,080		7,010
*Office Depot, Inc.		11,570		28,694
OfficeMax, Inc.		3,650		26,828
Penske Automotive Group, Inc.		1,720		52,632
Pep Boys-Manny Moe & Jack		1,813		18,112
12Pier 1 Imports, Inc.		4,190		85,476
RadioShack Corp.		4,200		9,408
Rent-A-Center, Inc.		2,004		66,793
*rue21, Inc.		520		15,657
*Select Comfort Corp.		2,290		63,731
Shoe Carnival, Inc.		553		12,929
Sonic Automotive, Inc.		1,698		32,941
Stage Stores, Inc.		1,088		26,656
*Stein Mart, Inc.		680		5,345
*Systemax, Inc.		272		2,976
*Teavana Holdings, Inc.		760		8,018
*Vitamin Shoppe, Inc.		1,290		73,840
*West Marine, Inc.		60		620
*Wet Seal, Inc.		5,056		14,460
*,12Zumiez, Inc.		673		17,034
			$	1,646,911
TEXTILES, APPAREL & LUXURY GOODS – 1.5%
Cherokee, Inc.		150		2,161
12Columbia Sportswear Co.		463		26,113
*Crocs, Inc.		3,480		43,848
*Delta Apparel, Inc.		60		908
*Fifth & Pacific Cos., Inc.		4,020		44,140
*G-III Apparel Group Ltd.		727		26,870
*Iconix Brand Group, Inc.		2,655		49,144
12Jones Group, Inc.		2,710		32,005
*,12K-Swiss, Inc.		2,058		4,692
*Maidenform Brands, Inc.		929		17,382
Movado Group, Inc.		715		22,658
Oxford Industries, Inc.		640		35,507
*Perry Ellis International, Inc.		617		12,735

Description	Number of Shares		Value
*Quiksilver, Inc.		4,760	$	15,232
*,12Skechers U.S.A., Inc.		1,623		26,942
*Steven Madden Ltd.		1,676		71,934
True Religion Apparel, Inc.		987		25,317
*Tumi Holdings, Inc.		570		12,768
*Unifi, Inc.		86		1,207
*,12Vera Bradley, Inc.		730		21,761
*Warnaco Group, Inc.		1,711		120,762
Wolverine World Wide, Inc.		2,086		87,341
			$	701,427
TOTAL CONSUMER DISCRETIONARY			$	6,326,023
CONSUMER STAPLES – 3.7%
BEVERAGES – 0.1%
*,12Boston Beer Co., Inc.		355		38,191
*,12Central European Distribution Corp.		1,400		3,612
Coca-Cola Bottling Co. Consolidated		261		17,941
*,12National Beverage Corp.		510		7,584
			$	67,328
FOOD & STAPLES RETAILING – 1.1%
Andersons, Inc.		645		25,336
Arden Group, Inc.		53		5,218
Casey’s General Stores, Inc.		1,576		81,243
*,12Chefs’ Warehouse, Inc.		570		8,801
Harris Teeter Supermarkets, Inc.		1,460		54,677
Ingles Markets, Inc.		1,040		16,848
Nash Finch Co.		628		12,076
*Pantry, Inc.		980		13,000
12Pricesmart, Inc.		806		66,890
*Rite Aid Corp.		26,620		30,879
Spartan Stores, Inc.		829		11,904
SUPERVALU, Inc.		8,100		25,191
*Susser Holdings Corp.		331		11,896
*United Natural Foods, Inc.		2,047		108,982
12Village Super Market, Inc.		220		8,067
Weis Markets, Inc.		250		10,290
			$	491,298
FOOD PRODUCTS – 1.6%
Alico, Inc.		10		314
B&G Foods, Inc.		1,896		57,392
12Calavo Growers, Inc.		307		7,248
Cal-Maine Foods, Inc.		642		27,689
*Chiquita Brands International, Inc.		2,481		17,888
*Darling International, Inc.		4,717		77,972
12Diamond Foods, Inc.		995		18,427
*,12Dole Food Co., Inc.		1,170		14,730
*Farmer Bros Co.		388		3,775

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38 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Fresh Del Monte Produce, Inc.		1,829	$	46,036
Griffin Land & Nurseries, Inc.		246		6,384
*Hain Celestial Group, Inc.		1,423		82,249
J&J Snack Foods Corp.		574		32,873
*John B Sanfilippo & Son, Inc.		560		9,419
Lancaster Colony Corp.		822		59,825
12Limoneira Co.		180		4,045
*Omega Protein Corp.		550		3,580
*Pilgrim’s Pride Corp.		3,340		18,804
*Post Holdings, Inc.		550		17,352
Sanderson Farms, Inc.		881		39,900
*Seneca Foods Corp.		420		12,006
*Smart Balance, Inc.		1,879		22,360
Snyders-Lance, Inc.		2,031		51,466
12Tootsie Roll Industries, Inc.		797		21,240
*TreeHouse Foods, Inc.		1,552		83,110
			$	736,084
HOUSEHOLD PRODUCTS – 0.3%
*Central Garden and Pet Co.		1,854		20,895
*,12Harbinger Group, Inc.		1,500		13,125
Oil-Dri Corp. of America		160		3,584
Spectrum Brands Holdings, Inc.		1,030		46,855
WD-40 Co.		674		32,258
			$	116,717
PERSONAL PRODUCTS – 0.3%
*Elizabeth Arden, Inc.		1,137		53,644
Female Health Co.		50		350
Inter Parfums, Inc.		418		7,633
*Medifast, Inc.		440		11,229
12Nature’s Sunshine Products, Inc.		380		6,532
*Nutraceutical International Corp.		460		7,296
*Prestige Brands Holdings, Inc.		2,007		34,902
*Revlon, Inc.		160		2,464
*Schiff Nutrition International, Inc.		545		18,443
*Synutra International, Inc.		429		1,797
*,12USANA Health Sciences, Inc.		195		8,412
			$	152,702
TOBACCO – 0.3%
*Alliance One International, Inc.		3,972		12,075
*,12Star Scientific, Inc.		4,009		12,147
12Universal Corp.		892		44,208
12Vector Group Ltd.		2,687		44,228
			$	112,658
TOTAL CONSUMER STAPLES			$	1,676,787

Description	Number of Shares		Value
ENERGY – 6.0%
ENERGY EQUIPMENT & SERVICES – 1.9%
*,12Basic Energy Services, Inc.		1,152	$	11,969
Bristow Group, Inc.		1,491		74,431
*,12C&J Energy Services, Inc.		1,630		31,589
*Cal Dive International, Inc.		3,789		4,774
*Dawson Geophysical Co.		343		8,194
*Dril-Quip, Inc.		1,598		110,677
*Exterran Holdings, Inc.		2,630		52,547
*Forbes Energy Services Ltd.		3,210		9,181
*Geokinetics, Inc.		10		2
*Geospace Technologies Corp.		522		33,789
*Global Geophysical Services, Inc.		490		2,264
Gulf Island Fabrication, Inc.		463		10,987
*Gulfmark Offshore, Inc.		1,061		34,292
*,12Heckmann Corp.		4,480		15,680
*Helix Energy Solutions Group, Inc.		3,720		64,319
*Hercules Offshore, Inc.		6,490		30,892
*Hornbeck Offshore Services, Inc.		1,218		42,192
*ION Geophysical Corp.		5,947		38,418
*Key Energy Services, Inc.		6,350		41,529
12Lufkin Industries, Inc.		1,480		74,015
*Matrix Service Co.		1,613		16,920
*Mitcham Industries, Inc.		240		3,252
*Natural Gas Services Group, Inc.		704		11,165
*Newpark Resources, Inc.		2,712		18,414
*Parker Drilling Co.		5,454		23,616
*,12PHI, Inc.		455		14,237
*Pioneer Energy Services Corp.		2,798		18,467
*Tesco Corp.		690		6,079
*TETRA Technologies, Inc.		3,930		21,025
*Vantage Drilling Co.		7,810		14,370
*Willbros Group, Inc.		1,368		6,990
			$	846,276
OIL, GAS & CONSUMABLE FUELS – 4.1%
*,12Abraxas Petroleum Corp.		4,480		9,274
Alon USA Energy, Inc.		34		446
*,12Amyris, Inc.		990		2,544
12Apco Oil and Gas International, Inc.		480		6,101
*Approach Resources, Inc.		1,430		35,221
12Arch Coal, Inc.		8,290		65,988
*ATP Oil & Gas Corp.		2,852		338
12Berry Petroleum Co.		2,194		84,491
*Bill Barrett Corp.		1,895		43,414
*Bonanza Creek Energy, Inc.		360		8,917
*BPZ Resources, Inc.		4,853		13,977

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PORTFOLIOS OF INVESTMENTS 39

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Callon Petroleum Co.		1,680	$	9,610
*Carrizo Oil & Gas, Inc.		1,576		42,268
*,12Clayton Williams Energy, Inc.		313		13,256
*,12Clean Energy Fuels Corp.		2,459		28,156
*Cloud Peak Energy, Inc.		2,420		51,062
*,12Comstock Resources, Inc.		1,030		17,634
*Contango Oil & Gas Co.		649		31,905
*Crimson Exploration, Inc.		110		398
Crosstex Energy, Inc.		1,773		24,255
*CVR Energy, Inc.		746		27,415
Delek US Holdings, Inc.		552		14,214
*Emerald Oil, Inc.		77		416
*,12Endeavour International Corp.		1,533		11,130
Energy XXI Bermuda Ltd.		3,250		107,575
*EPL Oil & Gas, Inc.		1,010		21,856
*Evolution Petroleum Corp.		40		328
*Forest Oil Corp.		4,600		34,868
*,12Frontline Ltd.		2,000		6,340
*FX Energy, Inc.		2,593		12,524
*GasLog Ltd.		1,180		13,617
*Gastar Exploration Ltd.		1,490		1,669
*Gevo, Inc.		1,380		2,788
*,12Goodrich Petroleum Corp.		1,285		15,844
*Green Plains Renewable Energy, Inc.		1,390		10,745
*Gulfport Energy Corp.		2,060		68,351
*Halcon Resources Corp.		4,031		26,081
*Harvest Natural Resources, Inc.		1,209		10,555
*,12Isramco, Inc.		40		4,029
*,12KiOR, Inc.		1,360		8,976
Knightsbridge Tankers Ltd.		863		5,497
*Kodiak Oil & Gas Corp.		10,610		98,036
*,12Magnum Hunter Resources Corp.		5,310		20,284
*,12McMoRan Exploration Co.		3,808		45,429
*Midstates Petroleum Co., Inc.		1,460		9,008
*,12Miller Energy Resources, Inc.		540		2,441
12Nordic American Tankers Ltd.		2,278		19,135
*,12Northern Oil and Gas, Inc.		2,470		37,445
*Oasis Petroleum, Inc.		3,010		88,404
Panhandle Oil and Gas, Inc.		586		15,869
*,12Patriot Coal Corp.		3,730		597
*PDC Energy, Inc.		1,299		39,321
Penn Virginia Corp.		3,564		16,109
*Petroquest Energy, Inc.		3,153		19,233
*,12Quicksilver Resources, Inc.		4,970		19,234
*Rentech, Inc.		8,010		20,666
*,12Resolute Energy Corp.		1,490		13,231
*REX American Resources Corp.		200		3,522

Description	Number of Shares		Value
*Rex Energy Corp.		1,345	$	17,808
*Rosetta Resources, Inc.		2,238		103,038
*Scorpio Tankers, Inc.		1,250		6,813
*SemGroup Corp.		1,510		58,346
Ship Finance International Ltd.		1,803		27,730
*,12Solazyme, Inc.		460		3,726
*Stone Energy Corp.		1,904		44,915
*Swift Energy Co.		1,456		24,330
Targa Resources Corp.		1,220		62,135
12Teekay Tankers Ltd.		2,738		9,419
*Triangle Petroleum Corp.		1,410		9,010
*,12Uranerz Energy Corp.		1,910		3,171
*,12Uranium Energy Corp.		3,940		9,298
*Vaalco Energy, Inc.		2,387		19,502
W&T Offshore, Inc.		1,210		20,509
*Warren Resources, Inc.		2,940		8,379
Western Refining, Inc.		2,465		61,305
*,12Westmoreland Coal Co.		140		1,439
			$	1,852,910
TOTAL ENERGY			$	2,699,186
FINANCIALS – 21.9%
CAPITAL MARKETS – 2.7%
Apollo Investment Corp.		8,972		71,327
Arlington Asset Investment Corp.		830		18,467
12Artio Global Investors, Inc.		2,080		4,950
BGC Partners, Inc.		4,390		20,545
BlackRock Kelso Capital Corp.		2,550		25,525
Calamos Asset Management, Inc.		1,585		17,118
12Capital Southwest Corp.		102		10,990
12Cohen & Steers, Inc.		873		24,435
*Cowen Group, Inc.		5,765		14,643
Diamond Hill Investment Group, Inc.		160		12,317
Duff & Phelps Corp.		1,094		13,598
Epoch Holding Corp.		940		20,605
Evercore Partners, Inc.		1,103		30,774
*FBR & Co.		350		1,043
12Fifth Street Finance Corp.		4,346		47,415
*,12Financial Engines, Inc.		2,000		48,020
12FXCM, Inc.		1,930		17,370
GAMCO Investors, Inc.		202		9,898
GFI Group, Inc.		2,191		6,924
Gladstone Capital Corp.		1,822		16,216
Gladstone Investment Corp.		1,707		12,632
12Golub Capital BDC, Inc.		630		9,847
12Greenhill & Co., Inc.		1,020		48,674
*Harris & Harris Group, Inc.		2,760		9,467

(Wilmington Small-Cap Strategy Fund continued next page)

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40 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Hercules Technology Growth Capital, Inc.		1,537	$	16,600
*HFF, Inc.		1,900		26,467
Horizon Technology Finance Corp.		850		13,864
*ICG Group, Inc.		1,734		18,172
*INTL. FCStone, Inc.		476		8,820
*Investment Technology Group, Inc.		1,670		14,095
JMP Group, Inc.		900		4,986
12KBW, Inc.		1,343		21,824
12KCAP Financial, Inc.		1,700		15,419
*Knight Capital Group, Inc.		7,622		20,046
*Ladenburg Thalmann Financial Services, Inc.		5,250		6,825
12Main Street Capital Corp.		985		29,580
Manning & Napier, Inc.		1,080		14,051
MCG Capital Corp.		4,950		23,067
Medallion Financial Corp.		1,311		16,401
Medley Capital Corp.		860		12,384
MVC Capital, Inc.		764		9,443
New Mountain Finance Corp.		1,090		16,339
NGP Capital Resources Co.		187		1,371
Oppenheimer Holdings, Inc.		850		13,838
PennantPark Investment Corp.		1,410		15,510
*Piper Jaffray Cos.		470		12,620
12Prospect Capital Corp.		5,989		70,910
Pzena Investment Management, Inc.		715		4,033
*,12Safeguard Scientifics, Inc.		1,135		17,990
Solar Capital Ltd.		1,880		42,864
Solar Senior Capital Ltd.		60		1,054
*,12Stifel Financial Corp.		2,009		63,685
*SWS Group, Inc.		1,777		10,111
TCP Capital Corp.		800		12,264
12Teton Advisors, Inc.		10		141
THL Credit, Inc.		70		999
TICC Capital Corp.		2,129		22,099
12Triangle Capital Corp.		1,056		27,488
*Virtus Investment Partners, Inc.		323		31,008
*Walter Investment Management Corp.		1,082		52,293
Westwood Holdings Group, Inc.		210		8,152
*WisdomTree Investments, Inc.		1,420		9,102
			$	1,218,715
COMMERCIAL BANKS – 6.4%
1st Source Corp.		618		13,726
*1st United Bancorp, Inc.		740		4,447
Alliance Financial Corp.		20		906
*Ameris Bancorp		830		8,856
Ames National Corp.		11		218
12Arrow Financial Corp.		64		1,562
Bancfirst Corp.		134		5,891

Description	Number of Shares		Value
Banco Latinoamericano de Exportaciones SA		1,034	$	23,265
*Bancorp, Inc.		560		6,367
BancorpSouth, Inc.		3,520		49,808
Bank of Marin Bancorp		50		1,866
Bank of the Ozarks, Inc.		1,132		37,062
Banner Corp.		740		21,453
Bar Harbor Bankshares		400		14,184
BBCN Bancorp, Inc.		2,611		31,149
Boston Private Financial Holdings, Inc.		2,458		22,663
Bridge Bancorp, Inc.		90		1,800
*Bridge Capital Holdings		300		4,485
Bryn Mawr Bank Corp.		475		10,754
C&F Financial Corp.		250		9,812
Camden National Corp.		263		9,179
Capital City Bank Group, Inc.		951		9,653
Cardinal Financial Corp.		1,330		21,240
Cathay General Bancorp		2,712		47,975
Center Bancorp, Inc.		130		1,481
Centerstate Banks, Inc.		926		8,028
*Central Pacific Financial Corp.		800		11,496
Chemical Financial Corp.		1,188		27,942
Citizens & Northern Corp.		831		15,432
*Citizens Republic Bancorp, Inc.		1,450		26,303
12City Holding Co.		472		16,577
CNB Financial Corp.		910		15,634
CoBiz Financial, Inc.		1,980		14,117
Columbia Banking System, Inc.		1,159		20,526
Community Bank System, Inc.		1,844		50,876
Community Trust Bancorp, Inc.		508		17,231
CVB Financial Corp.		3,174		34,343
*,12Eagle Bancorp, Inc.		670		13,976
12Enterprise Bancorp, Inc.		60		1,024
Enterprise Financial Services Corp.		753		10,542
Fidelity Southern Corp.		950		9,300
Financial Institutions, Inc.		873		16,622
First Bancorp		1,095		11,443
First Bancorp, Inc.		439		7,235
*First BanCorp		3,400		14,416
First Busey Corp.		4,791		22,614
*First California Financial Group, Inc.		1,340		9,045
First Commonwealth Financial Corp.		4,586		30,038
First Community Bancshares, Inc.		501		7,505
First Connecticut Bancorp, Inc.		1,340		18,345
First Financial Bancorp		2,325		36,502
12First Financial Bankshares, Inc.		1,001		36,266
First Financial Corp.		495		15,142
First Interstate Bancsystem, Inc.		530		7,966

(Wilmington Small-Cap Strategy Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
First Merchants Corp.		955	$	14,048
First Midwest Bancorp, Inc.		2,721		33,659
First of Long Island Corp.		220		6,598
12FirstMerit Corp.		4,183		57,976
FNB Corp.		4,596		49,315
*FNB United Corp.		780		9,337
12German American Bancorp, Inc.		400		9,020
Glacier Bancorp, Inc.		2,981		43,225
Great Southern Bancorp, Inc.		490		13,901
12Hancock Holding Co.		2,848		89,968
*Hanmi Financial Corp.		1,480		18,367
Heartland Financial USA, Inc.		593		17,019
Heritage Financial Corp.		820		11,341
Home BancShares, Inc.		762		26,396
Hudson Valley Holding Corp.		312		5,026
Iberiabank Corp.		844		42,023
Independent Bank Corp.		736		21,719
International Bancshares Corp.		2,182		39,603
Investors Bancorp, Inc.		1,871		33,659
Lakeland Bancorp, Inc.		542		5,382
Lakeland Financial Corp.		515		13,745
MainSource Financial Group, Inc.		979		12,257
MB Financial, Inc.		2,155		43,660
Merchants Bancshares, Inc.		290		8,491
*Metro Bancorp, Inc.		572		7,425
*MetroCorp Bancshares, Inc.		900		9,126
MidSouth Bancorp, Inc.		820		12,710
12National Bankshares, Inc.		200		6,300
National Penn Bancshares, Inc.		4,311		38,497
NBT Bancorp, Inc.		1,698		36,116
Northrim BanCorp, Inc.		580		13,067
Old National Bancorp		4,141		50,810
*OmniAmerican Bancorp, Inc.		740		16,939
Oriental Financial Group, Inc.		2,334		27,495
*Pacific Capital Bancorp		120		5,509
Pacific Continental Corp.		1,340		12,449
PacWest Bancorp		919		20,678
Park National Corp.		288		19,166
*Park Sterling Corp.		1,300		6,500
Penns Woods Bancorp, Inc.		160		6,485
Peoples Bancorp, Inc.		596		12,695
*Pinnacle Financial Partners, Inc.		1,271		24,848
*Preferred Bank		650		9,237
PrivateBancorp, Inc.		2,120		34,259
Prosperity Bancshares, Inc.		1,675		70,116
Renasant Corp.		1,001		18,428
Republic Bancorp, Inc.		197		4,259

Description	Number of Shares		Value
S&T Bancorp, Inc.		1,310	$	23,017
Sandy Spring Bancorp, Inc.		1,187		22,695
SCBT Financial Corp.		390		15,475
Sierra Bancorp		516		5,805
Simmons First National Corp.		656		16,328
Southside Bancshares, Inc.		346		7,062
*Southwest Bancorp, Inc.		282		3,043
State Bank Financial Corp.		790		11,984
12StellarOne Corp.		1,393		19,112
Sterling Bancorp		1,237		11,813
Sterling Financial Corp.		1,230		26,150
*Suffolk Bancorp		854		12,827
*Sun Bancorp, Inc.		1,460		4,511
Susquehanna Bancshares, Inc.		6,992		72,507
SY Bancorp, Inc.		530		12,497
*,12Taylor Capital Group, Inc.		730		13,636
* Texas Capital Bancshares, Inc.		1,588		75,382
Tompkins Financial Corp.		140		5,667
12TowneBank		381		5,932
Trico Bancshares		273		4,586
Trustmark Corp.		2,098		49,240
12UMB Financial Corp.		1,164		51,833
Umpqua Holdings Corp.		4,706		56,896
Union First Market Bankshares Corp.		1,079		16,940
12United Bankshares, Inc.		1,714		40,845
*United Community Banks, Inc.		1,924		16,739
Univest Corp. of Pennsylvania		553		9,357
*Virginia Commerce Bancorp, Inc.		1,480		13,557
Washington Banking Co.		920		12,576
Washington Trust Bancorp, Inc.		576		15,546
Webster Financial Corp.		2,560		56,320
WesBanco, Inc.		1,306		28,732
West Bancorporation, Inc.		1,097		11,968
West Coast Bancorp		758		16,691
12Westamerica Bancorporation		1,053		46,458
*Western Alliance Bancorp		2,831		29,046
*Wilshire Bancorp, Inc.		1,900		12,369
Wintrust Financial Corp.		1,263		46,668
			$	2,876,947
CONSUMER FINANCE – 0.6%
Cash America International, Inc.		1,196		46,752
*,12CompuCredit Holdings Corp.		532		2,038
*Credit Acceptance Corp.		298		24,332
*DFC Global Corp.		1,798		30,296
*Ezcorp, Inc.		2,169		42,643
*First Cash Financial Services, Inc.		1,189		53,101
*First Marblehead Corp.		5,080		4,775

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42 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Green Dot Corp.		1,050	$	10,700
Nelnet, Inc.		572		13,963
*,12Netspend Holdings, Inc.		1,090		11,674
*,12World Acceptance Corp.		464		30,977
			$	271,251
DIVERSIFIED FINANCIAL SERVICES – 0.3%
California First National Bancorp		150		2,740
MarketAxess Holdings, Inc.		1,547		48,328
*NewStar Financial, Inc.		924		11,550
*PHH Corp.		2,347		48,841
*PICO Holdings, Inc.		640		14,170
			$	125,629
INSURANCE – 2.6%
Alterra Capital Holdings Ltd.		2,995		73,168
American Equity Investment Life Holding Co.		2,613		30,076
*American Safety Insurance Holdings Ltd.		877		14,786
*AMERISAFE, Inc.		672		17,640
12Amtrust Financial Services, Inc.		1,166		28,217
Argo Group International Holdings Ltd.		1,251		43,034
Baldwin & Lyons, Inc.		492		11,980
*Citizens, Inc.		1,797		18,311
CNO Financial Group, Inc.		8,140		77,981
Crawford & Co.		1,767		9,736
Donegal Group, Inc.		990		12,830
*eHealth, Inc.		804		17,447
Employers Holdings, Inc.		1,347		24,583
*Enstar Group Ltd.		309		30,900
FBL Financial Group, Inc.		573		19,556
First American Financial Corp.		4,030		91,682
Flagstone Reinsurance Holdings SA		1,127		9,963
*Global Indemnity PLC		524		11,622
*Greenlight Capital Re Ltd.		1,060		27,083
*Hallmark Financial Services		7		53
*Hilltop Holdings, Inc.		1,261		17,137
Horace Mann Educators Corp.		1,504		28,892
Infinity Property & Casualty Corp.		468		26,727
12Kansas City Life Insurance Co.		370		13,446
Maiden Holdings Ltd.		1,932		16,325
Meadowbrook Insurance Group, Inc.		2,035		11,437
Montpelier Re Holdings Ltd.		1,874		42,858
*National Financial Partners Corp.		1,760		32,296
National Interstate Corp.		519		13,468
National Western Life Insurance Co.		85		11,931
*Navigators Group, Inc.		426		22,612
OneBeacon Insurance Group Ltd.		1,090		14,715
*,12Phoenix Cos., Inc.		201		6,058

Description	Number of Shares		Value
Platinum Underwriters Holdings Ltd.		1,180	$	52,392
Presidential Life Corp.		1,320		18,454
Primerica, Inc.		1,660		46,912
RLI Corp.		536		36,544
Safety Insurance Group, Inc.		684		31,703
SeaBright Holdings, Inc.		874		9,588
Selective Insurance Group, Inc.		1,943		35,926
State Auto Financial Corp.		638		10,297
Stewart Information Services Corp.		849		19,799
Symetra Financial Corp.		3,170		37,882
Tower Group, Inc.		1,837		33,103
United Fire Group, Inc.		795		18,897
Universal Insurance Holdings, Inc.		2,460		9,717
			$	1,189,764
REAL ESTATE INVESTMENT TRUSTS – 7.6%
12Acadia Realty Trust		1,695		43,528
AG Mortgage Investment Trust, Inc.		680		16,286
Agree Realty Corp.		129		3,256
Alexander’s, Inc.		96		42,620
American Assets Trust, Inc.		1,080		29,344
American Capital Mortgage Investment Corp.		1,200		29,916
American Realty Capital Trust, Inc.		3,080		34,712
Anworth Mortgage Asset Corp.		6,761		41,513
Apollo Commercial Real Estate Finance, Inc.		410		6,933
Apollo Residential Mortgage, Inc.		1,180		26,161
ARMOUR Residential REIT, Inc.		10,110		72,792
Ashford Hospitality Trust, Inc.		2,440		20,960
Associated Estates Realty Corp.		2,294		34,387
Campus Crest Communities, Inc.		1,420		15,748
CapLease, Inc.		3,781		19,397
Capstead Mortgage Corp.		2,660		32,771
Cedar Realty Trust, Inc.		1,766		9,342
Chatham Lodging Trust		360		4,662
Chesapeake Lodging Trust		1,260		23,751
Colonial Properties Trust		3,063		66,253
Colony Financial, Inc.		1,500		30,015
Coresite Realty Corp.		820		18,639
Cousins Properties, Inc.		3,647		30,671
CreXus Investment Corp.		2,150		24,187
CubeSmart		4,474		58,699
CYS Investments, Inc.		6,480		86,962
12DCT Industrial Trust, Inc.		8,965		57,824
DiamondRock Hospitality Co.		6,067		51,448
DuPont Fabros Technology, Inc.		2,465		52,899
Dynex Capital, Inc.		2,800		27,776
EastGroup Properties, Inc.		1,254		65,283

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PORTFOLIOS OF INVESTMENTS 43

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Education Realty Trust, Inc.		3,761	$	39,603
Entertainment Properties Trust		1,629		72,409
Equity One, Inc.		1,692		35,363
Excel Trust, Inc.		880		10,824
*FelCor Lodging Trust, Inc.		4,680		20,592
*First Industrial Realty Trust, Inc.		3,662		48,888
First Potomac Realty Trust		1,574		18,746
Franklin Street Properties Corp.		2,057		23,470
12Getty Realty Corp.		827		15,142
12Gladstone Commercial Corp.		440		8,109
Glimcher Realty Trust		5,605		59,805
12Government Properties Income Trust		1,040		23,078
Healthcare Realty Trust, Inc.		2,726		64,034
Hersha Hospitality Trust		6,938		31,707
Highwoods Properties, Inc.		3,015		97,234
Hudson Pacific Properties, Inc.		1,030		19,539
Inland Real Estate Corp.		3,105		25,368
Invesco Mortgage Capital, Inc.		4,120		88,292
Investors Real Estate Trust		4,577		38,538
*iStar Financial, Inc.		4,300		37,539
Kite Realty Group Trust		2,600		14,222
LaSalle Hotel Properties		2,981		71,365
Lexington Realty Trust		4,171		39,583
LTC Properties, Inc.		1,142		37,697
Medical Properties Trust, Inc.		6,005		68,937
Mission West Properties, Inc.		1,785		14,780
Monmouth Real Estate Investment Corp.		1,802		20,002
National Health Investors, Inc.		1,084		57,896
New York Mortgage Trust, Inc.		2,570		17,605
12NorthStar Realty Finance Corp.		4,890		32,127
12Omega Healthcare Investors, Inc.		4,195		96,233
Parkway Properties, Inc.		639		8,799
Pebblebrook Hotel Trust		1,920		40,742
Pennsylvania Real Estate Investment Trust		2,201		36,383
PennyMac Mortgage Investment Trust		2,090		53,170
Potlatch Corp.		1,751		67,378
PS Business Parks, Inc.		739		47,392
12RAIT Financial Trust		2,807		15,663
Ramco-Gershenson Properties Trust		1,564		20,269
Redwood Trust, Inc.		3,309		51,587
Resource Capital Corp.		5,372		31,480
12Retail Opportunity Investments Corp.		2,270		28,738
RLJ Lodging Trust		4,180		74,488
Sabra Health Care REIT, Inc.		1,233		27,397
Saul Centers, Inc.		438		18,952
Sovran Self Storage, Inc.		1,207		69,765
STAG Industrial, Inc.		1,360		23,555

Description	Number of Shares		Value
Starwood Property Trust, Inc.		4,220	$	96,722
*Strategic Hotels & Resorts, Inc.		7,160		39,308
Summit Hotel Properties, Inc.		1,570		12,968
Sun Communities, Inc.		1,221		51,258
*Sunstone Hotel Investors, Inc.		5,304		52,404
Terreno Realty Corp.		130		1,984
Two Harbors Investment Corp.		10,850		129,441
UMH Properties, Inc.		410		4,309
Universal Health Realty Income Trust		597		29,516
Urstadt Biddle Properties, Inc.		555		10,512
Washington Real Estate Investment Trust		2,322		59,699
12Whitestone REIT		550		7,409
Winthrop Realty Trust		1,120		12,253
			$	3,451,003
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
*AV Homes, Inc.		512		7,526
*Forestar Group, Inc.		1,588		25,424
Kennedy-Wilson Holdings, Inc.		1,050		14,910
*Tejon Ranch Co.		798		23,892
*Zillow, Inc.		60		2,242
			$	73,994
THRIFTS & MORTGAGE FINANCE – 1.5%
Astoria Financial Corp.		3,800		38,114
Bank Mutual Corp.		1,431		6,454
BankFinancial Corp.		1,681		13,498
*Beneficial Mutual Bancorp, Inc.		150		1,422
Berkshire Hills Bancorp, Inc.		741		17,399
*Bofi Holding, Inc.		270		7,592
Brookline Bancorp, Inc.		2,308		19,572
*Cape Bancorp, Inc.		640		5,670
Charter Financial Corp.		1,220		11,919
Clifton Savings Bancorp, Inc.		1,090		12,055
Dime Community Bancshares, Inc.		1,113		16,138
*Doral Financial Corp.		3,288		3,123
ESB Financial Corp.		360		4,856
ESSA Bancorp, Inc.		510		5,141
Federal Agricultural Mortgage Corp.		470		13,240
First Financial Holdings, Inc.		854		12,041
12First Pactrust Bancorp, Inc.		500		5,880
Flushing Financial Corp.		684		10,636
Fox Chase Bancorp, Inc.		980		15,249
*Franklin Financial Corp.		620		10,683
Home Federal Bancorp, Inc.		653		7,457
12Home Loan Servicing Solutions Ltd.		1,000		19,400
Kearny Financial Corp.		19		180
*Meridian Interstate Bancorp, Inc.		220		3,716

(Wilmington Small-Cap Strategy Fund continued next page)

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44 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*MGIC Investment Corp.		5,170	$	8,892
*Nationstar Mortgage Holdings, Inc.		730		26,375
12Northfield Bancorp, Inc.		446		7,243
Northwest Bancshares, Inc.		2,418		28,774
OceanFirst Financial Corp.		48		669
*Ocwen Financial Corp.		4,106		158,368
Oritani Financial Corp.		1,940		29,643
Provident Financial Services, Inc.		2,415		36,225
Provident New York Bancorp		1,054		9,623
12Radian Group, Inc.		4,826		22,634
Rockville Financial, Inc.		672		8,931
Roma Financial Corp.		100		881
Territorial Bancorp, Inc.		730		16,498
TrustCo Bank Corp.		4,460		24,887
United Financial Bancorp, Inc.		380		5,841
ViewPoint Financial Group, Inc.		1,181		24,565
Westfield Financial, Inc.		854		6,226
WSFS Financial Corp.		158		6,692
			$	684,402
TOTAL FINANCIALS			$	9,891,705
HEALTH CARE – 12.6%
BIOTECHNOLOGY – 3.6%
*Achillion Pharmaceuticals, Inc.		2,150		20,296
*Acorda Therapeutics, Inc.		1,383		33,123
*,12Aegerion Pharmaceuticals, Inc.		1,280		28,774
*Affymax, Inc.		1,265		28,829
*Alkermes PLC		4,933		91,408
*Allos Therapeutics, Inc.		4,008		–
*Alnylam Pharmaceuticals, Inc.		1,610		26,034
*AMAG Pharmaceuticals, Inc.		330		5,108
*,12Amicus Therapeutics, Inc.		1,960		9,937
*Anacor Pharmaceuticals, Inc.		50		287
*,12Arena Pharmaceuticals, Inc.		8,210		64,941
*Arqule, Inc.		3,040		7,630
*Array BioPharma, Inc.		3,453		14,295
*Astex Pharmaceuticals		2,500		5,950
*,12AVEO Pharmaceuticals, Inc.		1,390		10,606
*,12BioCryst Pharmaceuticals, Inc.		1,130		3,288
*,12Biospecifics Technologies Corp.		150		2,400
*,12Biotime, Inc.		260		991
*,12Celldex Therapeutics, Inc.		2,213		12,194
*Cepheid, Inc.		2,827		85,686
*,12Clovis Oncology, Inc.		530		11,432
*,12Codexis, Inc.		770		2,002
*Cubist Pharmaceuticals, Inc.		2,652		113,771
*,12Curis, Inc.		2,950		11,240

Description	Number of Shares		Value
*,12Cytori Therapeutics, Inc.		2,187	$	8,070
*,12Dendreon Corp.		4,020		15,276
*Dusa Pharmaceuticals, Inc.		530		3,636
*Dyax Corp.		2,921		8,763
*,12Dynavax Technologies Corp.		6,770		28,028
*Emergent Biosolutions, Inc.		991		13,170
*Enzon Pharmaceuticals, Inc.		1,860		12,220
*Exact Sciences Corp.		1,610		15,231
*,12Exelixis, Inc.		8,152		38,722
*Genomic Health, Inc.		750		23,438
*Geron Corp.		6,027		8,016
*,12GTx, Inc.		350		1,404
*Halozyme Therapeutics, Inc.		2,721		14,394
*,12Idenix Pharmaceuticals, Inc.		3,412		12,147
*,12Immunogen, Inc.		3,418		37,871
*,12Immunomedics, Inc.		2,800		9,268
*Infinity Pharmaceuticals, Inc.		980		21,942
*,12InterMune, Inc.		2,626		20,877
*Ironwood Pharmaceuticals, Inc.		3,380		39,309
*,12Isis Pharmaceuticals, Inc.		3,642		31,503
*Keryx Biopharmaceuticals, Inc.		2,860		7,121
*Lexicon Pharmaceuticals, Inc.		9,060		18,754
*Ligand Pharmaceuticals, Inc.		655		10,100
*,12MannKind Corp.		2,707		5,116
Maxygen, Inc.		196		478
*Momenta Pharmaceuticals, Inc.		2,030		25,740
*Neurocrine Biosciences, Inc.		2,837		20,795
*,12NewLink Genetics Corp.		470		6,481
*Novavax, Inc.		5,063		10,632
*NPS Pharmaceuticals, Inc.		4,262		39,381
*,12OncoGenex Pharmaceutical, Inc.		270		3,348
*,12Oncothyreon, Inc.		2,180		11,074
*,12Opko Health, Inc.		5,020		21,486
*,12Orexigen Therapeutics, Inc.		1,985		10,580
*Osiris Therapeutics, Inc.		704		7,392
12PDL BioPharma, Inc.		5,226		38,934
*,12Pharmacyclics, Inc.		2,130		130,079
*Progenics Pharmaceuticals, Inc.		1,876		5,347
*,12Raptor Pharmaceutical Corp.		1,290		5,999
*Repligen Corp.		1,780		9,078
*Rigel Pharmaceuticals, Inc.		1,731		15,423
*,12Sangamo Biosciences, Inc.		2,305		12,816
*,12Seattle Genetics, Inc.		3,965		99,759
*,12SIGA Technologies, Inc.		1,840		5,336
*,12Spectrum Pharmaceuticals, Inc.		1,920		21,427
*,12Sunesis Pharmaceuticals, Inc.		610		2,629
*Synageva BioPharma Corp.		450		19,026

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PORTFOLIOS OF INVESTMENTS 45

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*Synergy Pharmaceuticals, Inc.		2,310	$	9,148
*,12Synta Pharmaceuticals Corp.		2,000		15,740
*Targacept, Inc.		640		2,611
*,12Theravance, Inc.		2,616		58,886
*,12Threshold Pharmaceuticals, Inc.		1,280		5,261
*Trius Therapeutics, Inc.		1,740		9,535
*,12Vical, Inc.		1,980		6,752
*Xoma Corp.		3,250		8,905
*,12ZIOPHARM Oncology, Inc.		2,920		13,753
			$	1,648,429
HEALTH CARE EQUIPMENT & SUPPLIES –3.3%
*Abaxis, Inc.		1,051		38,656
*,12ABIOMED, Inc.		1,412		27,986
*Accuray, Inc.		2,732		19,015
*Align Technology, Inc.		2,621		69,666
*Alphatec Holdings, Inc.		400		688
Analogic Corp.		508		37,419
*,12AngioDynamics, Inc.		989		10,612
*,12Antares Pharma, Inc.		3,030		11,544
*ArthroCare Corp.		1,020		30,682
*AtriCure, Inc.		750		4,815
Atrion Corp.		90		18,292
*,12Biolase Technology, Inc.		1		2
Cantel Medical Corp.		846		22,004
*,12Cardiovascular Systems, Inc.		1,160		13,549
*,12Cerus Corp.		2,350		7,308
*Conceptus, Inc.		980		18,463
CONMED Corp.		673		18,615
CryoLife, Inc.		1,550		9,595
*Cyberonics, Inc.		1,150		53,188
*Cynosure, Inc.		603		15,883
*DexCom, Inc.		2,363		30,955
*Endologix, Inc.		2,570		34,592
*Exactech, Inc.		622		10,387
*Greatbatch, Inc.		501		11,012
*Haemonetics Corp.		1,075		87,828
*,12Hansen Medical, Inc.		2,673		6,068
*,12HeartWare International, Inc.		650		54,587
*ICU Medical, Inc.		557		33,047
*,12Insulet Corp.		2,181		46,259
*Integra LifeSciences Holdings Corp.		897		34,310
Invacare Corp.		1,684		22,987
*IRIS International, Inc.		895		17,444
*,12MAKO Surgical Corp.		1,330		20,150
*,12Masimo Corp.		1,871		41,106
12Meridian Bioscience, Inc.		1,554		30,692

Description	Number of Shares		Value
*Merit Medical Systems, Inc.		1,390	$	20,072
*Natus Medical, Inc.		1,193		13,481
*Navidea Biopharmaceuticals, Inc.		1,980		5,544
*Neogen Corp.		1,023		43,774
*NuVasive, Inc.		870		12,545
*NxStage Medical, Inc.		601		6,731
*OraSure Technologies, Inc.		3,017		27,334
*Orthofix International NV		901		35,734
*Palomar Medical Technologies, Inc.		1,323		11,417
*PhotoMedex, Inc.		670		8,918
*,12Quidel Corp.		1,297		22,736
*,12Rockwell Medical Technologies, Inc.		1,370		9,850
*RTI Biologics, Inc.		970		3,938
*Solta Medical, Inc.		3,890		11,476
*Spectranetics Corp.		1,838		26,761
*Staar Surgical Co.		1,250		8,050
STERIS Corp.		2,440		86,888
*SurModics, Inc.		700		12,586
*Symmetry Medical, Inc.		1,308		11,981
*Tornier NV		370		6,327
*Vascular Solutions, Inc.		250		3,768
*,12Volcano Corp.		2,349		67,228
West Pharmaceutical Services, Inc.		1,440		77,573
*,12Wright Medical Group, Inc.		1,460		29,667
Young Innovations, Inc.		390		13,319
*,12Zeltiq Aesthetics, Inc.		40		233
			$	1,487,337
HEALTH CARE PROVIDERS & SERVICES – 2.9%
*Acadia Healthcare Co., Inc.		780		16,045
*,12Accretive Health, Inc.		2,080		24,523
*Air Methods Corp.		551		60,406
*Almost Family, Inc.		248		5,141
*Amedisys, Inc.		256		2,826
*AMN Healthcare Services, Inc.		1,068		10,595
*Amsurg Corp.		1,180		33,654
Assisted Living Concepts, Inc.		734		5,806
*,12Bio-Reference Labs, Inc.		988		27,427
*BioScrip, Inc.		1,960		18,052
*Capital Senior Living Corp.		1,128		18,138
*Centene Corp.		2,107		80,024
12Chemed Corp.		845		56,826
*Chindex International, Inc.		861		8,929
*Corvel Corp.		100		4,253
*Cross Country Healthcare, Inc.		884		3,890
*Emeritus Corp.		1,276		28,646
Ensign Group, Inc.		869		25,340

(Wilmington Small-Cap Strategy Fund continued next page)

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46 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
*ExamWorks Group, Inc.		1,170	$	16,403
*Five Star Quality Care, Inc.		2,940		15,464
*Gentiva Health Services, Inc.		1,367		12,850
*Hanger, Inc.		1,233		31,257
*HealthSouth Corp.		3,244		71,790
*Healthways, Inc.		1,610		15,665
*HMS Holdings Corp.		3,637		83,978
*IPC The Hospitalist Co., Inc.		580		20,004
*Kindred Healthcare, Inc.		2,735		26,803
Landauer, Inc.		486		28,164
*LHC Group, Inc.		547		9,583
*Magellan Health Services, Inc.		1,035		51,905
*Metropolitan Health Networks, Inc.		2,105		23,008
*Molina Healthcare, Inc.		942		23,616
*MWI Veterinary Supply, Inc.		550		57,761
National Healthcare Corp.		460		21,905
National Research Corp.		210		10,643
Owens & Minor, Inc.		2,576		73,339
*PharMerica Corp.		1,299		15,874
*Providence Service Corp.		510		5,202
*PSS World Medical, Inc.		2,212		63,307
*Select Medical Holdings Corp.		690		7,307
*,12Skilled Healthcare Group, Inc.		649		5,043
*Sun Healthcare Group, Inc.		583		4,932
*Sunrise Senior Living, Inc.		2,190		31,514
*Team Health Holdings, Inc.		1,140		30,335
*Triple-S Management Corp.		351		6,332
*Universal American Corp.		1,093		9,881
US Physical Therapy, Inc.		472		12,602
*Vanguard Health Systems, Inc.		1,470		14,230
*WellCare Health Plans, Inc.		1,830		87,108
			$	1,318,326
HEALTH CARE TECHNOLOGY – 0.6%
*,12athenahealth, Inc.		1,420		91,292
Computer Programs & Systems, Inc.		573		27,968
*Epocrates, Inc.		1,410		13,790
*HealthStream, Inc.		720		18,389
*MedAssets, Inc.		1,899		33,669
*Medidata Solutions, Inc.		890		37,398
*,12Merge Healthcare, Inc.		2,830		9,650
*Omnicell, Inc.		1,348		19,654
Quality Systems, Inc.		1,336		23,313
			$	275,123
LIFE SCIENCES TOOLS & SERVICES – 0.4%
*,12Affymetrix, Inc.		3,504		11,108
*BG Medicine, Inc.		280		644

Description	Number of Shares		Value
*Cambrex Corp.		1,134	$	13,699
*Fluidigm Corp.		1,000		15,090
*Furiex Pharmaceuticals, Inc.		720		13,802
*Harvard Bioscience, Inc.		650		2,613
*Luminex Corp.		1,688		27,143
*Pacific Biosciences of California, Inc.		1,380		1,794
*PAREXEL International Corp.		2,419		74,239
*,12Sequenom, Inc.		3,152		9,803
			$	169,935
PHARMACEUTICALS – 1.8%
*Acura Pharmaceuticals, Inc.		1,700		2,567
*Akorn, Inc.		2,550		30,625
*,12Ampio Pharmaceuticals, Inc.		1,230		4,920
*Auxilium Pharmaceuticals, Inc.		1,681		34,427
*,12AVANIR Pharmaceuticals, Inc.		5,770		16,502
*,12Cadence Pharmaceuticals, Inc.		2,659		9,413
*Corcept Therapeutics, Inc.		490		1,225
*Cornerstone Therapeutics, Inc.		20		98
*Depomed, Inc.		2,530		14,295
*Endocyte, Inc.		1,160		11,101
*Hi-Tech Pharmacal Co., Inc.		270		8,465
*Horizon Pharma, Inc.		3,480		8,978
*Impax Laboratories, Inc.		2,750		58,438
*Jazz Pharmaceuticals PLC		1,550		83,282
*Lannett Co., Inc.		460		2,029
*,12 MAP Pharmaceuticals, Inc.		1,184		18,257
*Medicines Co.		2,479		54,340
Medicis Pharmaceutical Corp.		2,427		105,356
*,12Nektar Therapeutics		3,932		35,388
*Obagi Medical Products, Inc.		760		9,371
*Omeros Corp.		1,000		9,400
*,12Optimer Pharmaceuticals, Inc.		1,165		11,114
*,12Pacira Pharmaceuticals, Inc.		390		6,193
Pain Therapeutics, Inc.		2,020		9,433
*Pozen, Inc.		725		4,343
12Questcor Pharmaceuticals, Inc.		2,139		54,502
*Repros Therapeutics, Inc.		620		8,940
*,12Sagent Pharmaceuticals, Inc.		320		4,826
*Santarus, Inc.		2,380		21,729
*,12Sciclone Pharmaceuticals, Inc.		2,900		15,979
*Sucampo Pharmaceuticals, Inc.		892		4,451
*ViroPharma, Inc.		2,444		61,711
*,12Vivus, Inc.		3,906		58,199
*XenoPort, Inc.		1,044		8,592
*,12Zogenix, Inc.		3,430		8,369
			$	796,858
TOTAL HEALTH CARE			$	5,696,008

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Description	Number of Shares		Value
INDUSTRIALS – 15.8%
AEROSPACE & DEFENSE – 1.7%
AAR Corp.		1,526	$	23,027
*Aerovironment, Inc.		614		13,502
American Science & Engineering, Inc.		354		22,507
*API Technologies Corp.		3,490		9,214
*,12Astronics Corp.		737		17,027
Ceradyne, Inc.		1,010		35,310
Cubic Corp.		628		30,646
Curtiss-Wright Corp.		1,416		43,712
*DigitalGlobe, Inc.		1,260		32,684
*Esterline Technologies Corp.		1,067		61,662
*GenCorp., Inc.		2,539		22,394
*GeoEye, Inc.		769		24,124
HEICO Corp.		2,211		85,411
*Hexcel Corp.		4,193		107,173
*,12KEYW Holding Corp.		450		5,463
*Kratos Defense & Security Solutions, Inc.		3,161		17,417
*LMI Aerospace, Inc.		657		13,193
*Moog, Inc.		1,706		63,139
National Presto Industries, Inc.		152		11,301
*Orbital Sciences Corp.		1,351		18,103
*Taser International, Inc.		3,071		23,985
*Teledyne Technologies, Inc.		1,444		92,459
			$	773,453
AIR FREIGHT & LOGISTICS – 0.4%
*Air Transport Services Group, Inc.		3,040		11,704
*Atlas Air Worldwide Holdings, Inc.		924		50,811
*Echo Global Logistics, Inc.		470		7,901
Forward Air Corp.		1,181		39,410
*Hub Group, Inc.		1,592		49,368
*Pacer International, Inc.		2,385		8,538
*Park-Ohio Holdings Corp.		320		7,078
*XPO Logistics, Inc.		680		9,336
			$	184,146
AIRLINES – 0.8%
*Alaska Air Group, Inc.		2,704		103,401
*Allegiant Travel Co.		594		43,208
*Hawaiian Holdings, Inc.		2,093		12,411
*JetBlue Airways Corp.		9,144		48,372
*Republic Airways Holdings, Inc.		1,051		4,908
SkyWest, Inc.		2,543		27,846
*Spirit Airlines, Inc.		1,720		30,186
*,12 US Airways Group, Inc.		6,206		75,589
			$	345,921

Description	Number of Shares		Value
BUILDING PRODUCTS – 0.9%
AAON, Inc.		698	$	14,644
*Ameresco, Inc.		770		8,516
*American Woodmark Corp.		615		14,145
AO Smith Corp.		1,398		84,956
Apogee Enterprises, Inc.		1,150		23,425
*,12Builders FirstSource, Inc.		2,780		15,318
*Gibraltar Industries, Inc.		1,280		15,949
Griffon Corp.		1,599		16,230
Insteel Industries, Inc.		130		1,508
*NCI Building Systems, Inc.		582		6,524
*Nortek, Inc.		240		14,282
Quanex Building Products Corp.		1,423		28,133
Simpson Manufacturing Co., Inc.		1,211		36,887
*Trex Co., Inc.		669		23,375
Universal Forest Products, Inc.		646		24,871
*,12USG Corp.		2,910		77,726
			$	406,489
COMMERCIAL SERVICES & SUPPLIES – 2.6%
ABM Industries, Inc.		1,829		34,751
*ACCO Brands Corp.		4,900		35,476
Acorn Energy, Inc.		1,070		9,106
*American Reprographics Co.		918		3,516
*AT Cross Co.		1,030		9,754
Brink’s Co.		1,960		51,568
*Casella Waste Systems, Inc.		1,750		8,015
*,12Cenveo, Inc.		593		1,192
Compx International, Inc.		70		982
*Consolidated Graphics, Inc.		502		14,814
Courier Corp.		104		1,253
Deluxe Corp.		2,125		66,959
*Encore Capital Group, Inc.		985		28,565
*EnergySolutions, Inc.		5,411		15,475
*,12EnerNOC, Inc.		104		1,281
Ennis, Inc.		1,159		17,733
G&K Services, Inc.		864		27,864
Geo Group, Inc.		2,188		60,651
Healthcare Services Group, Inc.		2,955		70,624
*,12Heritage-Crystal Clean, Inc.		550		9,735
Herman Miller, Inc.		2,325		45,082
HNI Corp.		1,913		52,646
*,12InnerWorkings, Inc.		1,580		22,784
Interface, Inc.		2,785		39,853
Intersections, Inc.		80		743
Kimball International, Inc.		960		11,462
Knoll, Inc.		2,222		31,975

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48 PORTFOLIOS OF INVESTMENTS

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Description	Number of Shares		Value
McGrath RentCorp		1,070	$	28,098
*Metalico, Inc.		1,003		2,136
Mine Safety Appliances Co.		1,183		45,664
*Mobile Mini, Inc.		1,608		28,011
Multi-Color Corp.		681		15,472
NL Industries, Inc.		42		427
*Portfolio Recovery Associates, Inc.		729		76,290
12Quad/Graphics, Inc.		1,250		22,913
Schawk, Inc.		343		4,233
*Standard Parking Corp.		588		13,436
Steelcase, Inc.		2,860		28,629
*Sykes Enterprises, Inc.		1,442		19,640
*Team, Inc.		784		25,700
*Tetra Tech, Inc.		2,244		58,209
*TMS International Corp.		1,160		12,157
*,12TRC Cos., Inc.		320		2,307
UniFirst Corp.		578		40,211
United Stationers, Inc.		1,278		37,088
US Ecology, Inc.		1,024		24,300
Viad Corp.		1,055		22,377
			$	1,181,157
CONSTRUCTION & ENGINEERING – 0.9%
*Aegion Corp.		1,403		25,913
Argan, Inc.		160		2,846
Comfort Systems USA, Inc.		1,201		13,091
*Dycom Industries, Inc.		1,557		22,172
EMCOR Group, Inc.		2,362		75,962
*Furmanite Corp.		2,481		12,529
Granite Construction, Inc.		1,440		43,502
Great Lakes Dredge & Dock Corp.		2,646		21,036
*Layne Christensen Co.		970		21,621
*,12MasTec, Inc.		2,134		48,143
*Michael Baker Corp.		490		11,079
*MYR Group, Inc.		1,100		23,298
*Northwest Pipe Co.		401		9,215
*Orion Marine Group, Inc.		268		1,793
*Pike Electric Corp.		1,200		10,932
Primoris Services Corp.		1,470		20,536
*Sterling Construction Co., Inc.		485		4,317
*Tutor Perini Corp.		1,671		16,944
			$	384,929
ELECTRICAL EQUIPMENT – 1.3%
*A123 Systems, Inc.		4,740		682
Acuity Brands, Inc.		1,713		110,831
*,12American Superconductor Corp.		815		2,926
AZZ, Inc.		1,104		43,542

Description	Number of Shares		Value
Belden, Inc.		1,994	$	71,385
Brady Corp.		1,759		54,107
*Capstone Turbine Corp.		10,750		10,750
Coleman Cable, Inc.		1,220		11,578
Encore Wire Corp.		417		12,869
*EnerSys, Inc.		1,837		63,340
Franklin Electric Co., Inc.		976		56,549
*FuelCell Energy, Inc.		554		515
Generac Holdings, Inc.		1,060		36,040
Global Power Equipment Group, Inc.		370		6,253
*II-VI, Inc.		2,284		37,709
LSI Industries, Inc.		33		224
*Powell Industries, Inc.		309		12,292
Preformed Line Products Co.		194		10,451
*,12Thermon Group Holdings, Inc.		900		22,356
*Vicor Corp.		689		4,396
			$	568,795
INDUSTRIAL CONGLOMERATES – 0.2%
Raven Industries, Inc.		1,502		40,990
*Seaboard Corp.		7		15,969
Standex International Corp.		638		29,501
			$	86,460
MACHINERY—3.3%
*Accuride Corp.		1,350		3,604
Actuant Corp.		2,600		73,424
Alamo Group, Inc.		229		7,671
Albany International Corp.		1,270		27,902
Altra Holdings, Inc.		1,173		21,137
*,12American Railcar Industries, Inc.		259		7,609
Ampco-Pittsburgh Corp.		556		9,819
*Astec Industries, Inc.		571		16,445
Barnes Group, Inc.		2,005		45,874
*Blount International, Inc.		2,230		29,503
Briggs & Stratton Corp.		1,808		35,708
Cascade Corp.		453		29,440
*,12Chart Industries, Inc.		1,279		90,540
CIRCOR International, Inc.		578		19,935
CLARCOR, Inc.		2,138		96,723
*Columbus McKinnon Corp.		855		12,799
*Commercial Vehicle Group, Inc.		70		531
Douglas Dynamics, Inc.		510		7,747
Dynamic Materials Corp.		675		9,058
*,12Energy Recovery, Inc.		2,459		7,303
*EnPro Industries, Inc.		827		30,235
ESCO Technologies, Inc.		1,092		40,884
*Federal Signal Corp.		1,929		11,130

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Description	Number of Shares		Value
*,12Flow International Corp.		1,261	$	4,187
FreightCar America, Inc.		423		8,143
Gorman-Rupp Co.		640		17,280
Graham Corp.		665		11,950
*Greenbrier Cos., Inc.		750		13,057
*Hurco Cos., Inc.		510		11,720
*Hyster-Yale Materials Handling, Inc.		432		17,746
John Bean Technologies Corp.		740		11,411
*Kadant, Inc.		714		17,343
Kaydon Corp.		1,372		30,678
LB Foster Co.		306		10,101
Lindsay Corp.		548		41,851
*Lydall, Inc.		700		9,037
*Meritor, Inc.		4,070		17,989
Met-Pro Corp.		170		1,544
*Middleby Corp.		794		99,210
Miller Industries, Inc.		650		9,977
Mueller Industries, Inc.		1,086		47,567
Mueller Water Products, Inc.		6,500		33,865
NACCO Industries, Inc.		216		10,938
*NN, Inc.		120		994
*Omega Flex, Inc.		150		1,875
*PMFG, Inc.		1,007		6,546
*RBC Bearings, Inc.		907		45,042
*,12Rexnord Corp.		630		11,416
Robbins & Myers, Inc.		1,459		86,490
Sauer-Danfoss, Inc.		644		25,799
12Sun Hydraulics Corp.		997		26,560
Tennant Co.		781		29,225
12Titan International, Inc.		1,825		38,289
*Trimas Corp.		1,080		27,086
Twin Disc, Inc.		493		7,474
*Wabash National Corp.		2,070		13,062
Watts Water Technologies, Inc.		934		37,575
Woodward, Inc.		2,861		95,844
			$	1,513,892
MARINE – 0.0%**
*,12Genco Shipping & Trading Ltd.		829		2,520
International Shipholding Corp.		755		12,624
			$	15,144
PROFESSIONAL SERVICES INDUSTRY – 1.3%
*Acacia Research Corp.		2,080		54,018
*Advisory Board Co.		1,456		69,160
Barrett Business Services, Inc.		220		6,563
*,12CBIZ, Inc.		597		3,295
CDI Corp.		453		7,787

Description	Number of Shares		Value
Corporate Executive Board Co.		1,400	$	62,944
*CRA International, Inc.		717		12,003
*Dolan Co.		1,269		5,875
*Exponent, Inc.		677		37,221
*Franklin Covey Co.		350		4,207
*FTI Consulting, Inc.		1,650		42,834
*GP Strategies Corp.		590		11,357
Heidrick & Struggles International, Inc.		400		4,736
*,12Hill International, Inc.		1,739		5,895
*Hudson Global, Inc.		540		2,182
*Huron Consulting Group, Inc.		992		28,619
*ICF International, Inc.		597		10,955
Insperity, Inc.		1,081		28,225
Kelly Services, Inc.		747		9,928
*Kforce, Inc.		1,303		14,528
*Korn/Ferry International		1,474		19,737
*Mistras Group, Inc.		780		17,230
*Navigant Consulting, Inc.		1,582		16,437
*,12Odyssey Marine Exploration, Inc.		3,200		9,248
*On Assignment, Inc.		1,775		33,867
*Pendrell Corp.		4,630		5,510
Resources Connection, Inc.		1,485		18,325
*RPX Corp.		1,140		12,004
*TrueBlue, Inc.		1,611		21,024
VSE Corp.		336		7,946
			$	583,660
ROAD & RAIL – 1.4%
Amerco, Inc.		312		36,048
Arkansas Best Corp.		416		3,349
*Avis Budget Group, Inc.		4,370		72,236
Celadon Group, Inc.		748		12,791
*Dollar Thrifty Automotive Group, Inc.		1,230		94,710
*,12Genesee & Wyoming, Inc.		1,827		132,403
Heartland Express, Inc.		1,108		15,457
Knight Transportation, Inc.		2,647		40,023
Marten Transport Ltd.		219		4,051
*Old Dominion Freight Line, Inc.		3,020		101,291
*Patriot Transportation Holding, Inc.		250		7,000
*Quality Distribution, Inc.		1,100		9,460
*Roadrunner Transportation Systems, Inc.		150		2,615
*Saia, Inc.		539		12,181
*,12Swift Transportation Co.		1,870		18,233
Universal Truckload Services, Inc.		380		6,019
Werner Enterprises, Inc.		1,871		43,332
*,12Zipcar, Inc.		1,150		7,211
			$	618,410

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50 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 1.0%
Aceto Corp.		1,663	$	16,663
Aircastle Ltd.		2,575		28,660
Applied Industrial Technologies, Inc.		1,830		74,280
*Beacon Roofing Supply, Inc.		1,914		61,899
*,12CAI International, Inc.		460		10,194
*DXP Enterprises, Inc.		360		17,723
H&E Equipment Services, Inc.		1,075		16,361
Houston Wire & Cable Co.		1,199		13,273
Kaman Corp.		1,092		40,622
*Rush Enterprises, Inc.		1,160		22,040
SeaCube Container Leasing Ltd.		330		6,112
TAL International Group, Inc.		1,179		40,251
12Textainer Group Holdings Ltd.		534		16,127
*Titan Machinery, Inc.		640		15,136
12Watsco, Inc.		1,263		86,326
*Willis Lease Finance Corp.		650		9,243
			$	474,910
TRANSPORTATION INFRASTRUCTURE – 0.0%**
*,12Wesco Aircraft Holdings, Inc.		180		2,403
TOTAL INDUSTRIALS			$	7,139,769
INFORMATION TECHNOLOGY – 16.8%
COMMUNICATIONS EQUIPMENT – 1.9%
12ADTRAN, Inc.		2,711		45,789
*Anaren, Inc.		571		10,295
*Arris Group, Inc.		4,331		59,508
*,12Aruba Networks, Inc.		4,475		81,311
*Aviat Networks, Inc.		3,568		8,135
Bel Fuse, Inc.		397		6,574
Black Box Corp.		528		11,574
*CaLAmp Corp.		1,010		8,969
*,12Calix, Inc.		854		5,679
*,12Ciena Corp.		3,680		45,669
Comtech Telecommunications Corp.		739		18,601
*Digi International, Inc.		812		7,649
*Emulex Corp.		3,780		26,309
*,12Extreme Networks		3,736		12,179
*,12Finisar Corp.		2,410		27,763
*Globecomm Systems, Inc.		1,116		12,109
*Harmonic, Inc.		3,812		16,544
*,12Infinera Corp.		2,926		14,396
12InterDigital, Inc.		1,788		68,105
*Ixia		1,895		26,549
*KVH Industries, Inc.		690		9,536
Loral Space & Communications, Inc.		501		39,409

Description	Number of Shares		Value
*NETGEAR, Inc.		1,587	$	56,354
*Oclaro, Inc.		5,420		10,677
*Oplink Communications, Inc.		811		12,051
Plantronics, Inc.		1,726		55,991
*,12Procera Networks, Inc.		560		12,684
*ShoreTel, Inc.		1,550		6,867
*Sonus Networks, Inc.		8,190		15,233
Sycamore Networks, Inc.		725		4,191
*Symmetricom, Inc.		878		5,400
Tellabs, Inc.		13,190		38,515
*,12ViaSat, Inc.		1,552		60,280
*Westell Technologies, Inc.		1,120		2,285
			$	843,180
COMPUTERS & PERIPHERALS – 0.7%
*,123D Systems Corp.		1,860		80,910
*Avid Technology, Inc.		1,047		6,146
*,12Cray, Inc.		1,440		17,525
*Electronics For Imaging, Inc.		2,018		35,032
*,12Imation Corp.		2,508		11,462
*Immersion Corp.		1,927		8,325
*Intermec, Inc.		2,372		16,082
*Intevac, Inc.		486		2,430
*QLogic Corp.		3,440		32,267
*Quantum Corp.		8,960		9,408
*,12Silicon Graphics International Corp.		1,770		13,664
*STEC, Inc.		1,556		9,134
*Stratasys, Inc.		840		56,003
*Super Micro Computer, Inc.		1,228		9,713
*Synaptics, Inc.		1,523		35,273
			$	343,374
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS INDUSTRY – 2.4%
*Aeroflex Holding Corp.		760		4,834
*Agilysys, Inc.		1,540		12,582
Anixter International, Inc.		1,185		69,465
Badger Meter, Inc.		588		25,190
*Benchmark Electronics, Inc.		2,020		29,936
*Checkpoint Systems, Inc.		1,723		13,991
12Cognex Corp.		1,670		60,888
*Coherent, Inc.		924		42,181
CTS Corp.		988		8,181
Daktronics, Inc.		1,458		12,787
*DTS, Inc.		677		14,203
*Echelon Corp.		2,799		9,265
Electro Rent Corp.		784		12,324
Electro Scientific Industries, Inc.		1,343		14,343

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Description	Number of Shares		Value
*Fabrinet		740	$	7,126
*FARO Technologies, Inc.		743		29,869
FEI Co.		1,602		88,190
*GSI Group, Inc.		670		5,206
*Insight Enterprises, Inc.		1,680		27,166
*,12InvenSense, Inc.		1,330		14,896
*Kemet Corp.		1,670		7,582
Littelfuse, Inc.		875		46,900
*,12Maxwell Technologies, Inc.		1,728		11,249
*Measurement Specialties, Inc.		791		25,795
*Mercury Computer Systems, Inc.		995		8,154
Methode Electronics, Inc.		1,387		14,036
MTS Systems Corp.		750		37,808
*Multi-Fineline Electronix, Inc.		653		13,804
*Neonode, Inc.		2,430		9,210
*NeoPhotonics Corp.		460		2,415
*Newport Corp.		1,682		18,199
*OSI Systems, Inc.		829		65,698
Park Electrochemical Corp.		702		17,424
PC Connection, Inc.		319		3,283
*Plexus Corp.		1,598		43,002
*,12Power-One, Inc.		2,710		10,921
*Radisys Corp.		2,062		5,856
*,12RealD, Inc.		710		6,639
Richardson Electronics Ltd.		1,100		12,815
*Rofin-Sinar Technologies, Inc.		1,223		22,271
*Rogers Corp.		662		26,089
*Sanmina-SCI Corp.		2,650		23,559
*ScanSource, Inc.		1,051		30,742
*SYNNEX Corp.		862		27,920
*TTM Technologies, Inc.		2,289		20,601
*,12Universal Display Corp.		1,807		59,233
*Viasystems Group, Inc.		20		306
*Vishay Precision Group, Inc.		480		6,264
*Zygo Corp.		610		11,358
			$	1,091,756
INTERNET SOFTWARE & SERVICES – 2.3%
*,12Ancestry.com, Inc.		1,130		35,708
*Angie’s List, Inc.		1,360		15,558
*,12Bankrate, Inc.		590		6,331
*Blucora, Inc.		1,464		25,693
*,12Carbonite, Inc.		180		1,391
*comScore, Inc.		1,435		20,334
*,12Constant Contact, Inc.		1,603		19,781
*Cornerstone OnDemand, Inc.		1,210		33,868
*CoStar Group, Inc.		1,182		97,988

Description	Number of Shares		Value
*DealerTrack Holdings, Inc.		1,668	$	45,586
*,12Demand Media, Inc.		1,480		12,624
*Dice Holdings, Inc.		1,000		8,830
*Digital River, Inc.		1,261		18,083
EarthLink, Inc.		3,213		20,370
*Envestnet, Inc.		540		7,549
*Internap Network Services Corp.		2,485		17,022
*IntraLinks Holdings, Inc.		1,460		8,161
j2 Global, Inc.		2,075		62,333
Keynote Systems, Inc.		829		11,846
*,12KIT Digital, Inc.		1,060		2,947
*Limelight Networks, Inc.		4,342		9,162
*Liquidity Services, Inc.		890		36,695
*LivePerson, Inc.		2,440		38,284
*LogMeIn, Inc.		730		18,016
12Marchex, Inc.		405		1,656
*MeetMe, Inc.		2,160		9,137
*Millennial Media, Inc.		570		9,137
*Monster Worldwide, Inc.		5,140		31,971
*Move, Inc.		1,380		11,440
NIC, Inc.		3,023		43,229
*,12OpenTable, Inc.		740		34,758
*Perficient, Inc.		1,026		11,666
*QuinStreet, Inc.		1,360		8,323
*,12RealNetworks, Inc.		719		5,443
*,12Responsys, Inc.		1,950		17,433
*Saba Software, Inc.		1,010		10,181
*SciQuest, Inc.		530		8,045
*SPS Commerce, Inc.		530		19,213
*Stamps.com, Inc.		870		23,942
*support.com, Inc.		2,211		10,259
*TechTarget, Inc.		1,335		6,381
*Travelzoo, Inc.		250		4,463
United Online, Inc.		2,573		13,791
*Unwired Planet, Inc.		5,890		8,305
*ValueClick, Inc.		3,299		54,994
*,12VistaPrint NV		1,100		33,517
*Vocus, Inc.		994		17,644
*Web.com Group, Inc.		1,380		21,776
*WebMD Health Corp.		1,940		28,925
*XO Group, Inc.		844		6,794
*Yelp, Inc.		380		9,158
*Zix Corp.		3,220		9,338
			$	1,045,079
IT SERVICES – 2.0%
*Acxiom Corp.		2,951		53,856
*CACI International, Inc.		903		45,538

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52 PORTFOLIOS OF INVESTMENTS

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Description	Number of Shares		Value
*Cardtronics, Inc.		2,020	$	57,388
Cass Information Systems, Inc.		280		11,752
*CIBER, Inc.		3,842		11,987
*Computer Task Group, Inc.		1,060		19,769
Convergys Corp.		4,350		73,123
*CSG Systems International, Inc.		1,330		27,411
*Euronet Worldwide, Inc.		1,846		37,455
*ExlService Holdings, Inc.		1,165		34,531
Forrester Research, Inc.		735		21,271
*Global Cash Access Holdings, Inc.		2,591		18,267
*Hackett Group, Inc.		1,523		5,924
Heartland Payment Systems, Inc.		1,559		40,659
*,12Higher One Holdings, Inc.		950		11,999
*iGATE Corp.		818		13,129
*,12Lionbridge Technologies, Inc.		1,870		5,928
12Mantech International Corp.		831		19,088
MAXIMUS, Inc.		1,464		80,784
*ModusLink Global Solutions, Inc.		1,459		4,275
*MoneyGram International, Inc.		737		11,453
*PRGX Global, Inc.		70		547
*Sapient Corp.		4,890		50,269
*,12ServiceSource International, Inc.		2,110		19,011
Syntel, Inc.		715		42,621
*TeleTech Holdings, Inc.		1,218		20,511
*TNS, Inc.		1,256		17,986
*Unisys Corp.		1,631		27,809
*Virtusa Corp.		1,109		19,030
*WEX, Inc.		1,586		117,015
			$	920,386
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.5%
*Advanced Energy Industries, Inc.		1,022		12,070
*Alpha & Omega Semiconductor Ltd.		130		1,108
*,12Amkor Technology, Inc.		2,944		12,718
*ANADIGICS, Inc.		310		453
*Applied Micro Circuits Corp.		2,234		12,957
*ATMI, Inc.		982		19,394
*Axcelis Technologies, Inc.		11,820		10,833
*AXT, Inc.		1,540		4,943
Brooks Automation, Inc.		2,324		16,779
Cabot Microelectronics Corp.		1,131		33,704
*,12Cavium, Inc.		2,094		69,479
*Ceva, Inc.		952		14,423
*Cirrus Logic, Inc.		2,590		105,568
Cohu, Inc.		843		7,418
CSR PLC		99		2,253
*Cymer, Inc.		1,206		96,106

Description	Number of Shares		Value
*Diodes, Inc.		1,195	$	18,116
*DSP Group, Inc.		1,625		8,938
*Entegris, Inc.		4,400		36,124
*Entropic Communications, Inc.		2,100		10,101
*Exar Corp.		560		4,788
*,12First Solar, Inc.		2,400		58,344
*FormFactor, Inc.		2,571		11,724
*GSI Technology, Inc.		440		2,460
*,12GT Advanced Technologies, Inc.		3,584		15,555
*Hittite Microwave Corp.		1,288		72,952
*Inphi Corp.		310		2,595
*Integrated Device Technology, Inc.		5,700		31,008
*Integrated Silicon Solution, Inc.		1,000		8,550
*Intermolecular, Inc.		140		981
*International Rectifier Corp.		2,390		37,021
Intersil Corp.		4,370		30,809
*IXYS Corp.		1,532		14,585
*Kopin Corp.		3,208		12,062
*Lattice Semiconductor Corp.		5,280		20,486
*LTX-Credence Corp.		2,733		15,223
*MaxLinear, Inc.		1,510		8,577
*MEMC Electronic Materials, Inc.		9,500		23,940
Micrel, Inc.		2,356		22,830
*Microsemi Corp.		3,882		74,534
*,12Mindspeed Technologies, Inc.		920		3,137
*MIPS Technologies, Inc.		2,380		16,636
MKS Instruments, Inc.		1,999		47,236
*Monolithic Power Systems, Inc.		937		18,206
*MoSys, Inc.		790		3,192
*Nanometrics, Inc.		1,180		16,237
*NVE Corp.		89		4,610
*OmniVision Technologies, Inc.		2,341		33,476
*PDF Solutions, Inc.		810		10,724
*Pericom Semiconductor Corp.		513		3,965
*Photronics, Inc.		3,240		15,844
*PLX Technology, Inc.		2,873		12,440
Power Integrations, Inc.		1,314		38,868
*Rambus, Inc.		4,280		20,715
*RF Micro Devices, Inc.		11,710		51,641
*Rubicon Technology, Inc.		702		6,100
*Rudolph Technologies, Inc.		1,177		11,193
*,12Semtech Corp.		2,870		71,664
*Sigma Designs, Inc.		1,225		7,277
*Silicon Image, Inc.		3,155		13,882
*Spansion, Inc.		2,280		25,285
*,12STR Holdings, Inc.		750		1,613
*SunPower Corp		2,140		9,223

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Description	Number of Shares		Value
*Supertex, Inc.		110	$	2,102
Tessera Technologies, Inc.		1,496		21,198
*TriQuint Semiconductor, Inc.		7,235		34,005
*Ultra Clean Holdings		540		2,500
*Ultratech, Inc.		1,301		40,214
*,12Veeco Instruments, Inc.		1,450		44,515
*Volterra Semiconductor Corp.		812		14,754
			$	1,564,961
SOFTWARE – 4.0%
*Accelrys, Inc.		2,169		19,413
*ACI Worldwide, Inc.		1,684		65,844
*Actuate Corp.		1,033		5,506
*Advent Software, Inc.		1,254		27,212
American Software, Inc.		954		7,813
*Aspen Technology, Inc.		3,980		98,624
Blackbaud, Inc.		1,832		43,547
*Bottomline Technologies, Inc.		1,427		33,392
*,12BroadSoft, Inc.		1,080		41,278
*,12Callidus Software, Inc.		1,750		8,120
*CommVault Systems, Inc.		1,861		116,257
*Comverse Technology, Inc.		6,530		43,033
12Digimarc Corp.		260		5,106
12Ebix, Inc.		1,368		29,809
*Ellie Mae, Inc.		1,210		30,250
EPIQ Systems, Inc.		161		1,966
Fair Isaac Corp.		1,434		66,824
*FalconStor Software, Inc.		2,261		5,019
*,12Glu Mobile, Inc.		890		2,821
*Guidance Software, Inc.		680		8,282
*Guidewire Software, Inc.		670		20,529
*Imperva, Inc.		450		14,189
*Interactive Intelligence Group, Inc.		533		16,901
*JDA Software Group, Inc.		1,720		65,601
*,12Jive Software, Inc.		640		7,168
*Kenexa Corp.		1,128		51,843
*Manhattan Associates, Inc.		925		55,500
*Mentor Graphics Corp.		3,668		56,927
*MicroStrategy, Inc.		329		31,081
Monotype Imaging Holdings, Inc.		1,688		25,843
*Netscout Systems, Inc.		1,481		36,625
12Opnet Technologies, Inc.		589		24,991
*Parametric Technology Corp.		4,867		98,216
12Pegasystems, Inc.		709		16,640
*Progress Software Corp.		2,334		46,026
*PROS Holdings, Inc.		866		16,740
*QAD, Inc.		607		7,424
*QLIK Technologies, Inc.		2,340		43,079

Description	Number of Shares		Value
*,12RealPage, Inc.		1,320	$	28,816
*Rosetta Stone, Inc.		750		8,783
*,12Seachange International, Inc.		510		4,616
*,12Sourcefire, Inc.		1,178		50,407
*SS&C Technologies Holdings, Inc.		1,150		27,635
*Synchronoss Technologies, Inc.		879		18,011
*Take-Two Interactive Software, Inc.		3,401		37,921
*Tangoe, Inc.		1,150		14,858
*TeleNav, Inc.		770		5,421
*TiVo, Inc.		5,420		55,013
*Tyler Technologies, Inc.		1,329		63,539
*Ultimate Software Group, Inc.		1,117		113,219
*VASCO Data Security International, Inc.		955		6,761
*,12VirnetX Holding Corp.		1,760		52,888
*Websense, Inc.		2,041		26,982
			$	1,810,309
TOTAL INFORMATION TECHNOLOGY			$	7,619,045
MATERIALS – 5.1%
CHEMICALS – 2.1%
A Schulman, Inc.		1,128		28,944
*ADA-ES, Inc.		460		8,965
American Vanguard Corp.		1,104		39,446
Balchem Corp.		1,170		40,751
*Calgon Carbon Corp.		2,251		27,890
*Chemtura Corp.		3,650		58,145
*Ferro Corp.		3,032		7,974
*,12Flotek Industries, Inc.		2,060		22,887
FutureFuel Corp.		810		9,550
Georgia Gulf Corp.		1,360		48,130
Hawkins, Inc.		340		13,294
HB Fuller Co.		1,779		54,082
Innophos Holdings, Inc.		995		47,412
*Innospec, Inc.		790		25,580
KMG Chemicals, Inc.		10		171
Koppers Holdings, Inc.		834		29,774
*Kraton Performance Polymers, Inc.		1,140		24,875
*Landec Corp.		817		8,840
*LSB Industries, Inc.		741		29,840
Minerals Technologies, Inc.		565		40,488
Olin Corp.		3,185		66,057
*OM Group, Inc.		1,486		30,062
*OMNOVA Solutions, Inc.		970		7,605
PolyOne Corp.		3,939		74,565
Quaker Chemical Corp.		632		33,490
Sensient Technologies Corp.		1,782		64,829
*Spartech Corp.		2,190		18,746

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54 PORTFOLIOS OF INVESTMENTS

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Description	Number of Shares		Value
Stepan Co.		249	$	23,854
*TPC Group, Inc.		500		22,490
Tredegar Corp.		810		13,746
Zep, Inc.		904		12,954
*,12Zoltek Cos., Inc.		527		3,610
			$	939,046
CONSTRUCTION MATERIALS – 0.3%
Eagle Materials, Inc.		1,840		97,465
*Headwaters, Inc.		2,195		15,782
*,12Texas Industries, Inc.		800		34,504
*United States Lime & Minerals, Inc.		246		10,777
			$	158,528
CONTAINERS & PACKAGING – 0.2%
*AEP Industries, Inc.		147		9,398
Boise, Inc.		3,180		26,680
*Graphic Packaging Holding Co.		6,470		38,302
Myers Industries, Inc.		1,512		22,423
			$	96,803
METALS & MINING – 1.7%
12AK Steel Holding Corp.		5,170		26,057
*,12AM Castle & Co.		650		7,898
AMCOL International Corp.		1,120		35,370
*Century Aluminum Co.		2,760		19,734
*Coeur d’Alene Mines Corp.		3,670		113,440
*,12General Moly, Inc.		2,460		9,102
Globe Specialty Metals, Inc.		2,000		30,060
*Gold Reserve, Inc.		2,870		9,299
*,12Golden Minerals Co.		1,130		4,938
*Golden Star Resources Ltd.		11,180		22,360
Haynes International, Inc.		614		31,118
12Hecla Mining Co.		11,128		73,222
*Horsehead Holding Corp.		2,288		20,706
Kaiser Aluminum Corp.		711		43,072
Materion Corp.		772		16,173
*,12McEwen Mining, Inc.		7,490		36,401
*Metals USA Holdings Corp.		330		4,811
*Midway Gold Corp.		8,110		13,787
Noranda Aluminum Holding Corp.		870		5,333
Olympic Steel, Inc.		625		11,250
*Paramount Gold and Silver Corp.		4,520		12,023
*,12Revett Minerals, Inc.		2,660		9,523
*RTI International Metals, Inc.		1,032		23,519
Schnitzer Steel Industries, Inc.		1,110		31,646
*Stillwater Mining Co.		4,344		45,221
*SunCoke Energy, Inc.		2,740		44,032
*Universal Stainless & Alloy		226		7,774

Description	Number of Shares		Value
*US Antimony Corp.		4,400	$	8,976
*US Silica Holdings, Inc.		700		8,960
*,12Vista Gold Corp.		3,460		11,522
Worthington Industries, Inc.		1,839		39,759
			$	777,086
PAPER & FOREST PRODUCTS – 0.8%
Buckeye Technologies, Inc.		1,358		35,580
*Clearwater Paper Corp.		824		32,581
Deltic Timber Corp.		475		32,234
*KapStone Paper and Packaging Corp.		1,500		32,955
*Louisiana-Pacific Corp.		5,136		81,097
Neenah Paper, Inc.		491		12,717
PH Glatfelter Co.		1,863		33,180
*Resolute Forest Products		3,630		44,286
Schweitzer-Mauduit International, Inc.		1,268		44,418
Wausau Paper Corp.		1,710		14,142
			$	363,190
TOTAL MATERIALS			$	2,334,653
TELECOMMUNICATION SERVICES – 0.7%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
*,128x8, Inc.		3,350		21,942
Atlantic Tele-Network, Inc.		400		16,576
*Cbeyond, Inc.		439		3,363
*Cincinnati Bell, Inc.		8,320		43,347
12Cogent Communications Group, Inc.		2,023		43,919
Consolidated Communications Holdings, Inc.		942		14,544
*,12Fairpoint Communications, Inc.		1,780		13,065
*General Communication, Inc.		1,642		14,351
*Hawaiian Telcom Holdco, Inc.		550		9,389
HickoryTech Corp.		790		8,414
IDT Corp.		1,200		12,144
*inContact, Inc.		2,070		11,923
*,12Iridium Communications, Inc.		1,240		9,164
Lumos Networks Corp.		637		5,013
*magicJack VocalTec Ltd.		540		10,989
Neutral Tandem, Inc.		1,350		6,237
*Premiere Global Services, Inc.		1,350		11,475
*,12Towerstream Corp.		320		1,126
*Vonage Holdings Corp.		5,710		12,962
			$	269,943
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
*,12Boingo Wireless, Inc.		1,190		8,711
*,12Leap Wireless International, Inc.		1,620		8,651
NTELOS Holdings Corp.		637		9,714

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Wilmington Small-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Shenandoah Telecommunications Co.		786	$	12,356
USA Mobility, Inc.		358		3,956
			$	43,388
TOTAL TELECOMMUNICATION SERVICES			$	313,331
UTILITIES – 3.4%
ELECTRIC UTILITIES – 1.4%
ALLETE, Inc.		1,576		65,593
Cleco Corp.		2,085		89,968
El Paso Electric Co.		1,320		44,867
12Empire District Electric Co.		1,286		27,919
IDACORP, Inc.		1,712		76,561
MGE Energy, Inc.		719		37,848
Otter Tail Corp.		1,520		36,678
PNM Resources, Inc.		2,457		54,447
Portland General Electric Co.		2,607		71,432
UIL Holdings Corp.		1,816		65,685
Unitil Corp.		870		23,133
UNS Energy Corp.		1,035		44,132
			$	638,263
GAS UTILITIES – 0.9%
Chesapeake Utilities Corp.		340		15,970
Laclede Group, Inc.		808		33,645
New Jersey Resources Corp.		1,237		54,997
Northwest Natural Gas Co.		998		46,437
Piedmont Natural Gas Co., Inc.		2,184		69,604
South Jersey Industries, Inc.		1,151		58,229
Southwest Gas Corp.		1,618		70,334
WGL Holdings, Inc.		1,790		71,188
			$	420,404
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.3%
12Atlantic Power Corp.		4,990		74,950
Genie Energy Ltd.		1,200		8,412
*GenOn Energy, Inc.		10,000		25,700
Ormat Technologies, Inc.		820		15,605
			$	124,667
MULTI-UTILITIES – 0.4%
Avista Corp.		1,578		40,113
Black Hills Corp.		1,818		65,030
CH Energy Group, Inc.		475		30,889
NorthWestern Corp.		1,309		46,875
			$	182,907
WATER UTILITIES – 0.4%
American States Water Co.		817		35,964
Artesian Resources Corp.		630		14,496

Description	Number of Shares		Value
*,12Cadiz, Inc.		936	$	8,050
California Water Service Group		2,100		38,682
Connecticut Water Service, Inc.		363		11,119
Consolidated Water Co. Ltd.		907		7,120
Middlesex Water Co.		1,071		20,713
SJW Corp.		388		9,405
York Water Co.		540		9,380
			$	154,929
TOTAL UTILITIES			$	1,521,170
TOTAL COMMON STOCKS (COST $30,149,171)			$	45,217,677
INVESTMENT COMPANY – 0.1%
EQUITY FUND – 0.1%
12iShares Russell 2000 Index Fund		600		48,744
TOTAL INVESTMENT COMPANY (COST $48,823)			$	48,744
MONEY MARKET FUND – 0.1%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		35,312		35,312
TOTAL MONEY MARKET FUND (COST $35,312)			$	35,312
RIGHT – 0.0%
*Clinical Data, Inc.		845		—
TOTAL RIGHT (COST $0)			$	—
WARRANTS – 0.0%**
*,12Magnum Hunter Resources Corp.		1,145		35
*Vector Group Ltd.		3,960		—
TOTAL WARRANTS (COST $0)			$	35
TOTAL INVESTMENTS IN SECURITIES – 100.2% (COST $30,233,306)			$	45,301,768
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 17.4%
REPURCHASE AGREEMENTS – 17.4%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $1,870,727, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $1,908,124.	$	1,870,710		1,870,710
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $1,870,728, collateralized by U.S. Government Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $1,908,124.		1,870,710		1,870,710
HSBC Securities USA, Inc., 0.27%, dated 10/31/12, due 11/01/12, repurchase price $1,870,724, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 11/15/12 to 7/15/36; total market value of $1,908,124.		1,870,710		1,870,710

(Wilmington Small-Cap Strategy Fund continued next page)

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56 PORTFOLIOS OF INVESTMENTS

Wilmington Small-Cap Strategy Fund (concluded)

Description	Par Value		Value
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $1,870,730, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $1,908,124.	$	1,870,710	$	1,870,710
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $393,835, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $401,709.		393,832		393,832
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $7,876,672)			$	7,876,672
TOTAL INVESTMENTS – 117.6% (COST $38,109,978)			$	53,178,440
COLLATERAL FOR SECURITIES ON LOAN – (17.4%)				(7,876,672	)
OTHER LIABILITIES LESS ASSETS – (0.2%)				(108,072	)
TOTAL NET ASSETS – 100.0%			$	45,193,696

Cost of investments for Federal income tax purposes is $39,385,846. The net unrealized appreciation/(depreciation) of investments was $13,792,594. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $15,424,533 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,631,939.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	45,217,677	$	—	$	—	$	45,217,677
Investment Company		48,744		—		—		48,744
Right		—		—		—		—
Warrants		35		—		—		35
Money Market Fund		35,312		—		—		35,312
Repurchase Agreements		—		7,876,672		—		7,876,672
Total	$	45,301,768	$	7,876,672	$	—	$	53,178,440

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

57

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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

58 STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2012 (unaudited)	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	$	71,999,280		$	281,543,483		$	116,677,955		$	241,594,229		$	149,813,672
Investments in repurchase agreements, at value	$	2,945,402		$	9,109,563		$	3,330,856		$	22,881,655		$	15,005,495
Investments in securities, at value (Including securities on loan) (Note 2)		85,942,793			361,532,300	(a)		126,109,162	(a)		271,675,820			144,773,037
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		88,888,195			370,641,863			129,440,018			294,557,475			159,778,532
Cash		—			94			1,592			—			—
Income receivable		41,229			410,753			92,348			101,039			75,465
Receivable for shares sold		29,777			1,079,500			30,533			67,503			22,375
Receivable for investments sold		—			28,139,729			—			—			—
Other assets		9,856			16,901			6,775			14,318			14,821
TOTAL ASSETS		88,969,057			400,288,840			129,571,266			294,740,335			159,891,193
LIABILITIES:
Payable to custodian		—			—			—			—			76,648
Payable for investments purchased		—			28,540,375			—			—			—
Collateral for securities on loan		2,945,402			9,109,563			3,330,856			22,881,655			15,005,495
Payable for shares redeemed		97,090			855,863			70,204			191,835			91,131
Payable to sub-advisors		—			—			49,381			—			—
Payable for distribution services fee		4,564			—			3,970			12,506			5,745
Payable for shareholder services fee		12,341			55			17,088			31,167			16,431
Other accrued expenses		64,679			172,985			80,630			111,915			118,715
TOTAL LIABILITIES		3,124,076			38,678,841			3,552,129			23,229,078			15,314,165
NET ASSETS	$	85,844,981		$	361,609,999		$	126,019,137		$	271,511,257		$	144,577,028
NET ASSETS CONSIST OF:
Paid-in capital	$	82,012,009		$	323,701,670		$	131,569,909		$	230,323,319		$	166,133,711
Undistributed (distributions in excess of) net investment income		184,629			625,058			(11,165	)		(544,227	)		(158,037	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(13,240,572	)		(51,815,109	)		(18,301,670	)		(11,231,081	)		(31,363,506	)
Net unrealized appreciation (depreciation) of investments and foreign currencies		16,888,915			89,098,380			12,762,063			52,963,246			9,964,860
TOTAL NET ASSETS	$	85,844,981		$	361,609,999		$	126,019,137		$	271,511,257		$	144,577,028
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	16,567,015		$	51,602		$	5,497,428		$	52,861,649		$	35,238,206
Shares outstanding (unlimited shares authorized)		1,944,948			4,009			526,402			3,676,369			2,187,752
Net Asset Value per share	$	8.52		$	12.87		$	10.44		$	14.38		$	16.11
Offering price per share*	$	9.02	**	$	13.62	**	$	11.05	**	$	15.22	**	$	17.05	**
Class C
Net Assets	$	—		$	—		$	—		$	—		$	241,424
Shares outstanding (unlimited shares authorized)		—			—			—			—			15,550
Net Asset Value per share	$	—		$	—		$	—		$	—		$	15.53
Class I
Net Assets	$	69,277,966		$	361,558,397		$	120,521,709		$	218,649,608		$	109,097,398
Shares outstanding (unlimited shares authorized)		8,069,855			28,086,231			11,494,098			14,820,110			6,550,552
Net Asset Value per share	$	8.58		$	12.87		$	10.49		$	14.75		$	16.65

(a) Includes $354,981 and $2,331,727 of investments in affiliated issuers, respectively.

* See “How are Shares Priced?” in the Prospectus.

** Computation of offering price per share 100/94.50 of net asset value.

See Notes which are an integral part of the Financial Statements

(Statements of Assets and Liabilities continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 59

October 31, 2012 (unaudited)	Wilmington Small-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	38,109,978
Investments in repurchase agreements, at value		7,876,672
Investments in securities, at value (Including securities on loan) (Note 2)		45,301,768
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		53,178,440
Cash		50,175
Income receivable		32,844
Receivable for shares sold		12,115
Receivable for investments sold		3,765,680
Other assets		14,822
TOTAL ASSETS		57,054,076
LIABILITIES:
Payable for investments purchased		3,634,366
Collateral for securities on loan		7,876,672
Payable for shares redeemed		284,485
Other accrued expenses		64,857
TOTAL LIABILITIES		11,860,380
NET ASSETS	$	45,193,696
NET ASSETS CONSIST OF:
Paid-in capital	$	46,461,017
Undistributed (distributions in excess of) net investment income		86,082
Accumulated net realized gain (loss) on investments and foreign currency transactions		(16,421,865	)
Net unrealized appreciation (depreciation) of investments and foreign currencies		15,068,462
TOTAL NET ASSETS	$	45,193,696
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets	$	45,193,696
Shares outstanding (unlimited shares authorized)		4,246,507
Net Asset Value per share	$	10.64

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

60 STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2012 (unaudited)	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
INVESTMENT INCOME:
Dividends	$	585,886	(a)(b)	$	3,874,063	(a)(b)	$	1,513,813	(a)(b)	$	1,112,399	(a)(b)	$	695,070	(a)(b)
Securities lending income		12,753			36,803			16,197			268,996			126,672
TOTAL INVESTMENT INCOME		598,639			3,910,866			1,530,010			1,381,395			821,742
EXPENSES:
Investment advisory fee		381,150			909,824			461,454			1,163,033			639,795
Administrative personnel and services fee		10,402			42,213			15,293			31,739			17,463
Portfolio accounting, administration and custodian fees		20,850			71,411			25,259			50,801			42,963
Transfer and dividend disbursing agent fees and expenses		52,592			24,522			41,531			81,786			95,607
Trustees’ fees		14,815			14,930			14,801			14,878			15,014
Professional fees		20,941			26,027			21,263			24,720			22,379
Distribution services fee—Class A		21,718			54			7,039			68,884			44,521
Distribution services fee—Class C		—			—			—			—			913
Shareholder services fee—Class A		21,718			54			7,039			68,884			44,521
Shareholder services fee—Class C		—			—			—			—			304
Shareholder services fee—Class I		90,385			454,862			157,765			273,184			143,349
Share registration costs		13,469			13,522			9,642			13,721			15,057
Printing and postage		11,645			14,770			10,385			16,888			16,948
Miscellaneous		8,585			18,017			10,791			13,924			11,619
TOTAL EXPENSES		668,270			1,590,206			782,262			1,822,442			1,110,453
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(77,078	)		(680,319	)		(4,525	)		(111,631	)		(26,294	)
Waiver of distribution services fee—Class A		(361	)		—			(134	)		(169	)		(405	)
Waiver of distribution services fee—Class C		—			—			—			—			(508	)
Waiver of shareholder services fee—Class A		(8,687	)		(54	)		(2,896	)		(57,913	)		(28,494	)
Waiver of shareholder services fee—Class C		—			—			—			—			(243	)
Waiver of shareholder services fee—Class I		(83,154	)		(454,862	)		(82,038	)		(132,432	)		(74,730	)
TOTAL WAIVERS AND REIMBURSEMENTS		(169,280	)		(1,135,235	)		(89,593	)		(302,145	)		(130,674	)
Net expenses		498,990			454,971			692,669			1,520,297			979,779
Net investment income (loss)		99,649			3,455,895			837,341			(138,902	)		(158,037	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(917,027	)		7,074,874			2,017,231			799,916			(1,481,028	)
Net realized gain (loss) on foreign currency transactions		—			—			8			—			—
Net change in unrealized appreciation (depreciation) of investments		(3,963,691	)		(6,724,384	)		(4,253,035	)		(16,328,021	)		(3,289,815	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(4,880,718	)		350,490			(2,235,796	)		(15,528,105	)		(4,770,843	)
Change in net assets resulting from operations	$	(4,781,069	)	$	3,806,385		$	(1,398,455	)	$	(15,667,007	)	$	(4,928,880	)

(a) Includes $54, $3,094, $314, $100 and $88 received from affiliated issuers, respectively.

(b) Net foreign taxes withheld of $294, $1,519, $102,730, $3,029 and $1,826, respectively.

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 61

Six Months Ended October 31, 2012 (unaudited)	Wilmington Small-Cap Strategy Fund
INVESTMENT INCOME:
Dividends	$	332,560	(b)
Securities lending income		67,364
TOTAL INVESTMENT INCOME		399,924
EXPENSES:
Investment advisory fee		125,756
Administrative personnel and services fee		5,436
Portfolio accounting, administration and custodian fees		21,592
Transfer and dividend disbursing agent fees and expenses		23,326
Trustees’ fees		15,444
Professional fees		24,224
Shareholder services fee—Class I		58,578
Share registration costs		9,505
Printing and postage		15,274
Miscellaneous		10,516
TOTAL EXPENSES		309,651
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(194,417	)
Waiver of shareholder services fee—Class I		(58,578	)
TOTAL WAIVERS AND REIMBURSEMENTS		(252,995	)
Net expenses		56,656
Net investment income (loss)		343,268
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		3,568,219
Net realized gain (loss) on distributions by unaffiliated investment companies		1,794
Net realized gain (loss) on foreign currency transactions		(12	)
Net change in unrealized appreciation (depreciation) of investments		(3,435,617	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		134,384
Change in net assets resulting from operations	$	477,652

(b) Net foreign taxes withheld of $414.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

62 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large-Cap Growth Fund						Wilmington Large-Cap Strategy Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October  31, 2012 (unaudited)			Ten Months Ended April 30, 2012 (a)			Year Ended June 30, 2011
OPERATIONS:
Net investment income (loss)	$	99,649		$	155,795		$	3,455,895		$	5,569,382		$	6,566,630
Net realized gain (loss) on investments		(917,027	)		13,226,789			7,074,874			8,077,638			2,692,000
Net change in unrealized appreciation (depreciation) of investments		(3,963,691	)		(22,434,916	)		(6,724,384	)		13,862,545			78,156,513
Change in net assets resulting from operations		(4,781,069	)		(9,052,332	)		3,806,385			27,509,565			87,415,143
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		—			—			(336	)		(267	)		(286	)
Class I		—			(70,815	)		(3,320,956	)		(5,372,840	)		(6,299,693	)
Distributions from net realized gain on investments
Class A		—			(308,531	)		—			—			—
Class I		—			(1,546,450	)		—			—			—
Change in net assets resulting from distributions to shareholders		—			(1,925,796	)		(3,321,292	)		(5,373,107	)		(6,299,979	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		145,094			266,102			31,631			—			24,341
Class I		6,502,080			19,200,047			16,404,114			65,074,652			315,538,826
Distributions reinvested
Class A		—			300,789			336			267			236
Class I		—			1,407,752			1,095,268			1,858,419			2,303,175
Cost of shares redeemed
Class A		(1,373,410	)		(3,122,802	)		(7,000	)		(4,333	)		(2,088	)
Class I		(11,890,688	)		(55,868,242	)		(31,327,283	)		(143,632,690	)		(87,589,025	)
Change in net assets resulting from share transactions		(6,616,924	)		(37,816,354	)		(13,802,934	)		(76,703,685	)		230,275,465
Change in net assets		(11,397,993	)		(48,794,482	)		(13,317,841	)		(54,567,227	)		311,390,629
NET ASSETS:
Beginning of period		97,242,974			146,037,456			374,927,840			429,495,067			118,104,438
End of period	$	85,844,981		$	97,242,974		$	361,609,999		$	374,927,840		$	429,495,067
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	184,629		$	84,980		$	625,058		$	490,455		$	305,380
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		17,153			30,904			2,560			—			2,320
Class I		765,105			2,296,957			1,268,198			5,878,354			30,273,313
Distributions reinvested
Class A		—			37,505			26			23			20
Class I		—			174,874			85,290			161,249			203,829
Shares redeemed
Class A		(162,191	)		(368,225	)		(532	)		(408	)		(213	)
Class I		(1,399,780	)		(6,653,843	)		(2,469,902	)		(12,239,104	)		(7,651,566	)
Net change resulting from share transactions		(779,713	)		(4,481,828	)		(1,114,360	)		(6,199,886	)		22,827,703

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

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 63

	Wilmington Large-Cap Value Fund						Wilmington Mid-Cap Growth Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012
OPERATIONS:
Net investment income (loss)	$	837,341		$	1,317,174		$	(138,902	)	$	(809,168	)
Net realized gain (loss) on investments		2,017,239			4,135,047			799,916			25,609,997
Net change in unrealized appreciation (depreciation) of investments		(4,253,035	)		(19,012,573	)		(16,328,021	)		(27,883,636	)
Change in net assets resulting from operations		(1,398,455	)		(13,560,352	)		(15,667,007	)		(3,082,807	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(28,648	)		(36,426	)		—			—
Class I		(819,858	)		(1,319,431	)		—			—
Distributions from net realized gain on investments
Class A		—			—			—			(2,661,286	)
Class I		—			—			—			(7,928,225	)
Change in net assets resulting from distributions to shareholders		(848,506	)		(1,355,857	)		—			(10,589,511	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		102,409			282,370			2,386,857			8,152,799
Class I		9,757,861			42,352,416			29,158,618			89,824,533
Distributions reinvested
Class A		27,807			35,523			—			2,500,128
Class I		553,175			842,966			—			7,366,210
Cost of shares redeemed
Class A		(559,431	)		(1,015,899	)		(6,961,301	)		(9,489,591	)
Class I		(23,208,819	)		(68,742,638	)		(30,932,153	)		(41,530,266	)
Change in net assets resulting from share transactions		(13,326,998	)		(26,245,262	)		(6,347,979	)		56,823,813
Change in net assets		(15,573,959	)		(41,161,471	)		(22,014,986	)		43,151,495
NET ASSETS:
Beginning of period		141,593,096			182,754,567			293,526,243			250,374,748
End of period	$	126,019,137		$	141,593,096		$	271,511,257		$	293,526,243
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(11,165	)	$	—		$	(544,227	)	$	(405,325	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		10,313			27,134			171,393			552,347
Class I		981,658			4,216,455			2,042,825			5,962,713
Distributions reinvested
Class A		2,738			3,484			—			181,037
Class I		54,108			82,892			—			520,580
Shares redeemed
Class A		(55,693	)		(99,446	)		(483,737	)		(641,122	)
Class I		(2,266,397	)		(6,814,920	)		(2,156,117	)		(2,847,066	)
Net change resulting from share transactions		(1,273,273	)		(2,584,401	)		(425,636	)		3,728,489

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

64 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Small-Cap Growth Fund						Wilmington Small-Cap Strategy Fund
	Six Months Ended October 31, 2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October 31, 2012 (unaudited)			Ten Months Ended April  30, 2012(a)			Year Ended June 30, 2011
OPERATIONS:
Net investment income (loss)	$	(158,037	)	$	(599,979	)	$	343,268		$	723,480		$	1,356,548
Net realized gain (loss) on investments		(1,481,028	)		9,032,820			3,570,001			(1,998,866	)		5,092,724
Net change in unrealized appreciation (depreciation) of investments		(3,289,815	)		(25,481,130	)		(3,435,617	)		(11,912,058	)		27,454,374
Change in net assets resulting from operations		(4,928,880	)		(17,048,289	)		477,652			(13,187,444	)		33,903,646
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		—			—			—			—			—
Class I		—			—			(278,459	)		(884,546	)		(1,230,775	)
Change in net assets resulting from distributions to shareholders		—			—			(278,459	)		(884,546	)		(1,230,775	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		149,325			1,063,682			—			—			—
Class C		246			—			—			—			—
Class I		7,849,860			21,997,629			1,099,391			7,510,526			54,102,863
Distributions reinvested
Class I		—			—			69,977			186,726			237,390
Cost of shares redeemed
Class A		(2,117,130	)		(6,178,700	)		—			—			—
Class C		(20,020	)		(51,523	)		—			—			—
Class I		(20,030,992	)		(32,909,077	)		(5,149,148	)		(72,618,596	)		(58,102,865	)
Change in net assets resulting from share transactions		(14,168,711	)		(16,077,989	)		(3,979,780	)		(64,921,344	)		(3,762,612	)
Change in net assets		(19,097,591	)		(33,126,278	)		(3,780,587	)		(78,993,334	)		28,910,259
NET ASSETS:
Beginning of period		163,674,619			196,800,897			48,974,283			127,967,617			99,057,358
End of period	$	144,577,028		$	163,674,619		$	45,193,696		$	48,974,283		$	127,967,617
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(158,037	)	$	—		$	86,082		$	21,273		$	205,306
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		9,548			67,626			—			—			—
Class C		16			—			—			—			—
Class I		491,056			1,378,910			104,737			787,693			5,901,118
Distributions reinvested
Class I		—			—			6,569			19,935			24,537
Shares redeemed
Class A		(134,790	)		(385,128	)		—			—			—
Class C		(1,386	)		(3,393	)		—			—			—
Class I		(1,220,717	)		(2,017,597	)		(490,785	)		(8,141,855	)		(6,505,328	)
Net change resulting from share transactions		(856,273	)		(959,582	)		(379,479	)		(7,334,227	)		(579,673	)

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

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 65

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

WILMINGTON LARGE-CAP GROWTH FUND
CLASS A	2012(f)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$ 8.97			$  9.54			$  8.09			$5.80			$   8.75			$ 9.29
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.00	(d)		(0.02	)		(0.05	)		0.00	(d)		(0.01	)		0.00	(d)
Net Realized and Unrealized Gain (Loss) on Investments		(0.45	)		(0.41	)		1.51			2.29			(2.93	)		(0.27	)
Total Income (Loss) From Operations		(0.45	)		(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		$  8.52			$  8.97			$  9.54			$  8.09			$   5.80			$ 8.75
Total Return(a)		(5.02	)%		(4.36	)%		18.00	%		39.52	%		(33.56	)%		(3.09	)%
Net Assets, End of Period (000’s)		$16,567			$18,738			$22,790			$20,790			$15,714			$1,858
Ratios to Average Net Assets
Gross Expense		1.68	%(g)		1.66	%		1.66	%		1.64	%		1.53	%		1.63	%
Net Expenses(b)		1.42	%(g)		1.42	%		1.42	%		1.29	%		1.23	%		1.31	%
Net Investment Income (Loss)		0.01	%(g)		(0.20	)%		(0.58	)%		(0.06	)%		(0.16	)%		0.05	%
Portfolio Turnover Rate		39	%		83	%		61	%		83	%		138	%		76	%
CLASS I(e)	2012(f)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  9.02			$  9.56			$  8.09			$  5.80			$   8.75			$ 9.28
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.01			0.02			0.02			0.01			0.02			0.01
Net Realized and Unrealized Gain (Loss) on Investments		(0.45	)		(0.41	)		1.47			2.29			(2.95	)		(0.27	)
Total Income (Loss) From Operations		(0.44	)		(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		$  8.58			$  9.02			$  9.56			$  8.09			$   5.80			$ 8.75
Total Return(a)		(4.88	)%		(3.96	)%		18.40	%		39.72	%		(33.47	)%		(2.97	)%
Net Assets, End of Period (000’s)		$69,278			$78,505			$123,247			$121,608			$92,658			$69,988
Ratios to Average Net Assets
Gross Expense		1.45	%(g)		1.41	%		1.41	%		1.39	%		1.36	%		1.38	%
Net Expenses(b)		1.04	%(g)		1.03	%		1.03	%		1.10	%		1.13	%		1.17	%
Net Investment Income (Loss)		0.27	%(g)		0.20	%		0.25	%		0.14	%		0.30	%		0.16	%
Portfolio Turnover Rate		39	%		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 Institutional I Shares.

(f) Six months ended October 31, 2012 (unaudited).

(g) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

66 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON LARGE-CAP STRATEGY FUND†
CLASS A	Six Months Ended October  31, 2012 (unaudited)			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		$  12.84			$  12.13			$  9.45			$  8.61			$ 12.28			$ 14.41			$12.33
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.10			0.14			0.16			0.07			0.10			0.05			0.06
Net Realized and Unrealized Gain (Loss) on Investments		0.03			0.71			2.64			0.85			(3.68	)		(1.56	)		2.18
Total Income (Loss) From Operations		0.13			0.85			2.80			0.92			(3.58	)		(1.51	)		2.24
Less Distributions From:
Net Investment Income		(0.10	)		(0.14	)		(0.12	)		(0.08	)		(0.09	)		(0.07	)		(0.06	)
Net Realized Gains		—			—			—			—			—			(0.55	)		(0.10	)
Total Distributions		(0.10	)		(0.14	)		(0.12	)		(0.08	)		(0.09	)		(0.62	)		(0.16	)
Net Asset Value, End of Period		$  12.87			$  12.84			$12.13			$  9.45			$   8.61			$ 12.28			$14.41
Total Return(a)		1.03	%		7.12	%		30.00	%		10.36	%		(29.11	)%		(10.98	)%		18.26	%
Net Assets, End of Period (000's)		$52			$25			$28			$2			$30			$41			$12
Ratios to Average Net Assets
Gross Expense		1.13	%(d)		0.99	%(d)		0.92	%		1.32	%		1.43	%		1.30	%		1.18	%
Net Expenses(b)		0.50	%(d)		0.50	%(d)		0.50	%		1.18	%		1.25	%		1.18	%		1.11	%
Net Investment Income (Loss)		1.59	%(d)		1.43	%(d)		1.40	%		0.70	%		1.10	%		0.39	%		0.47	%
Portfolio Turnover Rate		14	%		19	%		39	%		160	%		224	%		127	%		96	%
CLASS I	Six Months Ended October  31, 2012 (unaudited)			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		$  12.84			$  12.13			$  9.39			$  8.61			$ 12.28			$ 14.40			$12.33
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.12			0.16			0.20			0.10			0.12			0.09			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.03			0.71			2.72			0.79			(3.68	)		(1.57	)		2.16
Total Income (Loss) From Operations		0.15			0.87			2.92			0.89			(3.56	)		(1.48	)		2.26
Less Distributions From:
Net Investment Income		(0.12	)		(0.16	)		(0.18	)		(0.11	)		(0.11	)		(0.09	)		(0.09	)
Net Realized Gains		—			—			—			—			—			(0.55	)		(0.10	)
Total Distributions		(0.12	)		(0.16	)		(0.18	)		(0.11	)		(0.11	)		(0.64	)		(0.19	)
Net Asset Value, End of Period		$  12.87			$  12.84			$12.13			$  9.39			$   8.61			$ 12.28			$14.40
Total Return(a)		1.15	%		7.32	%		31.24	%		10.28	%		(28.94	)%		(10.75	)%		18.45	%
Net Assets, End of Period (000's)		$361,558			$374,903			$429,467			$118,102			$131,692			$242,391			$252,756
Ratios to Average Net Assets
Gross Expense		0.87	%(d)		0.74	%(d)		0.69	%		1.01	%		1.18	%		1.00	%		0.93	%
Net Expenses(b)		0.25	%(d)		0.25	%(d)		0.25	%		0.93	%		1.00	%		0.93	%		0.86	%
Net Investment Income (Loss)		1.90	%(d)		1.70	%(d)		1.72	%		0.99	%		1.27	%		0.67	%		0.72	%
Portfolio Turnover Rate		14	%		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.

† 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)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 67

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

WILMINGTON LARGE-CAP VALUE FUND
CLASS A	2012(f)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  10.61			$11.47			$  9.85			$ 7.03			$11.32			$13.41
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.05			0.06			0.01			0.04			0.19			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.17	)		(0.86	)		1.64			2.83			(4.30	)		(1.35	)
Total Income (Loss) From Operations		(0.12	)		(0.80	)		1.65			2.87			(4.11	)		(1.23	)
Less Distributions From:
Net Investment Income		(0.05	)		(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		(0.05	)		(0.06	)		(0.03	)		(0.05	)		(0.18	)		(0.86	)
Net Asset Value, End of Period		$10.44			$10.61			$11.47			$ 9.85			$  7.03			$11.32
Total Return(a)		(1.10	)%		(6.94	)%		16.79	%		41.02	%		(36.53	)%		(9.56	)%
Net Assets, End of Period (000’s)		$5,497			$6,038			$7,315			$6,606			$5,027			$40,021
Ratios to Average Net Assets
Gross Expense		1.43	%(g)		1.42	%		1.43	%		1.42	%		1.34	%		1.31	%
Net Expenses(b)		1.32	%(g)		1.29	%		1.31	%		1.15	%		0.53	%		1.03	%
Net Investment Income (Loss)		1.00	%(g)		0.56	%		0.09	%		0.41	%		2.30	%		0.93	%
Portfolio Turnover Rate		10	%		37	%		26	%		29	%		34	%		17	%
CLASS I(e)	2012(f)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$10.65			$11.51			$  9.88			$ 7.05			$11.34			$13.41
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.07			0.09			0.05			0.05			0.13			0.13
Net Realized and Unrealized Gain (Loss) on Investments		(0.16	)		(0.86	)		1.63			2.84			(4.26	)		(1.34	)
Total Income (Loss) From Operations		(0.09	)		(0.77	)		1.68			2.89			(4.13	)		(1.21	)
Less Distributions From:
Net Investment Income		(0.07	)		(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		(0.07	)		(0.09	)		(0.05	)		(0.06	)		(0.16	)		(0.86	)
Net Asset Value, End of Period		$10.49			$10.65			$11.51			$ 9.88			$  7.05			$11.34
Total Return(a)		(0.86	)%		(6.65	)%		17.08	%		41.23	%		(36.62	)%		(9.42	)%
Net Assets, End of Period (000’s)		$120,522			$135,556			$175,440			$156,442			$117,108			$121,163
Ratios to Average Net Assets
Gross Expense		1.18	%(g)		1.17	%		1.18	%		1.17	%		1.13	%		1.13	%
Net Expenses(b)		1.04	%(g)		1.00	%		1.02	%		0.99	%		0.96	%		0.97	%
Net Investment Income (Loss)		1.28	%(g)		0.85	%		0.48	%		0.57	%		1.55	%		0.99	%
Portfolio Turnover Rate		10	%		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 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 Institutional I Shares.

(f) Six months ended October 31, 2012 (unaudited).

(g) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

68 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON MID-CAP GROWTH FUND
CLASS A	2012(f)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  15.21			$16.21			$12.24			$  8.37			$ 13.43			$15.05
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.02	)		(0.07	)		(0.11	)		(0.05	)		(0.01	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.81	)		(0.25	)		4.08			3.93			(4.74	)		0.74
Total Income (Loss) From Operations		(0.83	)		(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		$14.38			$15.21			$16.21			$12.24			$   8.37			$13.43
Total Return(a)		(5.46	)%		(1.55	)%		32.43	%		46.30	%		(34.75	)%		4.48	%
Net Assets, End of Period (000’s)		$52,862			$60,666			$63,168			$40,438			$19,638			$6,314
Ratios to Average Net Assets
Gross Expense		1.53	%(g)		1.57	%		1.62	%		1.62	%		1.59	%		1.66	%
Net Expenses(b)		1.24	%(g)		1.24	%		1.24	%		1.13	%		1.08	%		1.25	%
Net Investment Income (Loss)		(0.22	)%(g)		(0.47	)%		(0.85	)%		(0.51	)%		(0.10	)%		(0.60	)%
Portfolio Turnover Rate		17	%		44	%		34	%		56	%		90	%		58	%
CLASS I(e)	2012(f)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$  15.59			$16.57			$12.49			$  8.54			$ 13.66			$15.25
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.01	)		(0.04	)		(0.07	)		(0.04	)		0.02			(0.07	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.83	)		(0.26	)		4.15			4.00			(4.83	)		0.75
Total Income (Loss) From Operations		(0.84	)		(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		$14.75			$15.59			$16.57			$12.49			$   8.54			$13.66
Total Return(a)		(5.39	)%		(1.40	)%		32.67	%		46.37	%		(34.60	)%		4.63	%
Net Assets, End of Period (000’s)		$218,650			$232,860			$187,207			$143,594			$95,447			$68,897
Ratios to Average Net Assets
Gross Expense		1.28	%(g)		1.33	%		1.37	%		1.36	%		1.39	%		1.41	%
Net Expenses(b)		1.08	%(g)		1.06	%		1.06	%		0.96	%		0.94	%		1.11	%
Net Investment Income (Loss)		(0.07	)%(g)		(0.30	)%		(0.54	)%		(0.33	)%		0.18	%		(0.49	)%
Portfolio Turnover Rate		17	%		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 Institutional I Shares.

(f) Six months ended October 31, 2012 (unaudited).

(g) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 69

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

WILMINGTON SMALL-CAP GROWTH FUND
CLASS A	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$16.62			$18.20			$14.48			$  9.99			$ 15.53			$19.40
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.03	)		(0.08	)		(0.21	)		(0.12	)		(0.06	)		(0.17	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.48	)		(1.50	)		3.93			4.61			(5.48	)		(0.65	)
Total Income (Loss) From Operations		(0.51	)		(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		$16.11			$16.62			$18.20			$14.48			$   9.99			$15.53
Total Return(a)		(3.07	)%		(8.68	)%		25.69	%		44.94	%		(35.67	)%		(5.26	)%
Net Assets, End of Period (000’s)		$35,238			$38,439			$47,884			$41,276			$29,935			$47,294
Ratios to Average Net Assets
Gross Expense		1.67	%(f)		1.64	%		1.67	%		1.70	%		1.66	%		1.62	%
Net Expenses(b)		1.47	%(f)		1.44	%		1.45	%		1.30	%		1.26	%		1.31	%
Net Investment Income (Loss)		(0.37	)%(f)		(0.54	)%		(1.43	)%		(0.98	)%		(0.49	)%		(0.93	)%
Portfolio Turnover Rate		115	%		561	%		393	%		635	%		865	%		600	%
CLASS C	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$16.02			$17.56			$13.97			$  9.61			$ 14.93			$18.75
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.03	)		(0.09	)		(0.15	)		(0.09	)		(0.05	)		(0.15	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.46	)		(1.45	)		3.74			4.45			(5.27	)		(0.63	)
Total Income (Loss) From Operations		(0.49	)		(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		$15.53			$16.02			$17.56			$13.97			$   9.61			$14.93
Total Return(a)		(3.06	)%		(8.77	)%		25.79	%		45.27	%		(35.63	)%		(5.23	)%
Net Assets, End of Period (000’s)		$241			$271			$357			$325			$210			$299
Ratios to Average Net Assets
Gross Expense		2.17	%(f)		2.14	%		2.17	%		2.20	%		2.62	%		1.47	%
Net Expenses(b)		1.52	%(f)		1.48	%		1.48	%		1.09	%		1.22	%		1.28	%
Net Investment Income (Loss)		(0.42	)%(f)		(0.59	)%		(1.05	)%		(0.75	)%		(0.42	)%		(0.89	)%
Portfolio Turnover Rate		115	%		561	%		393	%		635	%		865	%		600	%

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

70 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON SMALL-CAP GROWTH FUND – (continued)
CLASS I(d)	2012(e)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period		$17.16			$18.76			$14.89			$10.26			$15.94			$19.83
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.01	)		(0.05	)		(0.12	)		(0.10	)		(0.05	)		(0.15	)
Net Realized and Unrealized Gain (Loss) on Investments		(0.50	)		(1.55	)		3.99			4.73			(5.63	)		(0.67	)
Total Income (Loss) From Operations		(0.51	)		(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		$16.65			$17.16			$18.76			$14.89			$10.26			$15.94
Total Return(a)		(2.97	)%		(8.53	)%		25.99	%		45.13	%		(35.63	)%		(5.16	)%
Net Assets, End of Period (000’s)		$109,097			$124,964			$148,560			$130,502			$93,014			$141,074
Ratios to Average Net Assets
Gross Expense		1.41	%(f)		1.39	%		1.42	%		1.45	%		1.43	%		1.38	%
Net Expenses(b)		1.25	%(f)		1.21	%		1.24	%		1.17	%		1.18	%		1.19	%
Net Investment Income (Loss)		(0.16	)%(f)		(0.30	)%		(0.81	)%		(0.84	)%		(0.40	)%		(0.81	)%
Portfolio Turnover Rate		115	%		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 Institutional I Shares.

(e) Six months ended October 31, 2012 (unaudited).

(f) Annualized for periods less than one year.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 71

For a share outstanding throughout each period:

WILMINGTON SMALL-CAP STRATEGY FUND†
CLASS I	Six Months Ended October  31, 2012 (unaudited)			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		$10.59			$10.70			$  7.90			$  6.57			$   9.16			$ 14.11			$14.20
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.08			0.09			0.11			0.09			0.05			(0.02	)		0.02
Net Realized and Unrealized Gain (Loss) on Investments		0.03			(0.10	)		2.80			1.32			(2.60	)		(2.25	)		1.89
Total Income (Loss) From Operations		0.11			(0.01	)		2.91			1.41			(2.55	)		(2.27	)		1.91
Less Distributions From:
Net Investment Income		(0.06	)		(0.10	)		(0.11	)		(0.08	)		(0.04	)		—			(0.01	)
Net Realized Gains		—			—			—			—			—			(2.68	)		(1.99	)
Total Distributions		(0.06	)		(0.10	)		(0.11	)		(0.08	)		(0.04	)		(2.68	)		(2.00	)
Net Asset Value, End of Period		$10.64			$10.59			$10.70			$  7.90			$   6.57			$   9.16			$14.11
Total Return(a)		1.07	%		0.06	%		36.96	%		21.47	%		(27.72	)%		(18.13	)%		14.42	%
Net Assets, End of Period (000's)		$45,194			$48,974			$127,968			$99,057			$62,938			$31,834			$41,899
Ratios to Average Net Assets
Gross Expense		1.32	%(d)		1.16	%(d)		0.96	%		1.07	%		1.61	%		1.92	%		1.57	%
Net Expenses(b)		0.25	%(d)		0.25	%(d)		0.25	%		0.25	%		0.75	%		1.25	%		1.25	%
Net Investment Income (Loss)		1.47	%(d)		1.17	%(d)		1.18	%		1.14	%		0.81	%		(0.15	)%		0.13	%
Portfolio Turnover Rate		22	%		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 less than one year.

† 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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

72 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2012 (unaudited)

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 25 portfolios, 6 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 19 funds 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

* Effective March 9, 2012, the Wilmington Large-Cap Strategy Fund and the Wilmington Small-Cap Strategy Fund (collectively the “WT Funds”), each a series of WT Mutual Fund, were reorganized into the Trust. For financial reporting purposes, the WT Funds’ financial and performance history prior to the reorganization has been carried forward and is reflected in the Funds’ financial statements and financial highlights. See Note 7 for additional information regarding the reorganization.

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

On April 1, 2011, Class B Shares of the Funds were terminated after the conversion to Class A of the fund.

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)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 73

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of October 31, 2012, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level

expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and 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.

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.”

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

74 NOTES TO FINANCIAL STATEMENTS

As of October 31, 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	$	2,816,467	$	2,945,402
Large-Cap Strategy Fund		8,926,558		9,109,563
Large-Cap Value Fund		3,256,204		3,330,856
Mid-Cap Growth Fund		21,790,873		22,881,655
Small-Cap Growth Fund		14,518,916		15,005,495
Small-Cap Strategy Fund		7,657,969		7,876,672

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

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 fiscal years or periods ended, 2011, 2010, and 2009, remain subject to examination by the Internal Revenue Service.

The tax character of distributions for the corresponding fiscal years or periods 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 Strategy Fund		5,373,107		—		—		6,299,979
Large-Cap Value Fund		1,355,857		—		—		765,478
Mid-Cap Growth Fund		—		10,589,511		—		—
Small-Cap Strategy Fund		884,546		—		—		1,230,775

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

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.

(continued on next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 75

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” or the “Advisor”) (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. 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
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%, accrued daily and paid monthly, 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, 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
	Class A	Class C	Class I
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	0.50%	N/A	0.25%

Administrative Fee – The Bank of New York 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 six months ended October 31, 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’ Class A shares and up to 1.00% of the average daily net assets of the Funds’ Class 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.

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76 NOTES TO FINANCIAL STATEMENTS

For the six months ended October 31, 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	$	20,923
Large-Cap Strategy Fund		24
Large-Cap Value Fund		5,956
Mid-Cap Growth Fund		60,900
Small-Cap Growth Fund		18,135

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 six months ended October 31, 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 Class A		CDSC Charges from Class C
Large-Cap Growth Fund	$	2,387	$	—
Large-Cap Value Fund		707		—
Mid-Cap Growth Fund		5,566		639
Small-Cap Growth Fund		1,859		—

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A, Class C and Class I shares to financial intermediaries

(which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 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	$	19,392
Large-Cap Value Fund		77,771
Mid-Cap Growth Fund		140,554
Small-Cap Growth Fund		72,630

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.

BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.

General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the six months ended October 31, 2012 are as follows:

Affiliated Fund Name	Balance of Shares  Held 4/30/2012		Purchases/ Additions		Sales/ Reductions		Balance of Shares  Held 10/31/2012		Value at 10/31/2012		Dividend Income		Realized Gain/Loss
Wilmington Large-Cap Growth Fund:
Wilmington Prime Money Market Fund		—		1,924,513		1,924,513		—	$	—	$	54	$	—
Wilmington Large-Cap Strategy Fund:
M&T Bank Corp.		2,210		1,200		—		3,410		354,981		3,094		—
Wilmington Large-Cap Value Fund:
Wilmington Prime Money Market Fund		1,988,206		16,201,692		15,858,171		2,331,727		2,331,727		314		—
Wilmington Mid-Cap Growth Fund:
Wilmington Prime Money Market Fund		3,796,553		8,311,219		12,107,772		—		—		100		—
Wilmington Small-Cap Growth Fund:
Wilmington Prime Money Market Fund		94,563		11,275,615		11,370,178		—		—		88		—

Certain Funds effect trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the six months ended October 31, 2012 were as follows:

Large-Cap Growth Fund	$	10,471
Large-Cap Strategy Fund		32,287
Large-Cap Value Fund		1,590
Mid-Cap Growth Fund		731
Small-Cap Growth Fund		128,744
Small-Cap Strategy Fund		19,725

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NOTES TO FINANCIAL STATEMENTS 77

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the six months ended October 31, 2012 were as follows:

Fund	Investments
	Purchases		Sales
Large-Cap Growth Fund	$	34,591,363	$	40,036,680
Large-Cap Strategy Fund		50,139,716		63,539,553
Large-Cap Value Fund		13,130,638		26,150,276
Mid-Cap Growth Fund		45,214,372		49,806,654
Small-Cap Growth Fund		171,382,646		185,607,179
Small-Cap Strategy Fund		10,130,572		13,943,101

6. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is March 11, 2013. The Funds did not utilize the LOC for the six months ended October 31, 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 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 (Class A and Class I) 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.

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78 NOTES TO FINANCIAL STATEMENTS

9. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.

10. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements through this date, except for the following disclosure.

Effective December 12, 2012, the Large-Cap Value Fund (the “Fund”) terminated its sub-advisory agreement with NWQ, and WFMC along with WTIA assumed the daily management of the assets of the Fund. Effective December 13, 2012, the Fund started paying WFMC a fee of 0.70% of the Fund’s average daily net assets.

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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

The Trust’s investment advisory agreements (the “Advisory Agreements”) with its investment advisors and their sub-advisors must be approved for an initial term no greater than two years, and must be renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (each individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. This year, Advisory Agreements for certain sub-advisors of the Wilmington Multi-Manager International Fund and the Wilmington Large-Cap Value Fund were the only Advisory Agreements scheduled for renewal.

The Board of Trustees (the “Board”) has four regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board considers at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On September 6, 2012, the Trustees met in person with the independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) to give preliminary consideration to information bearing on the continuation of the Advisory Agreements, and to consider the continuation of the Advisory Agreements outside the presence of management. The primary purpose of the September 6, 2012 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the September 6, 2012 meeting, the Trustees requested information to be provided in connection with their consideration of the renewal of the Advisory Agreements. In response to that request, the Trustees were furnished with a wide range of information to assist in their deliberations. These materials included:

- Reports from Strategic Insight, a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (over multiple years ended June 30, 2012) compared with performance universes created by Lipper Inc. (“Lipper”) and Morningstar, Inc. (“Morningstar”) of similar or peer group funds, and (b) expense rankings comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Morningstar of similar or peer group funds;

- Information from Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Advisor”) describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended June 30, 2012) compared with the Fund’s benchmark, and with Lipper and Morningstar categories;

- Information describing, on a Fund-by-Fund basis, each Fund’s performance over 1-, 3-, and 5-year periods ended June 30, 2012 compared with the Fund’s Lipper peer group, and current management fees and total expenses compared with the Fund’s Morningstar peer group, designed to identify Funds whose expenses and/or performance may require particularly close review; and

- Information regarding each sub-advisor’s business, personnel and operations, investment advisory services, other funds advised, compensation and other benefits, compliance and regulatory matters, portfolio transactions and brokerage, and legal proceedings.

In considering this information, the Trustees took into account management style, investment strategies, and prevailing market conditions. In evaluating the Advisory Agreements, the Trustees also reviewed information provided by the Advisor concerning the following:

- The nature and quality of the services provided;

- The Advisor’s cost of providing the services;

- The extent to which the Advisor realizes economies of scale as the Fund grows larger; and

- The fall-out benefits to advisory affiliates that can be attributed to the Advisor’s position with the Fund.

As part of the September 6, 2012 Board meeting, the Trustees developed a list of follow-up matters and questions and asked that the Advisor respond to such matters and questions prior to or during the contract approval meeting of the Board to be held from September 12-13, 2012.

At the September 12-13, 2012 Board meeting, the Trustees received and considered information provided by the Advisor in follow-up from the September 6, 2012 meeting. The Trustees reviewed, considered and discussed, among themselves and with the Advisor and Independent Legal Counsel, among other things, the information described above. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards for best execution, performance in meeting those standards, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds. The Trustees took into account information provided by the Advisor as to the effect on performance of asset allocations required by a Fund’s investment strategy or implemented by the Advisor in its discretion.

After extensive discussion and consideration among themselves, and with the Advisor and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, the Trustees concluded the following:

- The nature and extent of the investment advisory services to be provided to the Funds by Baring, Hansberger, LSV, and NWQ were, and the nature and extent of the services to be provided by Northern Cross would be, consistent with the terms of the Advisory Agreements;

- The prospects for satisfactory investment performance were reasonable; and

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- The cost of services to be provided by Baring, Hansberger, LSV, NWQ, and Northern Cross to the Fund appeared to be fair and reasonable in light of the information provided and that profitability would be assessed after a reasonable period of service to the Fund.

The Trustees also considered the extent to which economies of scale, if any, could be shared with shareholders of the Funds, and considered that the steps taken to date in that regard were not inappropriate.

Based on all relevant information and factors, none of which was individually determinative of the outcome, the Trustees unanimously approved the renewal of the Advisory Agreements.

In making their determinations, the Trustees took into account each sub-advisor’s management style, investment philosophy and process, past performance, personnel that would be serving the Fund, and prevailing market conditions. In evaluating the Advisory Agreements, the Trustees also reviewed information provided by the Advisor, including the terms of the Advisory Agreements, and information regarding fee arrangements, including the structure of the sub-advisory fees; the fact that the Trust pays Baring, Hansberger, LSV, and NWQ, and would pay Northern Cross; the method of computing fees; and the frequency of payment of fees.

Based on all relevant information and factors, none of which was individually determinative of the outcome, the Trustees, including all of the Independent Trustees, concluded that the approval of the Advisory Agreements was in the best interests of each Fund and its shareholders and unanimously approved the Advisory Agreements.

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Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

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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.

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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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

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-SAR-EQ-1012

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.

October 31, 2012

PRESIDENT’S MESSAGE AND

Semi-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”)

Wilmington Rock Maple Alternatives Fund (“Rock Maple Alternatives Fund")

Wilmington Multi-Manager Real Asset Fund (“Real Asset Fund”)

Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”)

Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”), formerly MTB Strategic Allocation Fund

Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	3
Notes to Portfolios of Investments	56
Statements of Assets and Liabilities	59
Statements of Operations	61
Statements of Changes in Net Assets	63
Financial Highlights	67
Notes to Financial Statements	73
Board Approval of Investment Advisory Agreements	85

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”). This report covers the first half of the Trust’s fiscal year, which is the six-month reporting period from May 1, 2012 through October 31, 2012. Inside, you will find a complete listing of each Fund’s holdings and financial statements.

The Economy and Financial Markets in Review

Wilmington Funds Management Corporation, the investment advisor to the Trust, and Wilmington Trust Investment Advisors, Inc., the sub-advisor to the Trust, have provided the following review of the economy, bond, and stock markets over the six-month reporting period.

The Economy

The U.S. economic expansion continued in 2012, though its pace remained tepid. The production of goods and services grew 2.0%, 1.3%, and 3.1% faster than the rate of inflation during the year’s first three quarters, respectively. U.S. consumer spending propelled the gains, though consumers were still cautious amid the long, slow recovery from the Great Recession of 2007–2009. Retail and food sales, for example, amounted to $1.06 trillion during our fiscal half-year, up 2.6% in real (inflation-adjusted) terms over the same period in 2011. The housing market showed signs of rebounding, and inflation averaged about 2.0%.

If consumers were feeling somewhat better, business managers remained wary. During the first, second, and third quarters of 2012, investments in U.S. plants, property, and equipment expected to last three years or more were made at lower rates than they had been made in the corresponding quarters in 2008. Employers likewise remained cautious in hiring. The number of U.S. private sector workers grew in all six months of our fiscal half-year, but the rate of private-sector job growth remained the slowest of any post-World War II recovery. At the end of October there were still 3.9 million fewer private-sector workers than there had been at the labor market’s January 2008 peak. Much of the blame for soft business enthusiasm was laid at the doorsteps of Congress and the White House. Many business leaders said lawmakers needed to make meaningful changes in U.S. tax and spending policies to shore up the nation’s finances and to clarify the legal and regulatory environment.

Despite the modest rate of expansion, the U.S. recovery in 2012 looked solid in relation to economic conditions in Europe, where a recession appeared to be worsening. Greece appeared likely to remain at least a near-term participant in the continent’s common currency experiment, but Spain, Portugal, Italy all joined Greece in struggling under heavy sovereign debts. There was much debate about the possibility of developing common fiscal policies and banking regulations. In China, growth appeared to slow, though it remained strong in absolute terms. On balance, the global economy appeared to be expanding at a modest rate.

The Bond Markets

The good times rolled on in the U.S. bond market during the first half of our fiscal year. The Barclays Capital U.S. Aggregate Bond Index returned 2.8%. The index tracks the overall market for taxable, investment-grade U.S. bonds and includes U.S. Treasury and agency securities, corporate bonds, and mortgage-backed securities (MBS). The gain was propelled by strong results among corporate and MBS issues, into which investors piled as the search for investment opportunities with meaningful yields continued.

The yield of the 10-year U.S. Treasury note, against which many other interest rates are set, declined from 1.95% at the end of April to a low of 1.43% in late July before climbing to 1.72% at the end of October. The net decrease of nearly a quarter of a percentage point boosted the prices of bonds across the market.

The S&P Municipal Bond Index¹ returned 3.7%. Demand for shares of municipal bond mutual funds, which account for much of the total demand for municipal bonds, rebounded as investors appeared to conclude that fears of widespread municipal bankruptcies were overblown. As the second half of our fiscal year got under way, however, there were fears that some or all of the federal income tax exemption on most municipal bond interest income could be stripped as part of efforts in Washington to raise tax revenues. As of this writing, no changes had been made, and we would caution investors not to allow potential changes in tax policy to drive their investment decisions.

PRESIDENT’S MESSAGE  /  October 31, 2012

ii

For the six-month reporting period May 1, 2012 through October 31, 2012, certain Barclays Capital indices performed as follows²:

Barclays Capital U.S. Aggregate Bond Index3	Barclays Capital U.S. Treasury Bond Index4		Barclays Capital U.S. Mortgage- Backed Securities Index5		Barclays Capital U.S. Credit Bond Index6		Barclays Capital Municipal Bond Index7
2.75%		1.76%		1.39%		5.86%		3.34%

The Stock Markets

Stocks generally coasted during the six months ended October 31, 2012. Six broad stock market indices, which together offer a rough portrait of the world’s equity securities, returned between –1.3% and 2.5% in U.S. dollars during the period. The only negative return was that of the MSCI Emerging Markets (Net) Index⁸. The strongest return was recorded by the Russell Top 200 Index⁹, which tracks mega-capitalization U.S. stocks. In between were the returns of the Russell Midcap Index¹⁰ of U.S. stocks (+0.3%), the Russell 2000 Index¹¹ of small-cap U.S. stocks (+1.0%), the MSCI EAFE (Net) Index¹² of developed international stock markets (+2.1%), and the S&P 500 Index¹³, a widely watched gauge consistently mainly of large-cap U.S. stocks (+2.2%).

After-tax U.S. profits—a significant driver of share prices—grew rapidly in 2012. During the first three quarters of the year, they jumped 19%, 15%, and 18% on a year-over-year basis. Investors look ahead, however, not just back, and many of them appeared concerned about the ability of companies to continue to deliver strong profit growth in 2013. Analysts’ estimates of future profits fell more or less steadily in the second half of 2012, a pessimism that might account for some of equity investors’ caution. Conditions in Europe, the slowdown in China, and the “fiscal cliff” of scheduled U.S. tax hikes and spending cuts that loomed over the latter part of 2012 likely also played roles. The Congressional Budget Office estimated that the tax increases and spending cuts had a net value of $560 billion annually. We and a great many other investment managers believed that if lawmakers allowed the U.S. economy to sail off the cliff—that is, if they made no adjustments to the planned tax hikes and spending reductions—a new recession would ensue. As we write this letter, President Obama and House Speaker Boehner were said to be negotiating over potential policy changes, and we were confident that a relatively small portion of the tax increases and spending cuts would take effect in 2013 as scheduled.

For the six-month reporting period May 1, 2012 through October 31, 2012, certain stock market indices performed as follows:

S&P 500 Index13	Dow Jones Industrial Average14		NASDAQ Composite Index15		MSCI All Country World ex-US  (Net) Index16
2.16%		0.46%		-1.61%		1.21%

The Trust, with assets of $12.6 billion as of October 31, 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 income¹⁷, stay ahead of inflation, or keep your cash working, one or more of the Trust’s Funds can provide you with the diversification, flexibility, and professional management you need.¹⁸

Sincerely,

Sam Guerrieri

President

December 20, 2012

October 31, 2012  /  PRESIDENT’S MESSAGE

iii

For more complete information, please download the Trust’s prospectus, which is available on 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 Trust’s 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.

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.

An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.

1. S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.

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

3. Barclays Capital U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index.

4. Barclays Capital U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

5. Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

6. Barclays Capital U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

7. Barclays Capital Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

8. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

9. Russell Top 200 Index measures the performance of the largest cap segment of the U.S. equity universe. The Russell Top 200 Index is a subset of the Russell 3000 Index. It includes approximately 200 of the largest securities based on a combination of their market cap and current index membership and represents approximately 68% of the U.S. market.

10. Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.

11. Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

PRESIDENT’S MESSAGE  /  October 31, 2012

iv

12. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

13. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

14. Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

15. NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

16. MSCI All Country World ex-US (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices.

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

18. Diversification does not assure a profit nor protect against loss.

Sector allocation percentages are based on total net assets at period 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. Cash Equivalents are defined as bonds with stated maturities of seven days or less and includes money market funds and other cash equivalents.

October 31, 2012  /  PRESIDENT’S MESSAGE

1

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 May 1, 2012 to October 31, 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 May 1, 2012		Ending Account Value October 31,  2012		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Actual
Class A	$	1,000.00	$	996.10	$	7.45		1.48	%
Class I	$	1,000.00	$	996.70	$	6.79		1.35	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,017.74	$	7.53		1.48	%
Class I	$	1,000.00	$	1,018.40	$	6.87		1.35	%
WILMINGTON ROCK MAPLE ALTERNATIVES FUND
Actual
Class A	$	1,000.00	$	1,020.90	$	12.17		2.39	%
Class I	$	1,000.00	$	1,023.30	$	10.10		1.98	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,013.16	$	12.13		2.39	%
Class I	$	1,000.00	$	1,015.22	$	10.06		1.98	%
WILMINGTON MULTI-MANAGER REAL ASSET FUND
Actual
Class A	$	1,000.00	$	1,030.30	$	6.45		1.26	%
Class I	$	1,000.00	$	1,031.50	$	5.17		1.01	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,018.85	$	6.41		1.26	%
Class I	$	1,000.00	$	1,020.11	$	5.14		1.01	%
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Actual
Class A	$	1,000.00	$	1,025.40	$	3.73		0.73	%
Class I	$	1,000.00	$	1,025.70	$	2.45		0.48	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class I	$	1,000.00	$	1,022.79	$	2.45		0.48	%

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

2

	Beginning Account Value May 1, 2012		Ending Account Value October 31,  2012		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Actual
Class A	$	1,000.00	$	1,009.60	$	4.20		0.83	%
Class I	$	1,000.00	$	1,010.90	$	2.94		0.58	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class I	$	1,000.00	$	1,022.28	$	2.96		0.58	%
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Actual
Class A	$	1,000.00	$	1,006.90	$	4.40		0.87	%
Class I	$	1,000.00	$	1,009.30	$	3.14		0.62	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Class I	$	1,000.00	$	1,022.08	$	3.16		0.62	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

3

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager International Fund

At October 31, 2012, the Fund’s sector classifications and country allocations were as follows: (unaudited)

Common Stocks	Percentage of Total Net Assets
Financial		20.4	%
Consumer, Non-cyclical		13.1	%
Basic Materials		10.4	%
Investment Companies		9.5	%
Energy		9.1	%
Industrial		8.4	%
Communications		8.3	%
Consumer, Cyclical		8.3	%
Technology		3.1	%
Utilities		2.4	%
Diversified		1.4	%
Health Care		0.3	%
Information Technology		0.2	%
Consumer Discretionary		0.0	%3
Materials		0.0	%3
Call Warrants		1.4	%
Preferred Stocks		1.4	%
Certificates		0.2	%
Real Estate Investment Trusts		0.2	%
Rights		0.0	%3
Cash Equivalents1		2.4	%
Other Assets and Liabilities – Net2		(0.5	)%
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.

(3) Represents less than 0.05%.

Country Allocation	Percentage of Total Net Assets
United Kingdom		14.0	%
Japan		11.7	%
Canada		6.0	%
Switzerland		5.0	%
Germany		4.9	%
France		4.5	%
Australia		3.9	%
China		2.8	%
South Korea		2.3	%
Hong Kong		1.8	%
Netherlands		1.7	%
Taiwan		1.7	%
Mexico		1.5	%
Russia		1.5	%
South Africa		1.5	%
Sweden		1.5	%
Singapore		1.2	%
Spain		1.2	%
Italy		1.1	%
Denmark		1.0	%
All other Country less than 1.0%		14.6	%
Investment Companies		9.5	%
Call Warrants		1.4	%
Preferred Stocks		1.4	%
Certificates		0.2	%
Real Estate Investment Trusts		0.2	%
Rights		0.0	%3
Cash Equivalents1		2.4	%
Other Assets and Liabilities – Net2		(0.5	)%
TOTAL		100.0	%

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

4 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 85.4%
ARGENTINA – 0.1%
*Banco Macro SA ADR		3,500	$	47,285
*BBVA Banco Frances SA ADR		5,120		18,688
Cresud SACIF y A ADR		9,926		79,507
12Grupo Financiero Galicia SA ADR		10,400		52,520
*Petrobras Argentina SA ADR		33,036		144,698
Telecom Argentina SA ADR		11,750		115,620
TOTAL ARGENTINA			$	458,318
AUSTRALIA – 3.9%
AGL Energy Ltd.		4,217		63,649
ALS Ltd.		3,085		29,686
Alumina Ltd.		31,910		31,965
Alumina Ltd. ADR		4,000		15,680
Amalgamated Holdings Ltd.		6,593		46,539
Amcor Ltd.		12,817		105,108
APA Group		5,889		31,544
Arrium Ltd.		227,828		185,651
Asciano Ltd.		34,831		164,874
ASX Ltd.		1,019		31,416
Australia & New Zealand Banking Group Ltd.		14,635		386,635
AWE Ltd		71,858		99,208
Bank of Queensland Ltd.		7,786		61,264
Beach Energy Ltd.		6,336		9,076
Bendigo and Adelaide Bank Ltd.		22,586		189,440
BHP Billiton Ltd.		61,883		2,200,150
*BlueScope Steel Ltd.		120,724		59,526
Boral Ltd.		21,033		78,382
Brambles Ltd.		12,481		94,060
Brickworks Ltd.		1,116		12,894
Cabcharge Australia Ltd.		17,680		108,649
Caltex Australia Ltd.		10,757		190,275
Challenger Ltd.		51,900		174,016
Coca-Cola Amatil Ltd.		42,168		588,743
Cochlear Ltd.		324		23,943
Commonwealth Bank of Australia		7,415		444,512
Crown Ltd.		3,732		37,655
CSL Ltd.		4,777		235,542
*Downer EDI Ltd.		63,750		237,572
Echo Entertainment Group Ltd.		27,058		98,588
12Fairfax Media Ltd.		86,793		35,588
First Quantum Minerals Ltd.		4,625		103,961
12Fortescue Metals Group Ltd.		14,562		61,674

Description	Number of Shares		Value
*Goodman Fielder Ltd.		163,900	$	99,530
GrainCorp Ltd.		8,631		109,933
GUD Holdings Ltd.		9,720		84,654
12Harvey Norman Holdings Ltd.		9,633		19,049
Incitec Pivot Ltd.		36,866		120,929
Insurance Australia Group Ltd		19,936		94,989
Leighton Holdings Ltd.		3,545		65,870
Lend Lease Group		5,236		47,124
Macquarie Group Ltd.		17,588		582,408
Metcash Ltd.		50,197		190,712
Miclyn Express Offshore Ltd.		11,930		27,492
Monadelphous Group Ltd.		1,870		40,959
National Australia Bank Ltd.		29,908		800,680
Newcrest Mining Ltd.		55,336		1,518,188
NRW Holdings Ltd.		23,624		50,272
Nufarm Ltd.		8,564		51,117
Orica Ltd.		3,980		103,782
Origin Energy Ltd.		52,975		624,697
OZ Minerals Ltd.		16,170		137,472
Primary Health Care Ltd.		11,033		44,552
*Qantas Airways Ltd.		37,254		51,433
QR National Ltd.		14,150		54,935
Ramsay Health Care Ltd.		18,846		464,822
12Rio Tinto Ltd.		21,913		1,295,208
Santos Ltd.		27,989		334,413
Sigma Pharmaceuticals Ltd.		14,892		10,435
Sims Metal Management Ltd.		5,437		53,166
Skilled Group Ltd.		6,827		18,851
Sonic Healthcare Ltd.		706		9,527
Suncorp Group Ltd.		42,844		418,060
TABCORP Holdings Ltd.		22,564		66,520
Tatts Group Ltd.		42,161		122,543
Toll Holdings Ltd.		18,385		84,736
Transurban Group		8,432		53,218
Treasury Wine Estates Ltd.		26,905		137,969
Troy Resources Ltd.		5,097		23,386
Washington H Soul Pattinson & Co. Ltd.		3,937		55,172
Wesfarmers Ltd.		38,257		1,380,817
Westpac Banking Corp.		7,992		211,634
Woodside Petroleum Ltd.		20,655		737,571
Woolworths Ltd.		13,060		398,712
WorleyParsons Ltd.		19,842		508,130
TOTAL AUSTRALIA			$	17,543,132

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 5

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
AUSTRIA – 0.2%
Andritz AG		569	$	34,272
*Erste Group Bank AG		1,568		39,377
Oesterreichische Post AG		1,424		54,854
OMV AG		10,903		398,518
Raiffeisen International Bank Holding AG		2,579		103,124
Telekom Austria AG		6,978		43,956
Voestalpine AG		4,500		141,733
TOTAL AUSTRIA			$	815,834
BELGIUM – 0.8%
Ageas		5,970		151,935
Anheuser-Busch InBev NV		23,056		1,927,808
Belgacom SA		655		19,144
Delhaize Group SA		3,000		114,689
Delhaize Group SA ADR		2,400		91,776
Financiere de Tubize SA		648		28,825
KBC Groep NV		10,874		255,246
Mobistar SA		1,115		29,497
Solvay SA		2,239		269,195
*Telenet Group Holding NV		726		33,288
UCB SA		4,762		277,750
Umicore SA		6,801		349,032
TOTAL BELGIUM			$	3,548,185
BERMUDA – 0.1%
Emperor International Holdings		32,000		7,680
Great Eagle Holdings Ltd.		3,000		8,903
Hiscox Ltd.		5,425		42,057
Lancashire Holdings Ltd.		4,656		64,843
Newocean Energy Holdings Ltd.		114,000		43,835
Seadrill Ltd.		3,421		138,489
Shangri-La Asia Ltd.		2,000		3,871
TOTAL BERMUDA			$	309,678
BOTSWANA – 0.1%
Barclays Bank of Botswana Ltd.		100,300		86,560
Botswana Insurance Hldgs Ltd.		60,900		80,113
First National Bank of Botswana		274,700		100,553
Sechaba Breweries Ltd.		61,203		121,351
Standard Chartered Bank Botswana Ltd.		41,700		53,001
TOTAL BOTSWANA			$	441,578
BRAZIL – 0.7%
All America Latina Logistica SA		11,400		51,863
Banco Do Brasil SA		12,367		131,948
Banco Santander Brasil SA		11,000		75,552
BM&FBovespa SA		21,807		139,579
BR Malls Participacoes SA		5,800		76,246

Description	Number of Shares		Value
BRF – Brasil Foods SA		8,856	$	161,113
CCR SA		20,900		183,784
Centrais Eletricas Brasileiras SA		12,500		68,622
Cia de Saneamento Basico do Estado de Sao Paulo		6,100		258,230
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,400		201,624
Cia de Saneamento de Minas Gerais-COPASA		10,400		245,477
Cia Energetica de Minas Gerais		2,453		26,691
Cia Siderurgica Nacional SA		4,900		27,093
Cielo SA		7,224		178,728
Cosan SA Industria e Comercio		3,000		57,532
CPFL Energia SA		4,800		55,774
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,000		33,913
EDP – Energias do Brasil SA		4,500		28,138
Embraer SA		14,300		99,978
*Fibria Celulose SA		2,086		17,706
*Gafisa SA		28,700		52,707
*LLX Logistica SA		13,400		14,976
Localiza Rent a Car SA		2,700		47,325
Lojas Renner SA		2,500		92,563
*Marfrig Alimentos SA		5,050		26,107
MRV Engenharia e Participacoes SA		6,600		33,470
Natura Cosmeticos SA		3,600		95,980
*OGX Petroleo e Gas Participacoes SA		13,400		31,075
Oi SA		9,480		44,808
PDG Realty SA Empreendimentos e Participacoes		16,500		27,784
Souza Cruz SA		5,500		71,761
Tim Participacoes SA		25,006		88,645
Totvs SA		4,400		89,471
Tractebel Energia SA		2,700		46,528
Ultrapar Participacoes SA		4,000		83,897
Weg SA		4,600		52,839
TOTAL BRAZIL			$	3,019,527
BRITISH VIRGIN ISLANDS – 0.0%**
12Arcos Dorados Holdings, Inc.		2,300		29,693
Arcos Dorados Holdings, Inc.		3,500		45,185
TOTAL BRITISH VIRGIN ISLANDS			$	74,878
BULGARIA – 0.0%**
*Central Cooperative Bank AD		20,482		8,144
*Chimimport AD		10,600		5,409
*Doverie Holding AD		11,040		6,314
*Olovno Tzinkov Komplex AD		900		292
*Petrol AD		37,250		123,434
Sopharma AD Sofia		14,000		22,036
TOTAL BULGARIA			$	165,629

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

6 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
CANADA – 6.0%
Agnico-Eagle Mines Ltd.		700	$	39,522
Agrium, Inc.		1,342		141,328
Aimia, Inc.		24,200		362,485
Alimentation Couche Tard, Inc.		1,400		68,770
Atco Ltd.		2,300		169,929
*Athabasca Oil Sands Corp.		6,480		78,441
Bank of Montreal		5,400		319,107
Bank of Nova Scotia		8,148		442,582
Bank of Nova Scotia		9,169		498,610
Barrick Gold Corp.		24,636		997,758
Barrick Gold Corp.		16,848		681,342
Baytex Energy Corp.		2,036		92,652
BCE, Inc.		1,600		69,943
Bell Aliant, Inc.		1,300		35,300
Bombardier, Inc.		8,100		30,819
Bonavista Energy Corp.		1,621		29,068
Brookfield Asset Management, Inc.		2,553		87,882
CAE, Inc.		1,400		15,405
Cameco Corp.		35,786		692,459
Cameco Corp.		1,611		31,244
Canadian Imperial Bank of Commerce		6,300		495,548
Canadian National Railway Co.		11,092		957,771
Canadian Natural Resources Ltd.		18,153		547,089
Canadian Natural Resources Ltd.		28,253		853,241
Canadian Pacific Railway Ltd.		3,377		310,667
Canadian Tire Corp. Ltd.		6,773		484,604
Canadian Utilities Ltd.		698		46,825
*Canfor Corp.		11,600		165,391
*Catamaran Corp.		400		18,783
Cenovus Energy, Inc.		15,930		561,917
*CGI Group, Inc.		1,400		36,628
CML HealthCare, Inc.		4,900		41,555
Davis & Henderson Corp.		5,700		119,622
Dorel Industries, Inc.		8,700		311,066
Eldorado Gold Corp.		2,689		39,739
Empire Co. Ltd.		8,000		466,103
Enbridge, Inc.		7,070		281,313
Encana Corp.		14,000		315,394
Enerflex Ltd.		2,300		26,552
Enerplus Corp.		1,090		17,516
Ensign Energy Services, Inc.		2,332		34,860
Extendicare, Inc.		2,400		19,633
Fairfax Financial Holdings Ltd.		450		166,938
Finning International, Inc.		1,116		26,203
Franco-Nevada Corp.		1,300		74,857
Genworth MI Canada, Inc.		1,061		21,735

Description	Number of Shares		Value
George Weston Ltd.		1,300	$	84,398
Gildan Activewear, Inc.		600		20,432
Goldcorp, Inc.		20,937		946,981
Goldcorp, Inc.		18,540		838,129
Husky Energy, Inc.		8,900		241,046
IAMGOLD Corp.		8,324		129,771
Imperial Oil Ltd.		2,819		124,728
Industrial Alliance Insurance & Financial Services, Inc.		1,794		49,127
Inmet Mining Corp.		2,564		132,211
Intact Financial Corp.		1,031		63,228
*International Tower Hill Mines Ltd.		8,800		21,323
*Jaguar Mining, Inc.		12,800		13,201
Jean Coutu Group PJC, Inc.		2,200		33,063
*Keegan Resources, Inc.		6,600		26,037
Kinross Gold Corp.		14,013		139,183
*Lake Shore Gold Corp.		35,500		28,436
Laurentian Bank of Canada		5,700		253,682
12Loblaw Cos. Ltd.		2,618		90,749
*Lundin Mining Corp.		45,100		234,813
Magna International, Inc.		16,420		729,960
Manulife Financial Corp.		40,349		499,521
Manulife Financial Corp.		56,735		700,986
Metro, Inc.		4,500		265,472
National Bank of Canada		9,600		741,855
Nevsun Resources Ltd.		18,300		86,667
*New Gold, Inc.		3,377		39,527
Nexen, Inc.		10,229		244,267
Onex Corp.		1,200		48,300
*Open Text Corp.		300		16,124
Pan American Silver Corp.		600		13,162
Pembina Pipeline Corp.		1,266		35,404
Pengrowth Energy Corp.		6,876		41,239
Penn West Petroleum Ltd.		6,303		81,852
Penn West Petroleum Ltd.		3,500		45,465
PetroBakken Energy Ltd.		3,400		42,928
Potash Corp. of Saskatchewan, Inc.		1,408		56,602
Power Corp. of Canada		1,700		41,243
Power Financial Corp.		3,300		85,180
*Precision Drilling Corp.		3,100		22,320
*Precision Drilling Corp.		8,400		60,135
Progress Energy Resources Corp.		2,629		52,962
Quebecor, Inc.		1,300		45,349
*Research In Motion Ltd.		14,400		113,614
*,12Research In Motion Ltd.		3,676		29,151
Ritchie Bros Auctioneers, Inc.		500		11,089
Rogers Communications, Inc.		3,598		157,934

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 7

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
RONA, Inc.		13,800	$	141,765
Royal Bank of Canada		6,400		364,872
Saputo, Inc.		800		35,108
Shaw Communications, Inc.		3,600		78,434
Sherritt International Corp.		44,900		194,211
Shoppers Drug Mart Corp.		3,400		141,720
Silver Wheaton Corp.		6,776		273,075
SNC-Lavalin Group, Inc.		800		32,224
Sun Life Financial, Inc.		7,100		176,080
Sun Life Financial, Inc.		12,075		299,473
Suncor Energy, Inc.		58,652		1,968,476
Suncor Energy, Inc.		19,742		663,726
Talisman Energy, Inc.		27,890		316,110
Talisman Energy, Inc.		2,300		26,220
*Tanzanian Royalty Exploration Corp.		4,700		23,765
Teck Resources Ltd.		5,200		165,047
Teck Resources Ltd.		14,998		478,136
TELUS Corp.		1,181		75,951
12Thomson Reuters Corp.		1,100		31,086
Thomson Reuters Corp.		8,775		247,062
Tim Hortons, Inc.		800		39,714
Toronto-Dominion Bank		2,700		219,595
*Tourmaline Oil Corp.		1,041		34,396
TransAlta Corp.		9,800		156,212
TransCanada Corp.		800		36,021
Transcontinental, Inc.		18,800		193,882
*Uranium One, Inc.		8,600		18,685
*Valeant Pharmaceuticals International, Inc.		2,663		148,781
Vermilion Energy, Inc.		982		46,949
Viterra, Inc.		103		1,623
West Fraser Timber Co. Ltd.		5,000		302,829
Westjet Airlines Ltd.		1,000		18,073
Yamana Gold, Inc.		37,242		752,112
TOTAL CANADA			$	26,806,455
CAYMAN ISLANDS – 0.2%
Chaowei Power Holdings Ltd.		227,000		123,604
China Mengniu Dairy Co. Ltd.		36,000		109,161
Sands China Ltd.		38,400		144,433
Tianneng Power International Ltd.		354,000		239,348
*Veripos, Inc.		270		781
Want Want China Holdings Ltd.		143,000		195,586
12Wynn Macau Ltd.		51,600		146,144
TOTAL CAYMAN ISLANDS			$	959,057
CHILE – 0.6%
Administradora de Fondos de Pensiones Provida SA		14,200		100,697
AES Gener SA		101,000		60,201

Description	Number of Shares		Value
Antarchile SA		6,064	$	95,091
Banco de Chile		1,936,427		289,086
Banco de Credito e Inversiones		1,979		127,188
Banco Santander Chile		876,218		60,333
Banco Santander Chile ADR		3,272		88,966
Capital SA		2,590		89,206
Cencosud SA		32,500		177,897
Cia Cervecerias Unidas SA ADR		1,000		70,930
Cia General de Electricidad SA		7,900		40,719
*Colbun SA		194,247		54,223
Empresa Nacional de Electricidad SA ADR		3,400		162,758
Empresas CMPC SA		30,750		117,108
Empresas COPEC SA		14,446		208,045
Enersis SA		319,955		109,296
ENTEL Chile SA		3,669		75,069
Lan Airlines SA		4,626		114,383
Quinenco SA		15,702		44,709
SACI Falabella		30,748		315,411
*Sociedad Matriz SAAM SA		373,941		43,716
Sonda SA		39,007		119,344
Vina Concha y Toro SA ADR		1,100		44,440
TOTAL CHILE			$	2,608,816
CHINA – 2.8%
Agile Property Holdings Ltd.		460,000		522,913
12Agricultural Bank of China Ltd.		270,000		117,057
*Aluminum Corp. of China Ltd.		142,000		62,113
Anhui Conch Cement Co. Ltd.		28,500		98,554
*Baidu, Inc. ADR		9,850		1,050,207
Bank of China Ltd.		1,419,000		584,075
Bank of Communications Co. Ltd.		78,800		56,329
Beijing Capital International Airport Co. Ltd.		90,000		57,948
*Byd Co. Ltd.		42,500		83,903
China BlueChemical Ltd.		236,000		149,516
China Citic Bank Corp. Ltd.		156,000		79,710
China Coal Energy Co. Ltd.		75,000		74,516
China Communications Construction Co. Ltd.		96,000		90,054
6,7China Construction Bank Corp.		688,810		519,048
*China COSCO Holdings Co. Ltd.		63,000		31,297
*,12China Eastern Airlines Corp. Ltd.		74,000		25,876
*China Huiyuan Juice Group Ltd.		29,000		9,093
China International Marine Containers Group Co. Ltd.		39,000		48,007
China Longyuan Power Group Corp.		777,000		506,300
China Merchants Bank Co. Ltd.		55,552		103,792
China Minsheng Banking Corp. Ltd.		89,500		81,416
China Mobile Ltd.		93,000		1,031,393
China Oilfield Services Ltd.		30,000		56,903

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

8 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
China Overseas Land & Investment Ltd.		52,320	$	137,044
China Pacific Insurance Group Co. Ltd.		23,800		74,624
China Petroleum & Chemical Corp.		594,000		630,786
12China Railway Construction Corp. Ltd.		89,400		88,823
China Resources Land Ltd.		308,000		703,428
China Shenhua Energy Co. Ltd.		52,000		221,418
12China Shipping Development Co. Ltd.		112,000		58,818
*Chongqing Iron & Steel Co. Ltd.		562,000		87,744
Chongqing Machinery & Electric Co. Ltd.		1,156,000		176,009
*,12Ctrip.com International Ltd. ADR		2,800		56,028
Datang International Power Generation Co. Ltd.		132,000		47,009
Dongfeng Motor Group Co. Ltd.		94,000		116,438
12Evergrande Real Estate Group Ltd.		22,000		9,623
12Focus Media Holding Ltd. ADR		3,300		77,814
12Golden Eagle Retail Group Ltd.		53,000		116,257
Guangzhou Automobile Group Co. Ltd.		64,974		44,517
Industrial & Commercial Bank of China		1,635,000		1,082,257
Inner Mongolia Yitai Coal Co.		6,600		35,864
12Intime Department Store Group Co. Ltd.		35,000		41,458
Jiangxi Copper Co. Ltd.		20,000		51,742
KWG Property Holding Ltd.		18,000		10,730
*,12NetEase, Inc. ADR		1,100		59,400
New Oriental Education & Technology Group ADR		8,000		134,880
Parkson Retail Group Ltd.		84,000		71,101
PetroChina Co. Ltd.		246,000		335,828
Ping An Insurance Group Co.		104,500		827,904
Shandong Weigao Group Medical Polymer Co. Ltd.		64,000		86,544
Shanghai Electric Group Co. Ltd.		90,000		36,580
*Shanghai Zhenhua Heavy Industries Co. Ltd.		62,400		19,282
Shimao Property Holdings Ltd.		15,000		28,645
*SINA Corp.		1,000		54,630
Sinopec Shanghai Petrochemical Co. Ltd.		54,000		15,468
12Soho China Ltd.		79,500		54,060
Tencent Holdings Ltd.		29,700		1,050,032
Tingyi Cayman Islands Holding Corp.		46,000		136,812
Wumart Stores, Inc.		27,000		47,938
Yangzijiang Shipbuilding Holdings Ltd.		44,000		32,645
Yantai Changyu Pioneer Wine Co. Ltd.		9,100		46,134
Yanzhou Coal Mining Co. Ltd.		104,000		156,468
12ZTE Corp.		16,440		23,164
TOTAL CHINA			$	12,525,966
COLOMBIA – 0.4%
Almacenes Exito SA		9,203		175,442
Banco de Bogota SA		2,920		86,878
BanColombia SA ADR		3,100		198,462

Description	Number of Shares		Value
Cementos Argos SA		7,800	$	37,302
Corp. Financiera Colombiana SA		2,416		45,899
Ecopetrol SA		96,190		286,191
Empresa de Energia de Bogota SA		117,410		83,967
Grupo Argos SA		5,400		61,731
Grupo Aval Acciones y Valores		107,700		76,434
Grupo de Inversiones Suramericana SA		5,600		109,324
Grupo Nutresa SA		13,178		176,257
Grupo Odinsa SA		5,784		30,281
Interconexion Electrica SA ESP		25,278		136,894
Isagen SA ESP		46,200		64,819
TOTAL COLOMBIA			$	1,569,881
CROATIA – 0.1%
*Atlantska Plovidba DD		562		22,237
Ericsson Nikola Tesla		200		44,232
Hrvatski Telekom DD		5,250		185,339
Koncar-Elektroindustrija DD		920		96,965
*Petrokemija DD		1,500		55,722
*Podravka DD		1,000		44,923
Privredna Banka Zagreb DD		830		73,868
*Tankerska Plovidba DD		40		2,903
*VIRO Tvornica Secera		370		34,074
Zagrebacka Banka DD		3,000		19,692
TOTAL CROATIA			$	579,955
CZECH REPUBLIC – 0.3%
CEZ AS		13,730		506,212
Komercni Banka AS		1,800		367,347
*Telefonica Czech Republic AS		8,452		168,341
*Unipetrol AS		15,600		135,415
TOTAL CZECH REPUBLIC			$	1,177,315
DENMARK – 1.0%
AP Moeller – Maersk A/S		41		286,092
AP Moeller – Maersk A/S		10		66,234
Carlsberg A/S		3,827		330,146
Coloplast A/S		137		30,041
*Danske Bank A/S		22,725		355,365
DSV A/S		1,213		27,272
GN Store Nord A/S		10,634		166,660
H Lundbeck A/S		9,528		165,881
Novo-Nordisk A/S		17,185		2,769,438
Novozymes A/S		1,740		48,070
TDC A/S		12,321		84,882
TrygVesta A/S		98		6,402
*William Demant Holding A/S		139		11,955
TOTAL DENMARK			$	4,348,438

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 9

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
EGYPT – 0.3%
Alexandria Mineral Oils Co.		4,000	$	51,043
Commercial International Bank Egypt SAE		39,170		242,870
Eastern Tobacco		6,070		91,271
*Egyptian Financial Group-Hermes Holding		19,750		38,094
Egyptian International Pharmaceutical Industrial Co.		8,690		56,341
Egyptian Kuwaiti Holding Co. SAE		77,173		97,238
ElSwedy Electric Co.		6,134		26,593
Ezz Steel		26,500		44,611
Juhayna Food Industries		95,000		101,333
Misr Beni Suef Cement Co.		5,875		61,513
Orascom Construction Industries		5,720		241,630
*Orascom Telecom Holding SAE		324,755		193,392
Orascom Telecom Media And Technology Holding SAE		224,975		22,083
Sidi Kerir Petrochemicals Co.		29,750		65,852
*Talaat Moustafa Group		66,887		53,510
Telecom Egypt Co.		34,680		78,807
TOTAL EGYPT			$	1,466,181
ESTONIA – 0.1%
*AS Merko Ehitus		4,300		32,549
AS Tallinna Vesi		5,400		64,462
*Nordecon AS		12,000		17,887
*Olympic Entertainment Group AS		42,630		87,302
*Tallink Group AS		306,420		269,277
Tallinna Kaubamaja AS		11,600		82,694
TOTAL ESTONIA			$	554,171
FINLAND – 0.2%
Fortum OYJ		1,621		29,982
Kesko OYJ		1,647		51,554
Kone OYJ		2,098		150,242
Metso OYJ		10,931		383,531
Neste Oil OYJ		921		11,514
Nokian Renkaat OYJ		1,315		54,542
Stora Enso OYJ		19,709		124,356
UPM-Kymmene OYJ		16,967		181,651
Wartsila OYJ Abp		1,520		61,488
TOTAL FINLAND			$	1,048,860
FRANCE – 4.5%
Accor SA		7,927		247,308
*Air France-KLM		275		2,297
Air Liquide SA		1,876		221,272
Alstom SA		845		28,860
Arkema SA		3,000		273,512
AtoS		272		18,266

Description	Number of Shares		Value
AXA SA		108,608	$	1,726,562
BNP Paribas SA		22,814		1,147,620
Bollore SA		165		48,900
Bouygues SA		3,676		88,408
Bureau Veritas SA		382		40,566
Capital Gemini SA		2,818		118,452
Casino Guichard Perrachon SA		1,867		163,052
Christian Dior SA		1,747		250,778
Cie de St-Gobain		10,157		357,954
*Cie Generale de Geophysique – Veritas		2,914		95,217
*Cie Generale de Geophysique – Veritas ADR		1,200		38,976
Cie Generale des Etablissements Michelin		3,785		325,065
Cie Generale d’Optique Essilor International SA		1,498		135,040
Ciments Francais SA		373		22,699
CNP Assurances		6,904		97,540
*Credit Agricole SA		43,057		324,132
Danone		6,257		384,615
Dassault Systemes SA		446		46,992
Edenred		1,941		56,166
Electricite de France SA		8,034		169,996
Eutelsat Communications SA		577		18,472
France Telecom SA		65,198		726,920
GDF Suez		52,963		1,215,406
Gemalto NV		596		53,782
Hermes International		151		41,218
Iliad SA		79		12,170
Lafarge Cement WAPCO Nigeria PLC		155,000		55,265
Lafarge SA		5,924		346,908
Lagardere SCA		4,684		128,010
Legrand SA		20,109		774,626
L’Oreal SA		717		91,326
LVMH Moet Hennessy Louis Vuitton SA		1,667		270,948
Metropole Television SA		132		1,840
National Societe Generale Bank SAE		7,245		54,926
Natixis		49,439		161,994
Pernod-Ricard SA		9,915		1,067,040
*Peugeot SA		6,771		43,319
PPR		249		43,780
Publicis Groupe SA		1,378		74,239
Remy Cointreau SA		5,219		541,301
Renault SA		7,079		316,643
Rexel SA		20,472		370,556
Sa des Ciments Vicat		165		8,888
Safran SA		1,839		73,165
Sanofi-Aventis SA		22,414		1,970,289
Schneider Electric SA		8,829		551,984
SCOR SE		18,594		496,229

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

10 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Societe BIC SA		157	$	19,145
*Societe Generale SA		20,211		642,465
Sodexo		699		53,789
Suez Environnement Co.		51,370		545,513
Technip SA		714		80,421
Total SA		31,443		1,582,093
Vallourec SA		584		24,022
Veolia Environnement SA		6,814		67,449
*Video Futur Entertainment Group SA		4,954		514
Vivendi SA		62,594		1,280,648
Zodiac Aerospace		299		30,608
TOTAL FRANCE			$	20,268,156
GERMANY – 4.9%
Adidas AG		9,707		826,992
12Aixtron SE NA		23,808		313,523
Allianz SE		7,913		981,125
Axel Springer AG		10,037		430,481
BASF SE		23,536		1,950,249
Bayer AG		32,661		2,844,376
Bayerische Motoren Werke AG		3,225		256,865
Beiersdorf AG		8,500		618,176
Brenntag AG		209		26,342
Celesio AG		1,825		35,328
*Commerzbank AG		72,662		139,199
Continental AG		3,851		385,988
Daimler AG		21,076		984,113
Deutsche Bank AG		16,139		731,518
Deutsche Bank AG		8,646		395,209
Deutsche Boerse AG		13,704		741,755
Deutsche Lufthansa AG		6,051		92,468
Deutsche Post AG		37,550		744,411
Deutsche Telekom AG		27,879		318,315
Deutsche Telekom AG ADR		29,100		333,195
E.ON AG		45,457		1,032,845
Fraport AG Frankfurt Airport Services Worldwide		33		1,935
Freenet AG		23,811		393,651
Fresenius Medical Care AG & Co. KGaA		1,950		136,964
Fresenius SE & Co. KGaA		8,737		996,547
GEA Group AG		1,277		39,873
HeidelbergCement AG		5,745		304,481
Henkel AG & Co. KGaA		4,100		265,285
Kabel Deutschland Holding AG		672		48,419
Lanxess AG		790		65,257
Linde AG		1,536		258,316
Merck KGaA		1,901		242,947
Metro AG		4,100		118,108
Muenchener Rueckversicherungs AG		10,643		1,710,561

Description	Number of Shares		Value
RWE AG		10,737	$	490,633
Salzgitter AG		1,130		48,897
SAP AG		26,990		1,966,038
Siemens AG		2,202		221,307
Suedzucker AG		389		15,073
Symrise AG		1,166		41,916
ThyssenKrupp AG		3,384		76,999
United Internet AG		3,755		75,122
Volkswagen AG		495		96,495
TOTAL GERMANY			$	21,797,297
GHANA – 0.1%
*Aluworks Ghana Ltd.		232,000		6,137
CAL Bank Ltd.		498,146		89,599
Ghana Commercial Bank Ltd.		106,696		115,710
10HFC Bank Ghana Ltd.		243,750		58,026
Produce Buying Co. Ltd.		162,500		14,614
Standard Chartered Bank Ghana Ltd.		2,200		66,339
TOTAL GHANA			$	350,425
GREECE – 0.0%**
Hellenic Petroleum SA		12,659		99,104
*National Bank of Greece SA		17,182		39,864
TOTAL GREECE			$	138,968
HONG KONG – 1.8%
AIA Group Ltd.		199,000		788,292
ASM Pacific Technology Ltd.		1,100		12,263
Bank of East Asia Ltd.		20,918		77,598
Beijing Enterprises Holdings Ltd.		11,500		74,267
Belle International Holdings Ltd.		249,000		463,940
*Chaoda Modern Agriculture Holdings Ltd.		98,140		—
Cheung Kong Holdings Ltd.		10,000		147,741
Cheung Kong Infrastructure Holdings Ltd.		3,000		17,574
China Agri-Industries Holdings Ltd.		145,000		90,741
*,12China Green Holdings Ltd.		45,000		9,929
China Life Insurance Co. Ltd.		64,000		189,108
China Merchants Holdings International Co. Ltd.		18,000		59,690
China Resources Enterprise Ltd.		26,000		84,541
China Resources Power Holdings Co. Ltd.		39,600		84,820
China Southern Airlines Co. Ltd.		81,000		38,357
China Telecom Corp. Ltd.		258,000		153,467
China Unicom Hong Kong Ltd.		502,652		821,102
*,12China Yurun Food Group Ltd.		106,000		77,687
CLP Holdings Ltd.		29,000		247,341
CNOOC Ltd.		183,000		380,165
COSCO Pacific Ltd.		38,000		56,093
Dah Sing Financial Holdings Ltd.		3,200		12,304
Dickson Concepts International Ltd.		23,500		12,129

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 11

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
*Galaxy Entertainment Group Ltd.		16,000	$	55,019
Global Bio-Chem Technology Group Co. Ltd.		282,000		32,748
Hang Lung Group Ltd.		5,000		29,613
Hang Lung Properties Ltd.		10,000		34,774
Hang Seng Bank Ltd.		600		9,213
Harbin Electric Co. Ltd.		24,000		19,850
Henderson Land Development Co. Ltd.		46,116		319,537
HKT Trust / HKT Ltd.		346		321
Hong Kong & China Gas Co. Ltd.		50,150		133,301
Hong Kong Exchanges and Clearing Ltd.		6,600		108,920
Hongkong & Shanghai Hotels		6,000		7,928
Hongkong Electric Holdings		3,000		25,510
Hopewell Holdings Ltd.		10,000		36,064
Hutchison Whampoa Ltd.		57,400		564,738
Hysan Development Co. Ltd.		8,000		35,355
Johnson Electric Holdings Ltd.		333,000		213,978
Kerry Properties Ltd.		10,500		52,093
Kingboard Chemical Holdings Ltd.		113,500		337,569
12Lenovo Group Ltd.		118,000		94,856
Li & Fung Ltd.		50,000		83,870
MGM China Holdings Ltd.		73,600		132,954
MTR Corp. Ltd.		6,500		25,413
New World Development Co. Ltd.		147,650		228,237
Nine Dragons Paper Holdings Ltd.		93,000		65,520
Noble Group Ltd.		82,000		88,063
Orient Overseas International Ltd.		6,500		41,097
PICC Property & Casualty Co. Ltd.		32,000		42,611
Shanghai Industrial Holdings Ltd.		13,000		41,767
*Sino-Forest Corp.		2,022		—
SJM Holdings Ltd.		29,000		63,163
Sun Hung Kai Properties Ltd.		45,000		626,512
Swire Pacific Ltd.		1,000		11,864
Swire Properties Ltd.		2,000		6,194
Wharf Holdings Ltd.		28,000		191,663
Wheelock & Co. Ltd.		68,000		297,443
Xinyi Glass Holdings Ltd.		268,000		150,425
12Zijin Mining Group Co. Ltd.		90,000		36,232
TOTAL HONG KONG			$	8,143,564
HUNGARY – 0.4%
EGIS Pharmaceuticals PLC		3,690		296,693
*FHB Mortgage Bank PLC		2,400		5,214
Magyar Telekom Telecommunications PLC		93,710		173,582
MOL Hungarian Oil and Gas PLC		4,913		426,712
OTP Bank Nyrt		27,090		514,186
Richter Gedeon Nyrt		2,040		380,488
TOTAL HUNGARY			$	1,796,875

Description	Number of Shares		Value
INDIA – 0.7%
GAIL India Ltd. GDR		1,770	$	68,878
HDFC Bank Ltd. ADR		15,195		568,141
ICICI Bank Ltd. ADR		6,300		247,275
12Infosys Ltd. ADR		9,868		428,469
Niko Resources Ltd.		15,555		198,107
*,6,7Reliance Industries Ltd. GDR		14,461		433,064
State Bank of India GDR		1,710		134,158
Tata Motors Ltd. ADR		21,790		526,228
Tata Steel Ltd. GDR		38,100		276,987
12Wipro Ltd. ADR		9,766		75,394
TOTAL INDIA			$	2,956,701
INDONESIA – 0.7%
Adaro Energy Tbk PT		719,000		102,554
AKR Corporindo Tbk PT		143,500		66,484
Aneka Tambang Persero Tbk PT		190,000		25,320
Astra International Tbk PT		389,000		326,023
Bank Central Asia Tbk PT		253,000		215,992
Bank Danamon Indonesia Tbk PT		81,122		51,519
Bank Mandiri Persero Tbk PT		206,500		177,369
Bank Negara Indonesia Persero Tbk PT		166,000		66,538
Bank Rakyat Indonesia Persero Tbk PT		231,500		178,355
*Barito Pacific Tbk PT		269,000		14,003
Bumi Resources Tbk PT		556,000		38,205
Gudang Garam Tbk PT		18,000		92,108
Indo Tambangraya Megah Tbk PT		21,000		88,876
Indocement Tunggal Prakarsa Tbk PT		70,000		155,960
Indofood Sukses Makmur Tbk PT		148,000		87,829
Indosat Tbk PT		70,500		47,710
Kalbe Farma Tbk PT		870,000		87,860
Lippo Karawaci Tbk PT		501,000		48,509
Perusahaan Gas Negara Persero Tbk PT		588,000		284,664
Semen Gresik Persero Tbk PT		89,000		138,064
Surya Semesta Internusa Tbk PT		410,000		50,370
Tambang Batubara Bukit Asam Persero Tbk PT		29,000		48,308
Telekomunikasi Indonesia Persero Tbk PT		305,000		309,604
Timah Persero Tbk PT		1,059,500		157,739
Unilever Indonesia Tbk PT		49,000		132,894
United Tractors Tbk PT		75,500		165,856
TOTAL INDONESIA			$	3,158,713
IRELAND – 0.1%
CRH PLC ADR		6,847		127,697
*Elan Corp. PLC		3,601		39,766
James Hardie Industries SE		9,638		92,344
Kerry Group PLC		1,457		76,238
*Permanent TSB Group Holdings PLC		38,000		1,231
TOTAL IRELAND			$	337,276

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

12 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
ISRAEL – 0.8%
*Bank Hapoalim BM		49,877	$	195,982
*Bank Leumi Le-Israel BM		55,972		180,153
Delek Group Ltd.		7		1,331
*Discount Investment Corp.		10,300		37,316
Elbit Systems Ltd.		363		12,787
Israel Chemicals Ltd.		72,181		903,273
Israel Corp. Ltd.		13		8,837
*Israel Discount Bank Ltd.		45,421		64,091
*Mellanox Technologies Ltd.		366		27,773
*Mizrahi Tefahot Bank Ltd.		663		6,018
*NICE Systems Ltd. ADR		17,611		586,447
Teva Pharmaceutical Industries Ltd.		10,501		426,675
Teva Pharmaceutical Industries Ltd. ADR		29,365		1,186,933
TOTAL ISRAEL			$	3,637,616
ITALY – 1.1%
Atlantia SpA		1,615		26,647
*,12Banca Monte dei Paschi di Siena SpA		101,271		27,959
*Banco Popolare SC		53,365		85,078
De’Longhi SpA		3,523		46,896
Enel SpA		98,381		369,795
ENI SpA		81,200		1,863,920
Exor SpA		1,244		32,055
Fiat Industrial SpA		2,965		32,109
*Fiat SpA		27,835		135,654
*Finmeccanica SpA		6,450		31,952
Intesa Sanpaolo SpA		25,562		41,051
Luxottica Group SpA		672		25,564
Mediaset SpA		13,498		23,619
Mediobanca SpA		11,562		65,878
*Milano Assicurazioni SpA		19,800		8,431
12Pirelli & C SpA		1,489		17,244
Prada SpA		70,400		574,097
Prysmian SpA		1,573		30,256
Saipem SpA		12,966		582,489
Telecom Italia SpA		189,456		174,472
Telecom Italia SpA ADR		6,400		58,816
*UniCredit SpA		76,877		339,386
Unione di Banche Italiane SCPA		42,922		168,680
TOTAL ITALY			$	4,762,048
JAPAN – 11.7%
ABC-Mart, Inc.		100		4,384
Aeon Co. Ltd.		23,900		260,766
Aeon Credit Service Co. Ltd.		4,000		84,880
Aeon Mall Co. Ltd.		400		10,377
Aisan Industry Co. Ltd.		3,800		28,894

Description	Number of Shares		Value
Aisin Seiki Co. Ltd.		5,300	$	154,160
Ajinomoto Co., Inc.		14,000		213,780
Alfresa Holdings Corp.		900		40,699
Amada Co. Ltd.		27,000		136,978
Asahi Glass Co. Ltd.		27,000		183,315
Asahi Group Holdings Ltd.		5,700		129,879
Asahi Kasei Corp.		61,000		335,450
Asics Corp.		2,000		29,037
Autobacs Seven Co. Ltd.		400		16,410
Avex Group Holdings, Inc.		1,100		21,744
Bank of Yokohama Ltd.		17,000		78,154
Benesse Holdings, Inc.		400		19,266
Bridgestone Corp.		6,100		142,051
Brother Industries Ltd.		22,700		213,834
Canon Marketing Japan, Inc.		1,600		23,310
Canon, Inc.		17,400		561,909
Casio Computer Co. Ltd.		4,200		32,093
Central Japan Railway Co.		6,700		576,588
Chiba Bank Ltd.		13,000		75,886
Chiyoda Corp.		2,000		32,269
Chugai Pharmaceutical Co. Ltd.		2,700		54,724
Citizen Holdings Co. Ltd.		10,300		52,255
Coca-Cola West Co. Ltd.		1,400		21,448
COMSYS Holdings Corp.		3,000		39,835
Cosmo Oil Co. Ltd.		12,000		21,345
Credit Saison Co. Ltd.		1,500		32,939
CyberAgent Inc.		197		393,852
Dai Nippon Printing Co. Ltd.		15,000		106,163
Daicel Corp.		4,000		24,001
Daihatsu Motor Co. Ltd.		21,000		367,756
Dai-ichi Life Insurance Co. Ltd.		26		29,964
Daiichi Sankyo Co. Ltd.		11,100		169,635
Dainippon Sumitomo Pharma Co. Ltd.		2,900		33,312
Daishi Bank Ltd.		6,000		19,842
Daito Trust Construction Co. Ltd.		11,200		1,130,803
Daiwa House Industry Co. Ltd.		3,000		45,434
Daiwa Securities Group, Inc.		13,000		51,785
Dena Co. Ltd.		1,200		37,445
Dentsu, Inc.		200		4,718
Disco Corp.		1,200		59,151
DTS Corp.		2,600		35,859
East Japan Railway Co.		15,900		1,091,470
Eisai Co. Ltd.		4,400		195,941
Eizo Nanao Corp.		9,500		148,992
Faith, Inc.		244		25,736
FamilyMart Co. Ltd.		300		14,543
FANUC Corp.		5,500		875,673

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 13

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Fast Retailing Co. Ltd.		600	$	133,634
Fuji Media Holdings, Inc.		83		122,894
FUJIFILM Holdings Corp.		29,700		500,766
Fujitsu Ltd.		92,000		353,801
Fukuoka Financial Group, Inc.		39,000		152,424
*Furukawa Electric Co. Ltd.		13,000		25,893
Geo Holdings Corp.		200		224,728
Glory Ltd.		1,200		29,132
Gree, Inc.		900		15,693
Gunma Bank Ltd.		12,000		57,873
H2O Retailing Corp.		2,000		20,569
Hachijuni Bank Ltd.		13,000		67,093
Hakuhodo DY Holdings, Inc.		130		7,784
Hamamatsu Photonics KK		300		10,391
Hankyu Hanshin Holdings, Inc.		31,000		171,640
Hiday Hidaka Corp.		1,200		19,602
Hirose Electric Co. Ltd.		300		32,093
Hiroshima Bank Ltd.		10,000		35,576
Hisamitsu Pharmaceutical Co., Inc.		300		15,520
Hitachi Capital Corp.		11,200		214,937
Hitachi Chemical Co. Ltd.		2,200		31,003
Hitachi Construction Machinery Co. Ltd.		2,500		41,056
Hitachi High-Technologies Corp.		900		19,695
Hitachi Koki Co. Ltd.		1,300		9,315
Hitachi Ltd.		19,000		100,676
Hitachi Metals Ltd.		61,000		570,801
Hitachi Transport System Ltd.		1,300		19,493
Hokkaido Electric Power Co., Inc.		7,300		60,079
Hokuhoku Financial Group, Inc.		29,000		46,136
Hokuriku Electric Power Co.		1,500		14,900
Honda Motor Co. Ltd.		25,300		757,447
House Foods Corp.		1,600		25,835
Hoya Corp.		4,200		85,021
Ibiden Co. Ltd.		6,300		79,312
Idemitsu Kosan Co. Ltd.		700		60,241
IHI Corp.		21,000		44,194
Information Services International-Dentsu Ltd.		3,500		30,515
Inpex Corp.		109		621,257
Isetan Mitsukoshi Holdings Ltd.		8,900		87,071
Isuzu Motors Ltd.		62,000		327,746
IT Holdings Corp.		4,900		61,012
Ito En Ltd.		100		1,881
ITOCHU Corp.		27,400		274,241
Iyo Bank Ltd.		8,000		61,831
J Front Retailing Co. Ltd.		15,000		77,978
*Japan Airlines Co. Ltd.		600		28,561
Japan Tobacco, Inc.		24,200		668,737

Description	Number of Shares		Value
JFE Holdings, Inc.		16,900	$	238,162
JGC Corp.		2,000		68,771
Joyo Bank Ltd.		12,000		58,023
JS Group Corp.		4,800		106,126
JTEKT Corp.		6,300		47,351
Jupiter Telecommunications Co. Ltd.		621		844,025
Juroku Bank Ltd.		3,000		9,733
JX Holdings, Inc.		104,880		558,362
Kamigumi Co. Ltd.		8,000		64,537
Kaneka Corp.		9,000		43,856
Kansai Electric Power Co., Inc.		10,600		81,528
Kansai Paint Co. Ltd.		2,000		21,521
KAO Corp.		4,100		115,147
*Kawasaki Kisen Kaisha Ltd.		21,000		26,569
KDDI Corp.		6,000		465,990
Keikyu Corp.		4,000		37,680
Keio Corp.		5,000		37,956
Keisei Electric Railway Co. Ltd.		1,000		9,169
Keyence Corp.		2,770		734,919
Kinden Corp.		3,000		18,790
Kintetsu Corp.		12,000		47,050
*Kobe Steel Ltd.		39,000		34,198
Komatsu Ltd.		38,000		795,891
Konica Minolta Holdings, Inc.		24,500		162,658
Kubota Corp.		10,000		102,217
Kurita Water Industries Ltd.		1,000		22,698
Kyocera Corp.		12,300		1,080,083
Kyocera Corp. ADR		300		26,640
Kyowa Exeo Corp.		16,100		168,805
Kyowa Hakko Kirin Co. Ltd.		14,000		148,892
Kyushu Electric Power Co., Inc.		9,100		68,965
Lawson, Inc.		500		36,766
Mabuchi Motor Co. Ltd.		800		33,872
Makita Corp.		1,400		55,330
Marubeni Corp.		56,000		362,670
Marui Group Co. Ltd.		5,100		36,670
Maruichi Steel Tube Ltd.		65		1,352
*Mazda Motor Corp.		46,000		54,741
McDonald’s Holdings Co Japan Ltd.		300		8,335
Medipal Holdings Corp.		4,550		57,908
MEIJI Holdings Co. Ltd.		500		22,892
Meitec Corp.		1,400		30,831
Ministop Co. Ltd.		9,600		161,984
Miraca Holdings, Inc.		3,400		143,743
Mitsubishi Chemical Holdings Corp.		25,000		98,960
Mitsubishi Corp.		87,600		1,563,698
Mitsubishi Electric Corp.		60,000		447,952

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

14 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Mitsubishi Estate Co. Ltd.		12,000	$	237,354
Mitsubishi Gas Chemical Co., Inc.		13,000		64,161
Mitsubishi Heavy Industries Ltd.		77,000		324,088
Mitsubishi Logistics Corp.		3,000		38,670
Mitsubishi Materials Corp.		32,000		92,998
Mitsubishi Tanabe Pharma Corp.		1,367		19,710
Mitsubishi UFJ Financial Group, Inc.		467,194		2,112,703
Mitsui & Co. Ltd.		48,192		679,143
Mitsui Chemicals, Inc.		18,000		37,204
Mitsui Fudosan Co. Ltd.		8,000		161,643
Mitsui Home Co. Ltd.		5,000		24,364
Mitsui OSK Lines Ltd.		21,000		50,244
Mizuho Financial Group, Inc.		288,100		451,114
MS&AD Insurance Group Holdings		16,700		283,040
Nabtesco Corp.		1,000		18,615
Nagase & Co. Ltd.		3,000		31,980
Namco Bandai Holdings, Inc.		16,300		256,047
*NEC Corp.		65,000		124,577
NET One Systems Co. Ltd.		8,800		97,888
NGK Spark Plug Co. Ltd.		3,000		33,521
Nidec Corp.		12,200		868,045
Nihon Kohden Corp.		6,600		245,299
Nikon Corp.		2,800		71,201
Nintendo Co. Ltd.		200		25,755
Nippon Electric Glass Co. Ltd.		15,000		76,287
Nippon Express Co. Ltd.		26,000		95,102
Nippon Meat Packers, Inc.		3,000		37,204
Nippon Paper Group, Inc.		7,400		84,632
Nippon Shokubai Co. Ltd.		1,000		9,808
Nippon Steel Corp.		148,340		327,043
Nippon Telegraph & Telephone Corp.		13,200		601,053
Nippon Television Network Corp.		1,800		23,292
Nippon Yusen KK		41,000		78,066
Nishi-Nippon City Bank Ltd.		44,000		100,313
Nissan Motor Co. Ltd.		2,100		17,573
*Nissan Tokyo Sales Holdings Co. Ltd.		7,000		28,410
*Nissha Printing Co. Ltd.		100		763
Nisshin Seifun Group, Inc.		6,500		81,179
*Nisshin Steel Holdings Co. Ltd.		10,415		69,016
Nisshinbo Holdings, Inc.		3,000		19,617
Nitto Denko Corp.		900		40,812
NKSJ Holdings, Inc.		4,600		81,132
NOF Corp.		42,000		200,451
NOK Corp.		500		8,005
Nomura Holdings, Inc.		122,800		443,021
Nomura Real Estate Holdings, Inc.		21,200		380,554
Nomura Research Institute Ltd.		2,300		48,835

Description	Number of Shares		Value
Noritz Corp.		2,600	$	42,698
*North Pacific Bank Ltd.		13,000		33,546
NTN Corp.		31,000		55,530
NTT Data Corp.		17		55,346
NTT DoCoMo, Inc.		200		293,874
NTT Urban Development Corp.		6		4,938
Obayashi Corp.		15,000		67,080
Odakyu Electric Railway Co. Ltd.		6,000		63,660
OJI Paper Co. Ltd.		52,000		152,424
*Olympus Corp.		800		13,970
Onward Holdings Co. Ltd.		2,000		14,806
Oriental Land Co. Ltd.		500		68,207
ORIX Corp.		3,880		398,547
Otsuka Corp.		300		24,464
Otsuka Holdings Co. Ltd.		13,200		406,599
Panasonic Corp.		63,300		407,569
Rakuten, Inc.		121,900		1,096,382
*Renesas Electronics Corp.		1,900		7,021
Rengo Co. Ltd.		7,000		30,603
Resona Holdings, Inc.		21,000		90,755
12Ricoh Co. Ltd.		21,000		175,461
Riken Corp.		8,000		26,757
Rinnai Corp.		200		13,654
Rohm Co. Ltd.		7,500		241,921
Round One Corp.		26,000		131,580
San-In Godo Bank Ltd.		2,000		13,829
Sankyo Co. Ltd.		1,000		45,284
Sankyu, Inc.		44,000		153,226
Santen Pharmaceutical Co. Ltd.		400		17,512
SBI Holdings, Inc.		7,710		53,892
Secom Co. Ltd.		1,400		71,289
Seiko Epson Corp.		1,300		7,214
Sekisui Chemical Co. Ltd.		10,000		82,049
Sekisui House Ltd.		15,000		153,138
Seven & I Holdings Co. Ltd.		4,000		123,362
Seven Bank Ltd.		27,400		78,256
12Sharp Corp.		23,563		50,768
Shiga Bank Ltd.		8,000		52,311
Shimamura Co. Ltd.		100		10,422
Shimano, Inc.		300		18,903
Shimizu Corp.		18,000		60,203
Shin-Etsu Chemical Co. Ltd.		3,400		191,657
Shinsei Bank Ltd.		14,000		20,519
Shionogi & Co. Ltd.		30,100		499,216
Shiseido Co. Ltd.		17,700		223,938
Showa Denko KK		19,000		29,037
SMC Corp.		3,200		504,271

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October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 15

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Softbank Corp.		29,700	$	940,147
Sojitz Corp.		30,900		38,320
Sony Corp.		36,500		436,189
Sony Financial Holdings, Inc.		2,500		44,595
*Sumco Corp.		8,300		56,768
Sumitomo Chemical Co. Ltd.		26,000		72,955
Sumitomo Corp.		81,400		1,109,397
Sumitomo Electric Industries Ltd.		49,700		534,168
Sumitomo Heavy Industries Ltd.		37,000		132,557
Sumitomo Metal Mining Co. Ltd.		22,000		289,640
Sumitomo Mitsui Financial Group, Inc.		27,700		848,037
Sumitomo Mitsui Trust Holdings, Inc.		130,820		396,573
Sumitomo Realty & Development Co. Ltd.		3,000		82,826
Sumitomo Rubber Industries Ltd.		2,500		29,406
Suruga Bank Ltd.		1,000		12,000
Suzuken Co. Ltd.		3,800		119,907
Suzuki Motor Corp.		13,500		305,749
Sysmex Corp.		8,700		409,226
T&D Holdings, Inc.		2,100		22,939
Taisei Corp.		24,000		66,141
Taisho Pharmaceutical Holdings Co. Ltd.		200		16,134
Takashimaya Co. Ltd.		5,000		32,882
Takeda Pharmaceutical Co. Ltd.		600		27,884
TDK Corp.		6,500		244,024
Teijin Ltd.		12,000		27,508
Terumo Corp.		8,400		361,969
Tobu Railway Co. Ltd.		7,000		37,179
Toda Corp.		4,000		12,076
Toho Co. Ltd.		300		5,227
Tokai Rika Co. Ltd.		6,400		80,491
Tokio Marine Holdings, Inc.		37,100		981,991
Tokyo Broadcasting System Holdings, Inc.		700		6,804
*Tokyo Electric Power Co., Inc.		39,700		64,650
Tokyo Electron Ltd.		16,500		740,981
*Tokyo Tatemono Co. Ltd.		9,000		36,979
Tokyu Corp.		12,000		61,030
Toppan Printing Co. Ltd.		14,000		80,847
Toray Industries, Inc.		6,000		35,024
Tosoh Corp.		16,000		31,266
TOTO Ltd.		1,000		7,491
Toyo Ink SC Holdings Co. Ltd.		1,000		3,683
Toyo Seikan Kaisha Ltd.		3,300		35,054
Toyo Tire & Rubber Co. Ltd.		62,000		150,670
Toyota Motor Corp.		67,830		2,604,271
Toyota Tsusho Corp.		6,400		139,657
Tsumura & Co.		300		9,583
Ube Industries Ltd.		15,000		34,198

Description	Number of Shares		Value
Unicharm Corp.		800	$	43,292
UNY Co. Ltd.		6,000		42,691
Vital KSK Holdings, Inc.		2,500		25,335
Wacoal Holdings Corp.		4,000		44,996
West Japan Railway Co.		3,600		157,159
Yahoo Japan Corp.		77		26,496
Yakult Honsha Co. Ltd.		400		18,640
Yamada Denki Co. Ltd.		1,610		69,781
Yamaguchi Financial Group, Inc.		13,000		107,642
Yamaha Corp.		5,600		50,297
Yamaha Motor Co. Ltd.		3,800		36,320
Yamato Holdings Co. Ltd.		1,100		16,742
Yamato Kogyo Co. Ltd.		700		19,650
Yokogawa Electric Corp.		700		7,962
Yokohama Rubber Co. Ltd.		19,100		133,745
TOTAL JAPAN			$	52,469,888
JORDAN – 0.2%
Arab Bank PLC		30,435		303,167
Arab Potash Co.		2,100		141,088
Bank of Jordan		14,070		40,555
*Capital Bank of Jordan		21,205		32,658
*Jordan Petroleum Refinery Co.		5,580		46,438
Jordan Phosphate Mines		1,700		31,706
Jordan Steel		5,259		10,477
Jordan Telecommunications Co. PSC		9,750		73,013
Jordanian Electric Power Co.		10,917		49,668
*,10Middle East Complex for Engineering Electric and Heavy Industries PLC		60		9
*Taameer Jordan Holdings PSC		12,900		3,281
TOTAL JORDAN			$	732,060
KAZAKHSTAN – 0.1%
Eurasian Natural Resources Corp. PLC		34,173		180,717
*,12Halyk Savings Bank of Kazakhstan JSC GDR		21,790		154,927
*Kazkommertsbank JSC GDR		28,000		61,600
KazMunaiGas Exploration Production JSC GDR		10,800		202,911
TOTAL KAZAKHSTAN			$	600,155
KENYA – 0.2%
Athi River Mining Ltd.		29,200		79,558
Bamburi Cement Co. Ltd.		15,600		32,427
Barclays Bank of Kenya Ltd.		493,600		91,590
East African Breweries Ltd.		43,780		123,396
Equity Bank Ltd.		170,500		48,557
Kenya Airways Ltd.		402,900		58,909
Kenya Commercial Bank Ltd.		244,300		85,354
Kenya Power & Lighting Ltd.		178,087		38,692
Nation Media Group Ltd.		26,620		70,653

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

16 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Safaricom Ltd.		2,400,100	$	124,022
Standard Chartered Bank Kenya Ltd.		10,458		28,003
TOTAL KENYA			$	781,161
LATVIA – 0.0%**
*Latvian Shipping Co.		36,206		16,107
LEBANON – 0.1%
*,12Solidere GDR		19,314		237,378
LITHUANIA – 0.0%**
Apranga PVA		22,400		62,422
*Invalda PVA		17,284		43,461
Lesto AB		19,018		15,061
*Lietuvos Energijos Gamyba		10,949		5,677
Litgrid AB		8,818		6,046
*Panevezio Statybos Trestas		16,900		22,343
Pieno Zvaigzdes		10,687		25,072
*Siauliu Bankas		58,107		18,151
TOTAL LITHUANIA			$	198,233
LUXEMBOURG – 0.7%
Arcelormittal		7,792		115,438
12ArcelorMittal		31,453		464,561
*Kernel Holding SA		4,220		88,295
Millicom International Cellular SA		4,810		415,524
Pegas Nonwovens SA		2,900		66,301
SES SA		49,800		1,378,098
Subsea 7 SA		31,136		683,197
TOTAL LUXEMBOURG			$	3,211,414
MALAYSIA – 0.7%
Alliance Financial Group Bhd		28,800		38,482
Axiata Group Bhd		45,000		96,471
Batu Kawan Bhd		12,600		74,293
British American Tobacco Malaysia Bhd		4,100		85,123
CIMB Group Holdings Bhd		54,800		137,270
Dialog Group Bhd		42,600		33,565
DiGi.Com Bhd		50,000		87,163
Felda Global Ventures Holdings Bhd		35,800		55,005
Gamuda Bhd		81,100		96,117
Genting Bhd		47,800		138,880
Genting Malaysia Bhd		57,900		68,241
Hong Leong Bank Bhd		16,400		79,039
*IHH Healthcare Bhd		48,200		51,745
IJM Corp. Bhd		40,860		67,206
IOI Corp. Bhd		75,280		125,055
KLCC Property Holdings Bhd		24,500		47,697
*KNM Group Bhd		27,075		4,755
Kuala Lumpur Kepong Bhd		7,400		52,038
Kulim Malaysia Bhd		17,300		28,455

Description	Number of Shares		Value
Malayan Banking Bhd		33,490	$	99,283
Malaysian Resources Corp. Bhd		83,700		48,362
Maxis Bhd		37,100		84,772
MMC Corp. Bhd		48,400		41,472
Muhibbah Engineering M Bhd		68,300		20,741
Multi-Purpose Holdings Bhd		36,500		43,498
Petronas Chemicals Group Bhd		110,500		235,801
Petronas Dagangan Bhd		10,300		74,663
PPB Group Bhd		14,100		62,307
Public Bank Bhd		19,800		103,355
RHB Capital Bhd		9,900		24,376
*Sapurakencana Petroleum Bhd		96,517		79,533
*Scomi Group Bhd		69,500		9,355
Sime Darby Bhd		84,246		270,494
Ta Ann Holdings Bhd		19,008		23,713
Telekom Malaysia Bhd		35,100		68,909
Tenaga Nasional Bhd		60,025		136,958
UMW Holdings Bhd		15,400		50,457
Wah Seong Corp. Bhd		35,921		20,637
WCT Bhd		35,466		32,136
YTL Corp. Bhd		102,176		58,703
YTL Power International Bhd		69,316		37,093
TOTAL MALAYSIA			$	2,993,218
MAURITIUS – 0.1%
*CIM Financial Services Ltd.		191,700		32,934
*Lux Island Resorts Ltd.		7,000		3,472
Mauritius Commercial Bank		38,600		201,446
Mauritius Development Invest Trust		265,200		40,833
New Mauritius Hotels Ltd.		18,900		32,776
Rogers And Co. Ltd.		7,100		35,212
State Bank of Mauritius Ltd.		55,800		144,700
Sun Resorts Ltd.		24,969		22,258
TOTAL MAURITIUS			$	513,631
MEXICO – 1.5%
Alfa SAB de CV		303,000		556,758
America Movil SAB de CV		997,924		1,265,886
America Movil SAB de CV ADR		31,602		799,215
Arca Continental SAB de CV		12,700		92,141
*Cemex SAB de CV		350,968		318,160
Coca-Cola Femsa SAB de CV		6,400		82,065
Compartamos SAB de CV		108,000		145,578
Corp. Moctezuma SAB de CV		20,900		48,044
*Empresas ICA SAB de CV		20,800		44,955
Fomento Economico Mexicano SAB de CV		36,900		332,252
*Grupo Aeroportuario del Centro Norte Sab de CV		17,800		42,318
Grupo Aeroportuario del Pacifico SAB de CV		14,700		70,817

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 17

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
12Grupo Bimbo SAB de CV		53,600	$	124,728
Grupo Carso SAB de CV		24,800		89,775
Grupo Elektra SAB de CV		1,460		60,411
Grupo Financiero Banorte SAB de CV		95,400		530,405
Grupo Financiero Inbursa SAB de CV		158,600		421,512
Grupo Mexico SAB de CV		119,621		383,693
Grupo Modelo SAB de CV		16,500		145,418
Grupo Televisa SAB		60,600		275,046
*Impulsora del Desarrollo y El Empleo en America Latina SAB de CV		56,900		97,861
*Industrias CH SAB de CV		7,500		43,526
Industrias Penoles SAB de CV		3,830		191,588
Kimberly-Clark de Mexico SAB de CV		42,000		101,808
Mexichem SAB de CV		20,105		99,650
*Minera Frisco SAB de CV		16,600		65,670
Organizacion Soriana SAB de CV		10,800		36,291
*Promotora y Operadora de Infraestructura SAB de CV		13,900		72,186
TV Azteca SAB de CV		38,700		24,324
Wal-Mart de Mexico SAB de CV		105,300		309,853
TOTAL MEXICO			$	6,871,934
MOROCCO – 0.3%
Attijariwafa Bank		6,559		247,476
Auto Hall		3,700		23,510
Banque Centrale Populaire		3,900		89,837
Banque Marocaine du Commerce et de l’Industrie		320		31,575
Banque Marocaine du Commerce Exterieur		6,980		144,910
Brasseries Maroc		171		37,894
Cie Generale Immobiliere		390		37,254
Ciments du Maroc		500		45,487
Credit Immobilier et Hotelier		800		20,164
Delta Holding SA		7,500		32,366
Douja Promotion Groupe Addoha SA		13,520		97,766
Holcim Maroc SA		520		105,833
Lafarge Ciments		785		120,214
Maroc Telecom SA		30,600		385,449
*SAMIR		440		18,475
*Sonasid		410		57,336
TOTAL MOROCCO			$	1,495,546
NETHERLANDS – 1.7%
Aegon NV		111,664		623,507
AKZO Nobel NV		4,306		234,243
*ASML Holding NV		19,451		1,070,218
Delta Lloyd NV		3,924		65,254
European Aeronautic Defence and Space Co. NV		3,887		138,094
Fugro NV		10,953		740,497
Heineken Holding NV		6,401		324,812

Description	Number of Shares		Value
Heineken NV		1,767	$	108,937
*ING Groep NV		115,103		1,016,878
Koninklijke Ahold NV		2,960		37,687
Koninklijke DSM NV		6,123		314,396
Koninklijke KPN NV		36,812		232,413
Koninklijke Philips Electronics NV		18,619		465,523
Koninklijke Vopak NV		406		28,264
Randstad Holding NV		480		15,669
Royal Dutch Shell PLC		17,176		588,956
Royal Dutch Shell PLC		32,556		1,150,837
Unilever NV		9,956		365,582
*Yandex NV		2,700		62,856
TOTAL NETHERLANDS			$	7,584,623
NEW ZEALAND – 0.0%**
Auckland International Airport Ltd.		15,769		34,820
*Contact Energy Ltd.		8,921		40,645
Fletcher Building Ltd.		87		504
SKYCITY Entertainment Group Ltd.		3,557		11,350
TOTAL NEW ZEALAND			$	87,319
NIGERIA – 0.2%
Dangote Cement PLC		100,100		76,550
First Bank of Nigeria PLC		1,383,642		142,804
*First City Monument Bank PLC		862,500		18,671
Guaranty Trust Bank PLC		576,410		72,666
Guinness Nigeria PLC		19,500		32,704
Nestle Nigeria PLC		17,736		76,224
Nigerian Breweries PLC		92,380		71,288
*Oando PLC		473,625		32,990
UAC of Nigeria PLC		124,250		31,644
*United Bank for Africa PLC		812,013		23,679
Zenith Bank PLC		1,340,475		153,797
TOTAL NIGERIA			$	733,017
NORWAY – 0.6%
AKER Solutions ASA		954		18,741
*Cermaq ASA		498		6,813
DNB ASA		15,466		193,146
*Marine Harvest ASA		47,108		37,017
Norsk Hydro ASA		31,103		140,041
Orkla ASA		24,550		194,202
Statoil ASA		35,654		881,141
*Storebrand ASA		10,389		52,389
Telenor ASA		45,847		901,452
TGS Nopec Geophysical Co. ASA		4,671		158,942
TOTAL NORWAY			$	2,583,884

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

18 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
OMAN – 0.2%
Bank Dhofar SAOG		40,413	$	37,999
Bank Sohar		215,660		81,783
BankMuscat SAOG		98,380		140,287
Dhofar International Development & Investment Holding Co.		41,800		39,086
Galfar Engineering & Contracting SAOG		34,540		34,540
HSBC Bank Oman		35,846		20,204
National Bank Of Oman SAOG		49,374		35,139
Oman Cement Co.		32,940		56,041
Oman Flour Mills Co. SAOG		16,000		19,366
Oman Oil Marketing Co.		13,300		65,360
Oman Telecommunications Co. SAOG		37,300		141,449
*Renaissance Services SAOG		35,992		51,324
TOTAL OMAN			$	722,578
PAKISTAN – 0.2%
Engro Corp. Ltd.		19,952		19,197
Fauji Fertilizer Co. Ltd.		58,780		70,705
HUB Power Co.		147,000		70,410
Lucky Cement Ltd.		48,500		72,550
MCB Bank Ltd.		44,770		88,232
Millat Tractors Ltd.		7,660		40,765
National Bank Of Pakistan		88,480		41,919
Nishat Mills Ltd.		55,450		34,692
Oil & Gas Development Co. Ltd.		57,700		109,574
Pakistan Oilfields Ltd.		9,300		39,770
Pakistan Petroleum Ltd.		45,572		82,226
*Pakistan Telecommunication Co. Ltd.		135,000		23,784
United Bank Ltd.		53,000		41,606
TOTAL PAKISTAN			$	735,430
PAPUA NEW GUINEA – 0.1%
Oil Search Ltd.		83,126		641,993
PERU – 0.3%
Alicorp SA		41,600		117,986
BBVA Banco Continental SA		25,099		62,953
Cia de Minas Buenaventura SA ADR		7,700		275,352
*Cia Minera Milpo SAA		34,893		45,779
Credicorp Ltd.		2,500		323,350
Ferreyros SA		71,981		59,718
Grana y Montero SA		46,300		160,616
Luz del Sur SAA		12,200		38,980
Minsur SA		35,670		32,346
Sociedad Minera el Brocal SA		4,000		57,249
Volcan Cia Minera SAA		41,905		40,911
TOTAL PERU			$	1,215,240

Description	Number of Shares		Value
PHILIPPINES – 0.3%
Aboitiz Equity Ventures, Inc.		218,500	$	255,920
Aboitiz Power Corp.		49,300		39,612
Alliance Global Group, Inc.		135,000		48,763
Ayala Corp.		5,620		60,436
Ayala Land, Inc.		178,200		101,872
Bank of the Philippine Islands		34,945		68,711
*BDO Unibank, Inc.		40,562		63,017
Energy Development Corp.		411,750		66,668
Jollibee Foods Corp.		47,600		122,134
Manila Electric Co.		10,710		72,535
Metropolitan Bank & Trust		27,813		64,140
Philex Mining Corp.		216,150		78,705
Philippine Long Distance Telephone Co.		1,800		115,791
San Miguel Corp.		23,000		60,913
Semirara Mining Corp.		14,190		75,437
SM Investments Corp.		5,010		97,658
SM Prime Holdings, Inc.		200,750		70,661
Universal Robina Corp.		22,900		39,969
TOTAL PHILIPPINES			$	1,502,942
POLAND – 0.6%
*AmRest Holdings SE		2,700		66,387
Asseco Poland SA		7,073		88,616
Bank Pekao SA		4,050		194,467
*Bioton SA		1,701,800		47,973
*BRE Bank SA		780		73,587
Budimex SA		2,780		47,151
*Cyfrowy Polsat SA		22,930		104,141
Eurocash SA		10,410		127,131
*Get Bank SA		52,683		27,392
*Getin Holding SA		18,000		12,967
*Getin Noble Bank SA		1,322		683
Grupa Kety SA		450		18,211
*Grupa Lotos SA		2,600		27,404
*ING Bank Slaski SA		2,000		54,500
Jastrzebska Spolka Weglowa SA		2,850		77,484
KGHM Polska Miedz SA		4,800		241,755
LPP SA		90		111,068
Lubelski Wegiel Bogdanka SA		1,500		56,380
*Netia SA		21,500		39,126
Orbis SA		2,900		32,355
PGE SA		41,880		226,935
*Polimex-Mostostal SA		47,700		8,367
*Polski Koncern Naftowy Orlen SA		11,150		152,967
*Polskie Gornictwo Naftowe i Gazownictwo SA		61,300		75,841
Powszechna Kasa Oszczednosci Bank Polski SA		29,200		326,421

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 19

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Powszechny Zaklad Ubezpieczen SA		2,360	$	275,721
*Rovese SA		13,950		10,487
Synthos SA		34,800		57,770
Tauron Polska Energia SA		70,360		97,188
Telekomunikacja Polska SA		44,020		166,282
TVN SA		14,650		32,121
TOTAL POLAND			$	2,878,878
PORTUGAL – 0.1%
*Banco Espirito Santo SA		16,030		15,583
EDP - Energias de Portugal SA		28,687		77,934
Jeronimo Martins SGPS SA		1,290		22,572
Portugal Telecom SGPS SA		22,539		113,378
TOTAL PORTUGAL			$	229,467
QATAR – 0.3%
Barwa Real Estate Co.		3,607		28,531
Commercial Bank of Qatar QSC		3,008		59,401
Doha Bank QSC		2,658		39,933
Gulf International Services QSC		5,500		45,393
Industries Qatar QSC		8,430		351,930
Masraf Al Rayan		17,290		125,367
Omani Qatari Telecommunications Co. SAOG		14,700		18,633
Qatar Electricity & Water Co.		2,230		81,582
Qatar Gas Transport Co. Nakilat		15,550		66,156
Qatar Islamic Bank		3,500		73,731
Qatar National Bank SAQ		9,188		337,899
Qatar National Cement Co.		1,220		34,178
Qatar Navigation		2,703		47,810
Qatar Telecom Qtel QSC		7,232		209,753
TOTAL QATAR			$	1,520,297
ROMANIA – 0.1%
Antibiotice		159,827		18,037
*Banca Transilvania		257,164		87,254
Biofarm Bucuresti		481,487		27,456
BRD-Groupe Societe Generale		85,800		191,547
OMV Petrom SA		1,688,500		197,047
Transelectrica SA		2,450		8,159
TOTAL ROMANIA			$	529,500
RUSSIA – 1.5%
Federal Hydrogenerating Co. JSC ADR		67,760		160,862
Gazprom Neft OAO ADR		12,600		308,700
Gazprom OAO ADR		152,845		1,397,003
Globaltrans Investment PLC GDR		8,080		149,480
LSR Group GDR		27,240		131,161
Lukoil OAO ADR		9,610		580,924
Magnit OJSC GDR		8,400		298,200
Mail.Ru Group Ltd. GDR		3,190		106,386

Description	Number of Shares		Value
12Mechel ADR		8,700	$	55,245
MMC Norilsk Nickel OJSC ADR		15,900		243,906
MMC Norilsk Nickel OJSC ADR		14,210		215,566
Mobile Telesystems OJSC ADR		28,700		491,918
NovaTek OAO GDR		1,400		159,600
Novolipetsk Steel OJSC GDR		2,800		52,892
*Pharmstandard OJSC GDR		5,700		83,790
*Rosneft Oil Co. OAO GDR		25,500		188,700
Rostelecom OJSC ADR		8,766		198,550
Sberbank of Russia ADR		67,330		784,394
Severstal OAO GDR		5,880		71,324
Sistema JSFC GDR		5,500		100,925
Surgutneftegas OAO ADR		10,000		58,300
Surgutneftegas OAO ADR		18,070		157,209
Tatneft OAO ADR		4,000		154,960
*TMK OAO GDR		4,860		72,074
Uralkali OJSC GDR		4,000		156,720
VimpelCom Ltd. ADR		20,100		221,502
VTB Bank OJSC GDR		42,550		147,912
*X5 Retail Group NV GDR		6,100		115,595
TOTAL RUSSIA			$	6,863,798
SINGAPORE – 1.2%
Amtek Engineering Ltd.		12,000		5,903
CapitaLand Ltd.		58,000		155,485
City Developments Ltd.		3,000		28,185
ComfortDelGro Corp. Ltd.		11,000		15,240
DBS Group Holdings Ltd.		88,000		1,002,787
Fraser and Neave Ltd.		8,000		60,075
12Genting Singapore PLC		7,000		7,632
Global Logistic Properties Ltd.		17,000		35,817
Golden Agri-Resources Ltd.		653,440		334,809
Hi-P International Ltd.		14,000		8,264
Ho Bee Investment Ltd.		4,000		4,853
Jardine Cycle & Carriage Ltd.		3,335		134,625
Keppel Corp. Ltd.		117,400		1,025,975
Olam International Ltd.		22,000		35,530
Oversea-Chinese Banking Corp.		77,000		574,439
Overseas Union Enterprise Ltd.		8,000		17,380
SembCorp. Industries Ltd.		132,000		588,687
12SembCorp. Marine Ltd.		8,000		30,890
Singapore Airlines Ltd.		17,000		147,729
Singapore Exchange Ltd.		13,000		71,725
Singapore Land Ltd.		2,000		11,264
Singapore Press Holdings Ltd.		8,000		26,496
Singapore Technologies Engineering Ltd.		20,000		57,714
Singapore Telecommunications Ltd.		106,000		279,817
Stamford Land Corp. Ltd.		27,000		12,285

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

20 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
STX OSV Holdings Ltd.		174,000	$	218,249
United Industrial Corp. Ltd.		9,000		20,585
UOL Group Ltd.		35,000		162,403
Venture Corp. Ltd.		7,000		43,901
Wilmar International Ltd.		31,000		78,530
TOTAL SINGAPORE			$	5,197,274
SLOVENIA – 0.1%
Gorenje DD		2,600		14,663
Krka DD Novo Mesto		4,070		253,214
*Luka Koper		1,120		10,975
Mercator Poslovni Sistem		622		91,504
*Nova Kreditna Banka Maribor DD		11,800		19,883
Petrol DD Ljubljana		210		58,521
*Sava DD		100		778
Telekom Slovenije DD		1,000		101,747
TOTAL SLOVENIA			$	551,285
SOUTH AFRICA – 1.5%
ABSA Group Ltd.		7,500		120,406
African Bank Investments Ltd.		19,710		66,650
African Rainbow Minerals Ltd.		2,100		43,959
12Anglo American Platinum Ltd.		900		41,831
AngloGold Ashanti Ltd.		7,030		233,886
*Aspen Pharmacare Holdings Ltd.		7,432		135,429
Astral Foods Ltd.		16,800		185,426
Aveng Ltd.		21,500		76,720
AVI Ltd.		11,200		73,860
Barloworld Ltd.		10,400		84,261
Bidvest Group Ltd.		13,125		313,266
Discovery Holdings Ltd.		7,999		51,219
12Exxaro Resources Ltd.		2,300		46,023
FirstRand Ltd.		64,690		214,722
Foschini Group Ltd.		4,400		63,884
Gold Fields Ltd.		12,790		157,909
Grindrod Ltd.		29,600		50,798
Harmony Gold Mining Co. Ltd.		8,390		68,721
Impala Platinum Holdings Ltd.		10,574		190,245
Imperial Holdings Ltd.		3,900		88,600
Kumba Iron Ore Ltd.		1,490		93,139
Liberty Holdings Ltd.		2,800		32,477
*Life Healthcare Group Holdings Ltd.		23,000		86,980
Massmart Holdings Ltd.		3,274		65,853
MMI Holdings Ltd.		22,679		54,849
MTN Group Ltd.		60,960		1,099,166
*Murray & Roberts Holdings Ltd.		26,380		68,303
Naspers Ltd.		7,071		459,059
Nedbank Group Ltd.		11,300		233,282

Description	Number of Shares		Value
Netcare Ltd.		31,200	$	64,770
Omnia Holdings Ltd.		3,500		51,810
Pick n Pay Stores Ltd.		8,300		40,597
PPC Ltd.		10,421		34,842
Remgro Ltd.		9,190		157,395
Reunert Ltd.		12,650		111,434
RMB Holdings Ltd.		13,000		57,034
RMI Holdings		13,000		33,899
Sanlam Ltd.		37,500		167,505
Sasol Ltd.		8,880		378,934
Shoprite Holdings Ltd.		6,320		129,962
Standard Bank Group Ltd.		23,140		285,852
*,12Steinhoff International Holdings Ltd.		24,400		82,003
*Telkom SA Ltd.		61,700		129,866
Tiger Brands Ltd.		3,590		114,110
Truworths International Ltd.		7,400		80,566
Vodacom Group Ltd.		13,820		174,211
Wilson Bayly Holmes-Ovcon Ltd.		4,800		78,665
Woolworths Holdings Ltd.		11,980		90,361
TOTAL SOUTH AFRICA			$	6,764,739
SOUTH KOREA – 2.3%
BS Financial Group, Inc.		19,015		215,327
Cheil Industries, Inc.		890		76,220
*Daewoo Engineering & Construction Co. Ltd.		4,364		37,134
Daewoo International Corp.		1,379		52,980
DGB Financial Group, Inc.		12,200		154,374
Doosan Heavy Industries & Construction Co. Ltd.		1,030		44,105
*Doosan Infracore Co. Ltd.		2,200		32,478
E-Mart Co. Ltd.		421		91,295
Hana Financial Group, Inc.		3,860		112,374
Honam Petrochemical Corp.		200		40,895
Hyosung Corp.		1,650		90,927
Hyundai Department Store Co. Ltd.		430		53,425
Hyundai Glovis Co. Ltd.		270		56,198
Hyundai Heavy Industries Co. Ltd.		397		83,361
*Hyundai Merchant Marine Co. Ltd.		1,180		28,402
Hyundai Mobis		663		169,002
Hyundai Motor Co.		4,666		960,496
Hyundai Securities Co. Ltd.		2,330		17,882
Hyundai Steel Co.		1,290		92,853
Industrial Bank of Korea		18,600		204,658
KB Financial Group, Inc.		5,173		175,975
KCC Corp.		120		33,670
Kia Motors Corp.		2,955		164,197
*Korea Electric Power Corp.		6,940		180,086
*Korea Exchange Bank		30,350		210,385
Korea Zinc Co. Ltd.		200		82,157

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 21

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
*Korean Air Lines Co. Ltd.		800	$	35,907
KT Corp.		9,631		326,303
KT Corp. ADR		48,785		826,906
KT&G Corp.		1,400		106,675
LG Chem Ltd.		628		176,204
LG Corp.		830		50,686
*LG Display Co. Ltd.		2,660		79,024
LG Electronics, Inc.		1,070		74,466
LG Uplus Corp.		5,860		37,451
Lotte Shopping Co. Ltd.		190		58,798
Macquarie Korea Infrastructure Fund		5,769		35,441
NHN Corp.		380		87,979
OCI Co. Ltd.		270		38,126
POSCO		1,084		341,421
Samsung C&T Corp.		1,650		89,717
Samsung Card Co. Ltd.		1,000		38,694
Samsung Electro-Mechanics Co. Ltd.		470		40,251
Samsung Electronics Co. Ltd.		1,812		2,176,527
*,6,7Samsung Electronics Co. Ltd. GDR		1,176		709,128
Samsung Fire & Marine Insurance Co. Ltd.		630		137,773
Samsung Heavy Industries Co. Ltd.		1,680		51,374
Samsung Life Insurance Co. Ltd.		1,500		129,287
Samsung Securities Co. Ltd.		1,240		55,542
Shinhan Financial Group Co. Ltd.		6,950		238,655
SK Holdings Co. Ltd.		320		44,599
*SK Hynix, Inc.		3,690		84,079
SK Innovation Co. Ltd.		800		117,733
SK Telecom Co. Ltd.		3,630		510,916
S-Oil Corp.		740		67,785
Woongjin Coway Co. Ltd.		1,510		54,967
Woori Finance Holdings Co. Ltd.		5,090		48,072
Woori Investment & Securities Co. Ltd.		6,468		62,569
TOTAL SOUTH KOREA			$	10,393,911
SPAIN – 1.2%
Acciona SA		2,057		126,216
ACS Actividades de Construccion y Servicios SA		3,179		67,864
Amadeus IT Holding SA		1,985		49,141
Banco Bilbao Vizcaya Argentaria SA		14,487		120,869
*Banco de Sabadell SA		41,711		101,531
Banco Espanol de Credito SA		5,839		21,274
*Banco Popular Espanol SA		79,004		123,188
Banco Santander SA		215,118		1,614,110
Banco Santander SA ADR		5,461		40,739
CaixaBank		21,103		79,869
*EDP Renovaveis SA		10,506		49,948
Enagas SA		9,820		195,249
Ferrovial SA		32,092		453,394

Description	Number of Shares		Value
*Grifols SA		16,613	$	576,218
Iberdrola SA		55,604		287,563
12Inditex SA		2,955		377,036
Mapfre SA		23,156		64,169
Red Electrica Corp. SA		1,048		49,139
Repsol YPF SA		15,412		308,032
Tecnicas Reunidas SA		3,791		186,179
Telefonica SA		31,553		415,516
TOTAL SPAIN			$	5,307,244
SWEDEN – 1.5%
Assa Abloy AB		2,996		99,868
Atlas Copco AB		5,601		137,726
Atlas Copco AB		3,785		82,914
Bilia AB		2,482		31,807
BioGaia AB		1,199		31,092
Boliden AB		40,671		710,665
*CDON Group AB		191		1,071
Clas Ohlson AB		3,063		39,137
Elekta AB		52,014		741,052
Getinge AB		2,202		67,724
Hennes & Mauritz AB		6,410		216,955
12Hexagon AB		2,016		46,381
Holmen AB		2,937		86,566
Investor AB		8,312		183,336
*Lundin Petroleum AB		4,855		116,235
Meda AB		3,075		31,455
Nordea Bank AB		70,621		641,487
Oriflame Cosmetics SA		4,341		119,767
Saab AB		13,800		262,148
Sandvik AB		2,600		36,063
Skandinaviska Enskilda Banken AB		41,132		341,067
SKF AB		4,302		96,963
SSAB AB		12,066		86,335
SSAB AB		1,865		11,528
Svenska Cellulosa AB		17,620		343,214
Swedbank AB		35,917		666,042
Swedish Match AB		1,376		46,884
Telefonaktiebolaget LM Ericsson		33,747		296,620
Telefonaktiebolaget LM Ericsson		551		4,723
Telefonaktiebolaget LM Ericsson ADR		24,700		219,583
TeliaSonera AB		109,969		724,019
Trelleborg AB		1,475		16,044
Volvo AB		10,449		140,598
TOTAL SWEDEN			$	6,677,069
SWITZERLAND – 5.0%
*ABB Ltd.		41,038		739,416
*Actelion Ltd.		4,125		198,964

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

22 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
*Adecco SA		1,671	$	80,814
*Aryzta AG		1,877		93,719
Baloise Holding AG		4,451		371,833
*Barry Callebaut AG		34		32,456
Cie Financiere Richemont SA		16,428		1,065,448
*Clariant AG		4,675		50,048
*Credit Suisse Group AG		44,610		1,034,179
*Geberit AG		2,322		478,712
*Givaudan SA		143		143,107
12Glencore International PLC		26,121		144,606
Helvetia Holding AG		600		210,351
*Holcim Ltd.		14,135		964,543
*Julius Baer Group Ltd.		24,007		832,628
*Lonza Group AG		551		27,932
Nestle SA		33,362		2,117,142
Novartis AG		15,612		939,604
Novartis AG ADR		1,473		89,058
*OC Oerlikon Corp. AG		7,448		74,936
Pargesa Holding SA		785		52,935
Partners Group Holding AG		162		34,286
Roche Holding AG		17,571		3,379,111
Schindler Holding AG		398		51,497
Schindler Holding AG		380		50,065
SGS SA		43		91,051
*Sika AG		13		27,122
*Sonova Holding AG		100		10,056
STMicroelectronics NV		16,726		98,359
Sulzer AG		442		63,977
Swatch Group AG		464		192,017
*Swiss Life Holding AG		3,952		497,342
*Swiss Re AG		19,931		1,377,171
Syngenta AG		5,669		2,214,520
*UBS AG		157,406		2,359,484
Wolseley PLC		1,395		60,985
*Zurich Financial Services AG		8,845		2,179,671
TOTAL SWITZERLAND			$	22,429,145
TAIWAN – 1.7%
*Acer, Inc.		28,870		22,335
Advanced Semiconductor Engineering, Inc.		90,804		68,385
Asia Cement Corp.		41,350		51,524
Asustek Computer, Inc.		26,700		286,079
*AU Optronics Corp.		147,126		55,904
Catcher Technology Co. Ltd.		9,438		41,031
Cathay Financial Holding Co. Ltd.		130,623		131,238
Chang Hwa Commercial Bank		78,142		39,456
Cheng Shin Rubber Industry Co. Ltd.		31,920		79,875
*Chimei Innolux Corp.		72,877		27,192

Description	Number of Shares		Value
*China Airlines Ltd.		87,858	$	34,286
*China Development Financial Holding Corp.		192,750		43,086
China Steel Corp.		146,405		125,794
Chinatrust Financial Holding Co. Ltd.		205,683		113,359
Chipbond Technology Corp.		175,000		296,534
Chunghwa Telecom Co. Ltd.		89,024		279,148
Compal Electronics, Inc.		278,736		175,567
Delta Electronics, Inc.		22,888		78,193
D-Link Corp.		36,046		20,236
Epistar Corp.		10,099		16,075
Far Eastern Department Stores Co. Ltd.		48,881		46,015
Far Eastern New Century Corp.		44,290		45,863
Far EasTone Telecommunications Co. Ltd.		29,000		66,910
First Financial Holding Co. Ltd.		88,402		50,234
Formosa Chemicals & Fibre Corp.		54,950		130,168
Formosa Petrochemical Corp.		28,990		84,353
Formosa Plastics Corp.		67,040		182,675
Foxconn Technology Co. Ltd.		19,950		69,317
Fubon Financial Holding Co. Ltd.		124,314		127,665
*Gemtek Technology Corp.		1		1
Gigabyte Technology Co. Ltd.		252,000		207,897
Hiwin Technologies Corp.		59,700		384,205
Hon Hai Precision Industry Co. Ltd.		299,027		907,957
Hotai Motor Co. Ltd.		13,000		92,563
HTC Corp.		9,465		68,365
Hua Nan Financial Holdings Co. Ltd.		93,255		49,002
Largan Precision Co. Ltd.		4,000		85,169
Lien Hwa Industrial Corp.		75,104		47,048
Lite-On Technology Corp.		34,061		43,374
MediaTek, Inc.		10,082		111,993
Mega Financial Holding Co. Ltd.		201,558		146,619
*Motech Industries, Inc.		13,372		10,299
Nan Kang Rubber Tire Co. Ltd.		70,598		81,685
Nan Ya Plastics Corp.		84,730		149,374
Novatek Microelectronics Corp.		10,145		38,201
*Pegatron Corp.		42,990		54,303
Pou Chen Corp.		96,157		97,268
President Chain Store Corp.		18,496		91,491
Quanta Computer, Inc.		44,571		101,920
*Realtek Semiconductor Corp.		35,174		66,224
*Shin Kong Financial Holding Co. Ltd.		223,586		57,939
Siliconware Precision Industries Co.		36,000		35,122
Sino-American Silicon Products, Inc.		13,657		13,184
SinoPac Financial Holdings Co. Ltd.		130,191		50,361
Synnex Technology International Corp.		23,941		50,648
Tainan Spinning Co. Ltd.		113,464		50,105
Taishin Financial Holding Co. Ltd.		98,929		35,389

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Taiwan Cement Corp.		62,057	$	79,556
Taiwan Cooperative Financial Holding		58,777		30,583
Taiwan Fertilizer Co. Ltd.		16,000		38,121
Taiwan Mobile Co. Ltd.		38,874		135,735
Taiwan Semiconductor Manufacturing Co. Ltd.		219,911		667,731
*Tatung Co. Ltd.		245,916		56,486
TSRC Corp.		18,700		38,152
Tung Ho Steel Enterprise Corp.		37,476		35,536
Uni-President Enterprises Corp.		92,411		163,232
United Microelectronics Corp.		131,000		48,656
*Walsin Lihwa Corp.		120,000		32,863
Wistron Corp.		32,020		30,746
Yuanta Financial Holding Co. Ltd.		204,172		92,257
Yulon Motor Co. Ltd.		49,640		86,833
Zinwell Corp.		22,435		18,125
TOTAL TAIWAN			$	7,470,815
THAILAND – 0.8%
Advanced Info Service PCL		40,700		262,259
Airports of Thailand PCL		24,300		65,011
Bangkok Bank PCL		15,200		89,762
Bangkok Dusit Medical Services PCL		20,600		71,579
Bangkok Expressway PCL		50,500		45,722
Bank of Ayudhya PCL		79,700		78,010
Banpu PCL		2,900		37,090
BEC World PCL		41,700		80,271
Berli Jucker PCL		32,200		67,499
Big C Supercenter PCL		12,200		74,633
Bumrungrad Hospital PCL		16,000		39,543
Central Pattana PCL		27,000		62,545
Charoen Pokphand Foods PCL		91,300		105,002
CP ALL PCL		134,400		174,303
Electricity Generating PCL		15,300		65,393
*Glow Energy PCL		22,100		51,555
*Hana Microelectronics PCL		131,800		94,604
Indorama Ventures PCL		46,100		40,234
IRPC PCL		269,900		37,865
Kasikornbank PCL		33,300		195,563
Krung Thai Bank PCL		920,000		543,295
PTT Exploration & Production PCL		26,100		141,357
PTT Global Chemical PCL		23,681		47,130
PTT PCL		19,200		199,204
Quality Houses PCL		908,591		63,438
Ratchaburi Electricity Generating Holding PCL		19,500		34,356
Siam Cement PCL		6,500		88,222
Siam City Cement PCL		4,600		63,935
Siam Commercial Bank PCL		37,100		194,881
Siam Makro PCL		3,300		49,527

Description	Number of Shares		Value
Thai Beverage PCL		172,000	$	61,338
Thai Oil PCL		25,600		55,752
Thai Union Frozen Products PCL		20,664		48,542
Total Access Communication PCL		28,400		80,382
*True Corp. PCL		317,500		52,830
TOTAL THAILAND			$	3,462,632
TURKEY – 0.8%
Akbank TAS		56,903		274,277
*Akenerji Elektrik Uretim AS		1		1
Anadolu Efes Biracilik ve Malt Sanayii AS		7,963		119,501
Arcelik AS		13,520		89,379
BIM Birlesik Magazalar AS		4,060		188,561
Cimsa Cimento Sanayi ve Tica		37,700		178,352
*Dogan Sirketler Grubu Holding AS		85,907		37,382
Dogus Otomotiv Servis ve Ticaret AS		13,000		48,301
Enka Insaat ve Sanayi AS		41,878		111,207
Eregli Demir ve Celik Fabrikalari TAS		104,315		123,956
Haci Omer Sabanci Holding AS		24,348		128,498
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS		68,862		50,710
KOC Holding AS		42,127		197,889
Koza Altin Isletmeleri AS		2,800		60,920
Petkim Petrokimya Holding AS		52,218		59,719
*TAV Havalimanlari Holding AS		15,200		75,470
Tekfen Holding AS		18,500		66,879
Tofas Turk Otomobil Fabrikasi AS		14,700		82,008
Tupras Turkiye Petrol Rafinerileri AS		15,836		386,955
*Turk Hava Yollari		31,080		71,956
Turk Sise ve Cam Fabrikalari AS		1		2
Turk Telekomunikasyon AS		25,727		100,468
*Turkcell Iletisim Hizmetleri AS		38,168		233,160
Turkiye Garanti Bankasi AS		66,523		317,677
Turkiye Halk Bankasi AS		8,554		75,399
Turkiye Is Bankasi		47,992		163,320
Turkiye Sinai Kalkinma Bankasi AS		51,563		59,257
Turkiye Vakiflar Bankasi Tao		41,240		97,089
Ulker Biskuvi Sanayi AS		6,181		28,069
*Yapi ve Kredi Bankasi AS		28,578		73,338
Yazicilar Holding AS		9,580		76,693
TOTAL TURKEY			$	3,576,393
UNITED ARAB EMIRATES – 0.3%
*,10Aabar Investments PJSC		83,600		16,501
Abu Dhabi Commercial Bank PJSC		216,270		193,719
Abu Dhabi National Hotels		50,000		25,048
Air Arabia PJSC		501,800		93,310
Aldar Properties PJSC		193,170		71,525
Arabtec Holding Co.		36,093		25,353

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

24 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
DP World Ltd.		27,130	$	321,762
*Dubai Financial Market		144,800		39,817
Dubai Islamic Bank PJSC		65,548		36,049
Emaar Properties PJSC		239,860		235,746
First Gulf Bank PJSC		35,998		102,417
National Bank of Abu Dhabi PJSC		93,154		251,082
Union National Bank PJSC		86,416		72,935
TOTAL UNITED ARAB EMIRATES			$	1,485,264
UNITED KINGDOM – 14.0%
3i Group PLC		8,335		28,973
6,7Aberdeen Asset Management PLC		156,878		821,517
Admiral Group PLC		37,325		667,389
Aggreko PLC		1,822		63,216
Amlin PLC		12,707		76,529
Anglo American PLC		30,952		950,532
Antofagasta PLC		1,765		35,803
ARM Holdings PLC		58,820		631,227
Ashtead Group PLC		18,083		108,848
Associated British Foods PLC		2,442		54,580
AstraZeneca PLC		21,459		996,471
*Avangardco Investments Public Ltd. GDR		5,300		53,000
Aviva PLC		111,717		597,464
Babcock International Group PLC		2,062		32,544
BAE Systems PLC		78,900		397,511
Barclays PLC		157,299		577,493
Barclays PLC ADR		60,074		889,095
*Barratt Developments PLC		54,279		166,077
BG Group PLC		113,813		2,107,580
BHP Billiton PLC		22,510		721,249
BP PLC		171,099		1,224,009
BP PLC ADR		60,452		2,592,786
British American Tobacco PLC		42,741		2,117,151
BT Group PLC		180,210		617,984
Bunzl PLC		1,783		29,493
Burberry Group PLC		2,540		47,794
*Cairn Energy PLC		52,357		236,830
12Carnival PLC ADR		4,546		179,703
Catlin Group Ltd.		8,989		68,353
*Centamin PLC		554,912		571,550
Centrica PLC		13,843		72,402
Cineworld Group PLC		23,402		91,581
Cobham PLC		18,420		63,910
Compass Group PLC		14,382		157,822
Computacenter PLC		25,600		151,616
Cookson Group PLC		17,900		168,263
Croda International PLC		6,101		216,701
Daily Mail & General Trust PLC		3,420		26,340

Description	Number of Shares		Value
Dairy Crest Group PLC		13,900	$	79,945
Debenhams PLC		269,723		521,017
Diageo PLC		87,134		2,490,266
Drax Group PLC		8,800		79,739
*Dunelm Group PLC		3,068		33,172
easyJet PLC		54,371		548,387
Evraz PLC		28,616		109,076
Experian PLC		30,020		518,363
Ferrexpo PLC		45,400		153,050
Fresnillo PLC		31,022		960,693
G4S PLC		8,277		34,795
GKN PLC		11,542		38,668
GlaxoSmithKline PLC		70,335		1,573,732
GlaxoSmithKline PLC ADR		24,273		1,089,858
Greene King PLC		5,742		55,041
Hochschild Mining PLC		3,938		31,457
Home Retail Group PLC		32,658		60,133
Homeserve PLC		7,430		26,462
HSBC Holdings PLC		67,987		667,944
HSBC Holdings PLC ADR		56,369		2,782,374
ICAP PLC		124,896		655,247
IMI PLC		2,419		37,261
Imperial Tobacco Group PLC		32,650		1,232,930
InterContinental Hotels Group PLC		4,782		118,070
Intermediate Capital Group PLC		24,856		122,421
*International Consolidated Airlines Group SA		18,643		48,527
Intertek Group PLC		1,153		52,452
Investec PLC		2,473		14,543
ITE Group PLC		9,170		28,590
ITV PLC		21,905		30,595
J Sainsbury PLC		26,332		150,682
Johnson Matthey PLC		1,139		41,338
Kazakhmys PLC		30,585		349,941
Kingfisher PLC		77,137		360,371
Ladbrokes PLC		78,492		226,988
Lavendon Group PLC		14,093		32,124
*Lloyds Banking Group PLC		412,797		270,293
*Lloyds Banking Group PLC ADR		114,884		300,996
London Stock Exchange Group PLC		2,311		36,380
Marston’s PLC		92,160		182,336
Meggitt PLC		6,123		38,141
Melrose PLC		9,528		37,056
*MHP SA GDR		5,500		83,600
*Micro Focus International PLC		11,069		102,532
Mondi PLC		19,900		219,017
National Grid PLC		2,656		30,282
*New World Resources PLC		20,470		87,781

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Next PLC		1,639	$	94,319
Old Mutual PLC		173,262		480,918
Pearson PLC		7,932		159,364
Petrofac Ltd.		21,881		566,384
*Premier Foods PLC		6,700		11,542
Prudential PLC		146,960		2,012,289
Randgold Resources Ltd.		8,916		1,064,734
Reckitt Benckiser Group PLC		7,227		437,350
Reed Elsevier PLC		3,692		36,106
Resolution Ltd.		223,195		786,281
Rexam PLC		7,877		56,783
Rio Tinto PLC		21,024		1,053,286
*Rolls-Royce Holdings PLC		109,783		1,513,863
*,12Royal Bank of Scotland Group PLC ADR		18,461		165,041
Royal Dutch Shell PLC		18,711		641,646
Royal Dutch Shell PLC ADR		29,622		2,092,202
SABMiller PLC		52,883		2,265,365
Sage Group PLC		11,594		58,132
Schroders PLC		648		15,937
Severn Trent PLC		2,536		65,726
Shire PLC		27,678		778,523
Smith & Nephew PLC		4,929		52,100
Smiths Group PLC		4,749		80,929
Standard Chartered PLC		76,347		1,803,118
Standard Life PLC		19,188		90,417
Tate & Lyle PLC		19,467		228,074
Taylor Wimpey PLC		133,041		131,180
TESCO PLC		163,669		844,797
*Thomas Cook Group PLC		70,000		23,157
Travis Perkins PLC		3,405		59,344
TUI Travel PLC		79,919		323,715
Tullow Oil PLC		50,999		1,155,496
Unilever PLC		29,518		1,100,846
Vedanta Resources PLC		39,060		714,800
Vodafone Group PLC		332,949		904,008
Vodafone Group PLC ADR		85,109		2,316,667
Weir Group PLC		1,346		37,838
Whitbread PLC		1,014		38,454
WM Morrison Supermarkets PLC		130,175		562,781
WPP PLC		86,534		1,116,464
WS Atkins PLC		16,291		187,709
*Xstrata PLC		69,490		1,097,966
TOTAL UNITED KINGDOM			$	62,581,703
UNITED STATES – 0.2%
Boart Longyear Ltd.		48,400		73,353
Brookfield Office Properties, Inc.		2,000		30,799
CTC Media, Inc.		10,700		89,773

Description	Number of Shares		Value
*Golden Star Resources Ltd.		35,300	$	71,042
Mercadolibre, Inc.		1,800		151,146
Philip Morris CR AS		160		85,725
*Sociedad Minera Cerro Verde SAA		1,400		57,820
Southern Copper Corp.		5,659		215,608
Transocean Ltd.		654		29,881
*Transportadora de Gas del Sur SA ADR		10,400		16,744
TOTAL UNITED STATES			$	821,891
TOTAL COMMON STOCKS (COST $366,900,104)			$	382,038,549
INVESTMENT COMPANIES – 9.5%
*Dragon Capital – Vietnam Enterprise Investments Ltd.		101,745		180,089
iShares MSCI EAFE Growth Index		375,000		21,243,750
iShares MSCI EAFE Index Fund		5,178		277,385
iShares MSCI EAFE Value Index		169,000		7,790,900
Vanguard MSCI EAFE ETF		115,000		3,821,450
Vanguard MSCI Emerging Markets ETF		224,478		9,313,592
TOTAL INVESTMENT COMPANIES (COST $42,153,009)			$	42,627,166
PREFERRED STOCKS – 1.4%
BRAZIL – 1.0%
AES Tiete SA		3,080		34,985
Alpargatas SA		9,700		73,453
Banco Bradesco SA		21,693		341,782
Banco do Estado do Rio Grande do Sul		13,900		109,842
Banco Industrial e Comercial SA		39,700		130,180
Bradespar SA		1,900		28,064
Braskem SA		3,300		21,804
Centrais Eletricas Brasileiras SA, Series B		13,600		108,141
Cia Brasileira de Distribuicao Grupo Pao de Acucar		1,423		65,298
Cia de Bebidas das Americas		9,935		405,999
Cia Energetica de Minas Gerais		9,010		107,798
Cia Energetica de Sao Paulo		4,100		36,841
Cia Paranaense de Energia		15,400		227,469
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		5,760		45,744
Gerdau SA		9,900		86,519
Itau Unibanco Holding SA		21,400		312,932
Itau Unibanco Holding SA ADR		31,945		465,758
Itausa – Investimentos Itau SA		36,816		161,327
Lojas Americanas SA		11,322		94,766
Marcopolo SA		16,900		99,101
Metalurgica Gerdau SA		3,500		39,221
Oi SA		17,000		68,132
Petroleo Brasileiro SA		64,559		661,149

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

26 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Telefonica Brasil SA		6,910	$	153,098
Usinas Siderurgicas de Minas Gerais SA		4,300		20,769
Vale SA		29,341		525,120
TOTAL BRAZIL			$	4,425,292
CHILE – 0.1%
Embotelladora Andina SA		10,300		65,110
Sociedad Quimica y Minera de Chile SA		3,190		185,228
TOTAL CHILE			$	250,338
COLOMBIA – 0.0%**
Inversiones Argos SA		2,418		26,929
CROATIA – 0.0%**
Adris Grupa DD		579		25,009
GERMANY – 0.3%
Bayerische Motoren Werke AG		1,210		66,968
Henkel AG & Co. KGaA		9,708		775,235
Porsche Automobil Holding SE		2,917		193,655
ProSiebenSat.1 Media AG		1,194		33,273
RWE AG		1,495		61,920
Sto AG		272		38,287
Volkswagen AG		1,132		234,171
TOTAL GERMANY			$	1,403,509
PHILIPPINES – 0.0%**
*,10Ayala Land Voting		178,200		433
TOGO – 0.0%
*Ecobank Transitional, Inc.		7,768		—
UNITED KINGDOM – 0.0%**
*Rolls-Royce Holdings PLC		8,610,116		13,895
TOTAL PREFERRED STOCKS (COST $5,840,328)			$	6,145,405
MONEY MARKET FUNDS – 1.2%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		4,125,335		4,125,335
8,9Wilmington Prime Money Market Fund, 0.03%		1,373,184		1,373,184
TOTAL MONEY MARKET FUNDS (COST $5,498,519)			$	5,498,519
RIGHTS – 0.0%**
POLAND – 0.0%**
*,10Polimex-Mostostal SA, Expire 12/20/2012 at $0.52		47,700		221
SPAIN – 0.0%**
*Banco Santander SA, Expire 11/30/2012, at $–		1		—
TOTAL RIGHTS (COST $0)			$	221

Description	Number of Shares		Value
CALL WARRANTS – 1.4%
Citigroup Global Markets -
*Agility, Expire 3/17/2014		45,000	$	79,214
*Al-Qurain Petrochemicals Co., Expire 11/2/2013		40,000		26,174
*Boubyan Petrochemicals, Expire 10/4/2013		20,000		44,808
*Boubyan Petrochemicals, Expire 10/4/2013		60,000		119,488
*Commercial Bank of Kuwait, Expire 2/25/2014		29,000		71,159
*Gulf Bank, Expire 10/4/2013		40,000		58,321
*Gulf Cable and Electrical Industries Co., Expire 11/4/2013		20,000		76,814
*Kuwait Finance House, Expire 1/14/2014		53,200		141,892
*Kuwait Food Co., Expire 11/15/2013		9,600		55,989
*Kuwait Real Estate Co., Expire 11/15/2013		120,000		20,697
*Mebanee, Expire 7/27/2014		10,000		40,541
*Mena Holdings, Expire 11/15/2013		35,000		—
*Mobile Telecommunications Co., Expire 9/20/2013		78,500		206,579
*National Industries Group Holdings, Expire 1/14/2014		148,000		108,421
*National Investment Co., Expire 10/4/2013		30,000		12,376
*National Real Estate Bank for Development, Expire 11/4/2013		40,000		17,070
*National Real Estate Bank for Development, Expire 3/28/2018		71,100		242,731
*Sultan, Expire 3/11/2014		100,000		36,273
JPMorgan Chase Bank NA -
*,6,7FPT Corp., Expire 1/13/2015		24,950		42,664
*Hagl JSC, Expire 3/3/2015		49,507		49,012
*Hoa Phat Group JSC, Expire 3/3/2015		34,404		30,620
*,6,7Kinh Do Corp., Expire 12/8/2014		26,040		39,581
*Masan Group Corp., Expire 7/7/2016		9,630		43,431
*,6,7PetroVietnam Drilling and Well Services JSC, Expire 12/15/2014		32,300		53,941
*,6,7PetroVietnam Fertilizer & Chemicals JSC, Expire 12/9/2014		24,830		42,459
*,6,7Pha Lai Thermal Power JSC, Expire 1/13/2015		58,600		24,026
*Saudi Pharmaceutical Industies Ltd., Expire 9/24/2015		2,270		25,725
*Vietnam Joint Stock Commercial Bank for Industry and Trade, Expire 10/27/2016		150,727		123,596
*,6,7Vingroup JSC, Expire 12/16/2014		25,297		94,105
Merrill Lynch International & Co. -
*,6,7ABB Ltd., Expire 6/5/2017		2,560		35,106
*Adani Ports and Special Economic Zone, Expire 12/17/2014		21,000		49,411
*,6,7Aditya Birla Nuvo Ltd., Expire 6/11/2015		1,600		27,027
*,6,7Axis Bank Ltd., Expire 3/16/2015		5,660		124,514
*Bharat Heavy Electricals Ltd., Expire 8/17/2015		16,020		66,933
*Bharti Airtel Ltd., Expire 2/8/2016		48,126		241,188
*Burgan Bank, Expire 4/24/2013		30,000		54,410

(Wilmington Multi-Manager International Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 27

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
*Cairn India Ltd., Expire 11/14/2016		8,870	$	55,490
*Cipla Ltd., Expire 9/9/2015		6,800		45,915
*Coal India Ltd., Expire 11/2/2015		14,980		96,414
*Colgate-Palmolive India Ltd., Expire 8/10/2017		2,500		59,734
*,6,7Container Corp. of India, Expire 2/2/2015		2,500		46,652
*DLF Ltd., Expire 2/1/2016		11,800		44,454
* Dr Reddy’s Laboratories Ltd., Expire 12/17/2015		1,700		55,498
* Essar Oil Ltd., Expire 3/27/2017		44,290		51,735
* Grasim Industries Ltd., Expire 4/18/2016		300		18,472
*,6,7HDFC Bank Ltd., Expire 5/26/2015		22,505		265,266
*Hero Motocorp Ltd., Expire 4/18/2016		2,200		76,870
*Hindustan Unilever Ltd., Expire 12/14/2015		20,000		203,178
*Housing Development Finance Corp., Expire 8/19/2015		19,470		275,867
*Idea Cellular Ltd., Expire 2/14/2017		47,390		75,085
*Indian Oil Corp. Ltd., Expire 7/29/2016		9,200		44,543
*Infrastructure Development Finance Co. Ltd., Expire 7/29/2015		32,000		96,496
*ITC Ltd., Expire 8/4/2015		41,360		217,198
*,6,7Jaiprakash Associates Ltd., Expire 6/15/2015		28,900		46,919
*Jindal Steel & Power Ltd., Expire 10/8/2015		9,510		68,473
*Kotak Mahindra Bank Ltd., Expire 3/27/2017		7,400		83,036
*Larsen & Toubro Ltd., Expire 6/10/2014		3,690		111,571
*Mahindra & Mahindra Ltd., Expire 12/10/2015		7,700		126,573
*Maruti Suzuki India Ltd., Expire 11/30/2015		3,080		82,311
*Nestle India Ltd., Expire 9/17/2015		1,500		130,558
*,6,7NTPC Ltd., Expire 10/6/2014		54,303		166,727
* Oil & Natural Gas Corp. Ltd., Expire 2/8/2016		38,498		192,113
*,6,7Piramal Healthcare Ltd., Expire 2/5/2013		4,505		41,579
*Power Grid Corp. of India Ltd., Expire 3/27/2017		51,990		110,203
*Punj Lloyd Ltd., Expire 3/27/2017		44,190		41,393
*Ranbaxy Laboratories Ltd., Expire 10/26/2015		5,000		48,890
*Reliance Capital Ltd., Expire 8/30/2016		3,100		22,006
*Reliance Communications Ltd., Expire 12/28/2015		30,229		30,338
*Reliance Power Ltd., Expire 2/4/2013		23,200		39,885
*Sesa Goa Ltd., Expire 12/4/2014		4,700		14,950
*,6,7Steel Authority of India Ltd., Expire 3/25/2014		32,680		48,742
*Sterlite Industries India Ltd., Expire 6/24/2015		18,000		33,354
*,6,7Sun Pharmaceutical Industries Ltd., Expire 2/2/2015		12,000		154,814
*Suzlon Energy Ltd., Expire 8/15/2015		43,500		14,103
*,6,7Tata Consultancy Services Ltd., Expire 8/6/2014		5,840		142,785
*Tata Consultancy Services Ltd., Expire 12/14/2015		3,240		79,216
*Tata Power Co. Ltd., Expire 9/17/2015		34,400		67,802
*,6,7Tata Steel Ltd., Expire 12/23/2014		4,750		34,624
*Ultratech Cement Ltd., Expire 6/10/2014		3,571		132,486

Description	Number of Shares		Value
*,6,7Unitech Ltd., Expire 7/7/2015		46,200	$	19,834
*United Spirits Ltd., Expire 1/13/2016		2,200		48,077
TOTAL CALL WARRANTS (COST $6,860,631)			$	6,388,525
CERTIFICATES – 0.2%
HSBC Bank PLC -
*Al Rajhi Bank, Expire 2/16/2015		3,200		59,943
*,2Alinma Bank, Expire 2/23/2015		10,150		35,185
*Almarai Co. Ltd., Expire 11/24/2014		2,782		51,372
*,2Arab National Bank, Expire 5/11/2015		3,923		27,407
*Banque Saudi Fransi, Expire 2/23/2015		4,125		32,668
*Etihad Etisalat Co., Expire 12/5/2014		4,700		90,862
*,2Jarir Marketing Co., Expire 5/4/2015		650		27,212
*,2Natiional Industrialization Co., Expire 5/4/2015		4,802		34,829
*,2Samba Financial, Expire 2/10/2015		1,750		20,532
*,2Saudi Arabian Fertilizer Co., Expire 5/11/2015		1,100		56,977
*Saudi Basic Industries Corp., Expire 2/23/2015		3,800		89,675
*,2Saudi Electricity Co., Expire 3/27/2015		5,670		20,638
*,2Saudi Industrial Investment Group, Expire 3/27/2015		5,750		36,261
*,2Saudi Kayan Petrochemical Co., Expire 3/27/2015		5,500		18,186
*,2Saudi Telecom Co., Expire 5/11/2015		3,600		40,030
*Savola, Expire 2/2/2015		2,800		30,612
TOTAL CERTIFICATES (COST $697,174)			$	672,389
REAL ESTATE INVESTMENT TRUSTS – 0.2%
AUSTRALIA – 0.0%**
Centro Retail Australia		15,794		35,249
Stockland		25,350		91,049
Westfield Retail Trust		7,795		25,084
TOTAL AUSTRALIA			$	151,382
CANADA – 0.0%**
H&R Real Estate Investment Trust		1,200		28,992
FRANCE – 0.1%
ANF Immobilier		462		19,929
Fonciere Des Regions		1,705		137,059
Mercialys SA		1,680		35,254
Unibail-Rodamco SE		924		208,209
TOTAL FRANCE			$	400,451
HONG KONG – 0.1%
Link REIT		41,000		203,941
Regal Real Estate Investment Trust		12,000		3,267
TOTAL HONG KONG			$	207,208
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $666,497)			$	788,033
TOTAL INVESTMENTS IN SECURITIES – 99.3% (COST $428,616,262)			$	444,158,807

(Wilmington Multi-Manager International Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

28 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (concluded)

	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.2%
REPURCHASE AGREEMENTS – 1.2%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $1,258,098, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $1,283,249.	$	1,258,087	$	1,258,087
Deutsche Bank Securities, Inc., 0.35%, dated 10/31/12, due 11/01/12, repurchase price $1,258,099, collateralized by U.S. Treasury Securities 0.00% to 2.13%, maturing 7/15/15 to 2/15/41; total market value of $1,283,249.		1,258,087		1,258,087
HSBC Securities USA, Inc., 0.27%, dated 10/31/12, due 11/01/12, repurchase price $1,258,096, collateralized by U.S. Government Securities 0.00% to 9.38%, maturing 11/15/12 to 7/15/36; total market value of $1,283,249.		1,258,087		1,258,087

	Par Value		Value
Mizuho Securities USA, Inc., 0.38%, dated 10/31/12, due 11/01/12, repurchase price $1,258,100, collateralized by U.S. Government Securities 2.03% to 11.00%, maturing 2/01/13 to 1/01/42; total market value of $1,283,249.	$	1,258,087	$	1,258,087
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $264,860, collateralized by U.S. Treasury Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $270,156.		264,858		264,858
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,297,206)			$	5,297,206
TOTAL INVESTMENTS – 100.5% (COST $433,913,468)			$	449,456,013
COLLATERAL FOR SECURITIES ON LOAN – (1.2%)				(5,297,206	)
OTHER ASSETS LESS LIABILITIES – 0.7%				3,147,971
TOTAL NET ASSETS – 100.0%			$	447,306,778

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

Cost of investments for Federal income tax purposes is $443,577,353. The net unrealized appreciation/(depreciation) of investments was $5,878,660. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $43,815,706 and net unrealized depreciation from investments for those securities having an excess of cost over value of $37,937,046.

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 October 31, 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	$	6,388,525	$	—		$	—		$	6,388,525
Certificates		672,389		—			—			672,389
Common Stocks		369,730,128		12,308,421			—	(a)		382,038,549
Investment Companies		42,627,166		—			—			42,627,166
Preferred Stocks		6,144,972		433			—	(a)		6,145,405
Real Estate Investment Trusts		788,033		—			—			788,033
Rights		—		221			—			221
Money Market Funds		5,498,519		—			—			5,498,519
Repurchase Agreement		—		5,297,206			—			5,297,206
Total Investments	$	431,849,732	$	17,606,281		$	—		$	449,456,013
Other Financial Instruments^
Financial Futures Contracts		—		2,081			—			2,081
Forward Foreign Currency Contracts		—		1,021			—			1,021
Total Assets	$	431,849,732	$	17,609,383		$	—		$	449,459,115
Liabilities
Other Financial Instruments^
Financial Futures Contracts	$	—	$	(7,142	)	$	—		$	(7,142	)
Forward Foreign Currency Contracts		—		(1,860	)		—			(1,860	)
Total Liabilities	$	—	$	(9,002	)	$	—		$	(9,002	)

PORTFOLIOS OF INVESTMENTS 29

^ 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.

(a) At October 31, 2012, the Fund held securities that were valued at $0 and classified as Level 3. Beginning and ending Level 3 balances were zero and there was no activity during the period.

The following table summarizes the valuation techniques used and unobservable inputs developed to determine the fair value of Level 3 investments:

	Fair value at October 31,  2012		Valuation Technique		Unobservable Input		Value of Unobservable Input
Investment in Securities
Common Stocks		$                —		Discounted cash flow		Estimated liquidation value		$                —
Preferred Stocks		—		Discounted cash flow		Estimated liquidation value		—

The significant unobservable inputs used in the fair value measurement of the Fund’s common stocks and preferred stocks are estimated liquidation value. Significant increases in estimated liquidation value in isolation would result in a similar significant increase in fair value measurement.

At October 31, 2012, the Wilmington Multi-Manager International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
11/5/2012		Bank of New York		1,313,358 Euro	$	1,703,740	$	1,702,377	$	(1,363	)
11/5/2012		Bank of New York		4,718,393 Japanese Yen		59,085		59,108		23
11/6/2012		Bank of New York		138,038 Euro		179,070		178,927		(143	)
CONTRACTS SOLD
11/1/2012		Bank of New York		426 Great British Pound		682		687		(5	)
11/2/2012		Bank of New York		4,092 Japanese Yen		51		51		—
11/2/2012		Bank of New York		6,324 Japanese Yen		79		79		—
11/5/2012		Bank of New York		45,870 Australian Dollar		47,620		47,596		24
11/5/2012		Bank of New York		149,293 Canadian Dollar		149,251		149,464		(213	)
11/5/2012		Bank of New York		1,894,515 Danish Krone		329,359		329,203		156
11/5/2012		Bank of New York		252,871 Great British Pound		408,104		408,066		38
11/5/2012		Bank of New York		23,733,053 Japanese Yen		297,191		297,307		(116	)
11/5/2012		Bank of New York		337,601 Norwegian Krone		59,184		59,204		(20	)
11/5/2012		Bank of New York		4,965 Singapore Dollar		4,071		4,070		1
11/5/2012		Bank of New York		3,000,332 Swedish Krona		452,641		452,273		368
11/5/2012		Bank of New York		460,449 Swiss Franc		494,861		494,450		411
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$	(839	)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

30 PORTFOLIOS OF INVESTMENTS

At October 31, 2012, the Wilmington Multi-Manager International Fund had the following outstanding foreign exchange contracts:

Settlement Date	Counterparty		Contracts to Deliver/Receive		In Exchange for		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
11/2/2012		Bank of New York		689,801 Hong Kong Dollar		$89,008		$89,006		$(2	)
11/2/2012		Bank of New York		125,928 Israeli Shekel		32,370		32,425		55
CONTRACTS SOLD
11/1/2012		Warburg Dillon Read Corp.		17,644 Danish Krone		3,066		3,066		—
11/1/2012		Bank of New York		122 Canadian Dollar		122		122		—
11/1/2012		Bank of New York		12 Canadian Dollar		12		12		—
11/1/2012		Warburg Dillon Read Corp.		12,901 Swiss Franc		13,854		13,853		1
11/2/2012		Bank of New York		46,498 Euro		60,318		60,269		49
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS										$103

At October 31, 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		Current Amount		Unrealized Appreciation (Depreciation)
LONG POSITIONS:
EURO STOXX 50		December 2012		8		$265,105		$259,644		$(5,461	)
FTSE 100 INDEX		December 2012		1		94,698		93,017		(1,681	)
TOPIX/TOKYO		December 2012		1		90,741		92,822		2,081
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$(5,061	)

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

31

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Rock Maple Alternatives Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Common Stocks		39.1	%
Corporate Bonds		16.5	%
Investment Companies		15.1	%
U.S. Government Obligations		1.6	%
Purchased Options		0.4	%
Cash Equivalents1		27.4	%
Securities Sold Short		(17.1	)%
Written Options		(0.1	)%
Other Assets and Liabilities – Net2		17.1	%
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

October 31, 2012 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 39.1%
AEROSPACE & DEFENSE – 1.4%
15Lockheed Martin Corp.		5,531	$	518,089
BANKS – 0.2%
*,15HomeStreet, Inc.		1,310		58,662
BEVERAGES – 2.0%
Anheuser-Busch InBev NV		4,206		351,681
15Coca-Cola Enterprises, Inc.		11,750		369,420
TOTAL BEVERAGES			$	721,101
CHEMICALS – 0.3%
*,15Chemtura Corp.		6,430		102,430
COMMERCIAL SERVICES – 1.9%
*ADT Corp.		3,250		134,907
15Macquarie Infrastructure Co. LLC		3,420		142,580
15Mastercard, Inc.		450		207,419
15Visa, Inc.		1,500		208,140
TOTAL COMMERCIAL SERVICES			$	693,046
COMPUTERS – 1.0%
15Apple, Inc.		325		193,408
DST Systems, Inc.		1,120		63,885
*,15NCR Corp.		5,000		106,400
TOTAL COMPUTERS			$	363,693

Description	Number of Shares		Value
DIVERSIFIED FINANCIAL SERVICES – 2.0%
15American Express Co.		4,328	$	242,238
15JPMorgan Chase & Co.		11,850		493,908
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	736,146
ELECTRONICS – 0.6%
*,15Rogers Corp.		4,370		172,222
*,15Stoneridge, Inc.		7,691		38,224
TOTAL ELECTRONICS			$	210,446
FOOD – 0.9%
*,15Marine Harvest ASA		431,087		338,742
HOLDING COMPANIES-DIVERSIFIED – 0.5%
15Primoris Services Corp.		12,434		173,703
HOME BUILDERS – 1.7%
*Beazer Homes USA, Inc.		3,073		50,674
*Beazer Homes USA, Inc.		880		14,511
*,15Brookfield Residential Properties, Inc.		13,750		237,875
DR Horton, Inc.		5,462		114,484
Lennar Corp.		2,567		96,185
15MDC Holdings, Inc.		1,127		43,096
*PulteGroup, Inc.		3,604		62,493
TOTAL HOME BUILDERS			$	619,318

(Wilmington Rock Maple Alternatives Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

32 PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares		Value
INSURANCE – 1.9%
Allianz SE		1,760	$	218,221
*,15Berkshire Hathaway, Inc.		1,165		100,598
15XL Group PLC		15,624		386,538
TOTAL INSURANCE			$	705,357
INTERNET – 0.7%
*,15IntraLinks Holdings, Inc.		27,443		153,406
*,15Liberty Ventures		1,897		107,958
TOTAL INTERNET			$	261,364
LODGING – 1.5%
15Wynn Resorts Ltd.		4,557		551,670
MEDIA – 2.9%
15Kabel Deutschland Holding AG		5,325		383,680
*,15Liberty Global, Inc.		3,700		208,273
*,15Liberty Media Corp. – Liberty Capital		2,000		223,340
*Nielsen Holdings NV		1,113		32,188
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		73,108		231,874
TOTAL MEDIA			$	1,079,355
METALS & MINING – 1.3%
*Luxfer Holdings PLC ADR		11,200		123,088
15Newmont Mining Corp.		6,836		372,904
TOTAL METALS & MINING			$	495,992
OIL & GAS – 1.2%
*,15Lundin Petroleum AB		14,823		354,881
Suncor Energy, Inc.		2,500		84,050
TOTAL OIL & GAS			$	438,931
OIL & GAS SERVICES – 3.6%
*,15Cie Generale de Geophysique – Veritas		12,959		423,445
*,15Dresser-Rand Group, Inc.		3,648		187,981
15John Wood Group PLC		27,216		373,102
15Schlumberger Ltd.		5,186		360,583
TOTAL OIL & GAS SERVICES			$	1,345,111
PACKAGING & CONTAINERS – 0.2%
15Sealed Air Corp.		5,280		85,642
PHARMACEUTICALS – 1.3%
Herbalife Ltd.		3,010		154,563
*Pain Therapeutics, Inc.		43,000		200,810
*QLT, Inc.		18,528		139,331
TOTAL PHARMACEUTICALS			$	494,704
PIPELINES – 0.9%
Enbridge Energy Partners LP		2,575		77,250
Enterprise Products Partners LP		1,550		81,700
Kinder Morgan, Inc.		2,850		98,923

Description	Number of Shares		Value
Williams Cos., Inc.		2,500	$	87,475
TOTAL PIPELINES			$	345,348
REAL ESTATE INVESTMENT TRUSTS (REIT) – 4.8%
Annaly Capital Management, Inc.		7,543		121,744
15Chimera Investment Corp.		183,926		491,082
15MFA Financial, Inc.		62,657		511,908
*Spirit Realty Capital, Inc.		16,403		268,025
15Starwood Property Trust, Inc.		16,571		379,807
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	1,772,566
RETAIL – 0.9%
*,15Fiesta Restaurant Group, Inc.		5,239		69,260
*,15Saks, Inc.		14,846		152,617
*,15Wet Seal, Inc.		40,600		116,116
TOTAL RETAIL			$	337,993
SEMICONDUCTORS – 0.6%
*,15Freescale Semiconductor Holdings I Ltd.		10,400		92,976
*,15GSI Group, Inc.		14,238		110,629
TOTAL SEMICONDUCTORS			$	203,605
SOFTWARE – 2.0%
*,15InterXion Holding NV		9,600		205,152
Playtech Ltd.		59,256		405,068
*Verint Systems, Inc.		4,840		131,987
TOTAL SOFTWARE			$	742,207
TELECOMMUNICATIONS – 2.8%
Koninklijke KPN NV		26,963		170,231
15Virgin Media, Inc.		12,348		404,274
15Vodafone Group PLC ADR		16,890		459,746
TOTAL TELECOMMUNICATIONS			$	1,034,251
TOTAL COMMON STOCKS (COST $13,308,255)			$	14,429,472
INVESTMENT COMPANIES – 15.1%
ALTERNATIVE INVESTMENT FUND – 5.6%
Arbitrage Fund		161,796		2,058,043
ASSET ALLOCATION FUND – 0.6%
*,16Proshares UltraShort MSCI Europe		7,700		233,618
COMMODITY FUNDS – 0.7%
*iShares Gold Trust		4,300		72,068
*SPDR Gold Shares		1,150		191,889
TOTAL COMMODITY FUNDS			$	263,957
DEBT FUNDS – 1.0%
*iPath US Treasury Long Bond Bear ETN		1,850		51,800
RidgeWorth Seix Floating Rate High Income Fund		34,595		309,277
TOTAL DEBT FUNDS			$	361,077

(Wilmington Rock Maple Alternatives Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Rock Maple Alternatives Fund (continued)

Description	Par Value/ Shares		Value
EQUITY FUNDS – 7.2%
Professionally Managed Portfolios – The Osterweis Strategic Income Fund		221,935	$	2,589,987
*,16Proshares UltraShort MSCI Emerging Markets		2,900		73,283
TOTAL EQUITY FUNDS			$	2,663,270
TOTAL INVESTMENT COMPANIES (COST $5,669,678)			$	5,579,965
CORPORATE BONDS – 16.5%
COMPUTERS & PERIPHERALS – 1.4%
SunGard Data Systems, Inc., Company Guaranteed, 10.25%, 8/15/15	$	500,000		511,875
ENTERTAINMENT – 1.3%
Greektown Superholdings, Inc., Series A, Secured, 13.00%, 7/01/15		450,000		487,125
FOOD – 2.1%
ARAMARK Corp., Company Guaranteed, 8.50%, 2/01/15		500,000		510,000
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., Company Guaranteed, 9.25%, 4/01/15		274,000		280,679
TOTAL FOOD			$	790,679
IRON & STEEL – 1.4%
6,7Ryerson, Inc. / Joseph T Ryerson & Son, Inc., Sr.Secured, 9.00%, 10/15/17		500,000		511,250
LODGING – 1.4%
CityCenter Holdings LLC / CityCenter Finance Corp., Sr.Secured, 7.63%, 1/15/16		500,000		536,250
OFFICE/BUSINESS EQUIPMENT – 1.5%
CDW LLC / CDW Finance Corp., Company Guaranteed, 12.54%, 10/12/17		500,000		537,500
OIL & GAS – 1.4%
Offshore Group Investment Ltd., Sr.Secured, 11.50%, 8/01/15		464,000		515,097
RETAIL – 3.0%
Dave & Buster’s, Inc., Company Guaranteed, 11.00%, 6/01/18		500,000		564,375
Rite Aid Corp., Secured, 10.38%, 7/15/16		500,000		529,063
TOTAL RETAIL			$	1,093,438
SOFTWARE – 1.4%
First Data Corp., Company Guaranteed, 9.88%, 9/24/15		500,000		511,250
SOVEREIGN BONDS – 0.3%
Canadian Government Bond, , 2.75%, 6/01/22		50,000		54,355
Canadian Government Bond, , 3.25%, 6/01/21		50,000		56,394
TOTAL SOVEREIGN BONDS			$	110,749

Description	Par Value/ Shares		Value
TELECOMMUNICATIONS – 1.3%
Nextel Communications, Inc., Series D, Company Guaranteed, 7.38%, 8/01/15	$	475,000	$	477,375
TOTAL CORPORATE BONDS (COST $6,048,164)			$	6,082,588
U.S. GOVERNMENT OBLIGATIONS – 1.6%
U.S. TREASURY BILLS – 1.6%
150.16%, 2/07/13		500,000		499,851
150.17%, 5/02/13		100,000		99,925
TOTAL U.S. TREASURY BILLS			$	599,776
TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $599,700)			$	599,776
MONEY MARKET FUND – 27.4%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		10,130,885		10,130,885
TOTAL MONEY MARKET FUND (COST $10,130,885)			$	10,130,885
	Contracts
PURCHASED OPTIONS – 0.4%
CALL OPTIONS – 0.1%
ProShares UltraShort 20+ Year Treasury, Strike Price $64.00, Expiring 11/17/12		36		4,068
S&P 500 Index, Strike Price $1,550.00, Expiring 11/08/12		5		3
S&P 500 Index, Strike Price $1,515.00, Expiring 11/23/12		5		210
S&P 500 Index, Strike Price $1,520.00, Expiring 11/21/12		5		156
S&P 500 Index, Strike Price $1,525.00, Expiring 11/28/12		5		100
S&P 500 Index, Strike Price $1,530.00, Expiring 11/20/12		5		103
S&P 500 Index, Strike Price $1,550.00, Expiring 11/06/12		5		1
S&P 500 Index, Strike Price $1,310.00, Expiring 11/17/12		5		1,000
S&P 500 Index, Strike Price $1,345.00, Expiring 11/02/12		5		100
S&P 500 Index, Strike Price $1,565.00, Expiring 11/01/12		5		—
S&P 500 Index, Strike Price $1,575.00, Expiring 11/02/12		5		25
S&P 500 Index, Strike Price $1,565.00, Expiring 11/14/12		5		14
S&P 500 Index, Strike Price $1,560.00, Expiring 11/13/12		5		13
S&P 500 Index, Strike Price $1,540.00, Expiring 11/09/12		5		25
S&P 500 Index, Strike Price $1,550.00, Expiring 11/17/12		5		50
S&P 500 Index, Strike Price $1,290.00, Expiring 11/09/12		5		175

(Wilmington Rock Maple Alternatives Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

34 PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (continued)

Description	Contracts		Value
SPDR Gold Shares, Strike Price $168.00, Expiring 1/19/13		45	$	17,775
SPDR Gold Shares, Strike Price $175.00, Expiring 12/22/12		55		5,390
TOTAL CALL OPTIONS				29,208
PUT OPTIONS – 0.3%
Apple Inc., Strike Price $570.00, Expiring 11/17/12		1		640
AutoNatiion Inc., Strike Price $40.00, Expiring 1/19/13		40		3,200
Bank of America Corporation, Strike Price $7.50, Expiring 1/19/13		62		744
Caterpillar Inc., Strike Price $85.00, Expiring 1/19/13		8		3,600
Cummins Inc., Strike Price $100.00, Expiring 3/16/13		6		6,900
Deere & Company, Strike Price $75.00, Expiring 3/16/13		16		3,200
International Business Machines, Strike Price $190.00, Expiring 1/19/13		5		2,450
iShares MSCI Germany Index Fund, Strike Price $22.00, Expiring 1/19/13		332		26,560
KB Home, Strike Price $7.50, Expiring 1/19/13		47		188
Monsanto Company, Strike Price $72.50, Expiring 1/19/13		12		828
PPG Industries Inc., Strike Price $105.00, Expiring 1/19/13		7		1,242
S&P 500 Index, Strike Price $1,275.00, Expiring 11/20/12		5		794
S&P 500 Index, Strike Price $1,270.00, Expiring 11/21/12		5		799
S&P 500 Index, Strike Price $1,320.00, Expiring 11/14/12		5		1,038
S&P 500 Index, Strike Price $1,260.00, Expiring 11/23/12		5		805
S&P 500 Index, Strike Price $1,305.00, Expiring 11/08/12		5		299
S&P 500 Index, Strike Price $1,320.00, Expiring 11/01/12		5		—
S&P 500 Index, Strike Price $1,320.00, Expiring 11/13/12		5		929
S&P 500 Index, Strike Price $1,300.00, Expiring 11/06/12		5		126
S&P 500 Index, Strike Price $1,260.00, Expiring 11/28/12		5		1,400
salesforce.com, inc, Strike Price $130.00, Expiring 1/19/13		10		4,950
SPDR S&P 500, Strike Price $138.00, Expiring 1/19/13		36		12,024
SPDR S&P 500, Strike Price $140.00, Expiring 11/17/12		168		28,896
SPDR S&P 500, Strike Price $136.00, Expiring 11/17/12		198		14,058
T. Rowe Price Group Inc., Strike Price $55.00, Expiring 1/19/13		16		840

Description	Contracts			Value
Union Pacific Corporation, Strike Price $115.00, Expiring 1/19/13		16		$	3,888
United Rentals, Inc., Strike Price $32.00, Expiring 3/16/13		17			3,272
TOTAL PUT OPTIONS				$	123,670
TOTAL PURCHASED OPTIONS (COST $318,852)				$	152,878
TOTAL INVESTMENTS IN SECURITIES – 100.1% (COST $36,075,534)				$	36,975,564
	Number of Shares
SECURITIES SOLD SHORT – (17.1%)
COMMON STOCK – (0.8%)
DIVERSIFIED CONSUMER SERVICES – (0.1%)
DeVry, Inc.		(1,905	)	$	(50,025	)
INTERNET & CATALOG RETAIL – (0.2%)
Amazon.com, Inc.		(266	)		(61,930	)
INTERNET SOFTWARE & SERVICES – (0.1%)
Facebook, Inc.		(1,026	)		(21,664	)
OIL, GAS & CONSUMABLE FUELS – (0.1%)
Cabot Oil & Gas Corp.		(880	)		(41,342	)
REAL ESTATE – 0.0%**
Realogy Holdings Corp.		(293	)		(10,413	)
SPECIALTY RETAIL – (0.3%)
Home Depot, Inc.		(879	)		(53,953	)
Lowe’s Cos., Inc.		(1,026	)		(33,222	)
TOTAL SPECIALTY RETAIL				$	(87,175	)
TOTAL COMMON STOCK				$	(272,549	)
INVESTMENT COMPANIES – (16.3%)
EQUITY FUNDS – (16.3%)
Consumer Discretionary Select Sector SPDR Fund		(4,110	)		(189,348	)
Health Care Select Sector SPDR Fund		(3,800	)		(152,000	)
Industrial Select Sector SPDR Fund		(2,350	)		(85,752	)
iShares Core S&P 500 ETF		(5,284	)		(747,580	)
iShares Dow Jones U.S. Home Construction Index Fund		(1,700	)		(34,918	)
iShares Dow Jones US Real Estate Index Fund		(9,579	)		(613,343	)
iShares MSCI Emerging Markets Index Fund		(1,466	)		(60,267	)
iShares MSCI U.K. Index Fund		(50,000	)		(874,000	)
iShares Russell 2000 Index Fund		(3,225	)		(261,999	)
iShares Russell 2000 Value Index Fund		(940	)		(68,451	)
iShares S&P Europe 350 Index Fund		(30,000	)		(1,113,900	)
Market Vectors Semiconductor ETF		(1,480	)		(46,013	)
Materials Select Sector SPDR Fund		(26,988	)		(971,298	)
Proshares Ultra S&P500		(733	)		(43,013	)
SPDR S&P 500 ETF Trust Series T		(3,250	)		(458,835	)

(Wilmington Rock Maple Alternatives Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Rock Maple Alternatives Fund (continued)

Description	Number of Shares			Value
SPDR S&P 500 ETF Trust Series T		(690	)	$	(97,414	)
SPDR S&P Midcap 400 ETF Trust		(350	)		(62,388	)
Technology Select Sector SPDR Fund		(5,200	)		(150,124	)
TOTAL EQUITY FUNDS				$	(6,030,643	)
TOTAL INVESTMENT COMPANIES				$	(6,030,643	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $6,226,418)				$	(6,303,192	)
	Contracts
WRITTEN OPTIONS – (0.1%)
CALL OPTIONS – 0.0%**
S&P 500 Index, Strike Price $1,445.00, Expiring 11/23/12		(5	)		(3,814	)
S&P 500 Index, Strike Price $1,450.00, Expiring 11/21/12		(5	)		(2,901	)
S&P 500 Index, Strike Price $1,455.00, Expiring 11/28/12		(5	)		(2,750	)
S&P 500 Index, Strike Price $1,460.00, Expiring 11/20/12		(5	)		(1,806	)
S&P 500 Index, Strike Price $1,480.00, Expiring 11/06/12		(5	)		(52	)
S&P 500 Index, Strike Price $1,480.00, Expiring 11/08/12		(5	)		(126	)
S&P 500 Index, Strike Price $1,490.00, Expiring 11/13/12		(5	)		(237	)
S&P 500 Index, Strike Price $1,495.00, Expiring 11/01/12		(5	)		—
S&P 500 Index, Strike Price $1,495.00, Expiring 11/14/12		(5	)		(225	)
S&P 500 Index, Strike Price $1,505.00, Expiring 11/02/12		(5	)		(25	)
S&P 500 Index, Strike Price $1,470.00, Expiring 11/09/12		(5	)		(335	)
S&P 500 Index, Strike Price $1,480.00, Expiring 11/17/12		(5	)		(500	)
TOTAL CALL OPTIONS				$	(12,771	)

Description	Contracts			Value
PUT OPTIONS – (0.1%)
S&P 500 Index, Strike Price $1,330.00, Expiring 11/23/12		(5	)	$	(2,543	)
S&P 500 Index, Strike Price $1,330.00, Expiring 11/28/12		(5	)		(3,800	)
S&P 500 Index, Strike Price $1,340.00, Expiring 11/21/12		(5	)		(2,745	)
S&P 500 Index, Strike Price $1,345.00, Expiring 11/20/12		(5	)		(2,862	)
S&P 500 Index, Strike Price $1,370.00, Expiring 11/06/12		(5	)		(1,219	)
S&P 500 Index, Strike Price $1,375.00, Expiring 11/08/12		(5	)		(2,154	)
S&P 500 Index, Strike Price $1,390.00, Expiring 11/01/12		(5	)		(157	)
S&P 500 Index, Strike Price $1,390.00, Expiring 11/13/12		(5	)		(5,344	)
S&P 500 Index, Strike Price $1,390.00, Expiring 11/14/12		(5	)		(5,672	)
S&P 500 Index, Strike Price $1,415.00, Expiring 11/02/12		(5	)		(5,760	)
S&P 500 Index, Strike Price $1,360.00, Expiring 11/09/12		(5	)		(1,650	)
S&P 500 Index, Strike Price $1,380.00, Expiring 11/17/12		(5	)		(5,900	)
TOTAL PUT OPTIONS				$	(39,806	)
TOTAL WRITTEN OPTIONS (PREMIUM RECEIVED $72,964)				$	(52,577	)
TOTAL INVESTMENTS NET OF SECURITIES SOLD SHORT AND WRITTEN OPTIONS – 82.9% (COST $29,776,152)				$	30,619,795
OTHER ASSETS LESS LIABILITIES – 17.1%					6,297,722
TOTAL NET ASSETS – 100.0%				$	36,917,517

Cost of investments for Federal income tax purposes is $36,277,608. The net unrealized appreciation/(depreciation) of investments was $697,956. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,283,136 and net unrealized depreciation from investments for those securities having an excess of cost over value of $585,180.

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 Rock Maple Alternatives Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

36 PORTFOLIOS OF INVESTMENTS

Wilmington Rock Maple Alternatives Fund (concluded)

The following is a summary of the inputs used as of October 31, 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	$	14,429,472		$	—		$	—	$	14,429,472
Corporate Bonds		—			6,082,588			—		6,082,588
Investment Companies		5,579,965			—			—		5,579,965
Purchased Options		146,088			6,790			—		152,878
U.S. Government Obligations		—			599,776			—		599,776
Money Market Fund		10,130,885			—			—		10,130,885
Total Assets	$	30,286,410		$	6,689,154		$	—	$	36,975,564
Liabilities
Other Financial Instruments^
Securities Sold Short	$	(6,303,192	)	$	—		$	—	$	(6,303,192	)
Written Options		(14,170	)		(38,407	)		—		(52,577	)
Forward Foreign Currency Contracts		—			(11,573	)		—		(11,573	)
Total Liabilities	$	(6,317,362	)	$	(49,980	)	$	—	$	(6,367,342	)

^ 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 October 31, 2012, the Wilmington Rock Maple Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD
11/30/2012		Bank of New York		1,369,000 Euro		$1,772,444		$1,774,902		$(2,458)
11/30/2012		Bank of New York		473,000 Great British Pound		762,287		763,223		(936)
11/30/2012		Bank of New York		2,114,000 Norwegian Krone		365,870		370,384		(4,514)
11/30/2012		Bank of New York		2,296,000 Swedish Krona		342,176		345,841		(3,665)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$(11,573)

See Notes to Portfolios of Investments

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

37

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Real Asset Fund

At October 31, 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		30.8	%
U.S. Government Inflation-Linked Securities		20.8	%
Exchange-Traded Funds		1.8	%
Corporate Bonds		1.3	%
Corporate Notes		0.8	%
Asset-Backed Securities		0.1	%
Mortgage-Backed Securities		0.1	%
Real Estate Related Securities:
Real Estate Investment Trusts		20.4	%
Common Stocks		9.4	%
Exchange-Traded Funds		4.3	%
Commodity Related Securities:
Investment Companies		5.0	%
Exchange-Traded Funds		4.8	%
Structured Note		1.9	%
Purchased Options		0.0	%3
Short-Term Investments
Cash Equivalents1		2.9	%
Written Options		0.0	%3
Other Assets and Liabilities – Net2		(4.4	)%
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) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Par Value		Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 55.7%
CORPORATE BONDS – 1.3%
ENERGY – 0.1%
DCP Midstream Operating LP, Company Guaranteed, 3.25%, 10/1/2015	$	200,000	$	205,143
Petroleos Mexicanos, Company Guaranteed, 5.50%, 1/21/2021		100,000		117,250
TOTAL ENERGY			$	322,393

Description	Par Value		Value
FINANCIALS – 1.2%
AK Transneft OJSC Via TransCapitalInvest Ltd, Company Guaranteed, 8.70%, 8/7/2018	$	200,000	$	258,934
1,6,7Banco Santander Brazil SA, Sr. Unsecured, 2.49%, 3/18/2014		500,000		492,504
Banque PSA Finance SA, Sr. Unsecured, 4.00%, 7/19/2013		300,000		391,963
Dexia Credit Local SA,
1,6,7Government Liquid GTD, 0.81%, 3/5/2013		1,700,000		1,690,104
1Government Liquid GTD, 1.15%, 9/18/2013		600,000		782,915

(Wilmington Multi-Manager Real Asset Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

38 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
Ford Motor Credit Co., LLC, Sr. Unsecured, 8.00%, 6/1/2014	$	200,000	$	219,498
6,7International Lease Finance Corp., Sr. Secured, 7.13%, 9/1/2018		100,000		118,188
6,7MAGI Funding PLC, 1.31%, 4/11/2021		392,753		493,336
TOTAL FINANCIALS			$	4,447,442
TOTAL CORPORATE BONDS (COST $4,756,785)			$	4,769,835
CORPORATE NOTES – 0.8%
FINANCIALS – 0.8%
1JPMorgan Chase & Co., Notes, 1.11%, 9/30/2013		1,500,000		1,507,884
1,6,7Metropolitan Life Global Funding I, Secured, 1.10%, 1/10/2014		1,500,000		1,503,715
1Morgan Stanley, Sr. Unsecured, 1.29%, 4/29/2013		100,000		99,967
TOTAL FINANCIALS			$	3,111,566
TOTAL CORPORATE NOTES (COST $3,102,351)			$	3,111,566
EXCHANGE-TRADED FUNDS – 1.8%
DEBT FUND – 1.8%
iShares Barclays TIPS Bond Fund		55,300		6,777,568
TOTAL EXCHANGE-TRADED FUNDS (COST $6,471,042)			$	6,777,568
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 20.8%
U.S. GOVERNMENT AGENCY OBLIGATION – 2.0%
2Federal Home Loan Mortgage Corporation, 0.13%, 1/28/2013		7,500,000		7,497,607
U.S. TEASURY INFLATION INDEXED BILLS – 0.9%
U.S. Treasury Bill,
20.13%, 3/14/2013		180,000		179,915
20.14%, 4/11/2013		10,000		9,994
20.16%, 8/22/2013		61,000		60,920
U.S. Treasury Note, 2.00%, 2/15/2022		3,050,000		3,155,320
TOTAL U.S. TEASURY INFLATION INDEXED BILLS			$	3,406,149
U.S. TEASURY INFLATION INDEXED BONDS – 8.4%
U.S. Treasury Inflation Indexed Bond,
170.13%, 1/15/2022		10,300,000		11,453,836
0.75%, 2/15/2042		2,100,000		2,375,233
1.75%, 1/15/2028		578,000		831,464
2.00%, 1/15/2026		868,000		1,334,326
2.13%, 2/15/2040		400,000		632,267
2.38%, 1/15/2025		3,623,000		6,042,829
2.38%, 1/15/2027		1,100,000		1,750,249

Description	Par Value			Value
2.50%, 1/15/2029	$	48,000		$	74,297
3.38%, 4/15/2032		904,000			1,958,879
3.88%, 4/15/2029		2,399,000			5,633,867
TOTAL U.S. TEASURY INFLATION INDEXED BONDS				$	32,087,247
U.S. TEASURY INFLATION INDEXED NOTES – 9.5%
Inflation Protected Note, 1.63%, 1/15/2015		400,000			513,751
U.S. Treasury Inflation Indexed Note,
120.13%, 4/15/2017		3,900,000			4,240,709
170.13%, 7/15/2022		13,400,000			14,696,417
1.25%, 4/15/2014		40,000			45,016
1.25%, 7/15/2020		900,000			1,132,709
1.63%, 1/15/2018		1,900,000			2,431,203
1.88%, 7/15/2013		3,278,000			4,205,720
1.88%, 7/15/2015		1,500,000			1,941,229
2.00%, 7/15/2014		1,280,000			1,656,923
2.00%, 1/15/2016		8,000			10,325
2.13%, 1/15/2019		2,510,000			3,290,461
2.38%, 1/15/2017		1,500,000			1,997,398
TOTAL U.S. TEASURY INFLATION INDEXED NOTES				$	36,161,861
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $75,948,675)				$	79,152,864
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 30.8%
DIVERSIFIED – 0.2%
Network Rail Infrastructure Finance PLC, 1.38%, 11/22/2037		382,109	GBP		740,502
GOVERNMENT – 30.6%
Australia Government Bond,
3.00%, 9/20/2025		1,200,000	AUD		1,749,551
4.00%, 8/20/2020		350,000	AUD		709,626
Bonos del Banco Central de Chile en UF, 3.00%, 3/1/2022		227,620,200	CLP		493,710
Brazil Notas do Tesouro Nacional Serie B,
6.00%, 5/15/2017		7,019,000	BRL		8,599,848
6.00%, 8/15/2022		800,000	BRL		1,044,355
6.00%, 8/15/2024		1,640,000	BRL		2,179,293
6.00%, 5/15/2045		1,508,000	BRL		2,213,895
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 0.75%, 4/15/2018		354,671	EUR		498,746
Canadian Government Bond,
1.50%, 12/1/2044		842,840	CAD		1,123,368
3.00%, 12/1/2036		709,518	CAD		1,169,065

(Wilmington Multi-Manager Real Asset Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 39

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
4.00%, 12/1/2031		772,995	CAD	$	1,350,518
4.25%, 12/1/2021		4,251,371	CAD		6,075,108
Denmark I/L Government Bond, 0.10%, 11/15/2023		14,241,801	DKK		2,605,930
Deutsche Bundesrepublik Inflation Linked Bond,
0.10%, 4/15/2023		1,950,000	EUR		2,686,287
1.75%, 4/15/2020		849,495	EUR		1,294,345
France Government Bond OAT,
0.25%, 7/25/2018		650,000	EUR		893,180
1.00%, 7/25/2017		618,541	EUR		871,395
1.10%, 7/25/2022		670,793	EUR		941,337
1.30%, 7/25/2019		105,835	EUR		152,340
1.60%, 7/25/2015		1,114,987	EUR		1,563,108
1.80%, 7/25/2040		224,828	EUR		364,555
1.85%, 7/25/2027		629,568	EUR		955,221
2.10%, 7/25/2023		2,300,385	EUR		3,556,616
2.25%, 7/25/2020		479,096	EUR		732,448
3.15%, 7/25/2032		303,388	EUR		564,436
3.40%, 7/25/2029		124,287	EUR		233,509
French Treasury Note BTAN, 0.45%, 7/25/2016		573,029	EUR		782,910
Italy Buoni Poliennali Del Tesoro,
2.10%, 9/15/2016		900,000	EUR		1,225,781
2.10%, 9/15/2017		800,000	EUR		1,155,353
2.55%, 10/22/2016		1,100,000	EUR		1,442,632
Japanese Government CPI Linked Bond, 1.40%, 3/10/2018		64,090,000	JPY		886,154
Mexican Bonos, 8.50%, 12/13/2018		15,154,200	MXN		1,348,534
Mexican Udibonos,
2.50%, 12/10/2020		49,250,241	MXN		4,086,792
3.50%, 12/14/2017		32,256,494	MXN		2,783,011
4.50%, 12/18/2014		12,071,138	MXN		1,000,301
New South Wales Treasury Corp.,
2.75%, 11/20/2025		900,000	AUD		1,238,692
3.75%, 11/20/2020		800,000	AUD		1,089,596
Poland Government Bond, 3.00%, 8/24/2016		2,307,311	PLN		765,514
South Africa Government Bond – CPI Linked, 2.60%, 3/31/2028		4,745,941	ZAR		625,635
Sweden Government Bond,
3.50%, 12/1/2015		11,400,000	SEK		2,352,134
3.50%, 12/1/2028		1,500,000	SEK		416,537
4.00%, 12/1/2020		11,000,000	SEK		2,809,495
Turkey Government Bond,
3.00%, 1/6/2021		225,238	TRY		137,656
9.00%, 5/21/2014		1,649,903	TRY		1,062,197
U.K. Gilt Inflation Linked,
0.13%, 3/22/2024		501,140	GBP		859,670
0.13%, 3/22/2029		358,183	GBP		586,696

Description	Par Value			Value
0.13%, 3/22/2044		1,322,983	GBP	$	2,019,926
0.38%, 3/22/2062		123,634	GBP		207,142
0.50%, 3/22/2050		466,814	GBP		802,511
0.63%, 3/22/2040		336,645	GBP		597,624
0.63%, 11/22/2042		1,155,016	GBP		2,074,643
0.75%, 3/22/2034		3,975,788	GBP		7,184,822
0.75%, 11/22/2047		1,777,549	GBP		3,308,762
1.13%, 11/22/2037		840,966	GBP		1,662,284
1.25%, 11/22/2017		1,028,452	GBP		1,905,446
1.25%, 11/22/2027		8,379,636	GBP		16,350,885
1.25%, 11/22/2032		335,700	GBP		667,904
1.25%, 11/22/2055		505,664	GBP		1,128,941
1.88%, 11/22/2022		2,244,717	GBP		4,595,753
2.50%, 4/16/2020		250,000	GBP		1,489,166
2.50%, 7/17/2024		220,000	GBP		1,177,059
TOTAL GOVERNMENT				$	116,449,948
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $112,436,989)				$	117,190,450
ASSET-BACKED SECURITIES – 0.1%
DIVERSIFIED FINANCIAL SERVICES – 0.1%
1,6,7SLM Student Loan Trust, 2.13%, 8/15/2016		11,798			11,817
1,6,7Venture CDO Ltd, 0.55%, 1/20/2022		400,000			382,610
TOTAL DIVERSIFIED FINANCIAL SERVICES				$	394,427
TOTAL ASSET-BACKED SECURITIES (COST $372,976)				$	394,427
MORTGAGE-BACKED SECURITIES – 0.1%
WHOLE LOAN – 0.1%
WAMU Mortgage Pass-Through Certificates,
12.30%, 11/25/2036		498,501			353,833
12.76%, 3/25/2037		222,725			188,486
TOTAL WHOLE LOAN				$	542,319
TOTAL MORTGAGE-BACKED SECURITIES (COST $525,501)				$	542,319
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $203,614,319)				$	211,939,029

(Wilmington Multi-Manager Real Asset Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

40 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
REAL ESTATE RELATED SECURITIES – 34.1%
COMMON STOCKS – 9.4%
DEPARTMENT STORES – 0.3%
Lifestyle International Holdings Ltd.		600,400	$	1,282,911
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.9%
CapitaLand Ltd.		605,616		1,623,516
City Developments Ltd.		131,000		1,230,743
Daito Trust Construction Co. Ltd.		7,901		797,721
Daiwa House Industry Co. Ltd.		86,700		1,313,044
Great Eagle Holdings Ltd.		61,100		181,328
Hang Lung Group Ltd.		41,900		248,155
Hang Lung Properties Ltd.		433,999		1,509,186
Kerry Properties Ltd.		372,000		1,845,588
Mitsubishi Estate Co. Ltd.		170,810		3,378,542
Mitsui Fudosan Co. Ltd.		160,489		3,242,750
New World Development Co. Ltd.		127,700		197,398
PSP Swiss Property AG		3,725		341,982
Sumitomo Realty & Development Co. Ltd.		26,700		737,151
Sun Hung Kai Properties Ltd.		87,353		1,216,171
Swire Properties Ltd.		79,000		244,644
Wharf Holdings Ltd.		77,000		527,074
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	18,634,993
FINANCIALS – 0.0%**
Deutsche Wohnen AG		4,150		76,059
HOTELS, RESORTS & CRUISE LINES – 0.7%
Melia Hotels International SA		110,000		816,246
Shangri-La Asia Ltd.		482,416		933,702
Starwood Hotels & Resorts Worldwide, Inc.		16,400		850,340
TOTAL HOTELS, RESORTS & CRUISE LINES			$	2,600,288
REAL ESTATE DEVELOPMENT – 1.3%
Cheung Kong Holdings Ltd.		92,634		1,368,584
China Overseas Land & Investment Ltd.		702,000		1,838,776
China Resources Land Ltd.		118,000		269,495
Guangzhou R&F Properties Co. Ltd.		320,000		393,494
Keppel Land Ltd.		82,000		228,562
Sino Land Co. Ltd.		339,982		608,893
Wing Tai Holdings Ltd.		195,975		278,748
TOTAL REAL ESTATE DEVELOPMENT			$	4,986,552
REAL ESTATE OPERATING COMPANIES – 2.2%
Aeon Mall Co. Ltd.		48,700		1,263,406
Brookfield Office Properties, Inc.		47,200		728,296
Castellum AB		62,390		835,736
Central Pattana PCL		450,000		1,042,414

Description	Number of Shares		Value
Central Pattana PCL		8,000	$	18,532
Global Logistic Properties Ltd.		249,300		525,251
GSW Immobilien AG		10,674		439,193
Hongkong Land Holdings Ltd.		226,081		1,435,614
Hufvudstaden AB		14,129		179,464
Hysan Development Co. Ltd.		336,617		1,487,620
Safestore Holdings PLC		66,300		116,889
Sonae Sierra Brasil SA		3,800		63,612
TOTAL REAL ESTATE OPERATING COMPANIES			$	8,136,027
TOTAL COMMON STOCKS (COST $27,273,993)			$	35,716,830
REAL ESTATE INVESTMENT TRUSTS – 20.4%
DIVERSIFIED – 2.5%
British Land Co. PLC		28,818		245,781
Canadian Real Estate Investment Trust		3,888		162,099
Dexus Property Group		765,114		782,317
Fonciere Des Regions		4,246		341,322
GPT Group		275,796		1,019,198
ICADE		15,850		1,426,361
Kenedix Realty Investment Corp.		46		157,194
Land Securities Group PLC		146,291		1,898,075
Liberty Property Trust		18,300		642,696
Mirvac Group		296,975		463,956
Shaftesbury PLC		52,733		466,340
Stockland		299,560		1,075,921
United Urban Investment Corp.		161		193,611
Vornado Realty Trust		5,697		456,956
TOTAL DIVERSIFIED			$	9,331,827
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.2%
Eurocommercial Properties NV		2,927		114,820
Plum Creek Timber Co., Inc.		9,100		399,490
*Tokyo Tatemono Co. Ltd.		107,000		439,634
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	953,944
FINANCIALS – 0.5%
American Tower Corp.		7,200		542,088
Centro Retail Australia		207,600		463,326
Goodman Group		109,943		505,582
Investa Office Fund		113,200		348,998
TOTAL FINANCIALS			$	1,859,994
INDUSTRIAL – 0.7%
Ascendas Real Estate Investment Trust		33,000		63,847
Prologis, Inc.		73,421		2,517,606
TOTAL INDUSTRIAL			$	2,581,453

(Wilmington Multi-Manager Real Asset Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
OFFICE – 3.4%
12Alexandria Real Estate Equities, Inc.		16,000	$	1,126,880
Boston Properties, Inc.		32,000		3,401,600
CapitaCommercial Trust		533,000		686,022
Derwent London PLC		46,658		1,552,581
Douglas Emmett, Inc.		45,000		1,055,250
Great Portland Estates PLC		156,514		1,181,047
Highwoods Properties, Inc.		8,000		258,000
Japan Real Estate Investment Corp.		76		760,666
Kilroy Realty Corp.		27,600		1,225,716
Nippon Building Fund, Inc.		31		332,795
SL Green Realty Corp.		13,900		1,046,670
Societe Immobiliere de Location pour l’industrie et le Commerce		1,430		160,326
TOTAL OFFICE			$	12,787,553
RESIDENTIAL – 3.0%
Advance Residence Investment Corp.		52		112,690
American Campus Communities, Inc.		25,800		1,168,998
AvalonBay Communities, Inc.		7,729		1,047,743
Boardwalk Real Estate Investment Trust		16,700		1,074,652
BRE Properties, Inc.		12,000		580,200
Equity Residential		48,200		2,767,162
Essex Property Trust, Inc.		16,500		2,475,000
Nippon Accommodations Fund, Inc.		25		177,565
Post Properties, Inc.		13,100		639,411
UDR, Inc.		62,819		1,524,617
TOTAL RESIDENTIAL			$	11,568,038
RETAIL – 7.2%
Calloway Real Estate Investment Trust		3,900		113,046
CapitaMall Trust		323,542		559,660
12DDR Corp.		77,910		1,196,698
Federal Realty Investment Trust		13,500		1,455,705
Frasers Centrepoint Trust		44,000		70,520
General Growth Properties, Inc.		60,374		1,186,953
Hammerson PLC		217,338		1,654,753
Japan Retail Fund Investment Corp.		243		442,897
Kimco Realty Corp.		44,600		870,592
Klepierre		23,648		876,777
Link REIT		208,800		1,038,605
Macerich Co.		21,884		1,247,388
Primaris Retail Real Estate Investment Trust		7,000		164,075
RioCan Real Estate Investment Trust		74,878		2,042,230
Simon Property Group, Inc.		41,169		6,266,333
Tanger Factory Outlet Centers		10,200		320,994
Taubman Centers, Inc.		22,700		1,783,085
Unibail-Rodamco SE		13,721		3,091,813

Description	Number of Shares		Value
Westfield Group		157,885	$	1,747,103
Westfield Retail Trust		361,263		1,162,534
TOTAL RETAIL			$	27,291,761
SPECIALIZED – 2.9%
HCP, Inc.		23,700		1,049,910
Health Care REIT, Inc.		45,500		2,704,065
Host Hotels & Resorts, Inc.		149,514		2,161,972
Pebblebrook Hotel Trust		9,400		199,468
Public Storage		17,300		2,398,299
Ventas, Inc.		41,384		2,618,366
TOTAL SPECIALIZED			$	11,132,080
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $57,079,615)			$	77,506,650
EXCHANGE-TRADED FUNDS – 4.3%
EQUITY FUNDS – 4.3%
SPDR Dow Jones International Real Estate ETF		271,400		11,056,836
Vanguard REIT ETF		85,000		5,472,300
TOTAL EQUITY FUNDS			$	16,529,136
TOTAL EXCHANGE-TRADED FUNDS (COST $14,500,514)			$	16,529,136
TOTAL REAL ESTATE RELATED SECURITIES (COST $98,854,122)			$	129,752,616
COMMODITY RELATED SECURITIES – 11.7%
EXCHANGE-TRADED FUND – 4.8%
COMMODITY FUND – 4.8%
*PowerShares DB Commodity Index Tracking Fund		663,000		18,272,280
TOTAL EXCHANGE-TRADED FUND (COST $17,701,950)			$	18,272,280
INVESTMENT COMPANIES – 5.0%
COMMODITY FUNDS – 5.0%
Credit Suisse Commodity Return Strategy Fund		1,724,196		14,172,893
PIMCO Commodity RealReturn Strategy Fund		711,399		4,887,314
TOTAL COMMODITY FUNDS			$	19,060,207
TOTAL INVESTMENT COMPANIES (COST $17,761,101)			$	19,060,207
STRUCTURED NOTE – 1.9%
FINANCIALS – 1.9%
2Deutsche Bank AG, London Branch, Structured Note Linked to Dow Jones-UBS Commodity Index		6,000,000		7,166,400
TOTAL STRUCTURED NOTE (COST $6,000,000)			$	7,166,400
TOTAL COMMODITY RELATED SECURITIES (COST $41,463,051)			$	44,498,887

(Wilmington Multi-Manager Real Asset Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

42 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Contracts		Value
PURCHASED OPTIONS – 0.0%**
CALL OPTION – 0.0%**
U.S. 30Y Futures, Strike Price 8.50%, Expiring 12/10/2012		100,000	$	7,255
PUT OPTIONS – 0.0%**
U.S. 30Y Futures, Strike Price 3.88%, Expiring 4/14/2014		600,000		12,078
U.S. 30Y Futures, Strike Price 8.51%, Expiring 12/10/2012		200,000		14,511
TOTAL PUT OPTIONS			$	26,589
TOTAL PURCHASED OPTIONS (COST $56,030)			$	33,844
	Number of Shares
SHORT-TERM INVESTMENTS – 2.5%
MONEY MARKET FUND – 2.5%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		7,952,419		7,952,419
8,9Wilmington Prime Money Market Fund, 0.03%		1,516,248		1,516,248
TOTAL MONEY MARKET FUND (COST $9,468,667)			$	9,468,667
TOTAL SHORT-TERM INVESTMENTS (COST $9,468,667)			$	9,468,667
	Par Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES –0.4%
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.4%
REPURCHASE AGREEMENTS – 0.4%
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.33%, dated 10/31/12, due 11/01/12, repurchase price $1,000,009, collateralized by U.S. Government Securities 3.00% to 4.50%, maturing 1/01/27 to 10/20/42; total market value of $1,020,000.	$	1,000,000		1,000,000
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $528,944, collateralized by U.S. Government Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $539,520.		528,940		528,940
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,528,940)			$	1,528,940
TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES (COST $1,528,940)			$	1,528,940
TOTAL INVESTMENTS IN SECURITIES BEFORE WRITTEN OPTIONS – 104.4% (COST $354,985,129)			$	397,221,983

Description	Contracts			Value
WRITTEN OPTIONS – 0.0%**
CALL OPTIONS – 0.0%**
INF FLOOR USD, Strike Price 216.69%, Expiring 4/7/2020		(260	)	$	(4,270	)
U.S. 2Y Futures, Strike Price 0.92%, Expiring 11/14/2012		(140	)		(14,798	)
U.S. 3Y Futures, Strike Price 1.50%, Expiring 12/28/2012		(460	)		(17,554	)
U.S. 3Y Futures, Strike Price 1.50%, Expiring 12/28/2012		(250	)		(8,000	)
U.S. 5Y Futures, Strike Price 0.75%, Expiring 3/18/2013		(140	)		(2,842	)
U.S. 5Y Futures, Strike Price 0.75%, Expiring 3/18/2013		(260	)		(5,278	)
U.S. 5Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(80	)		(30,300	)
U.S. 5Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(230	)		(87,113	)
TOTAL CALL OPTIONS				$	(170,155	)
PUT OPTIONS – 0.0%**
EURO 10Y Futures, Strike Price 2.15%, Expiring 1/7/2013		(40	)		(842	)
U.S. 2Y Futures, Strike Price 0.92%, Expiring 11/14/2012		(140	)		—
U.S. 3Y Futures, Strike Price 1.50%, Expiring 12/28/2012		(460	)		(10,601	)
U.S. 3Y Futures, Strike Price 1.50%, Expiring 12/28/2012		(250	)		(8,000	)
U.S. 5Y Futures, Strike Price 1.40%, Expiring 3/18/2013		(260	)		(3,785	)
U.S. 5Y Futures, Strike Price 1.40%, Expiring 3/18/2013		(140	)		(2,038	)
U.S. 5Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(230	)		(1,459	)
U.S. 5Y Futures, Strike Price 2.85%, Expiring 4/14/2014		(270	)		(6,416	)
U.S. 5Y Futures, Strike Price 1.70%, Expiring 3/18/2013		(80	)		(508	)
TOTAL PUT OPTIONS				$	(33,649	)
TOTAL WRITTEN OPTIONS (PREMIUM RECEIVED $219,037)				$	(203,804	)
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS – 104.4% (COST $354,766,092)				$	397,018,179
COLLATERAL FOR LOANED SECURITIES – (0.4)%					(1,528,940	)
OTHER LIABILITIES LESS ASSETS – (4.0)%					(15,258,399	)
TOTAL NET ASSETS – 100.0%				$	380,230,840

(Wilmington Multi-Manager Real Asset Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 43

Wilmington Multi-Manager Real Asset Fund (continued)

Cost of investments for Federal income tax purposes is $371,566,457. The net unrealized appreciation/(depreciation) of investments was $25,655,526. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $26,607,636 and net unrealized depreciation from investments for those securities having an excess of cost over value of $952,110.

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 October 31, 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	$	—	$	4,769,835		$	—	$	4,769,835
Corporate Notes		—		3,111,566			—		3,111,566
Exchange-Traded Funds		6,777,568		—			—		6,777,568
U.S. Government Inflation-Linked Securities		—		79,152,864			—		79,152,864
Foreign Government Inflation-Linked Securities		—		117,190,450			—		117,190,450
Asset-Backed Securities		—		394,427			—		394,427
Mortgage-Backed Securities		—		542,319			—		542,319
Real Estate Related Securities
Common Stocks		34,403,786		1,313,044			—		35,716,830
Real Estate Investment Trusts		77,506,650		—			—		77,506,650
Exchange-Traded Funds		16,529,136		—			—		16,529,136
Commodity Related Securities
Exchange-Traded Fund		18,272,280		—			—		18,272,280
Investment Companies		19,060,207		—			—		19,060,207
Structured Note		—		7,166,400			—		7,166,400
Purchased Options		—		33,844			—		33,844
Short-Term Investments
Money Market Funds		9,468,667		—			—		9,468,667
Repurchase Agreements		—		1,528,940			—		1,528,940
Total Investments		182,018,294		215,203,689			—		397,221,983
Other Financial Instruments^
Credit Default Swap		—		10,619			—		10,619
Interest Rate Swap		—		113,007			—		113,007
Forward Foreign Currency Contracts		—		954,572			—		954,572
Financial Futures Contracts		—		18,689			—		18,689
Total Assets	$	182,018,294	$	216,300,576		$	—	$	398,318,870
Liabilities
Other Financial Instruments^
Financial Futures Contracts	$	—	$	(18,195	)	$	—	$	(18,195	)
Interest Rate Swap		—		(9,768	)		—		(9,768	)
Written Options		—		(203,804	)		—		(203,804	)
Forward Foreign Currency Contracts		—		(1,341,219	)		—		(1,341,219	)
Total Liabilities	$	—	$	(1,572,986	)	$	—	$	(1,572,986	)

^ 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.

(Wilmington Multi-Manager Real Asset Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

44 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

At October 31, 2012, the Wilmington Multi-Manager Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counter Party		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
11/2/2012		Goldman Sachs & Company		20,234,000 Great British Pound		$32,458,998		$32,652,863		$193,865
11/2/2012		HSBC Securities, Inc.		291,000 Great British Pound		471,321		469,605		(1,716	)
11/2/2012		RBC Dominion Securities		452,000 Great British Pound		722,694		729,421		6,727
11/2/2012		WestPac Bank		3,668,000 Great British Pound		5,954,316		5,919,280		(35,036	)
11/14/2012		JP Morgan Securities		1,490,109 Polish Zloty		465,877		465,940		63
11/21/2012		Deutsche Bank		5,013,000 Swedish Krona		747,343		755,299		7,956
12/3/2012		Credit Suisse		175,471 Mexican Neuvo Peso		13,082		13,356		274
12/3/2012		JP Morgan Securities		1,242,920 Mexican Neuvo Peso		91,769		94,603		2,834
12/3/2012		Morgan Stanley & Co., Inc.		115,217,504 Mexican Neuvo Peso		8,989,569		8,769,665		(219,904	)
12/4/2012		HSBC Securities, Inc.		25,763,429 Brazil Real		12,579,799		12,624,951		45,152
12/4/2012		HSBC Securities, Inc.		2,147,006 Brazil Real		1,053,642		1,052,106		(1,536	)
12/4/2012		HSBC Securities, Inc.		305,520 Brazil Real		150,000		149,715		(285	)
12/17/2012		Chase Manhattan Corp.		489,000 Euro		632,101		634,121		2,020
12/17/2012		Citigroup Global Markets		200,000 Euro		262,957		259,354		(3,603	)
12/17/2012		Citigroup Global Markets		332,000 Euro		430,071		430,528		457
12/17/2012		Credit Suisse		586,000 Euro		757,885		759,908		2,023
12/17/2012		HSBC Securities, Inc.		547,000 Euro		710,170		709,334		(836	)
12/17/2012		Morgan Stanley & Co., Inc.		58,000 Euro		75,163		75,212		49
12/17/2012		Royal Bank of Scotland		39,000 Euro		50,198		50,574		376
12/17/2012		WestPac Bank		703,000 Euro		911,405		911,631		226
12/21/2012		UBS Warburg LLC		251,910 Euro		327,322		326,686		(636	)
12/21/2012		UBS Warburg LLC		148,114 Great British Pound		238,500		238,981		481
1/9/2013		Deutsche Bank		7,009,083 Chilean Paeso		14,210		14,420		210
1/9/2013		HSBC Securities, Inc.		4,930,000 Chilean Paeso		10,000		10,143		143
2/1/2013		Barclays Bank International		4,678,475 Chinese Yuan		742,026		743,415		1,389
CONTRACTS SOLD
11/1/2012		WestPac Bank		3,992,000 Australian Dollar		4,157,668		4,143,916		13,752
11/2/2012		Banc of America Securities		7,596,000 Great British Pound		12,320,712		12,258,137		62,575
11/2/2012		Barclays Bank International		151,000 Great British Pound		242,738		243,678		(940	)
11/2/2012		Citigroup Global Markets		2,968,000 Great British Pound		4,798,781		4,789,646		9,135
11/2/2012		Credit Suisse		1,656,000 Great British Pound		2,651,425		2,672,390		(20,965	)
11/2/2012		HSBC Securities, Inc.		10,564,000 Great British Pound		17,103,116		17,047,783		55,333
11/2/2012		HSBC Securities, Inc.		528,000 Great British Pound		841,447		852,066		(10,619	)
11/2/2012		Royal Bank of Scotland		452,000 Great British Pound		728,780		729,420		(640	)
11/2/2012		WestPac Bank		730,000 Great British Pound		1,184,184		1,178,046		6,138
11/2/2012		Bank of New York		498,201 Japanese Yen		6,255		6,241		14
11/5/2012		UBS Warburg LLC		251,910 Euro		327,191		326,526		665
11/5/2012		Bank of New York		1,071 Great British Pound		1,723		1,729		(6	)
11/5/2012		Bank of New York		2,643 Great British Pound		4,250		4,265		(15	)
11/5/2012		UBS Warburg LLC		148,114 Great British Pound		238,535		239,017		(482	)
11/14/2012		JP Morgan Securities		1,490,109 Polish Zloty		449,004		465,941		(16,937	)
11/21/2012		Barclays Bank International		7,436,000 Danish Krone		1,247,462		1,292,485		(45,023	)
11/21/2012		Deutsche Bank		7,435,000 Danish Krone		1,247,965		1,292,312		(44,347	)

(Wilmington Multi-Manager Real Asset Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counter Party		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
11/21/2012		HSBC Securities, Inc.		34,928,000 Swedish Krona		$5,217,027		$5,262,540		$(45,513	)
12/3/2012		Barclays Bank International		13,055,055 Mexican Neuvo Peso		967,794		993,672		(25,878	)
12/3/2012		Barclays Bank International		31,354,756 Mexican Neuvo Peso		2,369,258		2,386,536		(17,278	)
12/3/2012		HSBC Securities, Inc.		72,226,084 Mexican Neuvo Peso		5,333,881		5,497,416		(163,535	)
12/4/2012		HSBC Securities, Inc.		26,068,949 Brazilian Real		12,644,395		12,774,666		(130,271	)
12/4/2012		JP Morgan Securities		2,147,006 Brazilian Real		1,052,712		1,052,106		606
12/4/2012		Goldman Sachs & Company		20,234,000 Great British Pound		32,455,336		32,648,824		(193,488	)
12/13/2012		WestPac Bank		3,992,000 Australian Dollar		4,114,954		4,129,250		(14,296	)
12/17/2012		Barclays Bank International		1,086,000 Euro		1,416,064		1,408,294		7,770
12/17/2012		Barclays Bank International		1,654,000 Euro		2,168,948		2,144,861		24,087
12/17/2012		Barclays Bank International		313,000 Euro		405,704		405,889		(185	)
12/17/2012		Citigroup Global Markets		650,000 Euro		845,668		842,902		2,766
12/17/2012		Citigroup Global Markets		1,432,000 Euro		1,834,585		1,856,977		(22,392	)
12/17/2012		Credit Suisse		63,000 Euro		81,113		81,696		(583	)
12/17/2012		Deutsche Bank		1,828,000 Euro		2,358,083		2,370,499		(12,416	)
12/17/2012		HSBC Securities, Inc.		1,423,000 Euro		1,793,948		1,845,307		(51,359	)
12/17/2012		HSBC Securities, Inc.		2,864,000 Euro		3,678,264		3,713,955		(35,691	)
12/17/2012		Royal Bank of Scotland		600,000 Euro		778,188		778,063		125
12/17/2012		Royal Bank of Scotland		797,000 Euro		1,020,276		1,033,527		(13,251	)
12/20/2012		Citigroup Global Markets		3,906,000 Canadian Dollar		4,032,728		3,906,638		126,090
12/20/2012		Deutsche Bank		1,287,000 Canadian Dollar		1,319,235		1,287,210		32,025
12/20/2012		Deutsche Bank		2,229,000 Canadian Dollar		2,281,123		2,229,364		51,759
12/20/2012		Royal Bank of Scotland		1,048,000 Canadian Dollar		1,073,220		1,048,171		25,049
12/21/2012		UBS Warburg LLC		668,860 Australian Dollar		685,737		691,392		(5,655	)
12/21/2012		UBS Warburg LLC		1,344,600 Canadian Dollar		1,349,553		1,344,790		4,763
12/21/2012		Societe General Securities		699,356 Euro		905,869		906,951		(1,082	)
12/21/2012		UBS Warburg LLC		6,208,650 Euro		8,090,684		8,051,606		39,078
12/21/2012		Societe General Securities		9,191,300 Great British Pound		14,703,837		14,830,059		(126,222	)
12/21/2012		Societe General Securities		70,892,000 Japanese Yen		888,976		888,531		445
12/21/2012		Societe General Securities		8,016,000 Swedish Krona		1,211,733		1,206,676		5,057
1/9/2013		Deutsche Bank		251,950,000 Chilean Paeso		500,000		518,346		(18,346	)
1/30/2013		Chase Manhattan Corp.		920,643 South African Rand		104,134		104,713		(579	)
1/30/2013		JP Morgan Securities		1,583,383 Turkish Lira		860,207		872,709		(12,502	)
2/1/2013		JP Morgan Securities		4,641,958 Chinese Yuan		728,550		737,612		(9,062	)
2/4/2013		HSBC Securities, Inc.		25,763,429 Brazilian Real		12,479,863		12,517,972		(38,109	)
2/12/2013		JP Morgan Securities		1,490,109 Polish Zloty		461,449		461,352		97
4/3/2013		Morgan Stanley & Co., Inc.		115,217,504 Mexican Neuvo Peso		8,882,905		8,659,907		222,998
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$(386,647	)

(Wilmington Multi-Manager Real Asset Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

46 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

At October 31, 2012, the Wilmington Multi-Manager Real Asset Fund had the following outstanding foreign exchange contracts:

Settlement Date	Counterparty		Contracts to Deliver/Receive		In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
11/1/2012		WestPac Bank		3,992,000 Australian Dollar		$4,128,698		$4,143,916		$15,218
11/2/2012		Bank of Tokyo		2,360 Hong Kong Dollar		305		305		—
CONTRACTS SOLD
2/4/2013		HSBC Securities Inc.		2,147,006 Brazilian Real		1,044,874		1,057,092		(12,218	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FOREIGN EXCHANGE CONTRACTS										$3,000

At October 31, 2012, the Wilmington Multi-Manager Real Asset Fund had open financial futures contracts as follows:

Underlying Contracts to Buy	Expiration Date		Number of Contracts		Contract Amount		Current Amount		Unrealized (Appreciation) Depreciation
LONG POSITIONS:
90 DAY EURO DOLLAR		September 2015		6		$1,486,909		$1,487,475		$566
90 DAY EURO DOLLAR		March 2016		20		4,942,988		4,945,750		2,762
										3,328
SHORT POSITIONS:
AUSTRALIAN 10YR BOND		December 2012		3		382,944		390,237		(7,293	)
EURO-BUND 10YR FUT		December 2012		3		543,839		550,913		(7,074	)
EURO-SCHATZ 10YR FUT		December 2012		14		2,011,124		2,008,762		2,362
LONG 10YR GILT FUT		December 2012		3		576,340		576,791		(451	)
U.S. LONG TREASURY BOND		December 2012		9		1,498,843		1,485,844		12,999
U.S. LONG TREASURY BOND		December 2012		5		661,779		665,156		(3,377	)
										(2,834	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$494

At October 31, 2012, the Wilmington Multi-Manager Real Asset Fund had open interest swap contracts as follows:

Counterparty	Termination Date		Notional Amount		Fixed Rate			Floating Rate	Fair Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Deutsche Bank AG#		12/19/42		1,400,000		2.50	%	3-month LIBOR rate	$	34,889		$	44,370	$	(9,481	)
Deutsche Bank AG#		07/25/16		200,000		2.00		France CPI EX-Tobacco Househol		(69	)		218		(287	)
Morgan Stanley Capital Services, LLC#		01/02/15		10,900,000		8.63		Brazilian Interbank Deposit		96,233			46,933		49,300
Deutsche Bank AG#		07/15/22		400,000		2.50		US Urban Consumers NSA		11,087			5,918		5,169
Citibank NA#		10/02/22		500,000		2.66		US Urban Consumers NSA		9,409			3,785		5,624
HSBC Bank USA, NA#		01/02/14		4,000,000		9.49		Brazilian Interbank Deposit		55,291			2,377		52,914
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS									$	206,840		$	103,601	$	103,239

(Wilmington Multi-Manager Real Asset Fund continued next page)

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PORTFOLIOS OF INVESTMENTS 47

Wilmington Multi-Manager Real Asset Fund (concluded)

At October 31, 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	Implied Credit Spread at October  31, 2012(c)	Fair Value(b)		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Royal Bank of Scotland PLC##		06/20/15		500,000		1.00	%	Brazil EM SP	0.648%	$	5,206	$	(2,612	)	$	7,818
Goldman Sachs International##		12/20/15		400,000		1.00		Japan Govt JP SP GST	0.384%		8,184		5,383			2,801
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS										$	13,390	$	2,771		$	10,619

# 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.

At October 31, 2012, The Wilmington Multi-Manager Real Asset Fund had open reverse repurchase agreements as follows:

Counterparty	Interest Rate		Maturity		Fair Value
BNP Paribas		0.23%		2/8/2013		$1,185,886
JPMorgan Securities, Inc.		0.27%		11/14/2012		2,064,030
JPMorgan Securities, Inc.		0.28%		11/9/2012		438,024
						$3,687,940

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

48

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Conservative Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Wilmington Intermediate-Term Bond Fund, Class I		56.1	%
Wilmington Large-Cap Strategy Fund, Class I		11.9	%
Wilmington Multi-Manager International Fund, Class I		8.6	%
Wilmington Multi-Manager Real Asset Fund, Class I		5.2	%
PowerShares Emerging Markets Sovereign Debt Portfolio		4.7	%
Vanguard High-Yield Corporate Fund		3.8	%
RidgeWorth Seix Floating Rate High Income Fund, Class I		2.8	%
Dreyfus International Bond Fund, Class I		2.2	%
Vanguard Dividend Appreciation ETF		1.1	%
Dreyfus Cash Management Fund, Institutional Shares		0.6	%
Wilmington Small-Cap Strategy Fund, Class I		0.6	%
SPDR S&P Global Natural Resources ETF		0.5	%
Other Assets and Liabilities – Net1		1.9	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Number of Shares		Value
INVESTMENT COMPANIES – 98.1%
ASSET ALLOCATION FUND – 5.2%
9Wilmington Multi-Manager Real Asset Fund		174,338	$	2,555,793
DEBT FUNDS – 69.6%
Dreyfus International Bond Fund, Class I		60,753		1,068,044
PowerShares Emerging Markets Sovereign Debt Portfolio		75,000		2,333,250
RidgeWorth Seix Floating Rate High Income Fund, Class I		157,606		1,409,001
Vanguard High-Yield Corporate Fund		311,825		1,886,540
9Wilmington Intermediate-Term Bond Fund, Class I		2,572,401		27,730,481
TOTAL DEBT FUNDS			$	34,427,316
EQUITY FUNDS – 22.7%
SPDR S&P Global Natural Resources ETF		5,500		279,070
Vanguard Dividend Appreciation ETF		9,000		530,370

Description	Number of Shares		Value
9Wilmington Large-Cap Strategy Fund, Class I		456,530	$	5,875,537
9Wilmington Multi-Manager International Fund, Class I		645,936		4,269,637
9Wilmington Small-Cap Strategy Fund, Class I		26,670		283,773
TOTAL EQUITY FUNDS			$	11,238,387
MONEY MARKET FUND – 0.6%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		277,661	$	277,661
TOTAL INVESTMENT COMPANIES (COST $43,510,253)			$	48,499,157
TOTAL INVESTMENTS – 98.1% (COST $43,510,253)			$	48,499,157
OTHER ASSETS LESS LIABILITIES – 1.9%				931,559
TOTAL NET ASSETS – 100.0%			$	49,430,716

Cost of investments for Federal income tax purposes is $44,493,254. The net unrealized appreciation/(depreciation) of investments was $4,005,903. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $4,007,952 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,049.

(Wilmington Strategic Allocation Conservative Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	48,499,157	$	—	$	—	$	48,499,157
Total	$	48,499,157	$	—	$	—	$	48,499,157

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

50

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Moderate Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Investment Companies		76.9	%
Corporate Bonds		7.7	%
U.S. Treasury		6.0	%
Mortgage-Backed Securities		5.5	%
Collateralized Mortgage Obligation		0.5	%
Enhanced Equipment Trust Certificates		0.2	%
Cash Equivalents1		5.3	%
Other Assets and Liabilities – Net2		(2.1	)%
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.

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Number of Shares		Value
INVESTMENT COMPANIES – 76.9%
ASSET ALLOCATION FUND – 3.4%
9Wilmington Multi-Manager Real Asset Fund, Class I		146,348	$	2,145,462
DEBT FUNDS – 19.8%
Artio Global High Income Fund LLC		204,408		2,011,377
Dreyfus International Bond Fund		76,382		1,342,794
Federated Ultrashort Bond Fund		387,673		3,578,226
MFS Emerging Markets Debt Fund		187,696		3,031,293
RidgeWorth Seix Floating Rate High Income Fund		295,166		2,638,785
TOTAL DEBT FUNDS			$	12,602,475
EQUITY FUNDS – 53.7%
Alpine International Real Estate Equity Fund		32,231		716,500
Guinness Atkinson Funds – China & Hong Kong Fund		19,828		561,736
Guinness Atkinson Funds – Global Energy Fund		45,828		1,212,141
Harbor International Fund		43,480		2,570,124
12iShares High Dividend Equity Fund		30,300		1,830,120
Lazard Emerging Markets Equity Portfolio		110,638		2,135,314
Litman Gregory Masters International Fund		60,140		843,166
LSV Value Equity Fund		172,627		2,611,840
MainStay Epoch Global Equity Yield Fund		120,524		1,945,253
*Morgan Stanley Focus Growth Fund		76,856		2,905,152

Description	Number of Shares		Value
*RS Global Natural Resources Fund		48,447	$	1,822,100
SPDR S&P Dividend ETF		5,820		337,153
TIAA-CREF Institutional Mid-Cap Value Fund		50,418		915,092
9Wilmington Large-Cap Growth Fund, Class I		365,990		3,140,196
9Wilmington Large-Cap Value Fund, Class I		160,033		1,678,741
*,9Wilmington Mid-Cap Growth Fund, Class I		200,777		2,961,464
9Wilmington Multi-Manager International Fund, Class I		623,127		4,118,872
*,9Wilmington Small-Cap Growth Fund, Class I		110,991		1,848,000
TOTAL EQUITY FUNDS			$	34,152,964
TOTAL INVESTMENT COMPANIES (COST $43,218,960)			$	48,900,901
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	2,252		2,535
Series 2012-114, Class VM, 3.50%, 10/25/25		198,980		216,457
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	218,992
WHOLE LOAN – 0.2%
1Banc of America Mortgage Securities, Inc.,, Series 2004-A, Class 2A1, 2.96%, 2/25/34		72,432		68,530

(Wilmington Strategic Allocation Moderate Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 51

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
1Indymac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.52%, 11/25/35	$	54,796	$	43,983
TOTAL WHOLE LOAN			$	112,513
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $351,242)			$	331,505
CORPORATE BONDS – 7.7%
AGRICULTURE – 0.3%
6,7Archer-Daniels-Midland Co., Sr. Unsecured, 4.02%, 4/16/43		200,000		209,070
BANKS – 1.5%
Capital One Financial Corp., Sr. Unsecured, 2.15%, 3/23/15		130,000		133,820
Capital One Financial Corp., Sr. Unsecured, 7.38%, 5/23/14		100,000		109,776
Fifth Third Bancorp, Sr. Unsecured, 6.25%, 5/01/13		100,000		102,826
Goldman Sachs Group, Inc., Sr. Notes, 3.30%, 5/03/15		100,000		104,683
JPMorgan Chase & Co., Sr. Unsecured, 3.40%, 6/24/15		100,000		105,594
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.05%, 1/24/14		100,000		101,795
KeyCorp, Sr. Unsecured, MTN, 6.50%, 5/14/13		100,000		103,144
PNC Funding Corp., Bank Guaranteed, 4.25%, 9/21/15		75,000		82,343
1SunTrust Capital III, Limited Guarantee, 1.04%, 3/15/28		152,000		115,562
TOTAL BANKS			$	959,543
BEVERAGES – 0.3%
Anheuser-Busch Cos. LLC, Company Guaranteed, 5.05%, 10/15/16		130,000		150,239
Anheuser-Busch InBev Worldwide, Inc., Company Guaranteed, 3.75%, 7/15/42		20,000		20,455
TOTAL BEVERAGES			$	170,694
BIOTECHNOLOGY – 0.1%
Gilead Sciences, Inc., Sr. Unsecured, 4.40%, 12/01/21		60,000		69,279
CHEMICALS – 0.2%
Dow Chemical Co., Sr. Unsecured, 7.60%, 5/15/14		140,000		154,014
COMPUTERS – 0.1%
Hewlett-Packard Co., Sr. Unsecured, 4.75%, 6/02/14		80,000		83,901
DIVERSIFIED FINANCIAL SERVICES – 1.3%
American Express Credit Corp., Sr. Unsecured, MTN, 5.13%, 8/25/14		100,000		108,042
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		40,671
Caterpillar Financial Services Corp., Sr. Unsecured, MTN, 1.38%, 5/20/14		200,000		202,930
Citigroup, Inc., Sr. Unsecured, 6.00%, 8/15/17		200,000		234,961
6,7FMR LLC, Sr. Unsecured, 6.45%, 11/15/39		100,000		122,695

Description	Par Value		Value
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17	$	130,000	$	134,564
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	843,863
ELECTRIC – 0.1%
UIL Holdings Corp., Sr. Unsecured, 4.63%, 10/01/20		70,000		76,084
ELECTRONICS – 0.2%
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.25%, 11/20/14		150,000		157,643
FOOD – 0.2%
Kroger Co., Company Guaranteed, 3.90%, 10/01/15		100,000		108,940
HEALTHCARE PROVIDERS & SERVICES – 0.0%**
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,548
HOME FURNISHINGS – 0.1%
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		69,478
INSURANCE – 0.3%
Berkshire Hathaway Finance Corp., Company Guaranteed, 4.40%, 5/15/42		90,000		95,344
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		64,590
TOTAL INSURANCE			$	159,934
INTERNET – 0.2%
Symantec Corp., Sr. Unsecured, 2.75%, 6/15/17		90,000		93,492
MEDIA – 0.3%
Comcast Corp., Company Guaranteed, 4.65%, 7/15/42		60,000		65,052
Discovery Communications LLC, Company Guaranteed, 3.30%, 5/15/22		38,000		39,992
Viacom, Inc., Sr. Unsecured, 2.50%, 12/15/16		60,000		63,407
TOTAL MEDIA			$	168,451
METALS & MINING – 0.1%
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		60,000		82,435
MISCELLANEOUS MANUFACTURING – 0.1%
General Electric Co., Sr. Unsecured, 4.13%, 10/09/42		35,000		36,423
OIL & GAS – 0.2%
Devon Energy Corp., Sr. Unsecured, 4.75%, 5/15/42		40,000		45,295
Marathon Oil Corp., Sr. Unsecured, 2.80%, 11/01/22		45,000		45,411
TOTAL OIL & GAS			$	90,706
REAL ESTATE INVESTMENT TRUSTS (REIT) – 1.3%
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 5.70%, 3/15/17		100,000		118,133

(Wilmington Strategic Allocation Moderate Fund continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

52 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
Boston Properties LP, Sr. Unsecured, 5.88%, 10/15/19	$	100,000	$	119,585
Commonwealth REIT, Sr. Unsecured, 6.65%, 1/15/18		100,000		110,530
Digital Realty Trust LP, Company Guaranteed, 5.88%, 2/01/20		100,000		116,859
HCP, Inc., Sr. Unsecured, 5.38%, 2/01/21		100,000		115,653
Health Care REIT, Inc., Sr. Unsecured, 4.70%, 9/15/17		100,000		112,736
Simon Property Group LP, Sr. Unsecured, 5.65%, 2/01/20		100,000		120,707
TOTAL REAL ESTATE INVESTMENT TRUSTS (REIT)			$	814,203
RETAIL – 0.4%
CVS Caremark Corp., Sr. Unsecured, 5.75%, 6/01/17		100,000		120,721
Yum! Brands, Inc., Sr. Unsecured, 5.30%, 9/15/19		100,000		116,754
TOTAL RETAIL			$	237,475
SOFTWARE – 0.1%
Oracle Corp., Sr. Unsecured, 1.20%, 10/15/17		75,000		75,431
TELECOMMUNICATIONS – 0.2%
Corning, Inc., Sr. Unsecured, 4.75%, 3/15/42		120,000		131,641
TRANSPORTATION – 0.1%
FedEx Corp., Company Guaranteed, 3.88%, 8/01/42		30,000		30,648
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		55,000		56,067
TOTAL TRANSPORTATION			$	86,715
TOTAL CORPORATE BONDS (COST $4,613,429)			$	4,904,963
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines, Inc., Series A, Pass-Through Certificates, 7.25%, 11/10/19		72,140		83,276
Delta Air Lines, Inc., Series 071A, Pass-Through Certificates, 6.82%, 8/10/22		56,776		63,979
TOTAL AIRLINES			$	147,255
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $128,751)			$	147,255
MORTGAGE-BACKED SECURITIES – 5.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.9%
Pool A15865, 5.50%, 11/01/33		131,659		144,663
Pool A19412, 5.00%, 3/01/34		253,209		276,145
Pool C00478, 8.50%, 9/01/26		3,184		3,728
Pool C03517, 4.50%, 9/01/40		95,508		102,662
Pool G05774, 5.00%, 1/01/40		615,578		665,757
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,192,955

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.4%
Pool 533246, 7.50%, 4/01/30	$	32,892	$	38,013
Pool 889982, 5.50%, 11/01/38		345,167		378,874
Pool 932752, 5.00%, 4/01/40		106,669		116,481
Pool AA7692, 4.50%, 6/01/39		199,019		215,032
Pool AB3417, 4.00%, 8/01/41		580,028		623,590
Pool AB4089, 3.00%, 12/01/26		270,034		285,122
Pool AJ4050, 4.00%, 10/01/41		261,577		281,223
Pool MA0563, 4.00%, 11/01/30		201,823		217,549
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,155,884
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.2%
Pool 354677, 7.50%, 10/15/23		28,617		32,997
Pool 354765, 7.00%, 2/15/24		39,129		45,019
Pool 354827, 7.00%, 5/15/24		38,948		44,812
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	122,828
TOTAL MORTGAGE-BACKED SECURITIES (COST $3,340,867)			$	3,471,667
U.S. TREASURY – 6.0%
U.S. TREASURY BONDS – 1.1%
4.75%, 2/15/37		96,000		132,150
4.38%, 5/15/40		440,000		578,325
TOTAL U.S. TREASURY BONDS			$	710,475
U.S. TREASURY INFLATION INDEXED NOTE – 1.3%
1.13%, 1/15/21		680,000		846,166
U.S. TREASURY NOTES – 3.6%
4.00%, 2/15/14		40,000		41,934
2.13%, 5/31/15		335,000		350,232
4.50%, 2/15/16		200,000		226,500
0.88%, 1/31/17		150,000		151,711
4.50%, 5/15/17		200,000		234,469
0.63%, 9/30/17		40,000		39,844
1.50%, 3/31/19		400,000		411,875
3.50%, 5/15/20		200,000		232,625
2.00%, 11/15/21		200,000		207,562
2.00%, 2/15/22		50,000		51,727
1.63%, 8/15/22		345,000		342,790
TOTAL U.S. TREASURY NOTES			$	2,291,269
TOTAL U.S. TREASURY (COST $3,438,416)			$	3,847,910

Wilmington Strategic Allocation Moderate Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 53

Wilmington Strategic Allocation Moderate Fund (concluded)

Description	Shares		Value
MONEY MARKET FUNDS – 3.2%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		646,401	$	646,401
8,9Wilmington Prime Money Market Fund, 0.03%		1,366,783		1,366,783
TOTAL MONEY MARKET FUNDS (COST $2,013,184)			$	2,013,184
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $57,104,849)			$	63,617,385

Description	Shares		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.1%
REPURCHASE AGREEMENTS – 2.1%
Citigroup Global Markets, Inc., 0.32%, dated 10/31/12, due 11/01/12, repurchase price $1,000,009, collateralized by U.S. Government Securities 0.00% to 11.00%, maturing 11/15/12 to 9/20/62; total market value of $1,020,000.		1,000,000	$	1,000,000
RBS Securities, Inc., 0.29%, dated 10/31/12, due 11/01/12, repurchase price $316,410, collateralized by U.S. Treasury Securities 0.13% to 8.75%, maturing 12/15/12 to 5/15/42; total market value of $322,736.		316,407		316,407
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,316,407)			$	1,316,407
TOTAL INVESTMENTS – 102.1% (COST $58,421,256)			$	64,933,792
COLLATERAL FOR SECURITIES ON LOAN – (2.1%)				(1,316,407	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				18,129
TOTAL NET ASSETS – 100.0%			$	63,635,514

Cost of investments for Federal income tax purposes is $59,256,050. The net unrealized appreciation/(depreciation) of investments was $5,677,742. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $6,343,235 and net unrealized depreciation from investments for those securities having an excess of cost over value of $665,493.

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 October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Collateralized Mortgage Obligations	$	—	$	331,505	$	—	$	331,505
Corporate Bonds		—		4,904,963		—		4,904,963
Enhanced Equipment Trust Certificates		—		147,255		—		147,255
Investment Companies		48,900,901		—		—		48,900,901
Mortgage-Backed Securities		—		3,471,667		—		3,471,667
U.S. Treasury		—		3,847,910		—		3,847,910
Money Market Funds		2,013,184		—		—		2,013,184
Repurchase Agreements		—		1,316,407		—		1,316,407
Total	$	50,914,085	$	14,019,707	$	—	$	64,933,792

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

54

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Aggressive Fund

At October 31, 2012, the Fund’s portfolio composition was as follows: (unaudited)

	Percentage of Total Net Assets
Wilmington Large-Cap Strategy Fund, Class I		45.7	%
Wilmington Multi-Manager International Fund, Class I		33.0	%
Vanguard High-Yield Corporate Fund		5.1	%
Wilmington Multi-Manager Real Asset Fund, Class I		5.0	%
Vanguard Dividend Appreciation ETF		4.5	%
SPDR S&P Global Natural Resources ETF		2.4	%
Wilmington Small-Cap Strategy Fund, Class I		1.9	%
Dreyfus Cash Management Fund, Institutional Shares		1.2	%
Other Assets and Liabilities – Net1		1.2	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2012 (unaudited)

Description	Number of Shares		Value
INVESTMENT COMPANIES – 98.8%
ASSET ALLOCATION FUND – 5.0%
9Wilmington Multi-Manager Real Asset Fund		131,878	$	1,933,329
DEBT FUNDS – 5.1%
Vanguard High-Yield Corporate Fund		319,586		1,933,495
EQUITY FUNDS – 87.5%
SPDR S&P Global Natural Resources ETF		18,000		913,320
Vanguard Dividend Appreciation ETF		29,000		1,708,970
9Wilmington Large-Cap Strategy Fund, Class I		1,362,542		17,535,914
9Wilmington Multi-Manager International Fund, Class I		1,919,151		12,685,588

Description	Number of Shares		Value
9Wilmington Small-Cap Strategy Fund, Class I		68,719	$	731,171
TOTAL EQUITY FUNDS			$	33,574,963
MONEY MARKET FUND – 1.2%
8Dreyfus Cash Management Fund, Institutional Shares, 0.07%		459,732		459,732
TOTAL INVESTMENT COMPANIES (Cost $28,809,967)			$	37,901,519
TOTAL INVESTMENTS – 98.8% (COST $28,809,967)			$	37,901,519
OTHER ASSETS LESS LIABILITIES – 1.2%				473,779
TOTAL NET ASSETS – 100.0%			$	38,375,298

Cost of investments for Federal income tax purposes is $35,558,719. The net unrealized appreciation/(depreciation) of investments was $2,342,800. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,349,505 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,705.

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 Strategic Allocation Aggressive Fund continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Strategic Allocation Aggressive Fund (concluded)

The following is a summary of the inputs used as of October 31, 2012 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	37,901,519	$	—	$	—	$	37,901,519
Total	$	37,901,519	$	—	$	—	$	37,901,519

See Notes to Portfolios of Investments

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

56

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 October 31, 2012, these liquid restricted securities were as follows:

Fund	Amount		Percentage of Total Net Assets
Wilmington Multi-Manager International Fund		$3,934,122		0.9%
Wilmington Rock Maple Alternatives Fund		511,250		1.4%
Wilmington Multi-Manager Real Asset Fund		4,692,274		1.2%
Wilmington Strategic Allocation Moderate Fund		331,765		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 October 31, 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.		06/08/2012		$35,031		$35,106
Aberdeen Asset Management PLC		05/31/2012		29,246		40,668
Aberdeen Asset Management PLC		09/28/2012		105,340		109,488
Aberdeen Asset Management PLC		02/09/2012		18,209		23,371
Aberdeen Asset Management PLC		02/10/2012		80,590		102,848
Aberdeen Asset Management PLC		02/13/2012		24,165		30,074
Aberdeen Asset Management PLC		02/14/2012		53,031		66,474
Aberdeen Asset Management PLC		02/15/2012		86,379		108,027
Aberdeen Asset Management PLC		02/16/2012		67,002		84,085
Aberdeen Asset Management PLC		02/17/2012		44,992		56,048
Aberdeen Asset Management PLC		02/29/2012		72,542		98,847
Aberdeen Asset Management PLC		02/29/2012		14,012		19,146
Aberdeen Asset Management PLC		05/03/2012		54,948		62,306
Aberdeen Asset Management PLC		05/04/2012		17,263		20,135
Aditya Birla Nuvo Ltd.		06/16/2010		26,604		27,027
Axis Bank Ltd.		03/19/2010		70,031		60,717
Axis Bank Ltd.		01/13/2011		29,199		21,999
Axis Bank Ltd.		03/27/2012		43,358		41,798
China Construction Bank Corp.		07/03/2007		161,573		173,315
China Construction Bank Corp.		05/26/2010		41,507		39,938
China Construction Bank Corp.		11/26/2010		11,182		14,928
China Construction Bank Corp.		01/13/2011		172,583		138,652
China Construction Bank Corp.		01/26/2012		72,867		68,572
China Construction Bank Corp.		03/27/2012		52,706		51,241
China Construction Bank Corp.		10/11/2012		30,444		32,402
Container Corp. of India		02/08/2010		29,219		20,527
Container Corp. of India		01/13/2011		38,773		26,125
FPT Corp.		10/13/2010		25,843		14,877
FPT Corp.		01/13/2011		38,488		27,787
HDFC Bank Ltd.		12/20/2010		121,868		150,343
HDFC Bank Ltd.		01/13/2011		54,119		64,828
HDFC Bank Ltd.		03/27/2012		43,653		50,095

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO PORTFOLIOS OF INVESTMENTS 57

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
Jaiprakash Associates Ltd.		06/21/2010		$34,593		$19,320
Jaiprakash Associates Ltd.		01/13/2011		36,608		27,599
Kinh Do Corp.		10/14/2010		60,400		39,581
NTPC Ltd.		10/12/2009		102,375		69,613
NTPC Ltd.		01/13/2011		52,888		38,072
NTPC Ltd.		03/27/2012		63,330		59,042
PetroVietnam Drilling and Well Services JSC		10/11/2012		58,107		53,941
PetroVietnam Fertilizer & Chemicals JSC		03/27/2012		37,753		42,459
Pha Lai Thermal Power JSC		10/13/2010		35,986		24,026
Piramal Healthcare Ltd.		04/08/2008		37,998		41,579
Reliance Industries Ltd. GDR		07/03/2007		303,953		214,271
Reliance Industries Ltd. GDR		01/13/2011		76,929		50,910
Reliance Industries Ltd. GDR		01/20/2012		42,433		40,608
Reliance Industries Ltd. GDR		03/27/2012		82,122		85,349
Reliance Industries Ltd. GDR		04/02/2012		41,493		41,926
Samsung Electronics Co. Ltd. GDR		10/28/2005		1,832		4,221
Samsung Electronics Co. Ltd. GDR		10/28/2008		13,862		54,270
Samsung Electronics Co. Ltd. GDR		11/04/2008		6,765		20,502
Samsung Electronics Co. Ltd. GDR		04/17/2009		40,650		107,937
Samsung Electronics Co. Ltd. GDR		05/01/2009		81,759		215,874
Samsung Electronics Co. Ltd. GDR		09/13/2011		21,736		37,989
Samsung Electronics Co. Ltd. GDR		09/20/2011		59,455		100,701
Samsung Electronics Co. Ltd. GDR		10/24/2011		21,816		31,959
Samsung Electronics Co. Ltd. GDR		05/03/2012		26,761		25,929
Samsung Electronics Co. Ltd. GDR		05/04/2012		16,812		16,884
Samsung Electronics Co. Ltd. GDR		08/23/2012		87,549		92,862
Steel Authority of India Ltd.		04/16/2009		20,302		13,573
Steel Authority of India Ltd.		03/27/2012		44,175		35,169
Sun Pharmaceutical Industries Ltd.		02/08/2010		77,517		154,814
Tata Consultancy Services Ltd.		08/14/2009		62,871		142,785
Tata Steel Ltd.		09/21/2011		45,297		34,624
Unitech Ltd.		07/08/2010		16,170		4,379
Unitech Ltd.		01/13/2011		47,365		15,455
Vingroup JSC		10/13/2010		24,321		34,581
Vingroup JSC		10/14/2010		42,948		59,524
						$3,934,122		0.9%
Wilmington Rock Maple Alternatives Fund
Ryerson, Inc./Joseph T Ryerson & Son, Inc.		10/15/2012		518,750		$511,250		1.4%
Wilmington Multi-Manager Real Asset Fund
Banco Santander Brazil SA		03/17/2011		500,000		492,504
Dexia Credit Local SA		03/02/2010		1,700,000		1,690,104
International Lease Finance Corp.		08/11/2010		100,000		118,188
MAGI Funding PLC		05/12/2011		527,477		493,336
Metropolitan Life Global Funding I		01/05/2011		1,500,000		1,503,715
SLM Student Loan Trust		07/13/2010		11,798		11,817
Venture CDO Ltd		08/02/2010		358,224		382,610
						$4,692,274		1.2%

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

58 NOTES TO PORTFOLIOS OF INVESTMENTS

Security	Acquisition Date		Acquisition Cost		Market Value		Percentage of Total Net Assets
Wilmington Strategic Allocation Moderate Fund
Archer-Daniels-Midland Co.		10/16/2012		$202,242		$209,070
FMR LLC		06/28/2010		102,666		122,695
						$331,765		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 October 31, 2012, the value of these securities amounted to:

Fund	Amount		Percentage of Total Net Assets
Wilmington Multi-Manager International Fund		$75,190		0.0%

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

(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 fund(s). The total value of all securities segregated at October 31, 2012 was:

Fund	Amount
Wilmington Rock Maple Alternatives Fund		$11,513,900

(16) While the Fund’s position in this security is long, the investment provides short exposure to the market.

(17) All or a portion of this security is segregated as collateral in connection with the fund’s reverse repurchase agreements. The total value of all securities segregated at October 31, 2012 was:

Fund	Amount
Wilmington Multi-Manager Real Asset Fund		$3,735,052

* 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

MFA – Mortgage Finance Authority

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
CLP	Chilean Peso
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
PLN	Polish Zloty
SEK	Swedish Krona
TRY	Turkish Lira
ZAR	South African Rand

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 59

October 31, 2012 (unaudited)	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	$	433,913,468		$	36,075,534		$	354,985,129		$	43,510,253		$	58,421,256
Investments in securities, at value (Including securities on loan) (Note 2)	$	449,456,013	(a)	$	36,975,564		$	397,221,983	(a)	$	48,499,157	(a)	$	64,933,792	(a)
Cash		12,907			5,885,708			344,107			—			339
Cash denominated in foreign currencies		1,003,483	(b)		57,683	(b)		742,768	(b)		—			—
Premiums paid for swap agreements		—			—			108,984			—			—
Income receivable		1,372,355			130,424			1,342,709			70,497			126,395
Receivable for shares sold		1,696,137			98,451			—			—			—
Unrealized appreciation on swap agreements		—			—			123,626			—			—
Unrealized appreciation on foreign exchange contracts		1,021			—			954,572			—			—
Receivable for investments sold		19,047,581			330,613			6,460,168			2,119,736			—
Other assets		17,497			1,816			10,163			2,063			8,143
TOTAL ASSETS		472,606,994			43,480,259			407,309,080			50,691,453			65,068,669
LIABILITIES:
Options written, at value		—			52,577	(c)		203,804	(c)		—			—
Deferred capital gains tax payable		244,577			—			134,510			—			—
Premiums received for swap agreements		—			—			2,612			—			—
Payable for securities sold short		—			6,303,192	(d)		—			—			—
Payable for investments purchased		18,681,275			78,030			19,107,487			1,200,000			—
Collateral for securities on loan		5,297,206			—			1,528,940			—			1,316,407
Due to broker for swap agreements		—			—			710,144			—			—
Unrealized depreciation on swap agreements		—			—			9,768			—			—
Unrealized depreciation on foreign exchange contracts		1,860			11,573			1,341,219			—			—
Payable for shares redeemed		137,076			20,000			—			4,895			—
Payable to sub-advisors		178,504			25,227			103,120			—			—
Payable for distribution services fee		3,588			87			1,278			1,379			25,338
Payable for shareholder services fee		45,707			—			—			—			—
Reverse repurchase agreements, at value		—			—			3,687,940			—			—
Other accrued expenses		710,423			72,056			247,418			54,463			91,410
TOTAL LIABILITIES		25,300,216			6,562,742			27,078,240			1,260,737			1,433,155
NET ASSETS	$	447,306,778		$	36,917,517		$	380,230,840		$	49,430,716		$	63,635,514
NET ASSETS CONSIST OF:
Paid-in capital	$	810,403,347		$	36,078,027		$	465,377,495		$	48,154,940		$	73,471,644
Undistributed (distributions in excess of) net investment income		(103,494	)		(2,172	)		(3,191,994	)		128,966			93,730
Accumulated net realized gain (loss) on investments and foreign transactions		(378,515,886	)		9,472			(123,949,021	)		(3,842,094	)		(16,442,396	)
Net unrealized appreciation (depreciation) of investments and foreign currencies		15,522,811			832,190			41,994,360			4,988,904			6,512,536
TOTAL NET ASSETS	$	447,306,778		$	36,917,517		$	380,230,840		$	49,430,716		$	63,635,514
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	6,115,777		$	638,385		$	5,923,161		$	6,437,212		$	60,631,736
Shares outstanding (unlimited shares authorized)		930,013			61,856			405,431			598,134			6,525,747
Net Asset Value per share	$	6.58		$	10.32		$	14.61		$	10.76		$	9.29
Offering price per share*	$	6.96	**	$	10.92	**	$	15.46	**	$	11.39	**	$	9.83	**
Class I
Net Assets	$	441,191,001		$	36,279,132		$	374,307,679		$	42,993,504		$	3,003,778
Shares outstanding (unlimited shares authorized)		66,774,118			3,523,224			25,535,241			3,986,976			323,685
Net Asset Value per share	$	6.61		$	10.30		$	14.66		$	10.78		$	9.28

(a) Includes $1,373,184, $1,516,248, $40,715,221 and $17,259,518 of investments in affiliated issuers, respectively.

(b) Cost of cash denominated in foreign currencies was $992,808, $57,557 and $735,379, respectively.

(c) Premiums received for options written was $72,964 and $219,037, respectively.

(d) Proceeds received for securities sold short was $6,226,418.

* See “What Do Shares Cost?” in the Prospectus.

** Computation of offering price per share 100/94.50 of net asset value.

See Notes which are an integral part of the Financial Statements

(Statements of Assets and Liabilities continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

60 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

October 31, 2012 (unaudited)	Wilmington Strategic Allocation Aggressive  Fund
ASSETS:
Investments, at identified cost	$	28,809,967
Investments in securities, at value (Note 2)(a)	$	37,901,519
Income receivable		10,887
Receivable for shares sold		95
Receivable for investments sold		770,000
Other assets		2,016
TOTAL ASSETS		38,684,517
LIABILITIES:
Payable for investments purchased		250,000
Payable for shares redeemed		1,549
Payable for distribution services fee		1,063
Other accrued expenses		56,607
TOTAL LIABILITIES		309,219
NET ASSETS	$	38,375,298
NET ASSETS CONSIST OF:
Paid-in capital	$	46,681,724
Undistributed (distributions in excess of) net investment income		120,098
Accumulated net realized gain (loss) on investments		(17,518,076	)
Net unrealized appreciation (depreciation) of investments		9,091,552
TOTAL NET ASSETS	$	38,375,298
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	2,964,257
Shares outstanding (unlimited shares authorized)		322,075
Net Asset Value per share	$	9.20
Offering price per share*	$	9.74	**
Class I
Net Assets	$	35,411,041
Shares outstanding (unlimited shares authorized)		3,837,378
Net Asset Value per share	$	9.23

(a) Includes $32,886,002 of investments in affiliated issuers.

* See “What Do Shares Cost?” in the Prospectus.

** Computation of offering price per share 100/94.50 of net asset value

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS 61

Six Months Ended October 31, 2012 (unaudited)	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
INVESTMENT INCOME:
Dividends	$	5,987,329	(a)(b)	$	247,495	(a)	$	2,280,110	(a)(b)	$	673,682	(b)	$	462,338	(b)
Interest		—			155,708			2,523,571			—			198,393
Securities lending income		95,446			—			2,823			—			16,639
TOTAL INVESTMENT INCOME		6,082,775			403,203			4,806,504			673,682			677,370
EXPENSES:
Investment advisory fee		1,989,253			338,121			1,512,524			128,136			163,117
Administrative personnel and services fee		45,560			3,523			42,562			5,946			7,568
Portfolio accounting, administration and custodian fees		356,700			25,365			123,239			12,602			17,112
Transfer and dividend disbursing agent fees and expenses		52,742			2,036			77,135			7,416			45,276
Trustees’ fees		15,080			14,994			14,632			15,131			14,871
Professional fees		79,238			26,244			39,017			20,943			23,503
Distribution services fee—Class A		7,759			208			7,899			8,430			77,746
Shareholder services fee—Class A		7,759			208			7,899			8,430			77,746
Shareholder services fee—Class I		483,359			37,760			450,747			55,638			3,812
Share registration costs		12,045			12,606			13,550			12,518			7,324
Printing and postage		9,730			2,080			16,638			10,838			14,317
Dividend expense on securities sold short		—			73,977			—			—			—
Interest expense on reverse repurchase agreements		—			—			2,466			—			—
Miscellaneous		19,458			5,577			19,459			10,224			6,406
TOTAL EXPENSES		3,078,683			542,699			2,327,767			296,252			458,798
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(153,854	)		(129,832	)		(11,684	)		(100,743	)		(109,198	)
Waiver of distribution services fee—Class A		(183	)		—			—			—			(29	)
Waiver of shareholder services fee—Class A		(7,759	)		(94	)		(7,899	)		(8,430	)		(77,746	)
Waiver of shareholder services fee—Class I		(251,488	)		(37,760	)		(450,747	)		(55,638	)		(3,812	)
TOTAL WAIVERS AND REIMBURSEMENTS		(413,284	)		(167,686	)		(470,330	)		(164,811	)		(190,785	)
Net expenses		2,665,399			375,013			1,857,437			131,441			268,013
Net investment income (loss)		3,417,376			28,190			2,949,067			542,241			409,357
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(4,125,481	)		17,778			1,319,112			338,100			522,134
Net realized gain (loss) from affiliated investment companies		—			—			—			256,241			176,441
Net realized gain (loss) on foreign currency transactions		(102,757	)		2,979			1,110,373			—			—
Net realized gain (loss) on futures contracts		(6,230	)		—			(220,512	)		—			—
Net realized gain (loss) on swap agreements		—			—			54,637			—			—
Net realized gain (loss) on options written		—			308,300			(20,244	)		—			—
Net realized gain (loss) on short sales		—			(283,311	)		—			—			—
Net change in unrealized appreciation (depreciation) of investments		(915,154	)		625,742			6,305,447			173,653			(602,810	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(5,149,622	)		671,488			8,548,813			767,994			95,765
Change in net assets resulting from operations	$	(1,732,246	)	$	699,678		$	11,497,880		$	1,310,235		$	505,122

(a) Net of foreign withholding taxes withheld of $603,974, $1,103 and $88,880, respectively.

(b) Includes $199, $200, $446,492 and $97,124 received from affiliated issuers, respectively.

See Notes which are an integral part of the Financial Statements

(Statements of Operations continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

62 STATEMENTS OF OPERATIONS (concluded)

Six Months Ended October 31, 2012 (unaudited)	Wilmington Strategic Allocation Aggressive  Fund
INVESTMENT INCOME:
Dividends(a)	$	501,671
TOTAL INVESTMENT INCOME		501,671
EXPENSES:
Investment advisory fee		98,674
Administrative personnel and services fee		4,578
Portfolio accounting, administration and custodian fees		12,602
Transfer and dividend disbursing agent fees and expenses		8,252
Trustees’ fees		15,104
Professional fees		20,872
Distribution services fee—Class A		3,719
Shareholder services fee—Class A		3,719
Shareholder services fee—Class I		45,618
Share registration costs		12,518
Printing and postage		11,090
Miscellaneous		10,058
TOTAL EXPENSES		246,804
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(71,392	)
Waiver of shareholder services fee—Class A		(3,719	)
Waiver of shareholder services fee—Class I		(45,618	)
TOTAL WAIVERS AND REIMBURSEMENTS		(120,729	)
Net expenses		126,075
Net investment income (loss)		375,596
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		55,485
Net realized gain (loss) from affiliated investment companies		350,818
Net change in unrealized appreciation (depreciation) of investments		(559,512	)
Net realized and unrealized gain (loss) on investments		(153,209	)
Change in net assets resulting from operations	$	222,387

(a) Includes $392,909 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 63

	Wilmington Multi-Manager International Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012(a)			Year Ended June 30, 2011
OPERATIONS:
Net investment income (loss)	$	3,417,376		$	3,173,418		$	4,518,207
Net realized gain (loss) on investments		(4,234,468	)		(10,376,352	)		23,982,615
Net change in unrealized appreciation (depreciation) on investments		(915,154	)		(38,808,023	)		43,967,692
Change in net assets resulting from operations		(1,732,246	)		(46,010,957	)		72,468,514
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(105,039	)		(1,355	)		(5,671	)
Class I		(6,552,862	)		(1,469,295	)		(4,170,715	)
Change in net assets resulting from distributions to shareholders		(6,657,901	)		(1,470,650	)		(4,176,386	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		77,822			156,622			550,709
Class I		87,034,610			43,205,337			132,362,115
Proceeds from shares issued in connection with Reorganization (Note 8)		—			131,922,273			—
Distributions reinvested
Class A		98,005			1,225			5,480
Class I		3,520,825			636,820			1,806,057
Cost of shares redeemed
Class A		(590,065	)		(359,888	)		(102,237	)
Class I		(36,816,667	)		(100,077,373	)		(77,659,243	)
Change in net assets resulting from share transactions		53,324,530			75,485,016			56,962,881
Change in net assets		44,934,383			28,003,409			125,255,009
NET ASSETS:
Beginning of period		402,372,395			374,368,986			249,113,977
End of period	$	447,306,778		$	402,372,395		$	374,368,986
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(103,494	)	$	3,137,031		$	(225,519	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		12,498			22,732			73,980
Class I		13,413,701			6,748,787			17,575,569
Shares issued in connection with Reorganization (Note 8)		—			19,336,655			—
Distributions reinvested
Class A		15,799			189			746
Class I		563,718			97,298			245,029
Shares redeemed
Class A		(92,763	)		(54,447	)		(13,770	)
Class I		(5,825,888	)		(15,391,690	)		(10,733,877	)
Net change resulting from share transactions		8,087,065			10,759,524			7,147,677

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

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

64 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Rock  Maple Alternatives Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012*
OPERATIONS:
Net investment income (loss)	$	28,190		$	147,748
Net realized gain (loss) on investments		45,746			(104,089	)
Net change in unrealized appreciation (depreciation) of investments		625,742			206,448
Change in net assets resulting from operations		699,678			250,107
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(26	)		—
Class I		(39,120	)		(71,149	)
Change in net assets resulting from distributions to shareholders		(39,146	)		(71,149	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		653,413			121,568
Class I		13,051,518			25,140,242
Distributions reinvested
Class A		26			—
Class I		4,855			1,524
Cost of shares redeemed
Class A		(135,607	)		—
Class I		(2,373,168	)		(386,344	)
Change in net assets resulting from share transactions		11,201,037			24,876,990
Change in net assets		11,861,569			25,055,948
NET ASSETS:
Beginning of period		25,055,948			—
End of period	$	36,917,517		$	25,055,948
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,172	)	$	8,784
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		63,183			11,964
Class I		1,281,538			2,512,086
Distributions reinvested
Class A		3			—
Class I		485			150
Shares redeemed
Class A		(13,294	)		—
Class I		(232,893	)		(38,142	)
Net change resulting from share transactions		1,099,022			2,486,058

* Commencement of investment operations January 12, 2012.

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 65

	Wilmington Multi-Manager Real Asset Fund									Wilmington Strategic  Allocation Conservative Fund
	Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Year Ended June 30, 2011			Six Months Ended October  31, 2012 (unaudited)			Year Ended April 30, 2012			Year Ended June 30, 2011
OPERATIONS:
Net investment income (loss)	$	2,949,067		$	(1,770,999	)	$	14,208,111		$	542,241		$	1,016,371		$	1,807,659
Net realized gain (loss) on investments		2,243,366			9,789,834			23,990,074			594,341			1,952,265			1,414,599
Net change in unrealized appreciation (depreciation) of investments		6,305,447			(873,799	)		20,676,164			173,653			(2,033,581	)		4,673,730
Change in net assets resulting from operations		11,497,880			7,145,036			58,874,349			1,310,235			935,055			7,895,988
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(44,863	)		(5,519	)		(718,487	)		(74,186	)		(144,371	)		(235,297	)
Class I		(2,913,869	)		(240,392	)		(13,559,782	)		(542,503	)		(1,054,442	)		(1,563,166	)
Change in net assets resulting from distributions to shareholders		(2,958,732	)		(245,911	)		(14,278,269	)		(616,689	)		(1,198,813	)		(1,798,463	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		306,816			1,277,305			2,247,464			99,147			89,798			7,194,268
Class I		44,814,799			146,316,832			47,667,501			903,860			3,320,115			323,968
Distributions reinvested
Class A		39,577			5,209			680,196			70,834			137,603			221,830
Class I		1,296,444			78,344			4,291,103			503,236			968,602			1,402,127
Cost of shares redeemed
Class A		(1,574,095	)		(7,934,816	)		(7,842,454	)		(823,040	)		(1,205,703	)		(3,342,991	)
Class I		(24,879,915	)		(61,223,719	)		(125,378,229	)		(4,319,247	)		(13,973,081	)		(11,688,226	)
Change in net assets resulting from share transactions		20,003,626			78,519,155			(78,334,419	)		(3,565,210	)		(10,662,666	)		(5,889,024	)
Change in net assets		28,542,774			85,418,280			(33,738,339	)		(2,871,664	)		(10,926,424	)		208,501
NET ASSETS:
Beginning of period		351,688,066			266,269,786			300,008,125			52,302,380			63,228,804			63,020,303
End of period	$	380,230,840		$	351,688,066		$	266,269,786		$	49,430,716		$	52,302,380		$	63,228,804
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(3,191,994	)	$	(3,182,329	)	$	(5,345,159	)	$	128,966		$	203,414		$	313,907
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		21,505			93,062			164,706			9,257			8,568			31,671
Class I		3,119,687			10,525,216			3,501,036			85,474			320,755			695,050
Distributions reinvested
Class A		2,788			381			50,838			6,682			13,640			21,512
Class I		90,806			5,727			319,566			47,405			95,789			135,584
Shares redeemed
Class A		(111,657	)		(584,668	)		(579,584	)		(77,563	)		(117,367	)		(322,385	)
Class I		(1,727,955	)		(4,484,128	)		(9,233,540	)		(405,243	)		(1,357,544	)		(1,122,201	)
Net change resulting from share transactions		1,395,174			5,555,590			(5,776,978	)		(333,988	)		(1,036,159	)		(560,769	)

See Notes which are an integral part of the Financial Statements

(Statements of Changes in Net Assets continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

66 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Strategic Allocation Moderate Fund						Wilmington Strategic Allocation Aggressive Fund
	Six Months Ended October 31,  2012 (unaudited)			Year Ended April 30, 2012			Six Months Ended October 31,  2012 (unaudited)			Year Ended April 30, 2012			Year Ended June 30, 2011
OPERATIONS:
Net investment income (loss)	$	409,357		$	888,364		$	375,596		$	377,486		$	1,009,987
Net realized gain (loss) on investments		698,575			1,004,390			406,303			521,974			737,245
Net change in unrealized appreciation (depreciation) of investments		(602,810	)		(4,599,886	)		(559,512	)		(2,521,934	)		10,603,386
Change in net assets resulting from operations		505,122			(2,707,132	)		222,387			(1,622,474	)		12,350,618
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(394,109	)		(859,662	)		(21,070	)		(19,654	)		(61,960	)
Class I		(23,170	)		(51,060	)		(297,060	)		(320,102	)		(948,415	)
Distributions from net realized gain on investments
Class A		—			(87,547	)		—			—			—
Class I		—			(3,953	)		—			—			—
Change in net assets resulting from distributions to shareholders		(417,279	)		(1,002,222	)		(318,130	)		(339,756	)		(1,010,375	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		789,209			2,997,639			164,439			88,736			145,629
Class I		125,247			149,012			866,618			5,267,653			7,918,850
Distributions reinvested
Class A		375,379			892,049			20,437			18,277			59,889
Class I		23,170			55,013			95,834			98,282			286,957
Cost of shares redeemed
Class A		(5,897,957	)		(10,617,664	)		(293,396	)		(463,921	)		(1,343,528	)
Class I		(259,863	)		(354,196	)		(4,713,767	)		(16,104,843	)		(12,864,588	)
Change in net assets resulting from share transactions		(4,844,815	)		(6,878,147	)		(3,859,835	)		(11,095,816	)		(5,796,791	)
Change in net assets		(4,756,972	)		(10,587,501	)		(3,955,578	)		(13,058,046	)		5,543,452
NET ASSETS:
Beginning of period		68,392,486			78,979,987			42,330,876			55,388,922			49,845,470
End of period	$	63,635,514		$	68,392,486		$	38,375,298		$	42,330,876		$	55,388,922
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	93,730		$	101,652		$	120,098		$	62,632		$	24,902
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		87,059			330,801			18,173			9,921			16,577
Class I		13,865			16,720			94,660			610,813			878,842
Distributions reinvested
Class A		40,887			102,604			2,195			2,186			6,796
Class I		2,528			6,304			10,316			11,700			32,395
Shares redeemed
Class A		(649,640	)		(1,175,129	)		(32,605	)		(53,136	)		(153,541	)
Class I		(28,592	)		(40,455	)		(525,483	)		(1,914,753	)		(1,495,856	)
Net change resulting from share transactions		(533,893	)		(759,155	)		(432,744	)		(1,333,269	)		(714,787	)

See Notes which are an integral part of the Financial Statements

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 67

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND†
CLASS A	Six Months Ended October 31,  2012 (unaudited)			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		$6.72			$   7.63			$ 5.95			$ 5.36			$ 8.50			$11.75			$ 9.92
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.05			0.16			0.12			0.06			0.08			0.15			0.16
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.08	)		(1.05	)		1.64			0.63			(2.92	)		(1.23	)		2.72
Total Income (Loss) From Operations		(0.03	)		(0.89	)		1.76			0.69			(2.84	)		(1.08	)		2.88
Less Distributions From:
Net Investment Income		(0.11	)		(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		(0.11	)		(0.02	)		(0.08	)		(0.10	)		(0.30	)		(2.17	)		(1.05	)
Net Asset Value, End of Period		$6.58			$   6.72			$ 7.63			$ 5.95			$ 5.36			$ 8.50			$11.75
Total Return(a)		(0.39	)%		(11.65	)%		29.57	%		12.74	%		(32.95	)%		(10.66	)%		30.30	%
Net Assets, End of Period (000’s)		$6,116			$6,682			$571			$83			$80			$118			$122
Ratios to Average Net Assets
Gross Expense		1.81	%(e)		1.62	%(e)		1.59	%		1.63	%		1.72	%		1.40	%		1.37	%
Net Expenses(b)		1.48	%(e)		1.42	%(e)		1.58	%		1.62	%		1.65	%		1.40	%		1.37	%
Net Investment Income (Loss)		1.66	%(e)		2.77	%(e)		1.61	%		0.89	%		1.53	%		1.46	%		1.54	%
Portfolio Turnover Rate		32	%		85	%		98	%		107	%		136	%		124	%		89	%
CLASS I	Six Months Ended October 31, 2012 (unaudited)			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		$6.75			$ 7.66			$ 5.97			$ 5.37			$ 8.51			$11.76			$  9.92
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.06			0.06			0.10			0.07			0.10			0.18			0.16
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.09	)		(0.94	)		1.67			0.64			(2.93	)		(1.24	)		2.74
Total Income (Loss) From Operations		(0.03	)		(0.88	)		1.77			0.71			(2.83	)		(1.06	)		2.90
Less Distributions From:
Net Investment Income		(0.11	)		(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		(0.11	)		(0.03	)		(0.08	)		(0.11	)		(0.31	)		(2.19	)		(1.06	)
Net Asset Value, End of Period		$6.61			$ 6.75			$ 7.66			$ 5.97			$ 5.37			$  8.51			$11.76
Total Return(a)		(0.33	)%		(11.45	)%		29.78	%		13.10	%		(32.82	)%		(10.49	)%		30.57	%
Net Assets, End of Period (000’s)		$441,191			$395,690			$373,798			$249,031			$395,536			$1,035,939			$1,129,534
Ratios to Average Net Assets
Gross Expense		1.56	%(e)		1.42	%(e)		1.43	%		1.38	%		1.42	%		1.16	%		1.06	%
Net Expenses(b)		1.35	%(e)		1.38	%(e)		1.41	%		1.37	%		1.40	%		1.15	%		1.06	%
Net Investment Income (Loss)		1.74	%(e)		1.17	%(e)		1.38	%		1.03	%		1.64	%		1.75	%		1.49	%
Portfolio Turnover Rate		32	%		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) Per share numbers have been calculated using the average shares method.

(d) Less than $.01 per share.

(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 International 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)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

68 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON ROCK MAPLE ALTERNATIVES FUND
CLASS A	Six Months Ended October 31,  2012 (unaudited)			For the Period January 12,  2012* to April 30, 2012
Net Asset Value, Beginning of Period		$10.11			$10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		(0.03	)		0.03
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.24			0.08
Total Income (Loss) From Operations		0.21			0.11
Less Distributions From:
Net Investment Income		(0.00	)(e)		—
Net Realized Gains		—			—
Total Distributions		(0.00	)		—
Net Asset Value, End of Period		$10.32			$10.11
Total Return(a)		2.09	%		1.10	%
Net Assets, End of Period (000’s)		$639			$121
Ratios to Average Net Assets
Gross Expense		3.36	%(d)		4.25	%(d)
Net Expenses(b)		2.39	%(d)		2.48	%(d)
Net Investment Income (Loss)		(0.53	)%(d)		0.88	%(d)
Portfolio Turnover Rate		197	%		8	%
CLASS I	Six Months Ended October 31, 2012 (unaudited)			For the Period January 12,  2012* to April 30, 2012
Net Asset Value, Beginning of Period		$10.08			$10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.01			0.06
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.22			0.05
Total Income (Loss) From Operations		0.23			0.11
Less Distributions From:
Net Investment Income		(0.01	)		(0.03	)
Net Realized Gains		—			—
Total Distributions		(0.01	)		(0.03	)
Net Asset Value, End of Period		$10.30			$10.08
Total Return(a)		2.33	%		1.10	%
Net Assets, End of Period (000’s)		$36,279			$24,935
Ratios to Average Net Assets
Gross Expense		3.08	%(d)		3.92	%(d)
Net Expenses(b)		1.98	%(d)		1.98	%(d)
Net Investment Income (Loss)		0.19	%(d)		2.11	%(d)
Portfolio Turnover Rate		197	%		8	%

(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) Less than $0.01 per share.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 69

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER REAL ASSET FUND†
CLASS A	Six Months Ended October 31,  2012 (unaudited)			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		$14.28			$14.00			$12.10			$11.60			$17.75			$15.34			$15.07
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.10			(0.21	)		0.63			0.02			0.15			0.63			0.58
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.33			0.50			1.91			0.75			(4.89	)		2.65			0.12
Total Income (Loss) From Operations		0.43			0.29			2.54			0.77			(4.74	)		3.28			0.70
Less Distributions From:
Net Investment Income		(0.10	)		(0.01	)		(0.64	)		(0.27	)		(0.59	)		(0.54	)		(0.32	)
Net Realized Gains		—			—			—			—			(0.82	)		(0.33	)		(0.11	)
Total Distributions		(0.10	)		(0.01	)		(0.64	)		(0.27	)		(1.41	)		(0.87	)		(0.43	)
Net Asset Value, End of Period		$14.61			$14.28			$14.00			$12.10			$11.60			$17.75			$15.34
Total Return(a)		3.03	%		2.04	%		21.45	%		6.57	%		(26.78	)%		22.00	%		4.62	%
Net Assets, End of Period (000’s)		$5,923			$7,038			$13,773			$16,305			$20,073			$32,637			$128
Ratios to Average Net Assets
Gross Expense		1.51	%(d)		1.33	%(d)		1.25	%		1.20	%		1.09	%		0.99	%		0.90	%
Net Expenses(b)		1.26	%(d)		1.28	%(d)		1.25	%		1.19	%		1.07	%		0.90	%		0.89	%
Net Investment Income (Loss)		1.44	%(d)		(1.86	)%(d)		4.64	%		0.13	%		1.15	%		3.61	%		3.74	%
Portfolio Turnover Rate		50	%		180	%		199	%		156	%		115	%		72	%		23	%
CLASS I	Six Months Ended October 31,  2012 (unaudited)			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		$14.33			$14.02			$12.11			$11.61			$17.75			$15.33			$15.06
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.12			(0.09	)		0.65			0.04			0.28			0.60			0.50
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.33			0.41			1.94			0.75			(4.99	)		2.71			0.24
Total Income (Loss) From Operations		0.45			0.32			2.59			0.79			(4.71	)		3.31			0.74
Less Distributions From:
Net Investment Income		(0.12	)		(0.01	)		(0.68	)		(0.29	)		(0.61	)		(0.56	)		(0.36	)
Net Realized Gains		—			—			—			—			(0.82	)		(0.33	)		(0.11	)
Total Distributions		(0.12	)		(0.01	)		(0.68	)		(0.29	)		(1.43	)		(0.89	)		(0.47	)
Net Asset Value, End of Period		$14.66			$14.33			$14.02			$12.11			$11.61			$17.75			$15.33
Total Return(a)		3.15	%		2.31	%		21.70	%		6.76	%		(26.59	)%		22.27	%		4.89	%
Net Assets, End of Period (000’s)		$374,308			$344,650			$252,497			$283,703			$368,263			$782,540			$555,007
Ratios to Average Net Assets
Gross Expense		1.26	%(d)		1.08	%(d)		1.00	%		0.95	%		0.82	%		0.65	%		0.65	%
Net Expenses(b)		1.01	%(d)		1.02	%(d)		1.00	%		0.94	%		0.82	%		0.65	%		0.63	%
Net Investment Income (Loss)		1.61	%(d)		(0.74	)%(d)		4.82	%		0.33	%		2.09	%		3.64	%		3.23	%
Portfolio Turnover Rate		50	%		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) 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)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

70 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND†
CLASS A	Six Months Ended October 31, 2012 (unaudited)			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		$10.61			$10.60			$  9.66			$  9.02			$ 10.54			$10.80			$  10.17
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.10			0.17			0.26			0.26			0.28			0.28			0.27
Net Realized and Unrealized Gain (Loss) on Investments		0.17			0.05			0.95			0.64			(1.41	)		(0.13	)		0.66
Total Income (Loss) From Operations		0.27			0.22			1.21			0.90			(1.13	)		0.15			0.93
Less Distributions From(d):
Net Investment Income		(0.12	)		(0.21	)		(0.27	)		(0.26	)		(0.25	)		(0.28	)		(0.25	)
Net Realized Gains		—			—			—			—			(0.14	)		(0.13	)		(0.05	)
Total Distributions		(0.12	)		(0.21	)		(0.27	)		(0.26	)		(0.39	)		(0.41	)		(0.30	)
Net Asset Value, End of Period		$10.76			$10.61			$10.60			$  9.66			$   9.02			$10.54			$10.80
Total Return(a)		2.54	%		2.15	%		12.58	%		9.98	%		(10.57	)%		1.35	%		9.30	%
Net Assets, End of Period (000's)		$6,437			$7,003			$8,003			$9,890			$3,402			$4,777			$3,273
Ratios to Average Net Assets
Gross Expense(f)		1.37	%(e)		0.77	%(e)		0.60	%		0.64	%		1.56	%		1.68	%		3.73	%
Net Expenses(b)(f)		0.73	%(e)		0.63	%(e)		0.60	%		0.64	%		0.75	%		0.75	%		0.75	%
Net Investment Income (Loss)		1.90	%(e)		1.95	%(e)		2.54	%		2.65	%		3.02	%		2.61	%		2.57	%
Portfolio Turnover Rate		4	%		37	%		26	%		92	%		31	%		25	%		47	%
CLASS I	Six Months Ended October 31, 2012 (unaudited)			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		$10.64			$10.62			$  9.67			$  9.04			$ 10.55			$10.81			$10.17
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.12			0.19			0.29			0.29			0.31			0.31			0.31
Net Realized and Unrealized Gain (Loss) on Investments		0.15			0.06			0.95			0.62			(1.41	)		(0.14	)		0.65
Total Income (Loss) From Operations		0.27			0.25			1.24			0.91			(1.10	)		0.17			0.96
Less Distributions From(d):
Net Investment Income		(0.13	)		(0.23	)		(0.29	)		(0.28	)		(0.27	)		(0.30	)		(0.27	)
Net Realized Gains		—			—			—			—			(0.14	)		(0.13	)		(0.05	)
Total Distributions		(0.13	)		(0.23	)		(0.29	)		(0.28	)		(0.41	)		(0.43	)		(0.32	)
Net Asset Value, End of Period		$10.78			$10.64			$10.62			$ 9.67			$   9.04			$10.55			$10.81
Total Return(a)		2.57	%		2.44	%		12.96	%		10.12	%		(10.30	)%		1.58	%		9.62	%
Net Assets, End of Period (000's)		$42,994			$45,299			$55,226			$53,131			$13,021			$8,058			$7,894
Ratios to Average Net Assets
Gross Expense(f)		1.12	%(e)		0.52	%(e)		0.35	%		0.39	%		1.30	%		1.43	%		3.08	%
Net Expenses(b)(f)		0.48	%(e)		0.38	%(e)		0.35	%		0.39	%		0.50	%		0.50	%		0.50	%
Net Investment Income (Loss)		2.15	%(e)		2.20	%(e)		2.81	%		2.91	%		3.42	%		2.83	%		2.86	%
Portfolio Turnover Rate		4	%		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) Annualized for periods less than one year.

(f) 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)

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FINANCIAL HIGHLIGHTS (continued) 71

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

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND†
CLASS A	2012(h)			2012			2011			2010			2009			2008			2007
Net Asset Value, Beginning of Period		$ 9.26			$ 9.70			$ 8.62			$ 6.72			$10.07			$10.67			$10.47
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.06			0.11			0.10			0.04			0.10			0.10			0.12
Net Realized and Unrealized Gain (Loss) on Investments		0.03			(0.42	)		1.13			1.87			(2.82	)		(0.19	)		0.87
Total Income (Loss) From Operations		0.09			(0.31	)		1.23			1.91			(2.72	)		(0.09	)		0.99
Less Distributions From:
Net Investment Income		(0.06	)		(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		(0.06	)		(0.13	)		(0.15	)		(0.01	)		(0.63	)		(0.51	)		(0.79	)
Net Asset Value, End of Period		$ 9.29			$ 9.26			$ 9.70			$ 8.62			$  6.72			$10.07			$10.67
Total Return(a)		0.96	%		(3.13	)%		14.54	%		28.39	%		(26.61	)%		(0.93	)%		9.80	%
Net Assets, End of Period (000’s)		$60,632			$65,285			$75,554			$21,822			$21,871			$36,868			$41,963
Ratios to Average Net Assets
Gross Expense(g)		1.42	%(d)		1.64	%		1.51	%		1.39	%		1.48	%		1.20	%		1.14	%
Net Expenses(b)(g)		0.83	%(d)		0.79	%		0.73	%		0.83	%		0.86	%		0.88	%		0.89	%
Net Investment Income (Loss)		1.24	%(d)		1.26	%		0.97	%		0.46	%		1.31	%		0.98	%		1.20	%
Portfolio Turnover Rate		4	%		41	%		55	%		10	%		42	%		21	%		22	%
CLASS I	2012(h)			2012			2011(f)
Net Asset Value, Beginning of Period		$ 9.25			$ 9.70			$ 8.08
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.07			0.14			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.03			(0.43	)		1.66
Total Income (Loss) From Operations		0.10			(0.29	)		1.76
Less Distributions From:
Net Investment Income		(0.07	)		(0.15	)		(0.11	)
Net Realized Gains		—			(0.01	)		(0.03	)
Total Distributions		(0.07	)		(0.16	)		(0.14	)
Net Asset Value, End of Period		$ 9.28			$ 9.25			$ 9.70
Total Return(a)		1.09	%		(2.87	)%		22.07	%
Net Assets, End of Period (000’s)		$3,004			$3,108			$3,426
Ratios to Average Net Assets
Gross Expense(g)		1.17	%(d)		1.39	%		1.44	%(d)
Net Expenses(b)(g)		0.58	%(d)		0.51	%		0.67	%(d)
Net Investment Income (Loss)		1.50	%(d)		1.53	%		1.25	%(d)
Portfolio Turnover Rate		4	%		41	%		55	%(e)

(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) Reflects portfolio turnover for the Fund for the year ended April 30, 2011.

(f) For the period from June 11, 2010 (commencement of operations) to April 30, 2011.

(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.

(h) Six months ended October 31, 2012 (unaudited).

(†) Effective June 11, 2010, shareholders of the former Managed Allocation Fund—Aggressive Growth, Managed Allocation Fund—Moderate Growth, and Managed Allocation Fund—Conservative Growth became owners of the Strategic Allocation Fund in a plan of reorganization. See Note 8. Additionally, the accounting and performance history of the Managed Allocation Fund—Moderate Growth Fund was redesignated as that of the Strategic Allocation Fund for A Shares for periods prior to June 14, 2010.

See Notes which are an integral part of the Financial Statements

(Financial Highlights continued next page)

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

72 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND†
CLASS A	Six Months Ended October 31,  2012 (unaudited)			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		$ 9.20			$ 9.33			$  7.49			$  6.81			$ 10.92			$12.19			$10.54
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.08			0.05			0.14			0.10			0.12			0.17			0.08
Net Realized and Unrealized Gain (Loss) on Investments		(0.02	)		(0.13	)		1.85			0.68			(3.53	)		(0.78	)		1.80
Total Income (Loss) From Operations		0.06			(0.08	)		1.99			0.78			(3.41	)		(0.61	)		1.88
Less Distributions From(d):
Net Investment Income		(0.06	)		(0.05	)		(0.15	)		(0.10	)		(0.12	)		(0.17	)		(0.07	)
Net Realized Gains		—			—			—			—			(0.58	)		(0.49	)		(0.16	)
Total Distributions		(0.06	)		(0.05	)		(0.15	)		(0.10	)		(0.70	)		(0.66	)		(0.23	)
Net Asset Value, End of Period		$ 9.20			$ 9.20			$  9.33			$  7.49			$   6.81			$10.92			$12.19
Total Return(a)		0.69	%		(0.75	)%		26.66	%		11.41	%		(30.79	)%		(5.37	)%		18.01	%
Net Assets, End of Period (000's)		$2,964			$3,074			$3,502			$3,788			$3,165			$4,737			$5,070
Ratios to Average Net Assets
Gross Expense(f)		1.48	%(e)		0.88	%(e)		0.67	%		0.58	%		0.66	%		0.61	%		0.76	%
Net Expenses(b)(f)		0.87	%(e)		0.73	%(e)		0.67	%		0.58	%		0.65	%		0.60	%		0.75	%
Net Investment Income (Loss)		1.66	%(e)		0.75	%(e)		1.64	%		1.23	%		1.63	%		1.41	%		0.69	%
Portfolio Turnover Rate		6	%		17	%		34	%		53	%		59	%		23	%		14	%
CLASS I	Six Months Ended October 31,  2012 (unaudited)			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		$ 9.22			$ 9.35			$  7.51			$  6.82			$ 10.93			$12.20			$10.55
Income (Loss) From Operations:
Net Investment Income (Loss)(c)		0.09			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		0.09			(0.06	)		2.01			0.81			(3.39	)		(0.58	)		1.91
Less Distributions From(d):
Net Investment Income		(0.08	)		(0.07	)		(0.17	)		(0.12	)		(0.14	)		(0.20	)		(0.10	)
Net Realized Gains		—			—			—			—			(0.58	)		(0.49	)		(0.16	)
Total Distributions		(0.08	)		(0.07	)		(0.17	)		(0.12	)		(0.72	)		(0.69	)		(0.26	)
Net Asset Value, End of Period		$ 9.23			$ 9.22			$  9.35			$  7.51			$   6.82			$10.93			$12.20
Total Return(a)		0.93	%		(0.62	)%		26.91	%		11.80	%		(30.63	)%		(5.14	)%		18.25	%
Net Assets, End of Period (000's)		$35,411			$39,257			$51,887			$46,058			$51,823			$56,985			$53,249
Ratios to Average Net Assets
Gross Expense(f)		1.23	%(e)		0.61	%(e)		0.42	%		0.33	%		0.41	%		0.36	%		0.52	%
Net Expenses(b)(f)		0.62	%(e)		0.48	%(e)		0.42	%		0.33	%		0.40	%		0.35	%		0.50	%
Net Investment Income (Loss)		1.92	%(e)		1.02	%(e)		1.89	%		1.41	%		1.97	%		1.67	%		0.90	%
Portfolio Turnover Rate		6	%		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) Annualized for periods less than one year.

(f) 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

October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 73

Wilmington Funds

October 31, 2012 (unaudited)

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 25 portfolios, 6 of which are presented herein (individually referred to as the “Fund” or collectively as the “Funds”). The remaining 19 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Multi-Manager International Fund* (“International Fund”)(d)	The Fund seeks to provide long-term capital appreciation primarily through a diversified portfolio of non-U.S. equity securities.
Wilmington Rock Maple Alternatives Fund (“Rock Maple Alternatives Fund”)(d)	The Fund’s investment goal is to achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes.
Wilmington Multi-Manager Real Asset Fund* (“Real Asset Fund”)(d)	The Fund’s investment goal is to achieve long-term preservation of capital with current income.
Wilmington Strategic Allocation Conservative Fund* (“Strategic Allocation Conservative Fund”)(d)	The Fund’s investment goal is to seek a high level of total return consistent with a conservative level of risk relative to other Wilmington Strategic Allocation Funds.
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”), 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: Class A, Class C, Service Class, Select Class, Administrative Class, Class I and Institutional Class. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

• in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;

• futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board 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

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SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

74 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 (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of October 31, 2012, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. This does not include transfers between Level 1 and Level 2 due to the Multi-Manager International Fund utilizing international fair value pricing during the period. Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the

repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Reverse Repurchase Agreements – Reverse repurchase agreements are repurchase agreements in which a Fund is the seller (rather than the buyer) of the security, and agrees to repurchase the security at an agreed upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by a Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because a Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.

For the six months ended October 31, 2012, the Real Asset Fund had reverse repurchase agreement activity as follows:

Days Outstanding*	Average Daily Balance*	Daily Weighted Average Interest Rate*	Interest Rate Range
28	$14,337,146	0.23%	0.15% - 0.31%

* Average based on the number of days the Fund had reverse repurchase agreements outstanding.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust, which are directly identifiable to a specific Fund, are applied to that Fund. Expenses which are not identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid quarterly.

Premium and Discount Amortization/Accretion and Paydown Gains and Losses – All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as

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October 31, 2012 (unaudited)  /  SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 75

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 October 31, 2012, the Funds listed below had securities with the following values on loan:

Fund	Value of Securities on Loan		Value of Collateral
International Fund	$	4,874,430	$	5,297,206
Real Asset Fund		1,502,130		1,528,940
Strategic Allocation Moderate Fund		1,290,148		1,316,407

The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

3. DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position.

Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater

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76 NOTES TO FINANCIAL STATEMENTS

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 six months ended October 31, 2012 as follows:

	Number of Contracts			Premiums Received
Outstanding options at April 30, 2012		145		$	77,560
Options purchased		—			—
Option closed		(29	)		(2,984	)
Options written		803			504,350
Options expired		(669	)		(423,693	)
Options exercised		(130	)		(82,269	)
Options outstanding at October 31, 2012		120		$	72,964

The Real Asset Fund had transactions in options written during the six months ended October 31, 2012 as follows:

	Number of Contracts			Premiums Received
Options outstanding at April 30, 2012		2,240		$	189,785
Options purchased		—			—
Options closed		(370	)		(14,627	)
Options written		2,260			70,321
Options expired		(440	)		(26,442	)
Options exercised		—			—
Options outstanding at October 31, 2012		3,690		$	219,037

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.

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

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NOTES TO FINANCIAL STATEMENTS 77

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 October 31, 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.

The Following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of October 31, 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.

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78 NOTES TO FINANCIAL STATEMENTS

	Asset Derivative Fair Value
	Total Value		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Credit Contracts
International Fund	$	3,102	$	2,081	$	1,021	$	—	$	—
Rock Maple Alternatives Fund		152,878		152,878		—		—		—
Real Asset Fund		1,130,731		—		954,572		165,540		10,619

	Liability Derivative Fair Value
	Total Value		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Credit Contracts
International Fund	$	9,002	$	7,142	$	1,860	$	—	$	—
Rock Maple Alternatives Fund		64,150		52,577		11,573		—		—
Real Asset Fund		1,572,986		—		1,341,219		231,767		—

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 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) of investments
Credit contracts	Net realized gain (loss) on swap agreements, options written and futures contracts Net change in unrealized appreciation (depreciation) of investments
Interest rate contracts	Net realized gain (loss) on swap agreements, options written and futures contracts Net change in unrealized appreciation (depreciation) of investments
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions Net change in unrealized appreciation (depreciation) of 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	$	(96,554	)	$	(6,230	)	$	(90,324	)	$	—		$	—
Rock Maple Alternatives Fund		99,533			107,460			(7,927	)		—			—
Real Asset Fund		1,058,206			—			1,251,745			(229,229	)		35,690

	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	$	25,515		$	22,615		$	2,900		$	—	$	—
Rock Maple Alternatives Fund		(55,142	)		(58,069	)		2,927			—		—
Real Asset Fund		(15,496	)		—			(86,980	)		73,034		(1,550	)

For the period ended October 31, 2012, the Fund’s volume of derivative activities is as follows:

	Written Options1			Purchased Options2		Futures Long Positions3		Futures Short Positions3			Forward Currency Contracts – Purchased4
International Fund	$	—		$	—	$	393,769	$	—		$	1,941,895
Rock Maple Alternatives Fund		(72,964	)		318,852		—		—			—
Real Asset Fund		(219,037	)		56,030		4,110,520		(6,072,162	)		68,860,418

	Forward Currency Contracts – Sold5			Interest Rate Swaps6		Credit Default Swaps as writer6
International Fund	$	(2,243,094	)	$	—	$	—
Rock Maple Alternatives Fund		(3,242,777	)		—		—
Real Asset Fund		(188,647,237	)		17,400,000		900,000

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NOTES TO FINANCIAL STATEMENTS 79

¹  Premium Received.

²  Cost.

³  Average Notional Value, for the period.

⁴  Value at Settlement Date Payable.

⁵  Value at Settlement Date Receivable.

⁶  Notional Amount.

4. FEDERAL TAX INFORMATION

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 fiscal years or periods ended 2011, 2010, and 2009, remain subject to examination by the Internal Revenue Service.

The tax character of distributions for the corresponding fiscal years or periods were as follows:

	2012				2011
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
International Fund	$	2,509,709	$	—	$	4,176,386	$	—
Rock Maple Alternatives Fund		71,149		—		—		—
Real Asset Fund		245,911		—		14,278,269		—
Strategic Allocation Conservative Fund		1,198,813		—		1,798,463		—
Strategic Allocation Moderate Fund		910,770		91,452		800,183		289,643
Strategic Allocation Aggressive Fund		339,756		—		1,010,375		—

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

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 to the extent unrealized gains and losses that existed at the time of

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80 NOTES TO FINANCIAL STATEMENTS

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” or the “Advisor”) (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. WFMC and WTIA are wholly-owned subsidiaries of

M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

The International Fund, Rock Maple Alternatives Fund and Real Asset Fund, utilize a multi-manager strategy, whereby WFMC allocates all or a portion of the Funds’ assets among a number of sub-advisors. WFMC engages Rock Maple Services, LLC (“Rock Maple”) to assist in the identification and selection of sub-advisors and in the portfolio construction process for the Rock Maple Alternatives Fund. For their services, the Funds pay Rock Maple and each sub-advisor fees, accrued daily and paid monthly, as described below. Certain sub-advisors have entered into an agreement with WFMC to waive their fees to the extent that the fee calculation determined by taking into account similarly managed assets in the accounts of clients of WFMC or its affiliates results in a fee that is less than the fee calculation under the sub-advisory agreement.

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2013, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below.

	Contractual Expense Limitations
	Class A			Class I
International Fund		1.49	%		1.36	%
Rock Maple Fund		2.23	%		1.98	%
Real Asset Fund		1.28	%		1.03	%
Strategic Allocation Conservative Fund		0.90	%		0.65	%
Strategic Allocation Moderate Fund		0.84	%		0.59	%
Strategic Allocation Aggressive Fund		1.03	%		0.78	%

Prior to September 1, 2012, the contractual expense limitations for Rock Maple Fund was 2.48% for Class A and Strategic Allocation Moderate Fund was 1.10% and 0.85% for Class A and Class I, respectively.

Fund	Gross Fees		Fees Waived			Fee as a % of average net assets of the Fund/ Allocated Net Assets for Sub-advisors
International Fund
WFMC		$982,849	$	(122,277	)	0.50%
Sub-advisors:
Baring International Investment Limited		114,052		—		0.45%
Goldman Sachs Asset Management, L.P.*		153,565		(4,068	)	0.50%
Hansberger Global Investors, Inc.*		100,798		—		0.60%
LSV Asset Management		92,349		—		0.49%
Dimensional Fund Advisors LP		123,286		(21,809	)	0.45% on the first $50 million; 0.30% in excess of $50 million
Parametric Portfolio Associates LLC (Emerging Markets Strategy)		363,115		—		0.80% on the first $100 million; 0.75% in excess of $100 million
Parametric Portfolio Associates LLC (Developed Country Index Replication Strategy)		59,239		(5,700	)	0.275% on the first $50 million; 0.20% in excess of $50 million

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NOTES TO FINANCIAL STATEMENTS 81

Fund	Gross Fees		Fees Waived			Fee as a % of average net assets of the Fund/ Allocated Net Assets for Sub-advisors
Rock Maple Alternatives Fund
WFMC	$	151,874	$	(129,832	)	1.00%
Rock Maple Services, LLC		60,750		—		0.40%
Sub-advisors:
Acuity Capital Management, LLC		24,349		—		1.00%
ADAR Investment Management, LLC		19,344		—		1.00%
Calypso Capital Management, LP		18,788		—		1.00%
TIG Advisors, LLC		15,568		—		1.00%
Madison Street Partners, LLC		17,784		—		1.00%
Parametric Risk Advisors		19,051		—		0.90%
Evercore Wealth Management, LLC		10,613		—		0.75%
Real Asset Fund
WFMC		920,318		(3,695	)	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		4,873		—		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		175,622		—		0.29%
E.I.I. Realty Securities, Inc.		179,301		—		0.65% on the first $100 million; 0.60% in excess of $100 million
CBRE Clarion Securities, LLC		179,253		(7,989	)	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)		53,157		—		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		128,136		(100,743	)	0.50%
Strategic Allocation Moderate Fund		163,117		(109,198	)	0.50%
Strategic Allocation Aggressive Fund		98,674		(71,392	)	0.50%

* Effective November 12, 2012, Northern Cross LLC will replace Goldman Sachs Asset Management, L.P. and Hansberger Global Investors, Inc. as sub-advisors for the International Fund.

Administrative Fee – The Bank of New York 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 six months ended October 31, 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’ Class A shares.

The Funds may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the six months ended October 31, 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
International Fund	$	3,189
Rock Maple Alternatives Fund		3
Real Asset Fund		21
Strategic Allocation Conservative Fund		152
Strategic Allocation Moderate Fund		75,736
Strategic Allocation Aggressive Fund		158

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82 NOTES TO FINANCIAL STATEMENTS

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the six months ended October 31, 2012, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges from Class A
International Fund	$	548
Rock Maple Alternatives Fund		500
Real Asset Fund		150
Strategic Allocation Conservative Fund		1,606
Strategic Allocation Moderate Fund		34,207
Strategic Allocation Aggressive Fund		8,271

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole

discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2012, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services Fee
International Fund	$	209,372
Rock Maple Alternatives Fund		3
Real Asset Fund		—
Strategic Allocation Conservative Fund		—
Strategic Allocation Moderate Fund		—
Strategic Allocation Aggressive Fund		—

Other Service Providers – Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its Funds.

BNY Mellon Investment Servicing (U.S.) Inc. provides transfer agency services to the Trust.

General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust’s Statement of Additional Information includes additional information about the Trustees.

Other Affiliated Parties and Transactions – Affiliated holdings are mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the six months ended October 31, 2012 are as follows:

Affiliated Fund Name	Balance of Shares Held 4/30/2012		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 10/31/2012		Value at 10/31/2012		Dividend Income		Realized Gain/ Loss
Wilmington Multi-Manager International Fund
Wilmington Prime Money Market Fund		—		43,133,294		41,760,110		1,373,184	$	1,373,184	$	199	$	—
Wilmington Multi-Manager Real Asset Fund
Wilmington Prime Money Market Fund		1,774,134		26,550,214		26,808,100		1,516,248		1,516,248		200		—
Wilmington Strategic Allocation Conservative Fund:
Wilmington Large-Cap Strategy Fund		444,836		50,584		38,890		456,530		5,875,537		50,871		128,994
Wilmington Small-Cap Strategy Fund		36,077		181		9,588		26,670		283,773		1,916		37,061
Wilmington Intermediate-Term Bond Fund		2,766,407		24,779		218,785		2,572,401		27,730,481		314,373		37,403
Wilmington Multi-Manager International Fund		515,092		161,391		30,547		645,936		4,269,637		58,023		20,898
Wilmington Multi-Manager Real Asset Fund		186,604		1,494		13,760		174,338		2,555,793		21,309		31,885
TOTAL				238,429		311,570				40,715,221		446,492		256,241
Wilmington Strategic Allocation Moderate Fund:
Wilmington Prime Money Market Fund		2,351,958		6,879,672		7,864,847		1,366,783		1,366,783		119		—
Wilmington Large-Cap Growth Fund		394,891		—		28,901		365,990		3,140,196		—		106,066
Wilmington Large-Cap Value Fund		226,768		—		66,735		160,033		1,678,741		10,615		70,375
Wilmington Mid-Cap Growth Fund		200,777		—		—		200,777		2,961,464		—		—
Wilmington Small-Cap Growth Fund		110,991		—		—		110,991		1,848,000		—		—
Wilmington Multi-Manager International Fund		623,127		—		—		623,127		4,118,872		69,261		—
Wilmington Multi-Manager Real Asset Fund		145,148		1,200		—		146,348		2,145,462		17,129		—
TOTAL				6,880,872		7,960,483				17,259,518		97,124		176,441

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Affiliated Fund Name	Balance of Shares Held 4/30/2012		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 10/31/2012		Value at 10/31/2012		Dividend Income		Realized Gain/ Loss
Wilmington Strategic Allocation Aggressive Fund:
Wilmington Large-Cap Strategy Fund		1,530,206		13,344		181,008		1,362,542	$	17,535,914	$	171,207	$	417,044
Wilmington Small-Cap Strategy Fund		84,858		471		16,610		68,719		731,171		5,006		73,158
Wilmington Multi-Manager International Fund		1,718,189		366,613		165,651		1,919,151		12,685,588		199,833		(209,358	)
Wilmington Multi-Manager Real Asset Fund		154,862		1,182		24,166		131,878		1,933,329		16,863		69,974
TOTAL				381,610		387,435				32,886,002		392,909		350,818

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 six months ended October 31, 2012 were as follows:

International Fund	$	40,820
Rock Maple Alternatives Fund		2,085
Real Asset Fund		785
Strategic Allocation Conservative Fund		1,058
Strategic Allocation Aggressive Fund		1,073

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the six months ended October 31, 2012 were as follows:

	Investments
Fund	Purchases		Sales
International Fund	$	172,409,021	$	124,390,754
Rock Maple Alternatives Fund		57,617,866		52,997,728
Real Asset Fund		114,750,340		93,260,208
Strategic Allocation Conservative Fund		1,976,073		6,235,276
Strategic Allocation Moderate Fund		1,864,083		6,127,093
Strategic Allocation Aggressive Fund		2,492,909		5,921,208

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2012 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Real Asset Fund	$	95,829,171	$	86,212,967
Strategic Allocation Moderate Fund		381,098		712,007

7. LINE OF CREDIT

The Trust participated in a $20,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC included a commitment fee of 0.12% per annum on the daily unused portion. In addition, an upfront commitment fee of 0.02% was paid to BNYM. The termination date of this LOC is March 11, 2013. The Funds did not utilize the LOC for the six months ended October 31, 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 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 and Class I) 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

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84 NOTES TO FINANCIAL STATEMENTS

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 Class A shares and 18,385,556 Class I shares (formerly A Shares and Institutional Shares) of the WT International Fund, respectively, in exchange for 740,978 A Shares and 14,509,670 I Shares of the MTB International Fund with an aggregate net asset value equal to the aggregate net asset value of such shares in the MTB International Fund immediately prior to the Reorganization. The following additional information is as of the date of the Reorganization:

MTB International  Fund
Accumulated Net Realized Loss on  Investments	Net Unrealized Appreciation on  Investments	Net Assets	Net Assets of WT International Fund	Net Assets of combined fund
($61,012,527)	$9,585,986	$131,922,273	$283,001,865	$414,924,138

The financial statements of the International Fund reflect the operations of the WT International Fund for the period prior to the Reorganization and the combined fund for the period subsequent to the Reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the International Fund that have been included in the combined fund’s Statement of Operations since the Reorganization was completed. Assuming the Reorganization had been completed on July 1, 2011, the proforma net investment income , net loss on investments and net decrease in net assets from operations for the fiscal period ended April 30, 2012 would have been $5,019,069, $(153,589,156) and $(148,570,086), respectively.

9. 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.

10. RECENT ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 regarding “Disclosures about Offsetting Assets and Liabilities”. The amendments, which will be effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, require an entity to disclose information about offsetting and related arrangements for assets and liabilities, financial instruments and derivatives that are either currently offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements. At this time, management is evaluating the implications of ASU No. 2011-11 and its impact on the financial statements has not yet been determined.

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.

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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

The Trust’s investment advisory agreements (the “Advisory Agreements”) with its investment advisors and their sub-advisors must be approved for an initial term no greater than two years, and must be renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (each individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. This year, Advisory Agreements for certain sub-advisors of the Wilmington Multi-Manager International Fund and the Wilmington Large-Cap Value Fund were the only Advisory Agreements scheduled for renewal.

The Board of Trustees (the “Board”) has four regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board considers at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On September 6, 2012, the Trustees met in person with the independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) to give preliminary consideration to information bearing on the continuation of the Advisory Agreements, and to consider the continuation of the Advisory Agreements outside the presence of management. The primary purpose of the September 6, 2012 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the September 6, 2012 meeting, the Trustees requested information to be provided in connection with their consideration of the renewal of the Advisory Agreements. In response to that request, the Trustees were furnished with a wide range of information to assist in their deliberations. These materials included:

– Reports from Strategic Insight, a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (over multiple years ended June 30, 2012) compared with performance universes created by Lipper Inc. (“Lipper”) and Morningstar, Inc. (“Morningstar”) of similar or peer group funds, and (b) expense rankings comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Morningstar of similar or peer group funds;

– Information from Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Advisor”) describing, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended June 30, 2012) compared with the Fund’s benchmark, and with Lipper and Morningstar categories;

– Information describing, on a Fund-by-Fund basis, each Fund’s performance over 1-, 3-, and 5-year periods ended June 30, 2012 compared with the Fund’s Lipper peer group, and current management fees and total expenses compared with the Fund’s Morningstar peer group, designed to identify Funds whose expenses and/or performance may require particularly close review; and

– Information regarding each sub-advisor’s business, personnel and operations, investment advisory services, other funds advised, compensation and other benefits, compliance and regulatory matters, portfolio transactions and brokerage, and legal proceedings.

In considering this information, the Trustees took into account management style, investment strategies, and prevailing market conditions. In evaluating the Advisory Agreements, the Trustees also reviewed information provided by the Advisor concerning the following:

– The nature and quality of the services provided;

– The Advisor’s cost of providing the services;

– The extent to which the Advisor realizes economies of scale as the Fund grows larger; and

– The fall-out benefits to advisory affiliates that can be attributed to the Advisor’s position with the Fund.

As part of the September 6, 2012 Board meeting, the Trustees developed a list of follow-up matters and questions and asked that the Advisor respond to such matters and questions prior to or during the contract approval meeting of the Board to be held from September 12-13, 2012.

At the September 12-13, 2012 Board meeting, the Trustees received and considered information provided by the Advisor in follow-up from the September 6, 2012 meeting. The Trustees reviewed, considered and discussed, among themselves and with the Advisor and Independent Legal Counsel, among other things, the information described above. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards for best execution, performance in meeting those standards, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds. The Trustees took into account information provided by the Advisor as to the effect on performance of asset allocations required by a Fund’s investment strategy or implemented by the Advisor in its discretion.

After extensive discussion and consideration among themselves, and with the Advisor and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, the Trustees concluded the following:

– The nature and extent of the investment advisory services to be provided to the Funds by Baring, Hansberger, LSV, and NWQ were, and the nature and extent of the services to be provided by Northern Cross would be, consistent with the terms of the Advisory Agreements;

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– The prospects for satisfactory investment performance were reasonable; and

– The cost of services to be provided by Baring, Hansberger, LSV, NWQ, and Northern Cross to the Fund appeared to be fair and reasonable in light of the information provided and that profitability would be assessed after a reasonable period of service to the Fund.

The Trustees also considered the extent to which economies of scale, if any, could be shared with shareholders of the Funds, and considered that the steps taken to date in that regard were not inappropriate.

Based on all relevant information and factors, none of which was individually determinative of the outcome, the Trustees unanimously approved the renewal of the Advisory Agreements.

In making their determinations, the Trustees took into account each sub-advisor’s management style, investment philosophy and process, past performance, personnel that would be serving the Fund, and prevailing market conditions. In evaluating the Advisory Agreements, the Trustees also reviewed information provided by the Advisor, including the terms of the Advisory Agreements, and information regarding fee arrangements, including the structure of the sub-advisory fees; the fact that the Trust pays Baring, Hansberger, LSV, and NWQ, and would pay Northern Cross; the method of computing fees; and the frequency of payment of fees.

Based on all relevant information and factors, none of which was individually determinative of the outcome, the Trustees, including all of the Independent Trustees, concluded that the approval of the Advisory Agreements was in the best interests of each Fund and its shareholders and unanimously approved the Advisory Agreements.

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Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

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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.

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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

SEMI-ANNUAL REPORT  /  October 31, 2012 (unaudited)

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 Advisors

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-SAR-MMgr-1012

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

Not Applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not Applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not Applicable

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:	December 28, 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:	December 28, 2012

By:	/s/    Guy Nordahl
Name:	Guy Nordahl
Title:	Principal Financial Officer
Date:	December 28, 2012